天辰生物再次递表港交所，两年多累亏3.7亿元

Core Viewpoint - Tianchen Biopharmaceuticals (Suzhou) Co., Ltd. has re-submitted its prospectus after a previous lapse, with Guojin Securities (Hong Kong) as its sole sponsor. The company focuses on developing biopharmaceuticals for allergic and autoimmune diseases but has reported continuous losses since its establishment in 2020 [1][2]. Financial Performance - Tianchen Biopharmaceuticals reported losses of RMB 95.78 million, RMB 137.32 million, and RMB 137.57 million for the years ending December 31, 2023, and 2024, and for the nine months ending September 30, 2025, respectively, totaling approximately RMB 370 million in cumulative losses over two years and nine months [2][4]. - The company’s revenue for 2023 was RMB 2.33 million, with research and development costs amounting to RMB 73.91 million, leading to a pre-tax loss of RMB 95.78 million [3][4]. Cash Flow and Financing - The net cash flow used in operating activities was RMB 60.87 million for 2023, RMB 104.12 million for 2024, and RMB 90.79 million for the nine months ending September 30, 2025, indicating a trend of negative cash flow [5]. - The company may require additional financing to support its growth plans due to negative operating cash flow, which could lead to increased costs and potential liquidity issues if sufficient external funding is not secured [6]. Supply Chain Risks - The company faces risks related to supplier concentration, with the top five suppliers accounting for 48.58%, 51.65%, and 43.21% of total purchases in 2023, 2024, and the nine months ending September 30, 2025, respectively. This reliance may expose the company to price increases or supply shortages [6].