泰诺麦博科创板IPO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 of the Sci-Tech Innovation Board after its restart, but its actual sales performance of its core product, Staitouta Monoclonal Antibody, has fallen short of expectations, completing only 47.6% of projected sales [1][2]. Company Overview - Tainuo Maibo was established in 2015 and focuses on innovative biopharmaceuticals aimed at global markets, particularly in blood product alternatives [2]. - The company's core product, Staitouta Monoclonal Antibody (trade name: Xintuituo), was approved for sale in China in February, while another key product, TNM001, is undergoing Phase III clinical trials [2]. Sales Performance - From March to September, the self-operated team expected to sell 56,800 bottles of Staitouta, but only sold 43,500 bottles, achieving 76.67% of the target. The external promotion team expected to sell 40,100 bottles but only sold 2,600, achieving 6.42% of the target. Overall, the total expected sales were 96,900 bottles, with actual sales at 46,100 bottles, resulting in a completion rate of 47.6% [2][3]. Reasons for Sales Shortfall - The company attributed the shortfall in sales to underestimating the time required for non-medical insurance drug hospital access and the high pricing of the drug at its current stage. Additionally, the external promotion team needed more time to understand and convey the product's advantages [3]. Sales Team and Expenses - Despite the underperformance in sales, Tainuo Maibo has a high sales expense, with projected sales expenses of 3.89 million, 12.42 million, and 35.11 million for 2022, 2023, and 2024 respectively. In Q1 of this year, sales expenses reached 24 million [4]. - As of the end of Q1, the company had 350 sales personnel, representing 45.63% of its total workforce of 767 employees, indicating a significant investment in building a sales team [4]. Financial Health - The company's debt-to-asset ratio has significantly increased, with figures of 16.54%, 28.19%, 58.96%, and 56.5% for 2022, 2023, and Q1 of this year respectively. This ratio is higher than the average of comparable companies [5][6]. - The increase in the debt-to-asset ratio is attributed to increased spending on drug research and commercialization team building, leading to a decrease in cash reserves [6][7]. Future Outlook - Tainuo Maibo believes that despite the rising debt-to-asset ratio, it remains within the overall range of comparable companies and does not face significant repayment pressure. The company anticipates that cash inflows will increase with the sales growth of Staitouta and the upcoming launch of TNM001 [7].