Investment Rating - The report suggests a cautious subscription for the company [2]. Core Insights - The company focuses on the research and commercialization of drugs for diabetes (T2D) and obesity, with its core product being Isuparaglutide α, which received NMPA approval in January 2025 and was launched in China in February 2025 [2][4]. - The company has a comprehensive pipeline targeting metabolic diseases, including other candidates like YN202, YN203, and YN209 [2]. - The global obesity/overweight drug market is projected to grow to USD 36.9 billion from 2024 to 2028, with a CAGR of 21.5%, while the Chinese market is expected to reach RMB 12.2 billion with a CAGR of 30.6% during the same period [3]. - The company reported revenue of RMB 38.1 million for the five months ending May 31, 2025, with a gross margin of 89.3% [4]. Summary by Sections IPO Details - The company plans to raise HKD 610 million through its IPO, with a share price of HKD 18.68 and a total offering of 3,655,000 shares [1]. Financial Performance - The company recorded a net loss of RMB 175 million in 2024, indicating it is still in a loss-making phase despite being in a rapidly growing market [4]. Market Potential - The Chinese GLP-1 receptor agonist market is expected to grow from RMB 400 million to RMB 9.5 billion from 2024 to 2028, with a CAGR of 123.3% [3].
银诺医药-B（02591）：IPO申购指南