银诺医药二次赴港IPO：一款减肥药可否撑起46亿估值？

Core Viewpoint - The article discusses the second IPO attempt of Yino Pharmaceutical, focusing on its weight-loss drug, Ibusparaglutide α, and whether it can support a valuation of 4.65 billion yuan [2][3]. Group 1: Company Overview - Yino Pharmaceutical is the first domestic company to have an independently developed long-acting GLP-1 drug, Ibusparaglutide α, which has recently been approved for sale [2]. - The company has not generated any revenue since its establishment and has accumulated losses of 1.204 billion yuan from 2022 to 2024 [5]. - The company has relied heavily on external financing, raising a total of 1.558 billion yuan from various investors between 2020 and 2024 [4]. Group 2: Financial Performance - The company's valuation increased sixfold from 2021 to 2024, reaching 4.65 billion yuan, but the IPO price represents a discount of 34.97% from this valuation [3]. - The R&D expenses for Ibusparaglutide α accounted for 76.4% and 95.7% of total expenditures in 2023 and 2024, respectively [5]. - The company reported a significant reduction in administrative expenses, from 256 million yuan in 2023 to 84.46 million yuan in 2024, a decrease of 67% [7]. Group 3: Market Position and Competition - The GLP-1 market is highly competitive, with 11 domestic companies entering Phase III trials, and Yino Pharmaceutical may need to engage in price competition if it lacks effective data [6]. - The company plans to initiate Phase IIb/III clinical trials for weight-loss indications in March 2025, with completion expected in 2026 [9]. - Yino Pharmaceutical's production strategy relies on contract development and manufacturing organizations (CDMO), which helps alleviate cash flow pressure but limits scalability [9]. Group 4: Future Prospects - The company has established a commercialization team and appointed a former executive from AstraZeneca to lead its business development efforts [10]. - The net proceeds from the IPO will allocate 90% for clinical trials and commercialization of core products, with 10% for working capital and general corporate purposes [11].