AKESO(HK:09926) 经济观察报·2025-08-28 08:23Core Viewpoint - 康方生物 is undergoing a critical transition from a biotech company to a pharmaceutical enterprise, with significant financial activities and operational challenges ahead [3][4]. Group 1: Financial Activities - On August 28, 康方生物 announced that its two founders will reduce their holdings by selling 1.5 million shares at a price of 149.54 HKD per share, potentially raising nearly 450 million HKD [2]. - The company plans to raise 3.5 billion HKD through a new share issuance, marking the highest frequency of refinancing among peers in the past two years [2]. - As of June 30, 2025, 康方生物 reported a cash balance of 1.45 billion RMB, short-term loans of 510 million RMB, and current liabilities of approximately 2 billion RMB [2]. Group 2: Revenue and Growth - In the first half of 2025, 康方生物 achieved a revenue of 1.4 billion RMB, representing a year-on-year growth of 33%, primarily due to the sales increase of its core products [3][4]. - The sales team has expanded to over 1,200 members, with sales expenses increasing by 30% to 670 million RMB [4]. Group 3: Profitability and Losses - 康方生物 has not yet achieved profitability, with losses widening from 250 million RMB in the first half of 2024 to 590 million RMB in the first half of 2025 [4]. - The increase in losses is attributed to a larger investment loss in partner Summit, which grew from 30 million RMB to 190 million RMB, and a rise in R&D expenses by 137 million RMB compared to the previous year [4]. Group 4: Product Pipeline - 康方生物 has seven self-developed products approved for market, with 12 products in Phase III clinical trials and another 12 in Phase I/II clinical research [4]. - The company aims to become a leading global biopharmaceutical enterprise by focusing on innovative drug development and establishing a world-class production system [4].