Core Viewpoint - The article discusses the independent listing journey of Xiansheng Zaiming Pharmaceutical, a subsidiary of Xiansheng Pharmaceutical, focusing on its challenges in profitability despite having commercialized products and the strategic importance of this move for the parent company [2][10]. Group 1: Financial Performance and Challenges - Xiansheng Zaiming has five commercialized products, four of which are included in the national medical insurance directory, generating significant revenue but facing a "revenue without profit" dilemma due to high R&D and sales expenses [4][5]. - The company's revenue from these products for 2023, 2024, and the first three quarters of 2025 was 14.26 billion, 11.85 billion, and 10.36 billion respectively, accounting for 93.7%, 91.5%, and 83.7% of total revenue [4]. - Despite commercialized products, Xiansheng Zaiming reported net losses of 3.36 billion in 2023, increasing to 5.06 billion in 2024, and 3.03 billion in the first three quarters of 2025, primarily due to high R&D and sales costs [5][6]. - R&D costs for 2023, 2024, and the first three quarters of 2025 were 8.31 billion, 7.08 billion, and 5.12 billion, with R&D expenses exceeding 50% of revenue in 2023 and 2024 [5][6]. Group 2: Dependency on Parent Company and Financing - Xiansheng Zaiming has historically relied heavily on financial support from its parent company, Xiansheng Pharmaceutical, with significant capital increases funded entirely by the parent [7]. - The company completed a 10.7 billion A-round financing in June 2025, involving five investment institutions, with a post-investment valuation of approximately 85.7 billion [7][9]. - The independent listing is seen as a crucial step to reduce dependency on the parent company and establish its own financing capabilities, which is essential for accelerating pipeline development and market expansion [9][10]. Group 3: Strategic Importance of Listing - The split listing is part of Xiansheng Pharmaceutical's broader strategy to optimize its business structure and focus on core areas, alleviating performance growth pressures [12]. - The move is expected to enhance financial flexibility and resource allocation efficiency for both Xiansheng Zaiming and its parent company, allowing them to independently access equity and debt capital markets [10][11]. - The independent listing is also driven by investor pressure, with specific clauses in financing agreements requiring Xiansheng Zaiming to submit an IPO application by June 30, 2027, or face buyback obligations [10].
“烧钱”模式难续，先声药业分拆先声再明赴港上市谋独立