Cosunter(SZ:300436) IPO日报·2025-05-28 13:27Core Viewpoint - Fujian Guangshentang Pharmaceutical Co., Ltd. (300436.SZ) has announced a private placement plan to issue up to 47.78 million shares, raising no more than 977 million yuan, with proceeds allocated for innovative drug R&D, traditional Chinese medicine industrialization, and working capital supplementation [1][11]. Group 1: Company Overview - Guangshentang was established in 2001 and listed on the Growth Enterprise Market in 2015, becoming a leading player in the domestic antiviral hepatitis B drug sector, with core products including Entecavir and Lamivudine [4]. - The company has faced continuous revenue decline in its generic drug business due to price reductions from centralized drug procurement [5]. Group 2: Financial Performance - From 2021 to 2024, the company's revenue from antiviral drugs was 168 million yuan, 155 million yuan, 122 million yuan, and 106 million yuan, with gross margin decreasing from 51.06% in 2021 to 42.29% in 2023 [5]. - The company has reported net losses for four consecutive years, with cumulative losses exceeding 600 million yuan from 2021 to 2024, with net profits of -35 million yuan, -127 million yuan, -349 million yuan, and -156 million yuan respectively [6][7]. Group 3: Fundraising and Investment Projects - The total investment for the innovative drug R&D project is 631 million yuan, with 598 million yuan from the raised funds allocated for clinical research and registration of innovative drugs GST-HG141 and GST-HG131 [9]. - The traditional Chinese medicine industrialization project has a total investment of 105 million yuan, with 8.85 million yuan planned for purchasing drug approvals and building production lines [9]. - The company aims to use 290 million yuan to supplement working capital [9]. Group 4: Previous Fundraising Attempts - This private placement marks Guangshentang's third fundraising attempt since 2020, with previous efforts yielding unsatisfactory results [13]. - In April 2020, the company raised 514 million yuan for projects that ultimately underperformed, including a production base that generated only 17.96 million yuan in economic benefits against a promised 374 million yuan [16][17]. - A subsequent attempt in January 2023 to raise 948 million yuan was withdrawn due to regulatory changes and strategic considerations [19].