独家揭秘：这家生物制药公司仅靠一个“穷”客户，竟也冲刺港股IPO

Core Viewpoint - Hunan Maijizhi Biotechnology Co., Ltd. is making significant strides in its IPO journey on the Hong Kong Stock Exchange, despite having a unique and concerning customer situation that raises questions about its future prospects [1] Company Overview - Founded in 2016, Maijizhi focuses on the discovery, development, and commercialization of innovative drugs for allergic and autoimmune diseases [1] - The company has a robust pipeline with eight candidate products, including its core product MG-K10 [1] Customer Situation - For the entire year of 2024, the company reported having only one customer, which is the founder's alma mater, a university in Fujian Province, generating a mere revenue of 24,000 RMB (approximately 3,000 USD) [1] - In the first quarter of 2025, the company had no customer orders, resulting in a "zero revenue" status [2] Financial Performance - The company has been consistently incurring losses, with reported losses of 253 million RMB, 178 million RMB, and 42 million RMB for the years 2023, 2024, and the first quarter of 2025, respectively, totaling over 470 million RMB [4] - Revenue figures for 2023 were 8.722 million RMB, with a gross profit of 1.550 million RMB [5] Research and Development - Despite the challenging customer situation, the company is heavily investing in R&D, supported by a team of industry experts [4] - The R&D expenses for 2023 were 166.361 million RMB, indicating a strong commitment to innovation [5] Future Outlook - The company remains determined to pursue its IPO ambitions and plans to increase R&D investments while seeking collaborations with more potential customers [4]