记者丨凌晨 编辑丨巫燕玲 港交所正再度迎来一家"未盈利"生物科技公司。 日前，陕西麦科奥特医药科技股份有限公司（下称：麦科奥特）正式向港交所递交上市申请，建银国际与招商证券国际担任联席保荐人。 这家由西安交通大学教授夫妻王冰、王梅共同控股53%的企业，在最新一轮2.36亿元融资助推下，投后估值已达26.36亿元。 值得一提的是，该公司目前尚未产生任何产品销售收入，其核心产品MT1013针对继发性甲状旁腺功能亢进（SHPT），已进入III期临床试验 阶段。 55岁的王冰与52岁的王梅，这对教授夫妻共同掌控着即将赴港上市的麦科奥特。 王冰的转型是学者创业的典型路径。这位拥有西安交通大学药理学博士学位的专家，曾在西安医科大学担任助教多年后，在西安交通大学从 事医学教学与研究近二十年。2020年，他完成了从学者到企业家的转身，出任麦科奥特董事会主席兼行政总裁，执掌企业战略方向。 妻子王梅同样学术背景显赫。她不仅获得皮肤科博士学位，更长期任职于西安交通大学第二附属医院，担任皮肤科主任医师。其学术研究成 果曾荣获陕西省专利一等奖和科技进步二等奖（第二完成人身份）。 如今，这对学者夫妻通过直接和间接方式绝对控股麦科奥特。此 ...

Core Viewpoint - The company, Maikaote Pharmaceutical Technology Co., Ltd., is seeking to list on the Hong Kong Stock Exchange despite being unprofitable, highlighting the trend of biotech firms pursuing capital markets under the 18A listing rules [1][9]. Financial Performance - The company has accumulated losses exceeding 300 million yuan over the past two and a half years, with projected revenues of only 1.22 million yuan in the first half of 2025, reflecting the high investment and long cycle typical of innovative drug companies [2][3][6]. - In 2023, 2024, and the first half of 2025, the company reported other income of 6.969 million yuan, 4.002 million yuan, and 1.222 million yuan, primarily from government subsidies and bank interest, with corresponding losses of 195 million yuan, 157 million yuan, and 49.9 million yuan [6][7]. - As of June 30, 2025, the company held cash and cash equivalents of 107 million yuan, indicating significant cash flow pressure given its average annual losses exceeding 100 million yuan [6][7]. Product Pipeline and Market Potential - The company focuses on a dual-specificity/multi-specificity peptide drug platform, with its core product MT1013 targeting secondary hyperparathyroidism (SHPT) expected to be commercialized by early 2028 [7][8]. - The SHPT drug market in China is projected to reach 14.1 billion yuan by 2035, with a compound annual growth rate (CAGR) of 20.5%, while the obesity drug market is expected to explode to 102.6 billion yuan, growing at a CAGR of 36.1% [8]. Competitive Landscape - The SHPT field has multiple competitors with approved CaSR agonists, and the obesity market is dominated by major players, raising concerns about market share limitations for the company [8]. - The company plans to adopt a dual-track commercialization model involving domestic third-party contract sales organizations (CSO) and international licensing, which relies heavily on the capabilities and investment of partners [8]. Investment and Valuation - The company has achieved a post-financing valuation of 2.636 billion yuan, supported by institutional investors, despite its unprofitability [2][9]. - The shift in investor focus from "story" to "realization" emphasizes the need for a clear commercialization timeline and achievement of research milestones [8][9].