估值近47亿元、启明创投、高瓴等机构参投，爱科百发再次赴港IPO！

Company Overview - Shanghai Aikebaifa Biopharmaceutical Technology Co., Ltd. (referred to as "Aikebaifa") has officially submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities and JPMorgan serving as joint sponsors [1] - Aikebaifa was established in 2013 and focuses on innovative therapies for respiratory and pediatric diseases, addressing unmet clinical needs in these areas [1] - The company has a product pipeline that includes candidates for treating diseases from acute to end-stage [1] Financial Performance - Aikebaifa is currently in a loss-making position, with losses recorded from 2020 to 2024 amounting to 214 million, 197 million, 104 million, 270 million, and 197 million yuan respectively [1] - In 2023, the company achieved revenue of 6.7 million yuan but has not generated further income since then [1] - For the first half of 2025, Aikebaifa has not realized commercial revenue, with R&D costs of approximately 86 million yuan, a year-on-year increase of 20.58%, and a net loss of 104 million yuan, an increase of 19.19% year-on-year [1] - Cash flow from operating activities for 2023, 2024, and the first half of 2025 was -232.8 million yuan, -188.7 million yuan, and -71.7 million yuan respectively, with cash and cash equivalents of 96.74 million yuan as of June 30, 2025 [1] R&D and Product Pipeline - The R&D team consists of over 60 members, accounting for about 70% of the total workforce, with more than half holding master's degrees or higher [2] - The core product, Qiruisuo Wei, is the world's first antiviral treatment for respiratory syncytial virus (RSV) infection currently in the New Drug Application (NDA) stage [2] - Another key candidate, AK0610, is a monoclonal antibody in Phase II for RSV prevention, while AK3280 is in the Phase II concept validation stage for treating idiopathic pulmonary fibrosis (IPF) [2] - The company anticipates that Qiruisuo Wei will receive NDA approval in 2026 and generate revenue between 2026 and 2027 [2] Shareholder Structure - Aikebaifa has a relatively dispersed shareholding structure with no controlling shareholder, with the founder and CEO, Dr. Wu Zheng, controlling approximately 25.2% of the shares through various entities [2] - Other significant shareholders include Qiming Venture Partners (10.66%), Hillhouse Capital's Yi Heng Investment (4.79%), and TPG Asia VII (4.79%) [2] - The company completed a D-round financing in June 2022, raising 190 million yuan, with a post-investment valuation of 4.69 billion yuan [2] Industry Outlook - According to a report by Zhi Shi Consulting, the global RSV treatment market is expected to grow from 30 million USD in 2024 to 819 million USD in 2026, reaching 8.6 billion USD by 2035, with a compound annual growth rate of 67.1% from 2024 to 2035 [3] - The market is anticipated to experience significant growth with the approval of innovative drugs specifically targeting RSV [3]