三年累计亏损超11亿元 先声再明赴港IPO

Core Viewpoint - The company, Xiansheng Zaiming Pharmaceutical Co., Ltd., has submitted its IPO application to the Hong Kong Stock Exchange, facing significant financial losses despite generating substantial revenue from its five commercialized oncology products. The company is under pressure to complete its IPO by the end of 2028 due to financing agreements that include buyback clauses if the listing is not achieved on time [1][5][6]. Revenue and Financial Performance - The company reported revenues of 15.22 billion yuan, 12.96 billion yuan, and 12.38 billion yuan for the first nine months of 2023, 2024, and 2025, respectively, with over 99% of revenue coming from the sales of its five oncology products [3][4]. - Despite the revenue, the company incurred net losses of 3.36 billion yuan, 5.06 billion yuan, and 3.03 billion yuan during the same periods, primarily due to high research and development costs and sales expenses [3][4]. Cost Structure - The company has invested heavily in both research and development and sales, with R&D costs exceeding 20 billion yuan and sales and distribution expenses nearing 18 billion yuan from 2023 to 2025. In 2024, these costs accounted for 54.61% and 48.5% of revenue, respectively [1][4]. - The sales and distribution expenses for the first nine months of 2023, 2024, and 2025 were 6.26 billion yuan, 6.29 billion yuan, and 5.32 billion yuan, representing 41.16%, 48.5%, and 42.96% of revenue [3][4]. Financing and IPO Pressure - The company secured 970 million yuan in financing in 2024, which included a clause mandating an IPO submission by June 30, 2027, and completion by December 31, 2028, to avoid triggering buyback obligations [5][6]. - The urgency to go public is driven by the need to alleviate liquidity pressures and avoid significant financial repercussions from failing to meet the IPO timeline [6]. Industry Context - The company represents a shift from traditional generic pharmaceuticals to innovative drug development, similar to other firms in the industry. It aims to establish a sustainable business model while navigating the challenges of high expenditure in innovation [5][6].