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, representing a significant case under the fifth listing standard of the Sci-Tech Innovation Board for pharmaceutical companies [1][4]. Group 1: Company Developments - Beixin Life has registered its IPO as of December 18, 2023, and is focused on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases [4]. - The company 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, marking a turnaround from previous losses [4]. - Other companies in the IPO queue include Hengrun Dabiotech and Sizerui, both of which have been in the process for over three years, with Hengrun Dabiotech's IPO currently on hold due to outdated financial data [7][8]. Group 2: Market Activity - As of December 25, 2023, there are eight pharmaceutical companies in the IPO queue under the fifth listing standard, with six companies having received acceptance this year [4][5]. - The reactivation of the fifth listing standard has revitalized the IPO market for pharmaceutical companies, with five unprofitable companies receiving acceptance this year [5]. - Among the eight companies, seven have already launched products, indicating a shift in the regulatory environment towards unprofitable pharmaceutical firms [9]. Group 3: Regulatory Environment - The regulatory focus for unprofitable pharmaceutical companies includes the robustness of technology, market potential, financial sustainability, and risk of delisting [10]. - The approval process for unprofitable companies emphasizes clinical value and commercial viability, with a strong emphasis on innovation and compliance [10].