Core Viewpoint - Tianchen Biopharmaceuticals (Suzhou) Co., Ltd. has submitted its listing application, focusing on the development of biopharmaceuticals for allergic and autoimmune diseases, with significant financial losses reported since its establishment in 2020 [1][2]. Financial Performance - Tianchen Biopharmaceuticals has not generated any revenue since its inception, reporting losses of RMB 95.778 million, RMB 137.321 million, and RMB 94.208 million for the years 2023, 2024, and the first half of 2025, respectively, totaling approximately RMB 327 million over two and a half years [1][2]. - The company anticipates continued losses due to increased R&D investments and enhanced sales and marketing activities [2]. Cash Flow and Financing - The net cash flow from operating activities has shown a negative trend, with outflows of RMB 60.865 million, RMB 104.122 million, and RMB 47.673 million for the years 2023, 2024, and the first half of 2025, respectively [3][4]. - As of June 30, 2025, the company had cash and cash equivalents amounting to RMB 136.118 million, with financial assets valued at RMB 155 million [3]. Supply Chain Concentration - The company has a moderately concentrated supply chain, with purchases from the top five suppliers accounting for 48.58%, 51.65%, and 57.93% of total procurement for the years 2023, 2024, and the first half of 2025, respectively [4][5]. - Although this concentration is not deemed significantly high, the company is actively implementing strategies to mitigate potential risks, including diversifying supply bases and closely monitoring supplier performance [5].

Core Viewpoint - Baoyi Pharmaceutical is pursuing an IPO on the Hong Kong Stock Exchange, focusing on the development of large-volume biopharmaceuticals and has been active in capital markets since its establishment in late 2019 [1] Financial Performance - For the year ending December 31, 2023, Baoyi Pharmaceutical reported revenues of 6.930 billion RMB, with a gross profit of 6.781 billion RMB and a pre-tax loss of 160.396 million RMB [2] - The company has significant R&D expenditures amounting to 132.545 million RMB for the year, indicating a strong focus on product development despite ongoing losses [2] - As of September 30, 2024, the company had cash and cash equivalents of 472.017 million RMB, representing 37.69% of total assets [3] R&D Pipeline - Baoyi Pharmaceutical has a diverse R&D pipeline, including five drugs in clinical stages and three core products: KJ017, KJ103, and SJ02, along with seven preclinical products [2] Capital Market Activity - The company has been actively raising funds since its inception, with its valuation increasing 23 times from September 2020 to December 2024 [3] - Baoyi Pharmaceutical completed a C round and a C+ round of financing in July and December 2024, respectively, raising a total of 470.7 million RMB [5] - The decision to only disclose one year and one interim period of financial data in the IPO prospectus may raise regulatory inquiries and investor concerns [3] IPO Strategy - The IPO proceeds are intended for R&D, expanding manufacturing capabilities, and supplementing working capital, despite the company having sufficient cash reserves [4] - The rapid sequence of large financing followed by an IPO application has led to market speculation regarding the company's urgency to list [5]