Core Viewpoint - 鼎泰药研 is seeking to list on the Hong Kong Stock Exchange to alleviate financial burdens and pursue transformation amidst a structural crisis [1] Financial Performance - Revenue from 2022 to 2024 remains stable at around 700 million RMB, with figures of 725 million, 767 million, and 713 million respectively [2] - Net profit has deteriorated significantly, with a profit of 143 million RMB in 2022 turning into a loss of 51.946 million RMB in 2023, and further losses of 252 million RMB in 2024, totaling over 300 million RMB in losses over two years [2] Key Assets and Cash Flow - The company owns over 20,000 experimental monkeys, a core resource for non-clinical CRO research, but high procurement costs have led to negative cash flow [3] - The price of experimental monkeys peaked at 200,000 RMB each, leading to substantial investments that have drained cash flow, resulting in negative cash flows of 66 million, 252 million, and 161 million RMB for 2023, 2024, and the first half of 2025 respectively [3] - The fair value fluctuations of these monkeys have contributed to losses of 17 million and 58 million RMB in 2023 and 2024 respectively [3] Debt and Liquidity Issues - The company faces a significant redemption liability of 2.727 billion RMB, which could be triggered if it fails to complete a qualified listing [4] - Losses from the changes in the redemption liability's book value reached 196 million and 206 million RMB in 2023 and 2024 respectively, contributing to overall net losses [4] - As of June 30, 2025, the company has a substantial liquidity gap of 1.956 billion RMB, with current liabilities totaling 3.534 billion RMB against current assets of only 1.578 billion RMB [4] Competitive Position and Strategic Plans - Compared to industry leaders, 鼎泰药研's scale is significantly smaller, with a revenue of 713 million RMB in 2024 compared to WuXi AppTec's nearly 40 billion RMB [5] - The company is expanding its clinical trial services to enhance its business chain, but this segment has lower profit margins, leading to a decline in overall gross margin from 48.4% in 2022 to 38.9% in the first half of 2025 [5] - The company plans to use funds from its H-share IPO for capacity expansion, facility upgrades, and to strengthen its new methods platform, while also seeking acquisitions to fill gaps in its business chain [5]

Core Viewpoint - Jiangsu Dingtai Pharmaceutical Research (Dingtai) is seeking an IPO on the Hong Kong Stock Exchange after delisting from the New Third Board, facing significant financial challenges including ongoing losses and high redemption liabilities [1][4]. Financial Performance - Dingtai's revenue has remained stable, with figures of 725 million yuan, 767 million yuan, and 713 million yuan for 2022, 2023, and 2024 respectively [2]. - Despite stable revenue, Dingtai reported net losses of 519.46 million yuan in 2023 and 2.52 billion yuan in 2024, totaling approximately 3 billion yuan in losses over two years [2][5]. - The company’s cash flow has been under pressure, with negative cash flows reported for 2023, 2024, and the first half of 2025, amounting to outflows of 66 million yuan, 252 million yuan, and 161 million yuan respectively [5]. Key Variables Affecting Performance - The price of experimental monkeys, a critical resource for preclinical research, has significantly impacted Dingtai's financial performance. Prices peaked at 200,000 yuan per monkey before dropping to around 100,000 yuan [2][3]. - Dingtai owns over 20,000 experimental monkeys, ranking third in China, which incurs high maintenance costs despite the price drop [2][3]. Redemption Liabilities - Dingtai faces substantial redemption liabilities amounting to 2.727 billion yuan, which poses a structural risk if the IPO does not succeed [1][4]. - The company has a total current liability of 3.534 billion yuan against current assets of only 1.578 billion yuan, indicating a liquidity gap [4]. Market Position and Competition - Dingtai ranks first in the cardiovascular and metabolic disease preclinical CRO market in mainland China and third in efficacy research [7]. - However, Dingtai's revenue is significantly lower than leading CRO firms, with a projected revenue of only 713 million yuan in 2024 compared to WuXi AppTec's nearly 40 billion yuan [7]. - The company is attempting to expand its service offerings into clinical trial services, which have lower profit margins, contributing to a decline in gross margin from 48.4% in 2022 to 38.9% in the first half of 2025 [8]. Challenges in Business Development - Dingtai's transition to a more comprehensive service model faces challenges due to the need for specialized talent and complex regulatory requirements in clinical trial services [8]. - The CRO industry is experiencing deep differentiation, with a widening gap between niche leaders and integrated platform companies, making it difficult for Dingtai to scale effectively [8].

Core Viewpoint - Jiangsu Dingtai Pharmaceutical Research (Group) Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to list on the main board [1]. Company Overview - Established in 2008, Dingtai Pharmaceutical Research is a contract research organization (CRO) providing integrated solutions based on disease biology for global pharmaceutical companies and research institutions. The company is headquartered in Nanjing and has facilities in Kunming, Shanghai, Wenchang, and Pennsylvania, USA [2]. - The company specializes in "non-clinical research + clinical trials" end-to-end outsourcing, covering the entire process from drug discovery to NDA submission [2]. Market Position - According to Frost & Sullivan, Dingtai ranks first in the non-clinical CRO market for cardiovascular and metabolic diseases in mainland China by revenue in 2024. It ranks third in the efficacy research field and has one of the largest non-human primate (NHP) disease model libraries in the country, with a population of over 20,000 [4]. - The company has extensive project experience in various advanced therapies, including oligonucleotide therapies, monoclonal and bispecific antibodies, antibody-drug conjugates (ADCs), and cell gene therapy (CGT) [4]. - Dingtai has provided non-clinical services to over 700 clients and clinical services to over 130 clients, assisting in obtaining more than 200 approvals from the National Medical Products Administration (NMPA) and over 40 approvals from overseas regulatory bodies [4]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was RMB 725 million, RMB 767 million, RMB 713 million, and RMB 377 million, respectively. The corresponding net profits were RMB 143 million, a loss of RMB 52 million, a loss of RMB 252 million, and a profit of RMB 65 million, resulting in a total loss of RMB 96 million over three and a half years [5]. - The gross profit margin decreased from 48.4% to 30%, primarily due to an increase in the proportion of low-margin clinical trials [5]. Cash Flow and Liquidity - In 2022, the company had a net cash inflow from operating activities of RMB 254 million, but in 2023 and 2024, it experienced outflows of RMB 66 million and RMB 252 million, respectively, mainly due to significant NHP purchases to expand its population [8]. - As of the end of June 2025, the company had cash and cash equivalents of RMB 419 million [8].

Core Insights - Jiangsu Dingtai Pharmaceutical Research (Group) Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Citigroup and Haitong International as joint sponsors [1] Company Overview - Established in 2008, Dingtai Pharmaceutical is a new type of Contract Research Organization (CRO) that provides integrated solutions based on disease biology for global pharmaceutical companies and research institutions [3] - The company has transitioned from a traditional CRO role to a strategic R&D partner, offering comprehensive non-clinical safety, efficacy, and drug metabolism and pharmacokinetics (DMPK) research, as well as integrated clinical trial services from proof of concept to pivotal trials [3] - Dingtai Pharmaceutical focuses on clinical value and has accumulated deep expertise in cardiovascular metabolic diseases, central nervous system (CNS) diseases, ophthalmology, autoimmune diseases, and oncology [3] Market Position - According to Frost & Sullivan, Dingtai Pharmaceutical is the largest CRO in China for non-clinical research in cardiovascular metabolic diseases based on projected revenue for 2024 [3] - The company has built one of the most comprehensive non-human primate (NHP) disease model portfolios in China, ranking as the third-largest CRO in the field of efficacy research [4] Services and Capabilities - Dingtai Pharmaceutical's biomarker and translational medicine platform offers immunology, cellular, and molecular testing, supported by industry-leading sensitivity, robustness, and throughput characteristics in mass spectrometry bioanalysis [4] - The company monitors the progress of new therapies in key disease areas to anticipate industry trends and strategically expand its technical capabilities [4] - Dingtai Pharmaceutical supports clinical trials involving various advanced therapies, particularly in cancer treatment, through a comprehensive multimodal evaluation framework [4] Client Base and Achievements - The company has established a loyal and diverse client base, including commercial-stage pharmaceutical companies, early-stage biotech firms, and renowned research institutions [5] - Since its inception until October 24, 2025, Dingtai Pharmaceutical has provided non-clinical services to over 700 clients and clinical services to over 130 clients, assisting in obtaining more than 200 approvals from the National Medical Products Administration (NMPA) and over 40 approvals from overseas regulatory agencies [5] Financial Performance - Revenue figures for the company are as follows: approximately RMB 725 million in 2022, RMB 767 million in 2023, RMB 713 million in 2024, and RMB 377 million for the six months ending June 30, 2025 [6] - Profit figures for the same periods are approximately RMB 143 million in 2022, a loss of RMB 51.9 million in 2023, a loss of RMB 252 million in 2024, and a profit of RMB 64.7 million for the six months ending June 30, 2025 [6]

Core Viewpoint - Jiangsu Dingtai Pharmaceutical Research (Group) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with Citigroup and Haitong International acting as joint sponsors [1]. Company Overview - Established in 2008, Dingtai Pharmaceutical is a new type of Contract Research Organization (CRO) that provides integrated solutions based on disease biology for global pharmaceutical companies and research institutions. The company has transformed from a traditional CRO into a strategic R&D partner for clients [3]. - The company offers comprehensive non-clinical safety, efficacy, and drug metabolism and pharmacokinetics (DMPK) research, as well as integrated clinical trial services from proof of concept to pivotal trials, supporting clients throughout the entire lifecycle of drug development [3]. - Dingtai Pharmaceutical focuses on clinical value and has accumulated deep expertise and rich experience in cardiovascular metabolic diseases, central nervous system (CNS) diseases, ophthalmology, autoimmune diseases, and oncology [3]. Market Position - According to Frost & Sullivan, Dingtai Pharmaceutical is the largest CRO in China for non-clinical research in cardiovascular metabolic diseases based on projected revenue for 2024 [3]. - The company has built one of the most comprehensive non-human primate (NHP) disease model portfolios in China, ranking as the third-largest CRO in the field of efficacy research in China for 2024 [4]. Services and Capabilities - Dingtai Pharmaceutical's biomarker and translational medicine platform provides immunology, cellular, and molecular testing, supported by industry-leading sensitivity, robustness, and throughput characteristics in mass spectrometry bioanalysis [4]. - The company proactively monitors the progress of new therapies in key disease areas to anticipate industry trends and strategically expand its technical capabilities [4]. - Dingtai has extensive project experience in oligonucleotide therapies, monoclonal and bispecific antibodies, antibody-drug conjugates (ADC), and cell gene therapy (CGT) [4]. Client Base and Achievements - The company has established a loyal and diverse client base, including commercial-stage pharmaceutical companies, early-stage biotech firms, and well-known research institutions. Since its inception until October 24, 2025, Dingtai has provided non-clinical services to over 700 clients and clinical services to over 130 clients, assisting clients in obtaining over 200 approvals from the National Medical Products Administration (NMPA) and over 40 approvals from overseas regulatory agencies [5]. - Dingtai Pharmaceutical holds Good Laboratory Practice (GLP) certification and is recognized by the Association for Assessment and Accreditation of Laboratory Animal Care International (AAALAC), enabling it to support clients in regulatory submissions in major global markets [5]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the six months ending June 30, 2025, were approximately RMB 725 million, RMB 767 million, RMB 713 million, and RMB 377 million, respectively. The corresponding profits (losses) for the same periods were approximately RMB 143 million, -RMB 52 million, -RMB 252 million, and RMB 64 million [5][6].

Group 1 - The core viewpoint of the articles highlights that Tigermed's stock closed at 51.61 yuan, down 2.35%, with a rolling PE ratio of 132.44 times, and a total market capitalization of 44.438 billion yuan [1] - The average PE ratio for the medical services industry is 40.82 times, with a median of 45.93 times, placing Tigermed at the 42nd position in the industry ranking [1] - As of the first quarter of 2025, 80 institutions hold shares in Tigermed, including 78 funds, 1 social security fund, and 1 other entity, with a total shareholding of 170.6648 million shares valued at 8.671 billion yuan [1] Group 2 - Tigermed's main business is providing comprehensive clinical trial services as a Contract Research Organization (CRO) for new drug development, offering solutions for global pharmaceutical and medical device innovation companies [1] - The latest financial results for the first quarter of 2025 show that the company achieved operating revenue of 1.564 billion yuan, a year-on-year decrease of 5.79%, and a net profit of 165 million yuan, down 29.61% year-on-year, with a gross profit margin of 30.03% [1] - The PE ratios for Tigermed compared to industry averages indicate a significant premium, with the industry average PE at 40.82 times and Tigermed's PE at 132.44 times, suggesting potential overvaluation [2]

Company Overview - Tiger Med's closing price on May 20 was 45.35 yuan, an increase of 6.76%, with a rolling PE ratio of 116.90 times and a total market value of 39.225 billion yuan [1] - The company ranks 42nd in the medical services industry, which has an average PE ratio of 38.49 times and a median of 39.26 times [1] - As of the first quarter of 2025, 80 institutions held shares in Tiger Med, including 78 funds, 1 social security fund, and 1 other entity, with a total holding of 170.6648 million shares valued at 8.671 billion yuan [1] Business Operations - Tiger Med is a Contract Research Organization (CRO) that provides comprehensive clinical research solutions for global pharmaceutical and medical device innovation companies [1] - The main services offered include clinical operations, clinical pharmacology, regulatory affairs, scientific affairs, medical translation, pharmacovigilance, real-world research, third-party audits and training, data management and statistical analysis, clinical trial site management, subject recruitment, medical imaging, and laboratory services [1] Financial Performance - In the first quarter of 2025, the company reported revenue of 1.564 billion yuan, a year-on-year decrease of 5.79%, and a net profit of 165 million yuan, down 29.61% year-on-year, with a gross profit margin of 30.03% [1]

本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 安徽万邦医药科技股份有限公司 Anhui Wanbang Pharmaceutical Technology Co., Ltd. （安徽省合肥市高新区明珠大道与火龙地路交口西南角安徽万邦医药 1 号楼） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 创业板投资风险提示 安徽万邦医药科技股份有限公司 招股说明书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法 ...