Core Viewpoint - The company, Real Bio, is attempting to restart its IPO process after facing significant challenges, including product sales decline, channel disruptions, and financial strain, following the loss of pandemic-related benefits and key partnerships [1]. Group 1: Product Dependency - Real Bio's sole commercial product, Azvudine, has seen a drastic decline in market demand post-pandemic, leading to inventory write-downs of approximately 353 million yuan in 2023 and an additional 34.86 million yuan in 2024 [2]. - The inventory value plummeted from 131 million yuan at the end of 2023 to 17 million yuan by mid-2025, highlighting the company's reliance on a single product without a robust pipeline for future growth [2]. Group 2: Channel Disruption and Revenue Collapse - The partnership with Fosun Pharma, which provided exclusive commercialization rights for Azvudine, ended in September 2024, resulting in a revenue drop of over 90% in the first half of 2025, with only 16.53 million yuan generated [3]. - The company is now struggling to establish its own sales team, which consists of 29 members and 65 distributors, but the effectiveness of this self-built channel remains limited [3]. Group 3: Financial Strain and Debt Pressure - Real Bio's financial situation is dire, with a total asset of 390 million yuan and total liabilities reaching 1.65 billion yuan, resulting in an alarming debt-to-asset ratio of 422% [4]. - The company faces a significant repayment obligation to early investors if it fails to go public by July 5, 2026, which could trigger a debt default given its current cash position of only 5.005 million yuan against short-term bank borrowings of 102 million yuan [4]. Group 4: Conclusion - The transition from a "pandemic star" to a "debt-laden" entity illustrates the common challenges faced by pharmaceutical companies that rely heavily on a single product and short-term gains [5]. - With less than a year remaining before the deadline for the buyback clause, Real Bio must demonstrate its ability to generate sustainable revenue to regain investor confidence [5].