半年营收只有14万元，“以毒攻癌” 黑马狂冲港交所，估值还 32 亿？

Core Viewpoint - The article discusses the IPO journey of Wuhan Binhui Biotechnology Co., Ltd., a biotech company with no commercial products or revenue, yet has raised over 1 billion yuan in financing and is valued at 3.22 billion yuan, currently aiming for a listing on the Hong Kong Stock Exchange [2][3]. Group 1: Product and Market Potential - Binhui Biotechnology's core product, BS001, is touted as the world's first HSV-2 oncolytic virus candidate drug entering Phase III clinical trials, which is a significant milestone in the field of oncolytic virus therapy [6][9]. - The global oncolytic virus market is projected to grow from approximately $8.71 million in 2024 to $7.5 billion by 2030, indicating a substantial potential for growth in this sector [11]. - The company is also developing BS006, the world's first bispecific antibody oncolytic virus, further diversifying its product pipeline [10]. Group 2: Financial Performance and Challenges - Binhui Biotechnology reported minimal revenue of 980,000 yuan in 2023, with a projected decline to 140,000 yuan in the first half of 2025, while net losses have accumulated to over 270 million yuan in just two and a half years [15][16]. - The company has heavily invested in R&D, with expenses reaching 107 million yuan in 2023, accounting for 92% of total expenditures, reflecting a typical "burn rate" model for early-stage biotech firms [17]. - Despite ongoing losses, the company maintains a cash reserve of 166 million yuan as of June 30, 2025, which is claimed to cover at least 125% of its costs for the next 12 months [17]. Group 3: IPO and Regulatory Challenges - The company is facing scrutiny from the China Securities Regulatory Commission (CSRC) regarding stock transfer pricing and shareholder qualifications, which adds uncertainty to its IPO process [23][24]. - Recent stock transfers at significantly lower prices than previous funding rounds have raised concerns about the valuation and market sentiment surrounding the company [20][21]. - Binhui Biotechnology must demonstrate not only its technological prospects but also its operational capabilities and governance structure to investors [26].