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].

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].

Core Viewpoint - Real Bio Technology Co., Ltd. has submitted a main board listing application to the Hong Kong Stock Exchange, showcasing its innovative research-driven approach in the fields of viral infections, tumors, and cardiovascular diseases, with significant development potential and strategic depth [1] Group 1: Product Pipeline and Development - The core product Azvudine has received conditional approval for treating HIV in July 2021 and COVID-19 in July 2022, marking it as the first oral antiviral drug developed by a Chinese company for COVID-19 [2] - Other key products include CL-197, a long-acting HIV treatment candidate currently in Phase II clinical trials, and Doxitinib, a third-generation EGFR-TKI targeting unmet needs in advanced non-small cell lung cancer, with Phase I results showing efficacy similar to Osimertinib but better safety [2][3] - Azvudine also holds significant potential in oncology, being the only nucleoside drug with dual mechanisms to inhibit tumor cell DNA synthesis and enhance immune response [2] Group 2: Research and Development Capabilities - The company is expanding its oncology applications, developing both monotherapy and combination therapies for multiple cancers, with IND approval for Azvudine/Doxitinib in non-small cell lung cancer expected by September 2025 [3] - Real Bio has established a comprehensive R&D system, including platforms for high-selectivity nucleoside anti-tumor drug development and drug target discovery, ensuring systematic support for continuous innovation [4] - The company has regained exclusive commercialization rights for Azvudine from Fosun Pharma, indicating the drug's potential value and expansion opportunities [4] Group 3: Commercialization and Market Position - Azvudine's successful commercialization is evidenced by its inclusion in the National Reimbursement Drug List (NRDL) in 2023, with over 10 million bottles sold and coverage across more than 50,000 medical terminals [5] - The company has established a GMP-certified production base with an annual capacity of approximately 3 billion tablets, supporting current and future product supply [5] - Real Bio's pipeline strategically targets high-prevalence disease areas, with a focus on unmet clinical needs in HIV and oncology, providing a unique clinical differentiation advantage [6]

Core Viewpoint - The Hong Kong stock market is experiencing a surge in IPO applications from biotech companies, but the recent delay in the IPO of Baile Tianheng highlights potential risks and challenges in the market [1][7][11]. Group 1: IPO Activity - Six biotech companies, including Mindray Medical and Insilico Medicine, submitted IPO applications to the Hong Kong Stock Exchange within six days, marking a record high for the year [1][2]. - The Hong Kong Stock Exchange's support for the biotech sector, particularly the 18A listing rule allowing unprofitable biotech firms to go public, has attracted these companies [2][3]. Group 2: Company Profiles - Mindray Medical, a leading medical device company, aims to enhance its international strategy and brand influence through its IPO, with a projected international revenue share exceeding 50% by Q3 2025 [3]. - Other companies like Kexing Pharmaceutical and Real Bio are also seeking to expand their international presence and fund R&D through their IPOs [4]. Group 3: Market Environment - The influx of southbound capital into the Hong Kong market has reached a historic high, with net inflows exceeding HKD 5 trillion, boosting investor confidence [5][6]. - Despite the positive fundraising environment, there is a shift in investment strategies towards high-dividend stocks, which may impact the biotech sector's attractiveness [5][11]. Group 4: Challenges and Risks - Baile Tianheng's delayed IPO raises concerns about high entry barriers and insufficient valuation discounts, which may deter retail investors [8][9]. - The company's volatile financial performance and reliance on a significant one-time transaction for revenue have led to skepticism about its long-term profitability [9][10]. - The market's increasing focus on stable cash flows and product commercialization capabilities may pose challenges for companies lacking clear market positioning [11].

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].

Core Viewpoint - The Hong Kong stock market is experiencing a surge in biotech IPO applications, with companies eager to capitalize on the favorable listing environment, despite some unexpected delays in the process [1][2]. Group 1: IPO Activity - Six biotech companies, including major players like Mindray Medical and innovative firms like Insilico Medicine and Anxuyuan Technology, have submitted IPO applications to the Hong Kong Stock Exchange within a short span, indicating a strong demand for capital [2][3]. - The Hong Kong Stock Exchange's 18A listing rule, introduced in 2018, allows unprofitable biotech companies to raise funds, which has attracted many innovative firms to the market [2]. Group 2: Company Strategies - Mindray Medical, a leader in the medical device sector, aims to enhance its international strategy through its IPO, with plans to increase its global revenue share and invest in R&D and sales networks [3]. - Smaller biotech firms like Sinovac Biotech and Real Bio are also seeking to expand internationally through their IPOs, with specific plans to fund product development and market expansion [4]. Group 3: Market Environment - The influx of southbound capital into the Hong Kong market has reached a historic high, with net inflows exceeding HKD 5 trillion, providing a solid foundation for biotech IPOs [5][6]. - Recent market dynamics show a shift in investor strategy from aggressive tech investments to defensive high-dividend stocks, impacting the appetite for biotech IPOs [5]. Group 4: Valuation Concerns - The delay in the IPO of Baillie Gifford is notable, as it highlights valuation challenges in the biotech sector, with concerns over high entry barriers and insufficient valuation discounts compared to A-shares [7][8]. - Baillie Gifford's fluctuating performance raises questions about its long-term profitability, as its recent revenue surge is tied to a one-time transaction rather than sustainable growth [9][10]. Group 5: Industry Outlook - The case of Baillie Gifford serves as a warning for other biotech firms, emphasizing the importance of clear market positioning, valuation strategies, and stable performance to succeed in the Hong Kong IPO landscape [10][11]. - The market is becoming more discerning, favoring companies with genuine technological advantages and commercialization potential, signaling a return to rationality in the biotech sector [11].

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]