多宁生物“三闯”港交所IPO 商誉账面值达8.43亿元

Core Viewpoint - Dongning Biotechnology has submitted its IPO application to the Hong Kong Stock Exchange for the third time, aiming to raise funds for global market expansion, strategic acquisitions, R&D enhancement, and operational needs [1] Group 1: Business Overview - Dongning Biotechnology, established in 2005, is the first domestic provider of serum-free culture media in China, ranking third among local cell culture media suppliers by revenue in 2024 [2] - The company operates two main business lines: bioprocess solutions and laboratory products and services, with the majority of revenue coming from bioprocess solutions [2][3] - Revenue from self-owned products accounted for 86.4%, 89.2%, and 84.9% during the reporting periods, indicating a strong focus on proprietary offerings [3] Group 2: Financial Performance - The company reported revenues of 814 million, 843 million, and 658 million yuan for the years 2023, 2024, and the first three quarters of 2025, respectively, but incurred losses of 315 million, 275 million, and a profit of 14.26 million yuan [4] - Despite revenue growth, the company faced significant losses in 2023 and 2024 due to high expenditures, which accounted for approximately 41.82% and 37.35% of revenue in those years [4] - Non-operating factors, including fair value changes of financial assets, significantly impacted performance, with a loss of 311 million yuan in 2023 alone [4] Group 3: Client and Market Dynamics - Revenue from five major clients represented 31.1%, 23.9%, and 32.0% of total revenue during the reporting periods, with WuXi Biologics being the largest single client [5] - WuXi Biologics holds a 19.75% indirect stake in Dongning Biotechnology and also acts as a supplier, highlighting a complex relationship [5] Group 4: Acquisition Strategy - Since 2020, Dongning Biotechnology has acquired multiple companies to expand its business and product offerings, resulting in a goodwill value of 843 million yuan [6] - The company has faced financial pressure due to significant non-controlling interest put options, amounting to 566 million yuan as of November 2025 [7] - The founder, Wang Meng, holds a combined 39.79% stake in the company, indicating strong insider control [7]