新股消息 | 诺令生物递表港交所 为全球少数能够实现NO全链路技术自主可控的企业之一

Company Overview - Nanjing Noling Biotechnology Co., Ltd. ("Noling Bio") submitted its listing application to the Hong Kong Stock Exchange on February 13, with Jianyin International as the sole sponsor [1] - Noling Bio focuses on the research and commercialization of inhaled nitric oxide (iNO) therapy, having developed a comprehensive technology platform covering the entire chain of nitric oxide (NO) generation, transmission, detection, storage, and clinical application [1][3] - The company has five approved products and four candidates in development, covering critical care, ward, outpatient, and home disease management [3] Product Lines - Noling Bio's product lines include: 1. iNO therapy 2. Cardiopulmonary support 3. Exhaled breath diagnostics [3] - The core product, iNOwill, received approval from the National Medical Products Administration in 2022 and is expected to gain EU CE certification in 2025, primarily for use in acute critical care for severe cardiopulmonary diseases [3][4] - NovaPulse, another key product, is the first domestically approved pneumatic intra-aortic balloon pump (IABP) in China, designed for cardiovascular and perioperative care [4] Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenues of approximately RMB 45.547 million, with a gross profit margin of 59.3% [6][9] - The company incurred a loss of approximately RMB 86.246 million for the same period, with a significant portion attributed to research and development expenses [8][9] - As of September 30, 2025, the company reported revenues of approximately RMB 31.565 million and a gross profit margin of 49.9% [7][9] Market Overview - The global iNO therapy market is transitioning from cylinder delivery to real-time generation systems, with the latter expected to grow from approximately USD 100 million in 2024 to USD 550 million by 2030, reflecting a compound annual growth rate (CAGR) of 32.8% [10][11] - The IABP market in China is projected to grow from RMB 313.1 million in 2020 to RMB 641.4 million in 2024, with a CAGR of 19.6%, and is expected to reach RMB 1.3709 billion by 2030 [11][12] Technology Platform - Noling Bio's precision gas-liquid control technology platform integrates NO generation, real-time gas sensing and monitoring, and software-enabled fluid control to ensure accurate handling of gaseous and liquid media in various clinical scenarios [4] - The iNOwill device is a portable iNO treatment system that generates medical-grade NO on demand, integrating NO generation, delivery, and real-time monitoring into a single system [4]