港股市场近期重现久违的活跃氛围，生物医药企业表现抢眼，根据公开数据统计，截至2025年10月10日，今年已有19家医药企业在港交所成功上市，这一 数字已超过2024年全年的总和（12家）。这一积极态势主要得益于港股推出的新政。2025年5月，港交所正式推出"科企专线"，为部分处于早期发展阶段 或产品尚未实现商业化的生物科技公司上市提供支持，并允许此类公司以保密形式提交上市申请。在这一政策的激励下，2025年上半年，有超过50家医药 企业向港交所递交上市申请，且目前这一数量仍在快速攀升。 无独有偶，A股市场也出现新动向。2025年6月18日，证监会主席吴清在陆家嘴论坛上，宣布重启未盈利企业适用科创板第五套上市标准。市场迅速作出 积极反馈，禾元生物和北芯生命两家医药企业先后成功过会。而这仅仅只是一个开端，从当前的审核进度来看，百奥赛图、恒润达生、普昂医疗、贝尔生 物等近20家医药企业均已进入问询阶段。 当下正处于生物医药企业IPO的黄金窗口期。众多机构和生物医药企业一齐蓄势待发，全力冲刺IPO上市。本文将深入探讨生物医药企业赴港交所主板、 上交所科创板以及深交所创业板上市的多种路径，以供计划上市的生物医药企业参考 ...

Core Viewpoint - The company, Maikaote Pharmaceutical Technology Co., Ltd., is seeking to go public on the Hong Kong Stock Exchange despite being unprofitable, with a current valuation of 2.636 billion yuan following a recent financing round of 236 million yuan [1][2]. Financial Performance - The company has accumulated losses exceeding 300 million yuan over the past two and a half years, with minimal revenue generated from other income sources, primarily government grants and bank interest [3][5]. - In the first half of 2025, the company reported other income of only 1.222 million yuan, highlighting the challenges faced by innovative pharmaceutical companies in terms of high investment and long development cycles [2][5]. - The company's R&D expenditures were significant, amounting to 87 million yuan, 107 million yuan, and 40 million yuan for the years 2023, 2024, and the first half of 2025, respectively [5]. Product Pipeline and Market Potential - Maikaote focuses on developing a dual-specificity/multi-specificity peptide drug platform, with its core product MT1013 targeting secondary hyperparathyroidism (SHPT) and expected to be commercialized by early 2028 [6][8]. - The company has a product matrix addressing metabolic and cardiovascular diseases, with significant market potential; the SHPT drug market in China is projected to reach 14.1 billion yuan by 2035, growing at a CAGR of 20.5% [6][7]. Competitive Landscape - The company faces intense competition in the SHPT and obesity treatment markets, with existing players potentially launching more effective, safer, or cheaper drugs, which could limit Maikaote's market share [6][7]. - The company plans to adopt a dual-track commercialization model involving domestic third-party contract sales organizations and international licensing, which may reduce initial investment but relies heavily on partners' capabilities [7]. Future Outlook - The ability to successfully launch MT1013 by 2028 and capture market share amidst fierce competition will be crucial for the company's transition from a "story" to a "value" proposition [8]. - The ongoing evolution of the Hong Kong Stock Exchange's listing rules is facilitating the entry of unprofitable biotech companies into the capital market, raising questions about their commercialization capabilities [8].