以下文章来源于凤凰网股票 ，作者IPO 观察哨 凤凰网股票 . 凤凰网股票，价值投资者家园。凤凰网股票为全球华人投资者提供24小时权威、独到的市场资讯和行情产品，并始终关注中国资本市场的发展与变化。 来源|凤凰网财经《 IPO 观察哨》 东方妍美携 13 款三类医疗器械冲刺港股 IPO ，却背负数亿负债、年亏超 6900 万。招股书中风险因素陈述足足有 60 页，并直言 " 公司可能永远 无法盈利 " 。一边手握还在排队等审批的 " 国产童颜针 " 核心产品，一边深陷财务危机面临资金链断裂风险，当 " 医美再生医学风口 " 撞上 " 资 不抵债 " ，这家公司的 IPO 到底是财富盛宴还是风险深渊？ 俗话说： " 爱美之心 , 人皆有之。 " 在 " 颜值经济 " 与 " 悦己消费 " 浪潮推动下，医美行业正以惊人的速度崛起。数据显示， 2023 年中国美容 行业市场规模已达 2804 亿元，预计 2025 年市场规模有望达到 3816.0 亿元。多重驱动下医美企业扎堆冲击资本市场，催生出一批巨头公司。 最 近医美巨头们好不热闹！先有北交所 " 一哥 " 锦波生物股价 两个多月累计暴涨 140% 疯狂出圈，又 ...

Core Viewpoint - Oriental Yanmei (Chengdu) Biotechnology Co., Ltd. is pursuing an IPO on the Hong Kong Stock Exchange despite facing significant financial challenges, including a high debt ratio and ongoing losses [1][2]. Financial Performance - The company reported revenues of 12.88 million and 14.52 million yuan for 2023 and 2024, respectively, with net losses of 63.5 million and 69.38 million yuan, resulting in cumulative losses of 133 million yuan over two years [2][3]. - The gross margin significantly declined from 11.39% in 2023 to 2.61% in 2024, primarily due to high R&D, sales, and administrative expenses [2][3]. - As of the end of 2024, the company's total liabilities reached 193 million yuan, a 108.27% increase year-on-year, with a net asset value of -3.7 million yuan [6][7]. Product Development - Oriental Yanmei has 13 main candidate products, with only two, including the core product XH301, currently in the registration review stage [3]. - The core product XH301, known as "童颜针" (youthful needle), is still awaiting approval, with a projected commercialization timeline extending to late 2025 [3][4]. Market Competition - The regenerative medicine materials injection market is highly competitive, with five products already approved in the "童颜针" segment, creating a "five strong competition" landscape [5]. - The company relies heavily on non-core business revenues, which accounted for 52% of total revenue in 2024, while sales from its core products remain limited [5][6]. Funding and Debt Issues - The company faces severe liquidity issues, with cash and cash equivalents of only 33.19 million yuan as of the end of 2024, insufficient to cover ongoing R&D expenses [6][7]. - As of the end of 2023 and 2024, the company had bank loans of 10.81 million and 20.02 million yuan, respectively, that were in default due to unmet financial covenants [7].