8家未盈利药企“竞速”科创板IPO

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][2] 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 [2] - The company reported a revenue of 128 million yuan in Q1 2023, a year-on-year increase of 104.9%, and achieved a net profit of 20.61 million yuan, indicating a turnaround from previous losses [2] - The IPO process for Beixin Life began on March 30, 2023, and it received approval on July 18, 2023, reflecting a shift in regulatory attitudes towards unprofitable medical enterprises [2][3] Group 2: Market Activity - 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 [2][4] - Five unprofitable pharmaceutical companies have received IPO acceptance this year, including Tianomab, which was the first to be accepted after the resumption of the fifth set of standards [3][4] - Among the queued companies, seven have already launched products, indicating a trend where unprofitable companies are not necessarily lacking in commercialization [7] Group 3: Financial Insights - Tianomab's core product, a monoclonal antibody, was approved in February 2023, but its sales performance has been below expectations, with only 47.6% of projected sales achieved from March to September 2023 [7] - The financial health of companies like Hengrun Da Sheng is concerning, with an increasing debt-to-asset ratio projected to reach 84.76% by 2024 [6] - The regulatory focus for unprofitable pharmaceutical companies includes assessing technological robustness, market potential, financial sustainability, and delisting risks [8]