成立于2010年的武汉滨会生物科技股份有限公司(以下简称 "滨会生物")，深耕生物药领域15年，凭借以 BS001、BS006为核心的差异化溶瘤病毒管线脱颖而出，成为资本关注焦点。历经7轮融资、募资总额达 10.4亿元后，公司估值攀升至32.2亿元。如今，在多次调整上市战略后，滨会生物再度向港交所发起冲 击，试图通过IPO募资破解研发与商业化的资金瓶颈。 证券之星注意到，滨会生物15年来始终未能实现产品商业化，处于持续"烧钱"和亏损状态。叠加部分早 期资本亏本退出、现金流持续承压等问题，其上市之路能否顺畅，未来如何突破盈利与商业化瓶颈，成 为摆在滨会生物面前亟待解决的关键难题。 管线亮眼引资金追捧，估值攀升却有资本亏本退出 招股书显示，滨会生物已建立一条涵盖三大策略系列的差异化管线，包括溶瘤病毒、核酸疗法及蛋白生 物制剂，以溶瘤病毒为核心，溶瘤病毒系列以核心产品BS001及关键产品BS006为特色。 其中，BS001(OH2注射液)是一款基于II型单纯疱疹病毒(HSV-2)的新型溶瘤病毒候选药物，其生物学改 造使其能够在肿瘤细胞内选择性复制，直接引发溶瘤效应，并分泌人粒细胞—巨噬细胞集落刺激因子 (hGM-C ...

撰文丨王聪 编辑丨王多鱼 排版丨水成文 近日， 俄勒冈健康与科学大学、圣路易斯华盛顿大学的研究人员在 Cell 子刊 Cell Reports Medicine 上发 表了题为： Intracranial injection of genetically modified, mosquito non-transmissible Zika virus: Safety in primates and ramifications for brain tumor therapy 的研究论文。这项研究还登上了 Cell Press 头条。 胶质母细胞瘤 （GBM） 是一种侵袭性脑肿瘤，其中位生存期不足 21 个月。免疫检查点抑制剂、多肽疫苗 以及树突状细胞疫苗，在临床试验中均未显示出显著益处。在过去的二十年里，胶质母细胞瘤的护理标准 基本保持不变，包括手术、放疗、化疗，以及最近的抗有丝分裂肿瘤治疗电场。 胶质母细胞瘤在经过最大力度治疗后，通常会在 6 个月内复发，这给临床治疗带来了巨大挑战。 胶质母细 胞瘤干细胞 （GSC） 的高度异质性亚群对标准疗法具有抗性，其可能是复发的潜在驱动因素。此外，其 肿瘤微环境 （TME ...

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].

来源：凤凰网财经《公司研究院》 一家无商业化产品、无收入、连年亏损的生物科技公司，却在一级市场融资超10亿元，估值高达32.2亿。最近，还要冲刺港交所。 这就是武汉冲出来的IPO企业——武汉滨会生物科技股份有限公司（下称"滨会生物"）。其在9月30日向港交所递交上市申请，目前正在中国证监会境外上市 备案审查阶段。 滨会生物的故事核心是其溶瘤病毒疗法，其核心产品BS001号称全球首个进入III期临床的HSV-2型溶瘤病毒候选药物。然而，尽管"以毒攻毒"的科学叙事十 分吸引人，但这尚未能给公司带来真正的收益。截至2025年上半年，公司累计亏损已超5亿元。 支撑它的，是资本市场对前沿科技的青睐。公司上市历程一波三折，辗转港股、科创板、北交所之间，最终锚定港交所。而在临门一脚之际，证监会就其上 市前股权转让定价、股东资格乃至一名"失联"的自然人股东权益保障等问题发出问询，为这场IPO增添了新的悬念。 滨会生物的闯关之路，将成为测试市场对尚无盈利预期的前沿科技企业容忍度的又一试金石。 位于武汉东湖高新区的滨会生物，成立于2010年，创始人刘滨磊博士曾是全球首款获批溶瘤病毒药物T-VEC原研团队的核心成员。如今，滨会生物 ...

每经记者｜王 琳 每经编辑｜陈俊杰 "以毒攻毒"正被现代科学用于癌症治疗。 近期，武汉滨会生物科技股份有限公司（以下简称滨会生物）向港交所申请上市。公司无产品获批、无销售收入、连年亏损，却因全 球首个进入Ⅲ期临床的HSV-2溶瘤病毒候选药物而备受资本追捧。 视觉中国 2024年初，专注于溶瘤病毒的美国公司CG Oncology在纳斯达克上市首日股价翻倍，市值一度冲破22亿美元，为全球同行点燃了信 心。事实上，目前正在港交所排队的IPO（首次公开募股）公司中，除了滨会生物外，还有2025年6月递表的亦诺微医药，也是一家聚 焦新型溶瘤免疫疗法开发的公司。 不过，风口之下的滨会生物的上市之路却异常坎坷。自2021年起，公司先后考虑过港股、科创板、北交所等资本市场，最终才锚定港 交所，过程一波三折。 安全性始终是关注焦点 "以毒攻毒"这一古老智慧，如今正以"溶瘤病毒"的形式走进现实。简单来说，它就像一场精准的"病毒战"，科学家通过基因改造或自 然筛选，让特定病毒专门感染并摧毁癌细胞，同时尽量避免伤及正常细胞。当病毒在癌细胞内大量复制，最终撑破细胞导致其死亡 时，便实现了"溶瘤"。这本质上是一种利用病毒攻击肿瘤的巧妙" ...

"以毒攻毒"正被现代科学验证用于癌症治疗。 近期，武汉滨会生物科技股份有限公司（以下简称"滨会生物"）向港交所申请上市。公司无产品获批、 无销售收入、连年亏损，却因全球首个进入III期临床的HSV-2溶瘤病毒候选药物而备受资本追捧。 2024年初，专注于溶瘤病毒的美国公司CG Oncology在纳斯达克上市首日股价翻倍，市值一度冲破22亿 美元，为全球同行点燃了信心。事实上，目前正在港交所排队的IPO公司中，除了滨会生物外，还有今 年6月递表的亦诺微医药，也是一家聚焦新型溶瘤免疫疗法开发的公司。 不过，风口之下的滨会生物，其上市之路却异常迂回。自2021年起，公司先后考虑过港股、科创板、北 交所等多个资本市场，最终才锚定港交所，过程一波三折。 以毒攻毒，百亿蓝海前的技术豪赌 "以毒攻毒"这一古老智慧，如今正以"溶瘤病毒"的形式照进现实。 简单来说，它就像一场精准的"病毒战"：科学家通过基因改造或自然筛选，让特定病毒专门感染并摧毁 癌细胞，同时尽量避免伤及正常细胞。当病毒在癌细胞内大量复制，最终撑破细胞导致其死亡时，便实 现了"溶瘤"。 招股书显示，BS001是全球首个进入临床III期关键试验的以HSV-2为病 ...

Core Viewpoint - Wuhan Binhui Biotechnology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, focusing on cancer immunotherapy with a pipeline that includes oncolytic viruses, nucleic acid therapies, and protein biologics [1][3] Company Overview - Founded in 2010, Binhui Biotechnology has completed 13 rounds of financing, raising over 1.5 billion yuan, with a post-money valuation of 3.22 billion yuan as of June 30, 2025 [1] - The company has attracted investments from notable firms such as Yangtze River Pharmaceutical Group and China International Capital Corporation [1] Product Pipeline - The core product BS001 is the world's first oncolytic virus candidate using a type II herpes simplex virus (HSV-2) that has entered Phase III trials, targeting melanoma and expanding to colorectal cancer and glioblastoma [3] - BS006, another significant product, is the first dual-antibody oncolytic virus to enter clinical stages, focusing on difficult-to-treat solid tumors [3] - Additional early-stage pipelines include nucleic acid therapies BR003, BS051, and protein biologics BR016 [3] Financial Performance - The company reported revenues of 981,000 yuan in 2023, 1.725 million yuan in 2024, and 140,000 yuan in the first half of 2025, with a 44% year-on-year decline in the first half of 2025 [3] - Net losses were 110 million yuan in 2023, 113 million yuan in 2024, and 44.215 million yuan in the first half of 2025, totaling over 270 million yuan in losses over two and a half years [3] - As of June 30, 2025, cash and cash equivalents stood at 166 million yuan, with a projected net loss of 113 million yuan in 2024, indicating a runway of approximately 1.5 years [3] Market Outlook - The oncolytic virus market in China is projected to grow from 2.7 billion yuan in 2023 to 3.5 billion yuan in 2024, representing a growth rate of 29.6%, but with a low penetration rate of about 12.4% [4] - Patient awareness of oncolytic virus therapies is limited, and most products are not included in medical insurance, leading to high treatment costs exceeding 100,000 yuan per course [4] Competitive Landscape - Binhui Biotechnology's BS001 faces challenges similar to those of Amgen's T-VEC, which has limited indications and complex administration methods that restrict its clinical application [5] - The company must build a robust sales network and train medical staff to effectively promote its products, as its current sales and marketing team is underrepresented [6] - Established pharmaceutical companies are also investing in oncolytic virus therapies, creating a competitive environment for Binhui Biotechnology [6]

Core Viewpoint - The research team led by Professor Zhang Hongwei from Capital Medical University Sanbo Brain Hospital demonstrates the safety of oncolytic virus therapy and introduces an innovative "cystic channel" treatment approach to alleviate patient suffering and treatment burden [1] Group 1: Oncolytic Virus Therapy - Oncolytic virus therapy faces challenges as the immune system often eliminates the virus as a foreign entity, significantly shortening its effective attack period on tumors [1] - Clinical practice typically requires repeated administration to ensure therapeutic efficacy, which can be burdensome for patients [1] Group 2: Cystic Channel Treatment Approach - The traditional method of administering oncolytic virus therapy involves puncture injections into the brain, leading to additional brain damage and requiring separate surgical procedures for each injection [1] - The innovative "cystic channel" treatment allows for a single surgical procedure to place a small cyst under the patient's skin, connecting it to the tumor via a tube [1] - Subsequent administrations of the oncolytic virus can be done by injecting the drug into the cyst, which then delivers it directly to the tumor, minimizing repeated brain punctures and reducing the number of surgeries required, thus significantly alleviating the treatment burden on patients [1]

Core Viewpoint - Wuhan Binhui Biotechnology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, marking a new development phase and strengthening its global strategic layout [1] Company Overview - Binhui Biotechnology, established in 2010, focuses on the research and commercialization of oncolytic virus therapies, with a strong emphasis on innovative cancer immunotherapy [1] - The founder, Dr. Liu Binlei, has over 30 years of expertise in tumor immunology and oncolytic virology, being a core member of the original development team for the FDA-approved oncolytic virus drug IMLYGIC (T-VEC) [1] - The company has completed 13 rounds of financing, raising over 1.5 billion RMB, with a valuation of 3.22 billion RMB post-2023 financing, reflecting strong market recognition of its technology and business prospects [1] Financial Performance - Binhui Biotechnology is currently in a strategic investment phase, with revenues of 981,000 RMB, 1.725 million RMB, 250,000 RMB, and 140,000 RMB for the fiscal years 2023, 2024, and the six months ending June 30, 2024, and 2025, respectively [1][2] - The company reported losses of approximately 110 million RMB, 113 million RMB, 43.748 million RMB, and 44.215 million RMB for the same periods [1][2] - R&D expenses reached 107 million RMB in 2023, accounting for 92% of total expenditures, with a continued high percentage expected in 2024 [2] Product Pipeline - Binhui Biotechnology has established a diverse pipeline, including oncolytic viruses, nucleic acid therapies, and protein biologics, with five products at various development stages, many of which have global first-in-class potential [2][6] - The core product, BS001 (OH2 injection), is the first oncolytic virus candidate to reach clinical stage III globally, showing potential as a first-in-class new drug [4] - BS001 has demonstrated good safety and preliminary efficacy in early clinical trials, with an objective response rate of 34.48% in advanced melanoma patients and 42.1% in patients resistant to PD-1 therapy [5] Competitive Landscape - The oncolytic virus therapy sector is gaining momentum, with significant interest from major pharmaceutical companies following the approval of T-VEC in 2015 [7] - Despite challenges in the market, including effective delivery and regulatory hurdles, the sector remains a vast blue ocean with numerous ongoing clinical trials, particularly from Chinese innovative drug companies [8] Future Outlook - With the maturation of oncolytic virus technology and rapid R&D progress, Binhui Biotechnology is positioned to capture market share in this emerging field, potentially leading to upward momentum in both performance and valuation [10]

Core Viewpoint - Wuhan Binhui Biotechnology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, marking a new development phase and strengthening its global strategic layout [1] Company Overview - Founded in 2010, Binhui Biotechnology focuses on the research and commercialization of oncolytic virus therapies, with a strong emphasis on innovative cancer immunotherapy [1][2] - The founder, Dr. Liu Binlei, has over 30 years of expertise in tumor immunology and oncolytic virology, being a core member of the original development team for the first FDA-approved oncolytic virus drug, IMLYGIC® (T-VEC) [1] Financial Performance - Binhui Biotechnology has completed 13 rounds of financing, raising over 1.5 billion RMB, with a valuation of 3.22 billion RMB post-2023 financing, reflecting strong market recognition [1] - The company reported revenues of 981,000 RMB, 1.725 million RMB, 250,000 RMB, and 140,000 RMB for the fiscal years 2023, 2024, and the first half of 2024 and 2025, respectively, with losses of approximately 110 million RMB, 113 million RMB, 43.748 million RMB, and 44.215 million RMB during the same periods [1][2] Research and Development - In 2023, R&D expenses reached 107 million RMB, accounting for 92% of total expenditures, with a projected R&D expense ratio of over 85% in 2024 [2] - The company has established a diverse pipeline, including oncolytic viruses, nucleic acid therapies, and protein biologics, with multiple products at various development stages [2][6] Key Products - The core product, BS001 (OH2 injection), is the first oncolytic virus candidate using HSV-2 to enter Phase III clinical trials globally, showing potential as a first-in-class drug [4] - BS001 has demonstrated good safety and preliminary efficacy in early clinical trials, with an objective response rate of 34.48% in advanced melanoma patients and 42.1% in patients resistant to PD-1 therapy [5] - Another key product, BS006, is the first dual-target oncolytic virus to enter clinical trials, utilizing a genetically engineered HSV-2 to express PD-L1/CD3 bispecific T cell engager molecules [5] Industry Context - The oncolytic virus therapy sector is gaining momentum, with significant interest from major pharmaceutical companies following the approval of T-VEC in 2015 [7] - Despite challenges in the field, including effective delivery and regulatory hurdles, the market remains a promising area for growth, with numerous clinical trials ongoing, particularly in China [8][9] - Binhui Biotechnology's unique vertical integration and comprehensive production capabilities position it as a strong competitor in the oncolytic virus market [6][9]