47人团队如何撑起22亿元估值？时迈药业冲刺港股IPO，核心产品研发投入腰斩

Core Viewpoint - Zhejiang Shimai Pharmaceutical Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, focusing on the development of TCE drugs and aiming to raise funds for clinical development and operational needs [1][5]. Company Overview - Established in 2017, Shimai Pharmaceutical specializes in TCE drug development, with four clinical-stage candidates: DNV3, SMET12, CMD011, and CMDE005 [1]. - The company has a current valuation of 2.23 billion RMB following its latest Series C financing, attracting investments from notable pharmaceutical companies [1]. Financial Performance - For the reporting period from 2023 to the first half of 2025, Shimai Pharmaceutical reported other income and gains of 14.65 million RMB, 6.62 million RMB, and 2.28 million RMB, while total losses reached 74.94 million RMB, 59.90 million RMB, and 25.42 million RMB, accumulating over 160 million RMB in total losses [2][3]. - The company has not yet commercialized any products, leading to significant ongoing losses, with revenue primarily from government subsidies and investment income [2][4]. Research and Development - R&D expenses for the reporting period were 76.11 million RMB, 53.38 million RMB, and 22.39 million RMB, with a notable decrease in R&D spending raising concerns about the progress of core product development [4]. - The R&D expenditure for core product SMET12 decreased by 73.7% in the first half of 2025 compared to the same period in 2024, indicating potential challenges in sustaining development efforts [4]. Market Potential - The global TCE market is projected to reach approximately 3 billion USD by 2024, with a compound annual growth rate of 40% expected to grow to 121.1 billion USD by 2035. The Chinese TCE market is anticipated to reach 700 million RMB by 2024, with a growth rate of 63.8% projected to reach 159.6 billion RMB by 2035 [5].