(文/解红娟 编辑/张广凯） 连续两次IPO折戟让卓正医疗的上市耐心备受考验，为规避2026年底对赌协议到期的风险，这家私立医疗机 构正在紧锣密鼓推进第三次IPO闯关。 近日，卓正医疗再度向港交所递交招股书，由海通国际与浦银国际担任联席保荐人。根据弗若斯特沙利文的 资料，以2024年的收入计，卓正医疗是中国第三大私立中高端综合医疗服务机构，市场份额为2.0%。 在此之前，卓正医疗上市征程已两度遇挫。回溯上市历程，卓正医疗首次闯关始于2024年5月16日，根据港交 所"招股书递交后6个月未完成上市流程自动失效"的规则，该份招股书于当年11月16日按期失效，首次IPO宣 告折戟。2025年3月18日，卓正医疗卷土重来递交第二份招股书，但同样因未能在6个月有效期内完成流程， 于9月18日再度失效。 距离第二份招股书失效不到两个月，卓正医疗再次提交招股书。而卓正医疗之所以对冲刺IPO如此急迫，或 许与前置投资者的对赌协议约束有关。 有媒体报道，招股书明确显示，授予IPO前投资者的赎回权已于本公司首次提交IPO日期前暂停。根据日期为 2025年3月17日的股东协议，仅在本公司的IPO被撤回、拒绝或失效；或2026年12 ...

ZC Asia获悉，2025年6月17日，岸迈生物科技有限公司向港交所递交了上市申请。这家成立十年的公司 累计亏损已接近24亿元人民币，现金及现金等价物仅剩下3.86亿元，预计仅够维持未来12个月的运营。 岸迈生物曾成功完成多轮融资，投资方包括国投创新、招银国际、弘毅投资等知名机构。 然而，在其估值达到4.92亿美元的背后，公司的资本结构中悬着一把达摩克利斯之剑——27.47亿元的可 转换可赎回优先股。 对于一家专注于双特异性抗体和T细胞衔接器开发的生物科技公司而言，岸迈生物的财务状况一直备受 关注。 作为一家尚未实现产品商业化的企业，岸迈生物在2023年没有任何收入，却产生了5.95亿元的净亏损。 到了2024年，该公司业绩突然"逆转"，实现4.59亿元收入和4768.7万元的利润。 这种看似戏剧性的财务变化，并非来源于产品销售，而是完全依赖于对外授权合作收入。 自2023年底起，岸迈生物建立的多个全球对外授权合作，总交易价值超过21亿美元，在T细胞衔接器领 域中排名全球第二。 该公司已授权西班牙制药公司Almirall使用其FIT-Ig平台技术开发双特异性抗体。同时还与Candid就 EMB-06的开发达 ...

Group 1 - The company anticipates a net loss of approximately RMB 115 million to RMB 135 million for the first half of 2025, a significant shift from a net profit of approximately RMB 230,000 in the first half of 2024 [1] - The primary reason for this loss is the substantial increase in fair value losses related to convertible redeemable preferred shares, which rose over 1000% compared to the first half of 2024 [2] - Additional factors contributing to the loss include an over 80% increase in equity-settled share-based expenses and over 30% higher listing-related expenses in the first half of 2025 compared to the same period in 2024 [2] Group 2 - Despite the anticipated loss, the company expects an adjusted net profit (non-IFRS measure) of approximately RMB 27 million to RMB 30 million for the first half of 2025, reflecting a slight increase from approximately RMB 26.87 million in the first half of 2024 [3] - This expected growth in adjusted net profit is primarily due to a revenue increase of over 5% in the first half of 2025 compared to the first half of 2024 [3]

Core Viewpoint - Yangtuo Technology Inc. (海拍客) is preparing for an IPO in Hong Kong, but faces significant financial challenges and declining performance metrics, raising concerns about its survival in a competitive market [2][3]. Group 1: Company Overview - 海拍客 is a B2B maternal and infant e-commerce platform targeting lower-tier cities, founded by a team with strong ties to Alibaba [2]. - The company achieved a GMV exceeding 100 billion RMB within three years of its establishment [2]. - It has secured six rounds of financing from notable investors, including 顺为资本 and 高瓴 [2]. Group 2: Financial Performance - Revenue figures for 海拍客 show a decline, with 2022, 2023, and 2024 revenues at 8.95 billion, 10.67 billion, and 10.32 billion RMB respectively, indicating stagnation [4]. - The adjusted net profit improved from -1.31 billion RMB in 2022 to 257.7 million RMB in 2024, but this was largely due to cost-cutting measures [4][17]. - The company’s total liabilities reached 20 billion RMB by 2024, primarily due to 2.4 billion RMB in convertible redeemable preferred shares [14][20]. Group 3: Business Challenges - The digital platform business revenue has decreased from 3.54 billion RMB in 2022 to 2.3 billion RMB in 2024, a decline of 35% [5]. - The total GMV dropped from 149 billion RMB in 2022 to 110 billion RMB in 2024, a reduction of 26% [8]. - The self-operated business has seen revenue growth, increasing from 5.4 billion RMB in 2022 to 8 billion RMB in 2024, but it has a significantly lower gross margin of around 15% compared to the digital platform's 90% [10][11]. Group 4: Market Environment - The maternal and infant product market is under pressure due to a declining birth rate in China, which fell from 14.7 million in 2019 to 9 million in 2023 [22]. - Competition has intensified with major players like 天猫 and 京东 dominating the market, and new entrants like 抖音 and 快手 reshaping consumer behavior [22]. - The shift from a platform model to a self-operated model is seen as a self-rescue attempt, but it has led to increased inventory pressure and financial strain [24]. Group 5: Future Outlook - The success of the IPO is critical for 海拍客 to alleviate its financial pressures and ensure its survival in a challenging market [25]. - The company is currently in a precarious position, with ongoing cash flow issues and a need for significant capital to sustain operations [20].