8家未盈利医药企业“竞速”科创板IPO

Core Viewpoint - The article highlights the revival of the IPO market for pharmaceutical companies on the STAR Market, particularly focusing on the successful turnaround of Beixin Life Technology Co., Ltd. and the ongoing interest in companies meeting the fifth set of listing standards [1][3]. Group 1: Company Developments - Beixin Life has achieved profitability after previously reporting losses, with a revenue of 128 million yuan in Q1, representing a year-on-year increase of 104.9%, and a net profit of 20.61 million yuan [3][4]. - The company’s IPO was accepted on March 30, 2023, and it successfully registered on December 18, 2023, marking it as the closest to listing among the eight pharmaceutical companies currently in the IPO queue [3][6]. - Other companies in the queue include Tianomab and Xinnowei, with Tianomab being the first to be accepted under the new standards, focusing on blood product alternatives [4][5]. Group 2: Market Trends - A total of eight pharmaceutical companies are currently in the IPO queue, all applying under the fifth set of standards, indicating a renewed interest in the sector [3][6]. - Seven out of the eight companies have already launched products, showcasing a shift from previous years where uncommercialized products were more common among IPO applicants [9][10]. - The regulatory environment has evolved to support unprofitable pharmaceutical companies, focusing on their technological capabilities, market potential, and financial sustainability [10][11]. Group 3: Financial Insights - Tianomab's core product, a monoclonal antibody, was approved in February 2023 but has seen lower-than-expected sales, achieving only 47.6% of its projected sales volume from March to September [9]. - Xinnowei is the only company in the queue without a product on the market, with its first drug expected to be approved by 2026 [9][10]. - Hengrun Da's financial health is concerning, with an increasing debt ratio projected to reach 84.76% by 2024, highlighting the risks associated with prolonged IPO delays [7][9].