旺山旺水，急需补血

Core Viewpoint - The article discusses the challenges and opportunities faced by the innovative pharmaceutical company, Wangshan Wangshui, particularly in the context of its recent IPO filing and the competitive landscape of the pharmaceutical industry [2][3]. Group 1: Company Overview - Wangshan Wangshui Biopharmaceutical Co., Ltd. was founded in 2013 by a professor-student duo, focusing on the research and commercialization of innovative drugs [5][8]. - The company has gained attention for its effective drug VV116, which has been approved for COVID-19 treatment in China and Uzbekistan [9][11]. Group 2: Product Pipeline and Market Potential - The company is currently focusing on three main areas: antiviral, neuropsychiatric, and reproductive health, with a total of nine innovative assets in its pipeline [11]. - The market sizes for these areas are projected to grow significantly from 2024 to 2035, with compound annual growth rates of 6.4%, 1.6%, and 1.4% respectively [11]. Group 3: Financial Challenges - Despite the promising product pipeline, the company has struggled with cash flow, relying heavily on external financing and bank loans to sustain operations [4][22]. - The revenue from VV116 has significantly decreased due to reduced market demand, leading to substantial losses in recent years [18][22]. - As of April 2023, the company's total liabilities reached 641 million yuan, with over half being current liabilities [22]. Group 4: Future Plans - The company plans to use the funds raised from its IPO for research and development, capacity expansion, and to supplement working capital [24].