首次递表失效后，圣桐特医再次向港交所递交IPO招股书。根据招股书，2024年，中国特医食品产 品的渗透率仅约为3%，远低于欧美等成熟市场的40%，预计到2029年市场规模将达到531亿元，仍有很 大发展空间。圣桐特医背后有着知名乳企圣元国际的加持，不过随着短期偿债压力、研发费用占比过低 等因素凸显，或成为其IPO的关键变量。 短期偿债压力较大 所谓特医食品，全称为特殊医学用途配方食品，是为满足进食受限、消化吸收障碍、代谢紊乱或特 定疾病状态人群对营养素或膳食的特殊需要，专门加工配制而成的配方食品。 圣桐特医前身为圣元国际2005年成立的特医食品事业部，专注于特医食品开发、生产及销售。财务 数据显示，圣桐特医在2022至2025年上半年收入分别为4.91亿元、6.54亿元、8.34亿元及3.97亿元，期间 利润分别为8388.6万元、1.7亿元、9414.4万元及8853.6万元。 灼识咨询数据显示，以2024年零售额计，圣桐特医在中国特医食品市场本土品牌中居首，在内外资 品牌综合排名中位列第四，市场份额6.3%，落后于雀巢、达能和美赞臣；在婴儿特医食品本土市场品 牌中居首，在内外资品牌综合排名中位列第三，份额 ...

Core Viewpoint - Vanke's bond prices have significantly declined, raising concerns about its debt issues and liquidity situation, despite a slight recovery in its stock prices [3][4]. Debt Situation - Vanke's bonds have experienced a continuous decline since November 26, with "21 Vanke 06" dropping over 30% and several others also seeing significant decreases [3][4]. - The company is facing increasing debt repayment pressure and restructuring risks, with a notable reliance on external support and sales recovery to improve its liquidity [4][9]. Extension Proposal - A preliminary proposal for extending the maturity of a 2 billion RMB medium-term note, originally due on December 15, 2025, has been circulated, suggesting a one-year extension to December 15, 2026, with a fixed interest rate of 3.00% during the extension period [7][8]. - The proposed extension is considered weaker than market expectations, which previously included an 8-month extension with staggered principal repayments [8][9]. Financial Analysis - As of the third quarter, Vanke's interest-bearing debt accounted for 42.7% of its total liabilities, amounting to 151.3 billion RMB, while its cash reserves decreased by 25.5% to 65.68 billion RMB, leading to a cash-to-short-term debt ratio of 0.43 [9]. - Goldman Sachs estimates a funding gap of approximately 30 billion RMB for Vanke in 2026, contingent on the support from banks or major shareholders [11][12]. Restructuring Risks - Vanke is expected to face a bond maturity wave of around 11.4 billion RMB between December 2025 and May 2026, with projected negative operating cash flow [13][14]. - The risk of a restructuring event is increasing due to weak liquidity, with analysts indicating that the company's financial commitments may become unsustainable [14].