On April 28th, the first quarterly report of 2022 released by Shouyao Holdings recently triggered a heated discussion, in which the operating income was only 707 yuan, down 99.98% year-on-year. Some investors teased whether the unit "10,000 yuan" was misspelled. Yinshi Finance reporter noticed that there was market news that the staff suspected of holding the first drug revealed in a pharmaceutical industry exchange group that the above income was "selling a second-hand incubator". Regarding the above-mentioned news about the sale of incubators, the relevant person of the Securities Department of Shouyi Holding told reporters that the specific business situation will be verified with the Finance Department, which may indeed be like the news that the reporter saw. At the same time, it said that the company is mainly engaged in the research and development of new drugs, including anticancer drugs and type II diabetes. At present, the fastest product is clinical phase II/III, and there are no commercial products approved for listing. At present, the company does not have main income. I hope that everyone will pay more attention to the company’s research and development progress. The reporter learned from the industry that pharmaceutical companies are in a special situation. Article 5 of the science and technology innovation board Listing Standard allows pharmaceutical companies to declare IPOs when their core products enter the second phase of clinical trials. Therefore, it is not uncommon for products to be commercialized and their revenues to be low. (Yinshi Finance)
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Shouyao Holdings released its first quarterly report after listing: its revenue in a single quarter was 708 yuan, and its market value was less than 3 billion yuan.
On April 27th, Shouyao Holdings -U(688197,SH) (hereinafter referred to as Shouyao Holdings) released its first quarterly report after listing. In the first quarter of this year, the company’s revenue was only 707.96 yuan and its net profit loss was 50.6623 million yuan. The listed companies’ revenue less than that of 1000 yuan in a single quarter also triggered a heated discussion among investors.
However, there are indeed special reasons for Shouyao Holdings to hand over such transcripts. Up to now, the company’s products are in the research and development stage, and there are no drugs approved for marketing. However, on the other hand, the lack of performance support makes it difficult for the share price of Shouyao Holdings to perform well. On the face of it, the company’s share price broke on the day of listing and has continued to fall since then. Up to now, the total market value of the company’s shares has been less than 3 billion yuan, which is different from the "estimated market value of not less than 4 billion yuan" required by the fifth set of listing standards in science and technology innovation board.
Single-quarter loss expansion
According to the first quarterly report of Shouyao Holdings in 2022, the company achieved a revenue of 7.0796 yuan, down 99.98% year-on-year, and a net profit loss of 50.6623 million yuan. In the first quarter, the company’s R&D investment totaled 46.1181 million yuan, a year-on-year increase of 40.40%. In the first quarter of last year, the revenue of Shouyao Holdings was 4 million yuan and the net profit loss was 34.6864 million yuan. In the second, third and fourth quarters of last year, the company’s net profit lost 34.9066 million yuan, 34.323 million yuan and 41.0053 million yuan respectively. In contrast, the company’s losses in the first quarter of this year have expanded.
Previously, Shouyao Holdings stated in the listing announcement that, in combination with the actual operating conditions, it is estimated that the company will realize an operating income of 0,000 yuan to 2 million yuan from January to March, which is mainly affected by factors such as the progress of cooperative drug research and development; With the increase of R&D investment, it is estimated that the company will still be in a loss state from January to March, with a net profit of-50 million yuan to-30 million yuan. The actual performance of the company in the first quarter is basically in line with the above forecast.
"Where did you earn 707.96 yuan? Sell waste paper and old office furniture? " "The revenue is not enough for my utilities" and "Will this quarterly report be a bit too ridiculous" … Investors in the stock bar have some complaints about this.
For the sharp decline in performance in the first quarter of this year, listed companies said that the company’s revenue from drug cooperative development has not yet reached the settlement period during the reporting period, and the revenue from drug cooperative development has not been confirmed in this period, a decrease of 4 million yuan compared with the same period of last year.
On the afternoon of April 28th, the reporter of national business daily called the Secretary-General’s Office of Shouyao Holdings. Relevant persons said that at present, the company is still in the research and development stage, and there is no real product listing and commercial sales, which makes the company not form a large-scale revenue.
Shouyao Holdings is a small molecule innovative drug company in the clinical research stage, and its research and development pipeline covers key tumor indications such as non-small cell lung cancer, lymphoma, hepatocellular carcinoma, pancreatic cancer, thyroid cancer, ovarian cancer, leukemia and other important disease fields such as type II diabetes. Previously, the company also clearly stated in the prospectus: "At present, the company has no products listed, and there is no drug sales revenue, and there is still great uncertainty about whether and when the products can be listed. The company will not be able to generate product sales revenue in a certain period of time in the future."
It is reported that the core products SY-707 and SY-3505 of Shouyao Holdings are ALK (anaplasticlymphomakinase) inhibitors; Among them, SY-707 belongs to the second generation ALK kinase small molecule inhibitor, which has been approved by National Medical Products Administration Drug Evaluation Center, and can apply for conditional approval for marketing after the results of Phase II clinical trials reach expectations.
For the research and development progress of the company’s products, the above-mentioned people of Shouyi Holdings believe that the progress of new drug research and development cannot give a clear timetable, after all, it is accompanied by greater research and development risks; However, the company will disclose the R&D progress at the corresponding time node according to the relevant requirements of science and technology innovation board.
The market value has shrunk significantly.
It is worth mentioning that Shouyao Holdings was not listed by virtue of its performance conditions. "The company is an innovative drug research and development enterprise that applies the fifth set of listing standards." The company once said so. The fifth set of listing standards in science and technology innovation board is: "The estimated market value is not less than 4 billion yuan, and the main business or products need to be approved by the relevant state departments, with a large market space. At present, it has achieved phased results and obtained a certain amount of investment from well-known investment institutions. Enterprises in the pharmaceutical industry need to obtain at least one second-phase clinical trial approval for a first-class new drug, and other enterprises that meet the positioning of science and technology innovation board need to have obvious technical advantages and meet the corresponding conditions. "
Judging from the short-term performance of the first drug holding stock after listing, the company has drifted away from the market value of 4 billion yuan.
In March this year, Shouyao Holdings completed the listing and issuance, and the company issued 37.18 million shares, with the issue price of 39.90 yuan per share, the total raised funds was 1.483 billion yuan, and the net raised funds was 1.374 billion yuan. On March 23rd, the company’s stock was officially listed in science and technology innovation board.
However, the share price of Shouyao Holdings broke on the first day of listing, once rebounded to 35.98 yuan/share, and finally closed at 32.11 yuan/share. Since then, the company’s share price has also continued to decline. As of the close of April 28th, the company’s share price closed at 17.97 yuan/share, with a total market value of 2.672 billion yuan.