（来源：经济参考报） 日前，上海多宁生物科技股份有限公司（以下简称"多宁生物"）递表港交所，摩根士丹利和华泰国际为 联席保荐人。 作为继2022年和2023年两度递表失效后的第三次递表，业绩方面的扭亏为盈无疑是公司冲刺港股上市的 底气所在。不过亮眼成绩单的背后，激进并购后所留下的8.43亿元商誉依然高悬，其能否保持业绩长期 稳定仍有待进一步检验。 业绩扭亏为盈 作为一家成立于2005年的生物制剂产品解决方案一站式提供商，多宁生物2023年至2024年以及2025年前 三季度（以下简称"报告期"）分别实现收入8.14亿元、8.43亿元和6.58亿元；同期公司净利润分别 为-3.15亿元、-2750万元和1425.7万元。 营收结构方面，公司的收入主要由生物工艺解决方案、实验室产品及服务两大板块组成，其中生物工艺 解决方案在收入中占主导地位，报告期内在收入中的占比分别为77%、75.7%和77.1%。而按地区划分， 海外收入的增长也是公司实现扭亏为盈的关键因素之一，报告期内公司的海外业务营收分别为6952万 元、9530万元以及1.12亿元，海外市场贡献收入的占比由9.8%提升至17.1%。 值得注意的是，虽然通 ...

Core Viewpoint - Dongning Biotechnology has submitted its IPO application to the Hong Kong Stock Exchange for the third time, aiming to raise funds for global market expansion, strategic acquisitions, R&D enhancement, and operational needs [1] Group 1: Business Overview - Dongning Biotechnology, established in 2005, is the first domestic provider of serum-free culture media in China, ranking third among local cell culture media suppliers by revenue in 2024 [2] - The company operates two main business lines: bioprocess solutions and laboratory products and services, with the majority of revenue coming from bioprocess solutions [2][3] - Revenue from self-owned products accounted for 86.4%, 89.2%, and 84.9% during the reporting periods, indicating a strong focus on proprietary offerings [3] Group 2: Financial Performance - The company reported revenues of 814 million, 843 million, and 658 million yuan for the years 2023, 2024, and the first three quarters of 2025, respectively, but incurred losses of 315 million, 275 million, and a profit of 14.26 million yuan [4] - Despite revenue growth, the company faced significant losses in 2023 and 2024 due to high expenditures, which accounted for approximately 41.82% and 37.35% of revenue in those years [4] - Non-operating factors, including fair value changes of financial assets, significantly impacted performance, with a loss of 311 million yuan in 2023 alone [4] Group 3: Client and Market Dynamics - Revenue from five major clients represented 31.1%, 23.9%, and 32.0% of total revenue during the reporting periods, with WuXi Biologics being the largest single client [5] - WuXi Biologics holds a 19.75% indirect stake in Dongning Biotechnology and also acts as a supplier, highlighting a complex relationship [5] Group 4: Acquisition Strategy - Since 2020, Dongning Biotechnology has acquired multiple companies to expand its business and product offerings, resulting in a goodwill value of 843 million yuan [6] - The company has faced financial pressure due to significant non-controlling interest put options, amounting to 566 million yuan as of November 2025 [7] - The founder, Wang Meng, holds a combined 39.79% stake in the company, indicating strong insider control [7]

Core Viewpoint - Dongning Bio is attempting to enter the capital market with a "profit turnaround" narrative, having reported a net profit of 14.257 million yuan in the first three quarters of 2025 after consecutive losses from 2019 to 2022, but faces challenges due to high goodwill of 843 million yuan resulting from aggressive acquisitions [1][2][5]. Financial Performance - In 2023 and 2024, Dongning Bio reported revenues of 814 million yuan and 843 million yuan, with net losses of 315 million yuan and 27.5 million yuan respectively; however, in the first three quarters of 2025, the company achieved a revenue of 658 million yuan and a net profit of 14.257 million yuan [2][4]. - The company's main business segments include biological process solutions and laboratory products and services, with the former contributing over 70% of revenue in recent years [2][3]. Business Segments - The biological process solutions segment generated revenues of 626 million yuan, 638 million yuan, and 507 million yuan from 2023 to September 2025, accounting for 77%, 75.7%, and 77.1% of total revenue respectively; the share of reagent and consumable income increased significantly, reaching 55.4% of total revenue in 2025 [3][4]. - The overseas market has been a key growth driver, with revenues from international operations increasing from 69.52 million yuan in 2023 to 112 million yuan in the first three quarters of 2025, contributing to 17.1% of total revenue [3][4]. Strategic Plans - Dongning Bio plans to use part of the IPO proceeds to expand its global market presence, including establishing local production lines and hiring overseas personnel [4][6]. - The company aims to continue strategic acquisitions and equity investments to enhance its product and service offerings and broaden sales channels [6][7]. Risks and Challenges - The company faces potential risks related to high goodwill of 843 million yuan, which could lead to significant impairment losses if future acquisitions do not meet performance expectations [5][6]. - Despite the positive turnaround in profitability, the sustainability of this profit and the ability to manage goodwill risks remain critical for the company's long-term competitiveness and successful IPO [7].

Core Viewpoint - The company, Duoning Biotechnology, is attempting to enter the capital market with a narrative of "profit turning point" after years of losses, reporting a net profit of 14.257 million yuan in the first three quarters of 2025, marking its first profitable period [1][3] Financial Performance - In 2023 and 2024, Duoning Biotechnology reported revenues of 814 million yuan and 843 million yuan, with net losses of 315 million yuan and 27.5 million yuan respectively; however, in the first three quarters of 2025, the company achieved a revenue of 658 million yuan and a net profit of 14.257 million yuan [3][6] - The company's main business segments include biological process solutions and laboratory products and services, with the former contributing over 70% of revenue in recent years [4] Business Segments - The biological process solutions segment generated revenues of 626 million yuan, 638 million yuan, and 507 million yuan from 2023 to September 2025, accounting for 77%, 75.7%, and 77.1% of total revenue respectively; the revenue from reagents and consumables significantly increased, making up 55.4% of total revenue in 2025, up from 44.1% in 2023 [4] - The overseas market has been a key growth driver, with revenues from international operations reaching 69.52 million yuan, 95.304 million yuan, and 112 million yuan from 2023 to September 2025, with the overseas revenue contribution rising from 9.8% to 17.1% [5] Strategic Expansion - Duoning Biotechnology plans to use part of the IPO proceeds to expand its global market presence, including establishing local production lines and hiring overseas personnel [5][9] - The company has a history of aggressive acquisitions, having acquired nine companies between 2019 and 2022, which has led to a significant goodwill of 843 million yuan as of September 2025 [8][9] Market Position and Risks - The transition to profitability is seen as a significant advantage for the company's IPO, aligning with market valuation logic and reducing investment risks; however, the sustainability of this profitability is questioned due to low net margins and high goodwill [6][9] - The company is positioned in a promising sector with substantial domestic replacement potential, but it must address risks related to goodwill impairment and ensure compliance with regulatory disclosures [9]

Core Viewpoint - Doning Biotechnology is attempting to enter the capital market with a narrative of "profit turnaround," having reported a net profit of 14.257 million RMB in the first three quarters of 2025 after consecutive losses from 2019 to 2022, although it faces challenges due to high goodwill from aggressive acquisitions totaling 843 million RMB [1][3][7]. Financial Performance - In 2023 and 2024, Doning Biotechnology reported revenues of 814.084 million RMB and 842.88 million RMB, with net losses of 314.66 million RMB and 27.5 million RMB respectively [2][3]. - For the first three quarters of 2025, the company achieved a revenue of 658 million RMB and a net profit of 14.257 million RMB, marking its first profitable period [3][5]. Business Segments - The company's operations are primarily divided into two segments: biological process solutions and laboratory products and services, with the former contributing over 70% of revenue in recent years [3][4]. - Revenue from biological process solutions was 626 million RMB in 2023, 638 million RMB in 2024, and 507 million RMB in 2025, maintaining a revenue share of approximately 75-77% [4]. Growth Drivers - A significant increase in overseas market contributions has been a key driver for the company's turnaround, with revenues from international markets growing from 69.52 million RMB in 2023 to 112 million RMB in 2025, increasing its share from 9.8% to 17.1% [4][5]. - The company plans to use part of the IPO proceeds to expand its global market presence, including establishing local production lines and hiring overseas personnel [5][8]. Acquisition Strategy - Doning Biotechnology has engaged in aggressive acquisitions, integrating nine companies from 2019 to 2022, which has led to a substantial goodwill of 843 million RMB on its balance sheet [7][8]. - The company is currently focusing on digesting and integrating its new acquisitions while also expressing intentions for selective strategic acquisitions to enhance its product and service offerings [8]. Market Position and Risks - The company operates in a favorable market for biological process solutions, with significant potential for domestic substitution and support from the WuXi Biologics supply chain [8]. - Despite the positive profit turnaround, concerns remain regarding the sustainability of profits, potential goodwill impairment, and compliance with related party transactions [5][8].

Core Viewpoint - Dongning Biotechnology has submitted its IPO application to the Hong Kong Stock Exchange for the third time, following two previous failed attempts in September 2022 and March 2023, with Morgan Stanley and Huatai International as joint sponsors [1]. Group 1: Company Overview - Dongning Biotechnology, established in 2005, specializes in providing comprehensive solutions for the development and commercialization of biopharmaceutical products, being the first domestic provider of serum-free culture media [1]. - The company ranks sixth among all cell culture media suppliers in China, third among domestic suppliers, and fourth among single-use product suppliers, with a market share of 14.3% [1][3]. Group 2: Financial Performance - In the reporting period, the company achieved revenues of RMB 814.08 million, RMB 842.88 million, and RMB 658.93 million, while incurring annual losses of RMB -314.66 million, RMB -27.5 million, and RMB -8.26 million [2][4]. - Despite revenue growth, the company recorded losses in 2023 and 2024, with a net profit margin of only 2.2% in the first three quarters of 2025 [2]. Group 3: Business Segments - The core business consists of two main segments: bioprocess solutions and laboratory products and services, with bioprocess solutions being the primary revenue driver [1][4]. - The revenue contribution from bioprocess solutions was 77.0%, 75.7%, and 77.1% for 2023, 2024, and the first three quarters of 2025, respectively, indicating its dominance in the company's revenue structure [4]. Group 4: IPO Fund Utilization - The funds raised from the IPO will be primarily used for expanding global market reach, strategic acquisitions and equity investments, enhancing R&D capabilities, upgrading existing production capacity, and supplementing working capital [5]. Group 5: Challenges and Risks - The company faces operational challenges, having recorded losses in 2023 and 2024 due to high expenses and changes in the fair value of financial assets [5]. - WuXi Biologics, a major customer, supplier, and shareholder, has created multiple related-party relationships, and the company's goodwill value reached RMB 843 million by the end of the third quarter of 2025, which may impact future operations and valuations [5].

Group 1 - The core viewpoint of the article is that Duoning Biotechnology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, indicating its intention to go public [1] - Duoning Biotechnology was established in 2005 and is a one-stop provider of bioprocessing solutions, focusing on comprehensive solutions for biopharmaceutical products from research and development to commercial production, including reagents, consumables, instruments, and services [1] - The company previously submitted a prospectus to the Hong Kong Stock Exchange on September 26, 2022, aiming to list on the main board in Hong Kong [1]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Shanghai Duoning Biotechnology Co., Ltd. 上海多寧生物科技股份有限公司 (the "Company") (A joint stock company incorporated in the ...