The family-necessary Xintong drug once again breaks into the Sci-Tech Innovation Board's sacred obje

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Xi'an Xintong Drug Research Co., Ltd (hereafter referred to as Xintong Drug)...

Xi'an Xintong Drug Research Co., Ltd (hereafter referred to as Xintong Drug), previously suspended for review, joined the Science and Technology Innovation Committee on the 12th of this month. The company plans to raise 1.279 billion yuan, allocating 899 million yuan for new drug research and development projects, 180 million yuan for innovative drug production base construction, and 200 million yuan for working capital projects.


The family-necessary Xintong drug once again breaks into the Sci-Tech Innovation Board's sacred obje

At present, the company's main products are in the research and development stage, and commercial production and sales have not yet been completed. In terms of performance, Xintong Drugs generated an operating profit of RMB 16.259 million, RMB 9.835 million, RMB 1.7852 million and RMB 113.9 million from 2019 to 2021 and the first half of 2022, respectively. The corresponding net profit was average. 1.10 100 million yuan, -91.2833 million yuan, -62.70.23 million yuan, -31.2028 million yuan. In other words, the company suffered a loss of about 300 million yuan in three and a half years. Xintong Pharmaceuticals said it expects losses to accrue over the next period due to accumulating unreimbursed losses.


Xintong Drug was founded in 2000. Seeking an IPO, Xintong Drug has released several versions of its prospectus, but the disclosures are conflicting. On November 29, 2021, Xintong Drug published a draft for the prospectus, which shows that by the date of signing this prospectus, the company has received more than 100 clinical approvals, new drug certifications and manufacturing approvals, and has received a total technical volume. move. Signed contracts worth more than 760 million yuan. Strong commercial conversion ability.


However, in a prospectus published on December 2, 2022, Xintong Drug revealed that the company has gone through three major stages since its inception. (2011-2017) The total contract value is about 464 million yuan. The total contract value of the third phase (2017 to present) is about RMB 85 million. According to this estimate, from establishment to December 2022, Xintong Drug's contract value is RMB 758 million.


Why did the total contract amount from the establishment of the company to November 2021 exceed 760 million yuan, and a year later, in December 2022, the company contract amount was only 758 million yuan? The business prospectus did not specify whether it was a disclosure error or whether a contract was entered into that was deemed invalid last year.


In addition, if you look at the business prospectus disclosure of Xintong Pharmaceuticals, it was found that the contract amount has decreased significantly during the third stage of the company's development, that is, for six years from 2017 to the present, falling short of the company's standards. Strong commercial conversion capabilities as described in the prospectus.


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