Core Viewpoint - The market demand for the core product Azvudine has significantly declined, leading to a substantial drop in revenue and cash flow pressure for the company, compounded by the termination of its collaboration with Fosun Pharma and an impending listing agreement with only 7 months remaining [1][2]. Group 1: Company Overview - Real Bio was established in 2012 and focuses on the research, development, manufacturing, and commercialization of innovative drugs for viral infections, tumors, and cardiovascular diseases, with Azvudine being its core product [4]. - The company has five candidate pipelines, with Azvudine being the first approved domestic oral drug for COVID-19, and is now seeking to expand its indications to major diseases such as liver cancer, colorectal cancer, non-small cell lung cancer, and HIV infection [4]. Group 2: Financial Performance - The company has faced severe financial challenges, with net losses of 784 million yuan, 40.04 million yuan, and 165 million yuan for 2023, 2024, and the first half of 2025, respectively, totaling a cumulative loss of 989 million yuan over two and a half years [6]. - Cash and cash equivalents were reported at only 50.05 million yuan as of June 30, 2025, a significant decrease from 138 million yuan at the end of 2024 [6]. - Revenue projections show a steep decline, with expected revenues of 344 million yuan, 238 million yuan, and 16.53 million yuan for 2023, 2024, and the first half of 2025, respectively, indicating a 92% year-on-year drop in the first half of 2025 [5]. Group 3: Market Challenges - The collaboration with Fosun Pharma, which provided exclusive commercialization rights for Azvudine in mainland China, was terminated in September 2024, leading to a drastic reduction in royalty income [5]. - The company has signed agreements with 74 distributors, but the new sales channels generated only 9 million yuan in revenue in the first half of 2025, falling short of expectations [5]. Group 4: Regulatory and Future Outlook - Azvudine received conditional approval from the National Medical Products Administration in July 2022, but must complete confirmatory clinical research by 2026 to secure full approval; otherwise, its registration will be revoked in 2027 [4]. - The company faces a critical deadline regarding its listing application, having submitted it three times, with the latest being in November 2025, and only 7 months remaining to complete the listing process due to the attached redemption rights from previous financing rounds [6][7].

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 ...

港股IPO冷热博弈：6天6家申请上市，"明星"药企缘何临门停步？ 11月的港股生物医药板块，一边是扎堆冲刺上市的热闹场景，一边是临门停步的意外状况。 从11月6日到11日，短短6天里，安序源科技、英矽智能、迈瑞医疗、真实生物、海纳医药和科兴制药先 后向港交所递交上市申请，密集程度创下年内新高，尽显药企赴港融资的迫切。 然而热潮未退，11月12日，已通过港交所聆讯、原定于11月17日挂牌的百利天恒(2615.HK)突然公告延 迟全球发售，宣布不按原招股章程推进上市，国际包销协议暂不订立，所有投资者的申请款项将在11月 17日前全额退还。 "从长期来看，港股作为人民币国际化及中概股回归的重要平台，其战略定位与估值优势吸引资本对其 价值重估。"融智投资基金经理包金刚此前向21世纪经济报道记者表示。 药企扎堆递表港股 6家递表的药企中，既有迈瑞医疗这样市值近2700亿元、手握近170亿元货币资金的医疗器械龙头，也有 英矽智能、安序源科技这类靠研发驱动的创新企业。 而港交所对生物医药行业的制度支持，是吸引企业的关键。 2018年推出的18A章上市规则，允许未盈利的生物科技公司上市融资，这为英矽智能、安序源科技这类 企业 ...

Core Viewpoint - Real Bio Technology Co., Ltd. has submitted its third application for a mainboard listing on the Hong Kong Stock Exchange, following two previous failed attempts in August 2022 and February 2025, with CICC as the exclusive sponsor [1] Company Overview - Established in 2012, Real Bio focuses on the research and development of innovative drugs in the fields of antiviral, anti-tumor, and cardiovascular diseases [1] - The company has developed five core product pipelines, including the commercially available drug Azvudine and four other drugs in development: CL-197, Dositinib, ZSSW-136, and MTB-1806 [1] - Azvudine received conditional approval for HIV treatment in July 2021, added COVID-19 treatment indications in July 2022, and was included in the national medical insurance directory in 2023 [1] - As of mid-2025, Azvudine has been distributed to over 50,000 medical endpoints across 31 provinces, with cumulative sales exceeding 10 million bottles [1] - The company has a GMP-certified production base with an annual capacity of approximately 3 billion tablets, and its R&D team consists of seasoned experts in the international drug development field [1] Financial Performance - Revenue for 2023, 2024, and the first half of 2025 was reported at 344 million yuan, 238 million yuan, and 16.53 million yuan, respectively, with net losses of 784 million yuan, 40 million yuan, and 16.5 million yuan [2] - The significant revenue decline of 92% in the first half of 2025 was primarily due to the termination of collaboration with Fosun Pharma, leading to a substantial decrease in licensing fee income [2] - R&D expenditures for the same periods were 238 million yuan, 151 million yuan, and 54.05 million yuan [2] Customer Concentration - In 2023, all of the company's revenue came from Fosun Pharma, with the top five customers accounting for 99.6% of revenue in 2024, of which Fosun Pharma represented 99.2% [2] - Following the termination of the partnership with Fosun in September 2024, the company shifted to a multi-distributor model, selling 68,700 bottles of Azvudine through new distributors in the first half of 2025, generating sales revenue of 9 million yuan [2] Market Potential - As of June 30, 2025, the company reported inventory of 17 million yuan, trade receivables of 8 million yuan, and cash and cash equivalents of 50 million yuan [3] - According to a report by Frost & Sullivan, the HIV drug market in China is expected to grow from USD 636 million in 2023 to USD 2.328 billion by 2030, with a compound annual growth rate of 20.4%, significantly outpacing the global market [3] - The company has completed two rounds of financing, raising a total of 713 million yuan, with investors including Yifeng Capital and Yingke Capital [3] - The funds raised from the upcoming listing will primarily be used for the development of new indications for Azvudine, advancing clinical trials for core pipelines, building commercialization channels, and expanding production capacity [3]

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].

21世纪经济报道记者唐唯珂 11月的港股生物医药板块，一边是扎堆冲刺上市的热闹场景，一边是临门停步的意外状况。 从11月6日到11日，短短6天里，安序源科技、英矽智能、迈瑞医疗、真实生物、海纳医药和科兴制药先 后向港交所递交上市申请，密集程度创下年内新高，尽显药企赴港融资的迫切。 然而热潮未退，11月12日，已通过港交所聆讯、原定于11月17日挂牌的百利天恒（2615.HK）突然公告 延迟全球发售，宣布不按原招股章程推进上市，国际包销协议暂不订立，所有投资者的申请款项将在11 月17日前全额退还。 "从长期来看，港股作为人民币国际化及中概股回归的重要平台，其战略定位与估值优势吸引资本对其 价值重估。"融智投资基金经理包金刚此前向21世纪经济报道记者表示。 药企扎堆递表港股 6家递表的药企中，既有迈瑞医疗这样市值近2700亿元、手握近170亿元货币资金的医疗器械龙头，也有 英矽智能、安序源科技这类靠研发驱动的创新企业。 而港交所对生物医药行业的制度支持，是吸引企业的关键。 2018年推出的18A章上市规则，允许未盈利的生物科技公司上市融资，这为英矽智能、安序源科技这类 企业打开了大门。 英矽智能专注AI药物研发 ...

Domestic Investment - Zhizili Technology completed seed round financing of several million yuan, led by Cloud Angel Fund, focusing on a six-dimensional force sensing solution using self-developed machine learning algorithms and fiber grating sensing technology [1] - Xiyuan Anjian announced over 200 million yuan A round financing, led by Beijing Pharmaceutical Health Industry Investment Fund, to support the key III phase clinical research of its CGRP small molecule drug BR005 [2] - Fuxin Digital completed 50 million yuan Pre-A round financing, led by Yuan Yi Capital, to enhance its AI medical solutions and expand its team [3][4] - Jiayu Medical secured several million yuan angel round financing, led by Guokai Investment, to accelerate the registration and clinical promotion of its handheld magnetic particle imaging system [5] - Fengjia Technology and Xingwang Xintong received approval for their listings on the New Third Board, focusing on chip design and integrated communication solutions respectively [6][7] - Zhizhi Chip completed seed round financing of tens of millions of yuan, focusing on high-performance operator discovery and optimization [8] - Yuntu Zhixing raised tens of millions of dollars in angel round financing, focusing on geographic information and spatial intelligence computing [9] - Yuying Trade completed 8 million yuan angel round financing, focusing on software development and brand customization [10] - Nuowan Microelectronics completed nearly 100 million yuan angel round financing, focusing on optical interconnection chips [11] - Henan Hippo Technology completed 26 million yuan angel round financing, focusing on short video social e-commerce [12] - Anxin Medical completed a significant angel round financing to enhance its gynecological diagnostic tools [13] Foreign Investment - 1Mind AI raised $30 million in A round financing, focusing on AI sales service tools [14] - Scribe completed $75 million in C round financing, with a post-financing valuation of $1.3 billion, focusing on workflow management software [15] - Onchilles Pharma raised $25 million in A1 round financing, focusing on broad-spectrum cancer treatment candidates [16] - Majestic Labs secured $100 million in A round financing, focusing on AI infrastructure for high-memory AI servers [17] - Iambic Therapeutics received $100 million in strategic investment, focusing on AI-driven medical platforms [18] - Gamma completed $68 million in B round financing, achieving a valuation of $2.1 billion, focusing on AI-generated presentations [19] IPO Queue - Real Bio submitted an IPO application, focusing on innovative drug development for antiviral and oncology treatments [20] - Mindray Medical submitted an IPO application, focusing on medical device development across multiple fields [21] - Zhongding Intelligent submitted an IPO application, focusing on customized solutions for various industries [22]

Core Viewpoint - Real Bio Technology Co., Ltd. is facing significant financial challenges as it seeks to go public on the Hong Kong Stock Exchange, with a cumulative loss of nearly 1 billion yuan over two and a half years due to declining sales and the termination of a partnership with Fosun Pharma [1][2][5]. Financial Performance - The company reported a cumulative loss of 989 million yuan over the past two and a half years, with net profits of -784 million yuan in 2023, -40.04 million yuan in 2024, and -165 million yuan in the first half of 2025 [3][4]. - Revenue peaked at over 1 billion yuan in 2022 but plummeted to 238 million yuan in 2024, with a staggering 91.65% year-on-year decline in the first half of 2025, generating only 16.53 million yuan [2][3]. Product and Market Challenges - Real Bio's only commercialized product, Azvudine, achieved significant sales initially but has seen demand shrink, leading to a heavy reliance on a single client, Fosun Pharma, which accounted for 99.2% of its revenue in 2024 [2][4]. - Following the termination of the partnership with Fosun Pharma, the company struggled to establish new distribution agreements, resulting in only 1.37 million yuan in revenue from Azvudine sales in 2024 [2][4]. Research and Development - The company is attempting to diversify its product pipeline by exploring new indications for Azvudine and developing combination therapies, but R&D expenditures have decreased from 238 million yuan in 2023 to 151 million yuan in 2024, indicating financial constraints [4][5]. - Current clinical trials for new indications are in early stages, and the potential for revenue generation from these efforts remains uncertain in the short term [4]. Financial Pressures and Future Outlook - Real Bio faces significant financial pressure, with cash and cash equivalents of only 50.05 million yuan against administrative and R&D expenses nearing 100 million yuan [4][5]. - The company is also burdened by redemption clauses from previous financing rounds, which could exacerbate its financial difficulties if performance does not improve [5]. - Analysts suggest that the company's future hinges on its ability to leverage IPO funds to alleviate debt and demonstrate the potential value of its R&D pipeline [5].

Core Viewpoint - Real Bio, the first domestic manufacturer of oral COVID-19 medication in China, has refiled for an IPO on the Hong Kong Stock Exchange after previous attempts in 2022 and February 2023 did not progress [1] Company Overview - Real Bio, established in 2012, focuses on the development, manufacturing, and commercialization of innovative drugs targeting viral infections, tumors, and cardiovascular diseases [2] - The company's core product, Azvudine, received conditional approval from the National Medical Products Administration (NMPA) for treating HIV in July 2021 and for COVID-19 in July 2022, making it the first oral antiviral drug for COVID-19 developed by a Chinese company [2] Financial Performance - Real Bio has not yet achieved profitability, with revenues of RMB 344.21 million in 2023, RMB 237.87 million in 2024, and RMB 16.53 million in the first half of 2025, alongside significant losses of RMB 783.58 million, RMB 40.04 million, and RMB 165.43 million respectively [4][5] - The majority of Real Bio's revenue comes from Azvudine, primarily through a partnership with Fosun Pharma, which accounted for 99.2% of total sales in 2024 [3][4] Product Development and Market Strategy - Real Bio is expanding its product pipeline beyond Azvudine, with additional drugs targeting non-small cell lung cancer, malignant tumors, and acute ischemic stroke [3] - Following the termination of its agreement with Fosun Pharma, Real Bio has engaged 65 offline distributors and nine online distributors to sell Azvudine, anticipating that revenue in 2025 will largely derive from these distributors [4] Investment and Shareholding - Real Bio has raised a total of RMB 713 million through two rounds of financing, with significant investments from Yifeng Capital and other firms [9][10] - The largest shareholder is Wang Chaoyang, controlling 48.12% of the shares, while CEO Du Jinfang holds a significant position in the company [6][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].