这家公司手握“童颜针”冲刺上市，资产负债率超120%

Core Viewpoint - The medical aesthetics industry is witnessing a surge in companies seeking to go public, with Oriental Yanmei (Chengdu) Biotechnology Co., Ltd. applying for a listing on the Hong Kong Stock Exchange despite ongoing losses and non-commercialized core products [1][3]. Company Overview - Oriental Yanmei was established in 2016, focusing on the research, development, production, and commercialization of regenerative medical devices and special medical foods. The product portfolio includes two main lines: regenerative medical material injectables and medical dressings [3]. - The company has 13 major candidate products in regenerative medical material injectables, with two entering the registration review stage. In the medical dressing line, seven products have received Class II medical device registration approval [3][4]. Financial Performance - Revenue for 2023 and 2024 is projected at 12.88 million yuan and 14.52 million yuan, respectively, with net losses of 63.5 million yuan and 69.38 million yuan during the same periods [3][4]. - Non-core business products, including pharmaceutical intermediates and other medical devices, contributed 755.1 million yuan in 2024, accounting for 52% of total revenue [3][4]. Product Development - The core product, XH301, known as the "童颜针" (youthful needle), is designed for treating nasolabial folds and has completed preclinical and clinical trials. The registration application is expected to be submitted in November 2024 [5][7]. - The company faces competition from five approved similar products in the market, with additional candidates expected to launch between 2025 and 2026 [8][9]. Funding and Shareholding - Oriental Yanmei has successfully completed multiple funding rounds, raising a total of 190 million yuan, with notable investors including Sunshine Nuohuo and Kangzhe Pharmaceutical [12][13]. - The company plans to use the funds raised from the IPO for the development and registration of its core product XH301 and other regenerative medical materials [13].