星标 ★ IPO日报 精彩文章第一时间推送 "蓝色小药丸"万艾可的大名如雷贯耳，但事实上，市面上远不止一款用于治疗男性勃起功能障碍（ED）的药 物，"国产伟哥"早已面世。 近日，拥有第二款"国产伟哥"昂伟达®的苏州旺山旺水生物医药股份有限公司（下称"旺山旺水"）二次递表向 港股市场发起冲击，中信证券是独家保荐人。公司今年1月向港交所递交招股书后失效。 IPO日报注意到，这家手握"新冠特效药"和ED新药的公司， 持续"失血"让其急需上市融资 。 制图：佘诗婕 两款核心产品如何？ 据悉。旺山旺水成立于2013年，是一家综合一体化生物医药公司，从事发现、获取、开发和商业化创新小分子 药物，专注于抗病毒、神经精神及生殖健康三大领域。 在这三个领域，旺山旺水已经拥有了三款知名产品（包括两款核心产品LV232、TPN171及一款关键产品 VV116）。 其中，LV232是一款潜在的同类首创双靶点5-羟色胺转运体（"5-HTT"）╱5-羟色胺3（"5-HT3"）受体调 节剂，目前正准备进行治疗抑郁症的II期临床试验。TPN171是一款潜在同类最佳、高效及高选择性的磷酸二酯 酶5（"PDE5"）抑制剂，已于乌兹别克斯坦及中国 ...

Core Viewpoint - Suzhou Wangshan Wangshui Biopharmaceutical Co., Ltd. has gained attention in the capital market due to the approval of its product TPN171 (brand name "Angweida"), a domestic erectile dysfunction drug, and its rapid submission of an IPO prospectus with a valuation of 4.4 billion yuan. However, the company faces significant challenges including a sharp decline in performance, cash flow issues, and family governance problems, casting a shadow over its path to listing [1][6]. Financial Performance - In 2023, the company's revenue was 196 million yuan, with 98% derived from licensing income of VV116 to Junshi Bioscience, resulting in a net profit of 12.09 million yuan. However, in the first three quarters of 2024, revenue plummeted by 95% to approximately 10 million yuan, and net profit turned into a loss of 156 million yuan. Sales revenue from drugs was also poor, with only 674,000 yuan and 582,000 yuan in 2023 and the first three quarters of 2024, respectively, failing to provide stable support [3][4]. Cash Flow Situation - The company's operating cash flow was 30.67 million yuan in 2023, but turned negative at -104 million yuan in the first three quarters of 2024. As of the end of November 2024, cash and bank balances were 61.38 million yuan, while short-term loans reached 121 million yuan, resulting in a funding gap exceeding 60 million yuan. Despite a C-round financing of 50 million yuan at the end of the year, it remains insufficient for the cash-intensive nature of innovative drug companies [4][5]. Market Competition - The newly approved "Angweida" is positioned in a highly competitive erectile dysfunction market, facing price wars from established products like Pfizer's Viagra and Baiyunshan's Jinkego, with procurement prices as low as 24.98 yuan for 12 tablets. The market has seen a surge in competitors, with the retail sales of tadalafil exceeding 2.9 billion yuan in 2023, capturing a significant market share. Wangshan Wangshui's attempt to differentiate itself in the high-end market raises questions about its future prospects [5][6]. Production Capacity Issues - The company's production capacity utilization is concerning, with the Lianyungang factory's capsule utilization at only 1.1% and tablet utilization at a mere 0.2%, indicating near "idle" operations. Despite this, the company plans to raise funds through the IPO to build a new factory in Qingdao, which raises doubts about the rationality of its aggressive expansion in a context of overcapacity [5][6].