Core Viewpoint - Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. has received approval for its IPO application on the Sci-Tech Innovation Board, marking it as the first company to apply under the newly reintroduced fifth listing standard for unprofitable enterprises since June 18, 2023 [1][2] Company Overview - Tainuo Maibo was established in 2015 and is an innovative biopharmaceutical company focused on developing novel drugs [1] - The company's core product, Staitouta Monoclonal Antibody Injection (New Timo®), is expected to be approved for sale in China by February 2025, representing a significant innovation in the field of tetanus prevention [1] - Another key product, TNM001, is a long-acting monoclonal antibody for the prevention of RSV in healthy and high-risk infants, currently undergoing Phase III clinical trials [1] Financial Performance - The company's main business revenues for 2022-2024 and Q1 2025 were 330,000 yuan, 0 yuan, 15 million yuan, and 169,300 yuan respectively [2] - Net losses during the same period were 429 million yuan, 446 million yuan, 515 million yuan, and 177 million yuan [2] - R&D expenses for the same years were 323 million yuan, 393 million yuan, 425 million yuan, and 134 million yuan [2] - The company has not yet generated revenue from its main products, relying instead on patent technology transfer income [2] IPO Fundraising Plans - Tainuo Maibo aims to raise 1.5 billion yuan through its IPO, with allocations of 830 million yuan for new drug R&D, 330 million yuan for expanding antibody production facilities, and 340 million yuan for working capital [1] Industry Context - As of August 1, 2023, a total of 38 companies have applied for listing under the fifth standard, with 20 successfully listed and 12 withdrawing their applications [3] - Other companies that have passed the review under this standard include He Yuan Bio and Bei Xin Life, both from the biopharmaceutical sector [3] - Three additional companies are currently in the queue for IPO under the fifth standard, with varying stages of review [3]

【导读】泰诺麦博IPO申请获受理，采用科创板第五套标准 7月31日晚，据上交所网站披露，珠海泰诺麦博制药股份有限公司（以下简称泰诺麦博）科创板上市申请获受理。泰诺麦博采用科创板第五套标准上市， 保荐机构是华泰证券。 科创板第五套标准重启 此次泰诺麦博的受理，可以说是真正迎来"新鲜血液"。招股书中，公司自述是一家面向全球市场、致力于血液制品替代疗法的创新生物制药企业，目前已 开发出"全球同类首创（First-in-Class）的斯泰度塔单抗注射液"。 7月1日，同样采用该套标准上市的禾元生物，成为首家重启后获上市委会议通过的企业，并在7月4日提交注册，7月18日注册生效。禾元生物之后，同样 采用科创板第五套标准的北芯生命，也很快提交注册并生效。 根据《上海证券交易所科创板股票上市规则》，科创板第五套标准为："预计市值不低于人民币40亿元，主要业务或产品需经国家有关部门批准，市场空 间大，目前已取得阶段性成果。医药行业企业需至少有一项核心产品获准开展二期临床试验，其他符合科创板定位的企业需具备明显的技术优势并满足相 应条件。"这是科创板五套上市标准中唯一对营业收入不做要求的。 记者注意到，从科创板2019年7月开 ...

Core Viewpoint - The IPO application of Zhuhai Tainomai Bo Pharmaceutical Co., Ltd. has been accepted, marking it as the first company to utilize the fifth set of standards for the Sci-Tech Innovation Board since its restart on June 18, 2025 [2][5]. Group 1: IPO Details - Tainomai Bo's IPO application was accepted on July 31, 2025, with Huatai Securities as the sponsor [2][3]. - The company plans to raise 1.5 billion RMB for new drug research and development, expansion of antibody production facilities, and to supplement working capital [12][13]. Group 2: Company Background - Tainomai Bo is an innovative biopharmaceutical company focused on global markets, specializing in blood product alternatives [8]. - The company has developed the "First-in-Class" Staitouta monoclonal antibody injection, recognized as a breakthrough treatment drug in the anti-infection field [9]. Group 3: Financial Performance - The company reported minimal revenue, with the Staitouta monoclonal antibody injection expected to generate sales starting in March 2025 [9]. - Tainomai Bo has incurred continuous net losses, with cumulative losses reaching 1.024 billion RMB by the end of the reporting period [11].

新华财经北京8月1日电（丁晶）7月31日，上海证券交易所正式受理珠海泰诺麦博制药股份有限公司科 创板IPO申请。这标志着科创板第五套上市标准重启后，首家企业成功获得受理。泰诺麦博此次拟募集 资金15亿元，将用于新药研发项目、抗体生产基地扩建项目和补充营运资金项目。华泰联合证券担任此 次IPO的保荐机构。 另外，招股说明书显示，该公司获得资深专业机构投资者投资。泰诺麦博认定珠海高瓴私募基金管理有 限公司（下称"珠海高瓴"）为资深专业机构投资者。 泰诺麦博成立于2015年，是一家创新生物制药企业。根据招股说明书，2022年-2025年一季度，该公司 营收分别为433.98万元、0元、1505.59万元和16.93万元；同期净利润分别亏损4.29亿元、4.46亿元、5.15 亿元和1.77亿元。 投资经验方面，相关投资机构投资的科技型企业中，近5年有5家以上已在科创板上市或者10家以上已在 境内外主要证券交易所上市。持股比例和期限方面，相关投资机构应当在发行人IPO申报前24个月到申 报时，持续持有发行人3%以上的股份或5亿元以上的投资金额，不能突击入股。此外，指引还对资深专 业机构投资者的合规性、独立性等提出了要 ...

继未盈利企业适用科创板第五套标准上市等政策被监管重申后，终于迎来首单受理环节"破冰"案例。 7月31日，珠海泰诺麦博制药股份有限公司（简称"泰诺麦博"）的科创板IPO申请获得上交所受理。 作为生物医药企业，泰诺麦博所选择的正是"第五套上市标准"，即仅对市值和产品研发进展提出要求。 从业绩上来看，泰诺麦博只有零星源自技术转让等其他业务的收入。 2022年至2024年，泰诺麦博的收入分别为433.98万元、0、1505.59万元，同期净亏损分别为4.29亿元、 4.46亿元和5.15亿元。 尽管3年亏损超14亿元，但泰诺麦博的核心产品"斯泰度塔单抗注射液"（下称"新替妥"）已于今年2月获 批上市，商业化前景在即。 新替妥主要用于外伤暴露后破伤风紧急预防，是全球首款重组抗破伤风毒素单克隆抗体药物。 但血制品在我国具有一定的稀缺性。 我国自2001年起便不再批准新的血制品企业，且对于新浆站的审批进行总量控制，因此破伤风人免疫球 蛋白等血液制品产量有限。 这都让新替妥的商业化前景受瞩。 根据第五套标准的安排，发行人需要满足的条件包括：预计市值不低于40亿元，主要业务或产品需经国 家有关部门批准，市场空间大，目前已取得阶 ...

招股说明书显示，泰诺麦博获得资深专业机构投资者投资。 珠海高瓴为泰诺麦博股东上海高瓴辰钧股权投资合伙企业(有限合伙)（下称"高瓴辰钧"）的私募基金管 理人。珠海高瓴及其管理的私募基金已投资的科技型企业中，近5年有5家以上已在科创板上市。 科创板第五套上市标准重启后，首家适用企业的IPO申请获受理，并认定了一家私募股权投资公司为资 深专业机构投资者。 高瓴辰钧于2021年5月入股泰诺麦博，在泰诺麦博IPO申报前24个月内持有泰诺麦博3.94%股份。 7月31日，珠海泰诺麦博制药股份有限公司（下称"泰诺麦博"）的IPO申请获得受理，成为科创板第五套 上市标准重启后首家获得受理的企业。该公司拟融资15亿元。 这是继武汉禾元生物科技股份有限公司过会后，上交所落实《关于在科创板设置科创成长层增强制度包 容性适应性的意见》，重启未盈利企业适用科创板第五套标准上市的又一案例。 6月18日，科创板"1+6"新政出台，推出了一揽子支持优质未盈利科技型企业上市的举措，包括在科创板 设置科创成长层，并且重启未盈利企业适用科创板第五套标准上市；扩大第五套标准适用范围、试点引 入资深专业机构投资者制度等。相关配套规则于7月13日正式落 ...

7月31日，上交所网站显示，该所受理了珠海泰诺麦博制药股份有限公司（以下简称"泰诺麦博"）的科创板IPO申请。 图片来源：上交所网站 招股说明书显示，泰诺麦博拟以第五套上市标准申报科创板，公司成为重启科创板第五套上市标准后首家受理的企业。同时，泰诺麦博获得资深专业机构 投资者投资。 泰诺麦博已开发多款抗体药物及候选抗体药物。其中，全球同类首创的斯泰度塔单抗注射液已获批上市，TNM001（抗呼吸道合胞病毒RSV单抗）正在进 行临床III期试验，2款候选药物TNM009（抗神经生长因子NGF单抗）及TNM005（抗水痘-带状疱疹病毒VZV单抗）已完成临床I期试验，1款候选药物 TNM006（抗人巨细胞病毒HCMV单抗）已获批IND，3款候选药物处于临床前阶段。 泰诺麦博表示，上述产品中，斯泰度塔单抗注射液、TNM005为全球同类首创（First-in-Class）或具有全球同类首创潜力，TNM001及TNM006等2款候选 药物具有国产首款潜力。 2022年至2024年，公司研发投入超过11亿元。本次IPO公司拟募资15亿元，募集资金规划用于新药研发项目、抗体生产基地扩建项目和补充营运资金项 目。 本次泰诺麦博获 ...

7月31日，上交所网站显示，该所受理了珠海泰诺麦博制药股份有限公司（以下简称"泰诺麦博"）的科创板IPO申请。 核心产品斯泰度塔单抗注射液获批上市 招股书显示，泰诺麦博成立于2015年，是一家创新生物制药企业。 泰诺麦博已开发多款抗体药物及候选抗体药物。其中，全球同类首创的斯泰度塔单抗注射液已获批上市，TNM001（抗呼吸道合胞病毒RSV单抗）正在进 行临床III期试验，2款候选药物TNM009（抗神经生长因子NGF单抗）及TNM005（抗水痘-带状疱疹病毒VZV单抗）已完成临床I期试验，1款候选药物 TNM006（抗人巨细胞病毒HCMV单抗）已获批IND，3款候选药物处于临床前阶段。 泰诺麦博表示，上述产品中，斯泰度塔单抗注射液、TNM005为全球同类首创（First-in-Class）或具有全球同类首创潜力，TNM001及TNM006等2款候选 药物具有国产首款潜力。 2022年至2024年，公司研发投入超过11亿元。本次IPO公司拟募资15亿元，募集资金规划用于新药研发项目、抗体生产基地扩建项目和补充营运资金项 目。 招股说明书显示，泰诺麦博拟以第五套上市标准申报科创板，公司成为重启科创板第五套上市标准 ...

Core Viewpoint - The approval of He Yuan Bio's registration application marks the first IPO under the newly restarted fifth listing standard of the Sci-Tech Innovation Board, indicating a shift towards a more inclusive and efficient regulatory approval mechanism [1][2]. Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has approved He Yuan Bio's registration, which is the first company to fully navigate the IPO review process under the fifth listing standard [1]. - The time taken from approval to registration was just over ten working days, reflecting an evolution towards a more efficient approval process [1]. Group 2: Industry Impact - Other companies in the IPO queue, such as BeiXin Life, SiZheRui, HengRunDa, and BiBeiTe, are also applying for listing under the fifth standard, all belonging to the pharmaceutical sector and characterized by core technologies despite being unprofitable [1]. - The fifth listing standard has activated the financing needs of unprofitable companies with "sci-tech" attributes, leading to a surge in applications and adjustments in fundraising amounts [1][2]. Group 3: Future Outlook - The fifth listing standard has been a crucial pathway for unprofitable hard-tech enterprises to access capital markets, with 20 pharmaceutical companies already successfully listed [2]. - The expansion of this standard to include fields like artificial intelligence, commercial aerospace, and low-altitude economy is expected to provide more convenient financing channels for hard-tech companies [2]. - The regulatory changes aim to balance inclusivity and risk prevention, allowing truly impactful companies to list without being hindered by profitability status, thus fostering innovation and industrial upgrades [2].

Core Insights - The article highlights the rapid growth and commercialization of biopharmaceutical companies listed under the fifth set of standards on the STAR Market, with 90% of their drugs approved for market release [1][2]. Group 1: Market Overview - As of mid-July 2025, 20 biopharmaceutical companies have raised a total of 42.871 billion yuan through IPOs, contributing to a total A-share market capitalization exceeding 320 billion yuan [1]. - The STAR Market's fifth set of listing standards has facilitated the entry of high-growth, unprofitable tech companies, particularly in the biopharmaceutical sector, which has become a cornerstone of China's pharmaceutical innovation [1][2]. Group 2: Company Performance - Among the 20 companies, 19 have successfully launched 45 self-developed drugs/vaccines, with one company's product application currently under review [2]. - In 2024, these companies collectively achieved a revenue of 14.339 billion yuan, marking a 45% year-on-year increase and a compound annual growth rate of 61.33% since 2019 [4]. - Notably, 16 of these companies reported revenues exceeding 100 million yuan, with four surpassing 1 billion yuan, indicating a significant shift from pre-IPO zero revenue to substantial sales figures [4]. Group 3: Innovation and Product Development - The companies have introduced 20 first-class innovative drugs that have not been marketed domestically or internationally, with nine new additions since 2024 [2]. - An example of innovation is the drug Shuwotini by Dizhe Pharmaceutical, which is the first Chinese innovative drug to receive breakthrough therapy designation in both China and the U.S. for lung cancer treatment [3].