近日，真实生物科技有限公司（以下简称"真实生物"）再次向香港联交所递交主板上市申请。作为一家 以创新研发为驱动力的生物科技公司，真实生物聚焦病毒感染、肿瘤及心脑血管疾病三大治疗领域，凭 借其核心产品阿兹夫定的成功商业化经验，以及涵盖五款主要候选药物的多元化管线布局，展现出富有 想象力的发展潜力与战略纵深。 贯穿感染、肿瘤、心脑血管三大领域 真实生物核心产品阿兹夫定（Azvudine）作为1.1类原创新药，2021年7月获得国家药监局用于治疗HIV 感染附条件批准上市，并于2022年7月获得国家药监局用于治疗COVID-19附条件批准上市，成为首款中 国公司研发的获国家药监局批准用于治疗COVID-19的口服抗病毒药物。这背后显示出其强大的科研及 临床转化能力。 在平台建设方面，真实生物已建立起包括高选择性核苷类抗肿瘤药物研发平台、TOPO1抑制剂及XDC 药物研发平台、药物靶点发现与验证平台等在内的综合研发体系。这些平台覆盖了从早期靶点筛选到临 床前研究、临床试验及后续优化的全流程，为其持续产出创新候选药物提供了系统性保障。 据招股书透露，2024年9月真实生物收回了授予复星医药产业的独家商业化权利和其他权利 ...

Core Viewpoint - Real Bio Technology Co., Ltd. has submitted its third IPO application to the Hong Kong Stock Exchange, facing significant financial challenges with a net loss of approximately 1 billion yuan over the past two and a half years [1][2][6]. Financial Performance - The company reported revenues of 344 million yuan, 238 million yuan, and 16.53 million yuan for the years 2023, 2024, and the first half of 2025, respectively, with net losses of 784 million yuan, 40.04 million yuan, and 16.5 million yuan during the same periods [4][6]. - The gross profit margins were -95.7%, 69.3%, and -262.7% for the respective years, indicating significant financial strain [4]. Funding and Investment - Real Bio has raised a total of 713 million yuan through two rounds of financing in 2021, with existing preferred shareholders holding redemption rights, which could trigger a buyback obligation at a 10% annual interest rate [5][6]. - The company is under pressure due to a 700 million yuan bet clause from previous financing rounds, which adds to the operational and IPO challenges [5][6]. Product Development and Pipeline - The core product, Azvudine, is aimed at treating HIV and COVID-19, while other products like CL-197 and Dositinib are in various stages of clinical trials [3][8]. - The company has established its own production facilities with an annual capacity of approximately 3 billion tablets, certified by GMP [3]. Market Position and Competition - Real Bio's revenue is heavily reliant on a single client, Fosun Pharma, which accounted for 100% of its revenue in 2023 and 99.2% in 2024, raising concerns about customer concentration risk [7]. - The competitive landscape in the biopharmaceutical industry is intensifying, with many companies increasing R&D efforts to meet complex health demands [7][8]. R&D Expenditure - R&D expenses were reported at 238 million yuan in 2023, with a projected decrease of 36.8% to 151 million yuan in 2024, indicating a contraction in R&D investment despite ongoing needs [5][8]. - The company faces challenges in matching R&D investments with returns, as most products are still in early clinical stages, leading to uncertainty about future revenue generation [8].

Core Viewpoint - Real Bio Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, facing significant financial challenges due to declining revenues and high losses, primarily linked to its dependence on a single product, Azvudine [1][3][6]. Financial Performance - The company reported a cumulative loss of 989 million RMB over two and a half years, with net losses of 784 million RMB in 2023, 40 million RMB in 2024, and 165 million RMB in the first half of 2025 [4][6]. - Revenue peaked at over 1 billion RMB in 2022 but plummeted to 344 million RMB in 2023 and is projected to drop to 238 million RMB in 2024, with a staggering 91.65% decline in the first half of 2025, resulting in only 16.53 million RMB [2][3][4]. Product and Market Dependency - Azvudine is the only commercialized product, which has faced a significant drop in demand following the termination of its partnership with Fosun Pharma, leading to a highly concentrated customer base where 99.6% of revenue came from the top five clients in 2024 [3][4]. - The company is attempting to diversify its product offerings by exploring new indications for Azvudine and developing additional drug candidates, including CL-197 for HIV and other oncology treatments [6][7]. Research and Development Challenges - Despite efforts to expand its R&D pipeline, the company has seen a 36.8% decrease in R&D spending from 2.38 billion RMB in 2023 to 1.51 billion RMB in 2024, which raises concerns about its ability to innovate and generate future revenue [6][7]. - The current R&D projects are primarily in early clinical stages, which may not yield immediate financial returns, complicating the company's transition from a single-product focus to a diversified pharmaceutical entity [6][7]. Financial Obligations and Pressure - Real Bio is under pressure from a total of 713 million RMB in financing agreements with redemption clauses, which could force the company to buy back preferred shares at a 10% annual interest rate if certain conditions are met [1][7]. - As of mid-2025, the company had only 50.05 million RMB in cash, while administrative and R&D expenses approached 100 million RMB, indicating a significant cash flow issue [7].

Company Overview - Real Bio Technology Co., Ltd. has submitted its application for listing on the Hong Kong Stock Exchange, with China International Capital Corporation as its sole sponsor. This marks the company's third attempt to list, following previous submissions in August 2022 and February 2025 [1] - Established in 2012, Real Bio focuses on the innovative research and development of drugs for viral infections, tumors, and cardiovascular diseases. The company has developed a comprehensive drug pipeline, including five candidate drugs [4][5] Product Pipeline - The core product, Azvudine, has received conditional approval in China for the treatment of HIV and COVID-19. The company is developing monotherapy and combination therapies for various cancers and HIV [4][5] - Other key products include CL-197 for long-term HIV treatment, Doshitini for non-small cell lung cancer, ZSSW-136 for malignant tumors, and MTB-1806 for acute ischemic stroke [4][5] Production and Commercialization - Real Bio has established its own production facilities with an annual capacity of approximately 3 billion tablets, certified by GMP, to meet commercialization needs. The company has a professional commercialization team and a comprehensive management system [6] - Azvudine was included in the National Reimbursement Drug List (NRDL) in 2023 and successfully renewed its status in 2024, ensuring price stability and broad market access [6] Financial Performance - For the fiscal year ending December 31, 2023, the company reported revenues of 344.21 million RMB, with a gross loss of 329.41 million RMB. The majority of revenue was derived from Azvudine, with significant R&D expenses impacting profitability [8][9][11] - The company recorded a net loss of 783.58 million RMB for 2023, primarily due to high R&D costs and administrative expenses [11] Market Overview - The global antiviral drug market was valued at $73.6 billion in 2023, with a projected compound annual growth rate (CAGR) of 6.3% from 2023 to 2030. The Chinese antiviral drug market is expected to grow from $7.8 billion in 2023 to $21.8 billion by 2030, with a CAGR of 15.8% [12][14] - The global HIV drug market reached $43.1 billion in 2023, with a projected CAGR of 4.1% through 2030. In China, the HIV drug market is expected to grow from $636.2 million in 2023 to $2.33 billion by 2030, with a CAGR of 20.4% [16][17] Board and Shareholding Structure - The board of directors consists of eight members, including three executive directors and three independent non-executive directors, responsible for overall management and strategic direction [25] - The founder, Wang Chaoyang, holds a combined 48.12% stake in the company through various investment vehicles [28][30]

Core Viewpoint - Real Bio Technology Co., Ltd. has submitted its application for listing on the Hong Kong Stock Exchange for the third time, with China International Capital Corporation as its sole sponsor [1]. Company Overview - Real Bio, established in 2012, focuses on the innovative research and development of drugs for viral infections, tumors, and cardiovascular diseases. The company has developed a comprehensive drug portfolio, including five candidate drugs, with its core product, Azvudine, conditionally approved in China for treating HIV and COVID-19 [5][6]. Product Pipeline - The core product Azvudine is a Class 1 innovative drug that received conditional approval from the National Medical Products Administration (NMPA) for HIV treatment in July 2021 and for COVID-19 in July 2022. It is the first oral antiviral drug developed by a Chinese company approved for COVID-19 treatment [6]. - The company also has a strong pipeline for cancer treatment, with Azvudine showing broad-spectrum anti-tumor activity and being the only nucleoside anti-tumor drug with dual mechanisms and high selectivity in the past 30 years [6]. Production and Commercialization - Real Bio has established its own production facilities with an annual capacity of approximately 3 billion tablets, certified by GMP, to meet existing commercialization needs. The company has a professional commercialization team and a complete management system [7]. - Azvudine was included in the National Reimbursement Drug List (NRDL) in 2023 and successfully renewed its inclusion in 2024, ensuring price stability and broad market access [7]. Financial Performance - The company reported revenues of RMB 344.21 million, RMB 237.87 million, and RMB 16.53 million for the fiscal years ending December 31, 2023, 2024, and the six months ending June 30, 2025, respectively. All revenue during the reporting period came from Azvudine [11]. - The company recorded a gross loss of RMB 329.41 million, a gross profit of RMB 164.85 million, and a gross loss of RMB 43.42 million for the same periods [12]. - The net losses for the fiscal years were RMB 783.58 million, RMB 40.04 million, and RMB 165.43 million, primarily due to significant R&D expenses for core products and other candidates [13]. Market Overview - The global antiviral drug market was valued at USD 73.6 billion in 2023, with a compound annual growth rate (CAGR) of 6.3% from 2018 to 2023, expected to reach USD 101.1 billion by 2030 [14]. - The Chinese antiviral drug market grew from USD 3.5 billion in 2018 to USD 7.8 billion in 2023, with a CAGR of 17.1%, projected to reach USD 21.8 billion by 2030 [16]. HIV Drug Market - The global HIV drug market increased from USD 35.3 billion in 2018 to USD 43.1 billion in 2023, with a CAGR of 4.1%, expected to reach USD 59.5 billion by 2030 [20]. - In China, the HIV drug market grew from USD 304.5 million in 2018 to USD 636.2 million in 2023, with a CAGR of 15.9%, projected to reach USD 2.33 billion by 2030 [21]. Oncology Drug Market - The global oncology drug market expanded from USD 128.1 billion in 2018 to USD 228.9 billion in 2023, with a CAGR of 12.3%, expected to reach USD 419.8 billion by 2030 [25]. - The Chinese oncology drug market increased from USD 23.8 billion in 2023 to USD 34.1 billion, with a CAGR of 7.2%, projected to reach USD 77.5 billion by 2030 [28].

Core Insights - Real Bio Technology Co., Ltd. has submitted its application for listing on the Hong Kong Stock Exchange (HKEX) for the third time, with China International Capital Corporation (CICC) as the sole sponsor [1] - The company was previously listed in August 2022 and February 2025, indicating ongoing efforts to secure a public listing [1] - Founded in 2012, Real Bio focuses on the innovative research and development of drugs targeting viral infections, tumors, and cardiovascular diseases [1] Product Pipeline - The company has developed a comprehensive drug portfolio, including five candidate drugs: - Core product Azvudine, conditionally approved in China for treating HIV and COVID-19, with ongoing development for monotherapy and four combination therapies targeting multiple cancers and HIV [1] - Core product CL-197, aimed at long-term treatment of HIV infections [1] - Core product Dositinib, used for treating non-small cell lung cancer [1] - ZSSW-136, targeting malignant tumors [1] - MTB-1806, focused on treating acute ischemic stroke [1]

制图：佘诗婕 创始人煤矿起家 星标 ★ IPO日报 精彩文章第一时间推送 当时全球医药行业正处于持续创新变革的大趋势下，新药研发成为推动行业发展的核心动力，与此同时病毒性感染、肿瘤及脑血 管疾病等领域，存在大量未被满足的医疗需求，这为创新药物研发企业提供了广阔的发展空间。 近日，致力于研发、生产和商业化治疗病毒性感染、肿瘤及脑血管疾病的创新药物的真实生物科技有限公司（下称"真实生物"）在港 交所递表。 然而，随着疫情的逐渐平息，公司核心产品阿兹夫定的市场需求急剧下降，业绩面临较大压力。2年净亏损合计超过8亿元，且面临存 货减值、资金紧张、客户单一化等问题。在生物医药行业竞争激烈的当下，真实生物需要不断投入大量资源进行研发，但目前的研发 投入产出比存在疑问，未来能否在竞争中脱颖而出仍存在不确定性。 真实生物科技有限公司的实际控制人王朝阳，是一位来自河南平顶山的多领域创业者，早年涉足采矿、房地产等行业，积累了丰富的 创业经验。 2012年9月，他创立了真实生物科技有限公司，并在2012年9月-2018年9月期间担任公司的董事及法定代表人。除了真实生物，王朝阳 还掌控着另外15家企业，业务范围广泛，涵盖房地产、煤炭 ...

星标 ★ IPO日报 精彩文章第一时间推送 时隔两年半，真实生物科技有限公司（下称"真实生物"）再次向港交所申请主板上市。中金公司为其独家保荐人。 此前，真实生物的产品阿兹夫定于2022年7月附条件获批，成为首款获批上市的国产新冠肺炎口服药物。 紧接着，获批十天后，真实生物于2022年8月4日首次向港交所递交了招股书，引发市场巨大关注。但是，真实生物的首次赴港路却以 失败告终。 尚未盈利又只有一款核心原研药产品的真实生物前后两次申请，质地变化如何？ 制图：佘诗婕 单一爆款阿兹夫定造近6亿收入 真实生物是一家以创新研发为驱动力的生物科技公司，成立于2012年，专注于抗病毒、抗肿瘤及心脑血管疾病的创新药物开发、制造 和商业化。 需要指出的是， 目前，真实生物只有核心产品阿兹夫定获得国家药监局附条件批准并完成了商业化。 往绩记录期间，公司的全部收入 均来自阿兹夫定，仅2020年以来就累计产生超过5.91亿元的收入。 其中，绝大部分收入来自复星医药协议。 综合来看，真实生物正在试图从一个拥有单一爆款产品的创新药公司转变为多产品的创新药企业。 阿兹夫定是具有广谱抗病毒活性的创新药物，在病毒感染治疗领域，作为1.1类原创 ...