顶着先声药业的光环，先声再明医药股份有限公司（以下简称"先声再明"）叩响了资本市场的大门。近 日，先声再明正式向港交所递交招股书，作为先声药业旗下抗肿瘤创新药企，先声再明目前已有5款商 业化产品，凭借产品销售，2023—2025年前9个月，该公司虽分别实现营收15.22亿元、12.96亿元和 12.38亿元，但累计净亏损却高达11亿元。亏损主要源于持续的巨额投入，同期，先声再明研发成本合 计超20亿元，销售及分销开支累计近18亿元，其中2024年两者占营收比例分别达54.61%与48.5%，严重 侵蚀利润空间。 除业绩压力外，先声再明此番递表亦面临着与资本的时间赛跑。此前，先声再明在2024年获得由国投招 商领投的9.7亿元融资，该轮融资附带有上市对赌条款，约定先声再明须在2028年12月31日前完成上 市，否则将触发相关回购条款。 近半营收用于销售 先声再明招股书数据显示，2023—2025年前9个月，公司的营收规模保持在12亿元以上级别，分别录得 15.22亿元、12.96亿元和12.38亿元。收入来源高度集中于医药产品销售及商业化，目前，先声再明已实 现商业化的5款产品——恩度、科赛拉、恩立妥、恩泽舒及 ...

Core Viewpoint - The company is undergoing a transformation towards innovation with sustained R&D investment, despite facing significant revenue and profit declines in recent reports [1][2]. Financial Performance - In 2024, the company reported revenue of 1.45 billion, a year-on-year decrease of 42.07%, and a net loss attributable to shareholders of 540 million. For Q1 2025, revenue was 377 million, down 39.48%, with a net profit of 57 million, a decline of 43.70% [2]. - The company adjusted its marketing model in 2023, which continues to impact revenue through Q1 2025. However, it is expected that revenue growth will gradually recover starting Q2 2025, with an overall sales volume increase of 8.16% when excluding price effects [3]. R&D Investment - The company increased its R&D investment to approximately 324.79 million in 2024, a 7.77% increase year-on-year, representing 22.40% of total revenue [4]. - The company has registered 11 new product approvals and has 2 new drugs in clinical stages as of 2024 [4]. Key Product Development - The new drug AR882 is a critical product for the company's transition to an innovative pharmaceutical company, showing potential as a Best-in-Class treatment for gout and high uric acid levels. Clinical trial results were presented at the 2024 EULAR conference [5]. - As of March 2025, AR882 has completed patient enrollment for its global pivotal Phase III trials, with expectations for continued data readouts to support external licensing [5]. Profit Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 1.565 billion, 1.939 billion, and 2.313 billion respectively, with EPS forecasts of 0.36, 0.54, and 0.79. The current stock price corresponds to P/E ratios of 104.9, 69.6, and 48.1 for these years [6].