靠BD交易以研养研、资产负债率攀升，信诺维闯关科创板

Core Viewpoint - Suzhou Xinnowei Pharmaceutical Technology Co., Ltd. has had its IPO application accepted by the Shanghai Stock Exchange, despite not being profitable and having no approved drugs for sale. The company has developed a pipeline of 10 major drugs targeting significant diseases such as cancer and infections, with total accumulated losses reaching 2.026 billion yuan as of mid-year [1][6]. Group 1: Company Overview - Xinnowei focuses on unmet clinical needs globally, aiming to convert innovation into clinical value and provide the best treatment drugs in disease areas [5]. - The company has established a drug pipeline consisting of "1 (NDA) + 3 (Phase III) + N" [5]. - As of the signing of the prospectus, Xinnowei has developed 10 major drugs in its pipeline, with some in critical clinical research stages [5]. Group 2: Financial Performance - Xinnowei has reported net losses of approximately 463 million yuan, 427 million yuan, 386 million yuan, and 374 million yuan for the years 2022 to 2025 (first half) [6]. - The company's accumulated losses reached 2.026 billion yuan as of the reporting period [6]. - The asset-liability ratio has significantly increased, reaching 89.05% by mid-year, up from 49.86% in 2022 [11]. Group 3: Business Development (BD) Transactions - Xinnowei has engaged in multiple BD transactions, with a total agreement amount exceeding 2 billion USD, which has helped the company to fund its research and development [8]. - The company has signed a licensing cooperation agreement with Astellas for XNW27011, with a total agreement amount of 1.536 billion USD, including an upfront payment of 130 million USD received in August 2025 [8]. - The BD transactions are seen as a pragmatic survival strategy for unprofitable innovative drug companies, providing immediate cash flow and supporting ongoing research pipelines [9]. Group 4: Future Plans and Funding - Xinnowei plans to raise up to 2.94 billion yuan through its IPO, with 2.34 billion yuan allocated for new drug research and 600 million yuan for working capital [13]. - The company aims to enhance its research investment and layout based on existing pipelines, ensuring the sustainability and innovation of its product lines [13].