Core Viewpoint - The first company to undergo the listing review under the reactivated fifth set of standards for the Sci-Tech Innovation Board is Wuhan Heyuan Biotechnology Co., Ltd., which focuses on innovative drugs but faces significant financial challenges and ongoing international technical disputes [2][3]. Financial Challenges - Heyuan Biotechnology has been operating at a loss, with revenues increasing from 13.40 million yuan in 2022 to 25.22 million yuan in 2024, but net profits recorded losses of -144 million yuan, -187 million yuan, and -151 million yuan over the same period [3][4]. - As of December 31, 2024, the company had accumulated unremedied losses of 851 million yuan [3]. - The company's cash reserves have significantly decreased from 654 million yuan in mid-2022 to 160 million yuan by the end of 2024 [6]. Debt and Liquidity Issues - The company has seen a rise in debt, with short-term borrowings reaching 10.01 million yuan and long-term borrowings hitting 184 million yuan by the end of 2024, doubling from the previous year [7]. - Key liquidity ratios have deteriorated, with the current ratio dropping from 2.35 in 2022 to 1.02 in 2024, and the quick ratio falling from 2.03 to 0.69 over the same period [7][8]. R&D and Product Pipeline - Heyuan Biotechnology has a pipeline of eight drugs under development, with the most advanced product, recombinant human serum albumin injection (HY1001), expected to receive approval soon [9][10]. - The company has faced delays in the clinical trial phases of its products, particularly HY1002, which has seen its Phase III trial pushed back multiple times, now slated for late 2025 [10][11]. Legal Disputes - The company is embroiled in a long-standing patent infringement lawsuit initiated by Ventria Bioscience, which claims Heyuan's products infringe on its patents [12][13]. - The ongoing legal issues pose a risk to the company's core technology and could lead to significant financial liabilities or restrictions on product sales [14].