Dizal Pharmaceutical(SH:688192) Bei Jing Shang Bao·2026-01-25 10:32Core Viewpoint - Dize Pharmaceutical is seeking to list on the Hong Kong Stock Exchange to alleviate its ongoing financial pressures despite recent revenue growth and reduced losses from its core products [1][4]. Financial Performance - In 2024, Dize Pharmaceutical's revenue is projected to be 360 million RMB, with losses narrowing to 940 million RMB; in the first three quarters of 2025, revenue is expected to rise to 586 million RMB, a year-on-year increase of over 73%, while losses are expected to decrease to 583 million RMB [1][4]. - The company has accumulated losses exceeding 4.567 billion RMB since its establishment in 2017, with R&D expenses totaling 3.853 billion RMB from 2018 to 2024 [6]. Product Development - Revenue growth is primarily driven by two core products: Shuwozhe® (Shuwotini tablets) and Gaoruizhe® (Golisitin capsules), which were launched in August 2023 and June 2024, respectively, and are expected to be included in the national medical insurance directory by the end of 2024 [4][6]. - The flagship product, Shuwozhe®, is projected to contribute revenues of 311 million RMB in 2024 and 422 million RMB in the first three quarters of 2025 [4]. Funding and Capital Strategy - Dize Pharmaceutical has relied heavily on capital markets for funding, raising approximately 2.103 billion RMB through its IPO on the STAR Market in 2021 and planning to raise about 1.796 billion RMB through a private placement in 2025 [6]. - The company aims to use the proceeds from its Hong Kong listing to enhance its R&D efforts and support the clinical development of its products [7]. Market Positioning - The decision to list in Hong Kong is part of Dize Pharmaceutical's strategy to deepen its global presence and enhance its international brand image, while also addressing the structural challenges of "increasing revenue without increasing cash" [4][7].