目前，苏州旺山旺水生物医药股份有限公司（以下简称旺山旺水）正在向港股发起冲刺。 《每日经济新闻》记者注意到，2025年1月，旺山旺水首次向港交所递交招股书。 事实上，旺山旺水这个名字曾两度以不同方式引起医药圈热烈探讨。第一次，是旺山旺水凭借抗新冠药 物VV116，在新冠疫情最焦灼的时刻站上风口浪尖，与君实生物的合作，让旺山旺水在资本狂炒"新冠 特效药"概念的浪潮中收获了超乎寻常的知名度；第二次，则是眼下旺山旺水ED（勃起功能障碍）新 药"昂伟达" （TPN171）获批，借助这一天然具备话题性的领域，旺山旺水再度成为关注焦点。 不过，记者研究发现，当外界为公司产品贴上"国产伟哥"的标签时，旺山旺水赴港IPO（首次公开募 股）招股书所展现的，却是一幅机遇与风险交织、颇为复杂的图景。 近期获批新药成为关键 招股书显示，旺山旺水成立于2013年，是一家综合一体化生物医药公司，致力于发现、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。 《每日经济新闻》记者梳理旺山旺水产品及在研品发现，旺山旺水进军的领域具有高度社会关注度和巨 大市场潜力。比如曾经的明星药VV116便是典型案例。这款小分子药物在 ...

Core Viewpoint - The pharmaceutical industry has seen significant activity in the capital market this year, with many companies, including Suzhou Wangshan Wangshui Biopharmaceutical Co., Ltd., submitting IPO applications to the Hong Kong Stock Exchange. However, the company's financial health appears concerning, with a dwindling cash reserve and increasing debt, raising questions about its ability to sustain operations and compete in a crowded market [1][30]. Financial Performance - Wangshan Wangshui's valuation surged from 600 million RMB in 2020 to 4.2 billion RMB in 2022 due to the COVID-19 pandemic but has since stagnated, with a mere increase of 250 million RMB expected by the end of 2024 [3][30]. - The company's revenue for 2023 is projected at 200 million RMB, dropping to 11.83 million RMB in 2024, with net profits showing a significant decline from a profit of 6.4 million RMB in 2023 to losses of 21.76 million RMB in 2024 [4][5]. - As of the latest report, the company has only 72.83 million RMB in cash against total liabilities of 457 million RMB, indicating a precarious financial situation that could only support operations for about four months [6][30]. Product Pipeline and Market Potential - Wangshan Wangshui focuses on three therapeutic areas: viral infections, neuropsychiatric disorders, and reproductive health, with a pipeline that includes nine innovative assets, notably VV116, LV232, and TPN171 [1][30]. - The global market for antiviral drugs targeting RSV is projected to reach 670 million USD by 2026, with a compound annual growth rate (CAGR) of 72% from 2026 to 2035, indicating significant potential for VV116, which is currently the only clinical candidate targeting RSV in China [13][17]. - LV232, aimed at treating depression, is entering a competitive market with 16 other clinical candidates, which may hinder its market entry despite its unique mechanism [21][30]. - TPN171, a PDE5 inhibitor for erectile dysfunction (ED), is positioned in a growing market expected to reach 15 billion RMB by 2035, but the company faces challenges due to its small sales team compared to larger competitors [26][29]. Competitive Landscape - The antiviral drug market for RSV is becoming increasingly competitive, with existing vaccines potentially reducing the demand for new treatments, compounded by declining birth rates affecting the target demographic [20][30]. - The antidepressant market is saturated, with numerous competitors, making it difficult for Wangshan Wangshui to establish a foothold despite the potential of LV232 [30]. - TPN171 shows promising clinical data but lacks the commercial capabilities to effectively compete against larger pharmaceutical companies with extensive sales forces [29][30].

证券研究报告 | 2025年07月31日 金融工程日报 沪指午后加速下探，周期股大面积杀跌 市场资金流向：截至 20250730 两融余额为 19847 亿元，其中融资余额 19706 亿元，融券余额 142 亿元。两融余额占流通市值比重为 2.3%，两融交易占市 场成交额比重为 10.4%。 折溢价：20250730 当日 ETF 溢价较多的是新能源车电池 ETF，ETF 折价较多 的是中证 2000ETF 基金。近半年以来大宗交易日均成交金额达到 13 亿元， 20250730 当日大宗交易成交金额为 14 亿元，近半年以来平均折价率 5.82%， 当日折价率为 8.01%。近一年以来上证 50、沪深 300、中证 500、中证 1000 股指期货主力合约的年化贴水率中位数分别为 0.68%, 2.67%, 9.05%， 11.56%，当日上证 50 股指期货主力合约年化升水率为 0.25%，处于近一年来 61%分位点，当日沪深 300 股指期货主力合约年化贴水率为 3.17%，处于近一 年来 46%分位点；当日中证 500 股指期货主力合约年化贴水率为 11.41%，处 于近一年来 37%分位点；当日中 ...

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