年终策划|8家未盈利医药企业“竞速”科创板IPO，恒润达生、思哲睿已排队超三年

Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. has achieved profitability and is preparing for its IPO, marking a significant development in the medical device sector under the fifth set of listing standards on the STAR Market [1][4]. Group 1: Company Developments - Beixin Life's IPO was accepted on March 30, 2023, and it entered the inquiry phase in April. The company received approval on July 18 and registered on July 25, 2023 [4]. - Beixin Life reported a revenue of 128 million yuan in Q1 2023, a year-on-year increase of 104.9%, and a net profit of 20.61 million yuan, indicating a turnaround from previous losses [4]. - As of December 25, 2023, there are eight pharmaceutical companies queued for IPO on the STAR Market, all applying under the fifth set of standards, with Beixin Life being the closest to listing [3]. Group 2: Industry Trends - The STAR Market has seen a revival in IPO activity for pharmaceutical companies, with six companies, including Zhuhai Tainuo Maibo Pharmaceutical Co., receiving acceptance for their IPOs this year [1][5]. - Five unprofitable pharmaceutical companies have been accepted for IPOs since the resumption of the fifth set of listing standards, indicating a shift in regulatory attitudes towards unprofitable firms [5][10]. - Among the eight companies in the queue, seven have already launched products, showcasing a trend where unprofitable companies are increasingly achieving commercialization [10]. Group 3: Regulatory Environment - The regulatory focus for unprofitable pharmaceutical companies includes assessing the robustness of technology, market potential, financial sustainability, and risks of delisting [11]. - The approval process for unprofitable companies emphasizes clinical value and commercial viability, with regulators looking for "true innovation, sustainability, and verifiability" [11].