核心产品销量不及预期一半，泰诺麦博科创板IPO暗藏“隐忧”

Core Viewpoint - Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. (Tainuo Maibo) has become a market focus as the first company to apply for listing under the fifth set of standards for the Science and Technology Innovation Board (STAR Market) after its restart. The company disclosed its first round of inquiry responses, revealing that the actual sales of its core product, Staidotat Monoclonal Antibody, fell short of expectations, achieving only 47.6% of the projected sales volume [1][4][5]. Sales Performance - As of September 30, the actual sales of Staidotat Monoclonal Antibody were 4.61 million bottles, compared to an expected 9.69 million bottles, resulting in a completion ratio of 47.6% [5][6]. - The self-operated team had an expected sales volume of 5.68 million bottles but achieved only 4.35 million bottles (completion ratio of 76.67%), while the external promotion service team expected 4.01 million bottles but only sold 0.26 million bottles (completion ratio of 6.42%) [5][6]. Financial Overview - Tainuo Maibo's sales expenses are significant, with projected sales expenses of 3.89 million, 12.42 million, and 35.11 million for the years 2022 to 2024, respectively. In the first quarter of this year, sales expenses reached 24 million [7][8]. - The company reported a net loss of approximately 4.29 billion, 4.46 billion, and 5.15 billion for the years 2022 to 2024, with a net loss of about 1.77 billion in the first quarter of this year [8]. Debt and Financial Health - The asset-liability ratio of Tainuo Maibo has significantly increased, with ratios of 16.54%, 28.19%, 58.96%, and 56.5% for the years 2022 to 2025 Q1. This ratio is higher than the average of comparable companies [10][11]. - The increase in the asset-liability ratio is attributed to increased spending on drug research and commercialization team building, alongside a decrease in cash reserves [12]. IPO and Fundraising - Tainuo Maibo aims to raise 1.5 billion for new drug research projects, expansion of antibody production bases, and to supplement working capital, with allocations of 830 million, 330 million, and 340 million, respectively [9].