钛媒体App 11月23日消息，证监会网站披露信息显示，本周（11月17日至23日）新增2家企业获境外发 行上市备案，分别为迈威（上海）生物科技股份有限公司、深圳市兆威机电股份有限公司。其中，迈威 生物拟发行不超过62,664,600股境外上市普通股并在香港联合交易所上市。兆威机电拟发行不超过 69,058,450股境外上市普通股并在香港联合交易所上市。（科股宝播报） ...

（原标题：江西生物IPO：新一代TAT与资本动作共振，抗血清龙头的价值突围之路） 近日，江西生物推出新一代破伤风抗毒素（TAT），凭借三大独有技术突破，成功重塑破伤风抗毒素领 域的行业标准。截至招股书递交日，新一代TAT是国内率先去除甲苯、去除防腐剂并植入病毒灭活技 术，同时也是国内已上市TAT领域首款采用西林瓶包装的产品。 江西生物TAT产品源自经过酶切技术和多重纯化工序后制成的马源免疫球蛋白F(ab')₂片段，其不良反应 率，即国家ADR平台收集不良反应报告数量占同期在中国总销量的比率，仅约为0.03%。而新一代TAT 通过取消传统甲苯-、配方不含间甲酚，并引入巴氏灭活工艺，有效降低特定安全风险点，实现安全性 的极大提升。新一代TAT产品比活性最高达90,000 IU/gp，约为《中国药典》（2025年版本三部）最低 要求的约2倍。此外，西林瓶的包装革新，相比安瓿瓶，在安全性、稳定性及无菌保障性方面均有明显 提升，在操作便利性与包装破裂风险控制方面具有潜在优势，更契合急诊快速用药场景。 紧接着，江西生物同步更新并递交港交所上市申请。这一系列动作构成的"技术迭代+资本冲刺"组合 拳，不仅揭开了这家抗血清龙头 ...

Group 1 - The core viewpoint of the article is that 科前生物 (KQ Bio) reported a decline in operating revenue for Q3 2025, while net profit showed an increase year-on-year [1] Group 2 - The operating revenue for Q3 2025 was 251 million yuan, representing a year-on-year decrease of 5.44% [1] - The net profit attributable to shareholders of the listed company was 118 million yuan, which is a year-on-year increase of 9.17% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 84.62 million yuan, reflecting a year-on-year decrease of 7.06% [1]

New IPOs and Listings - Two new stocks are available for subscription: Delijia (603092.SH) on the Shanghai Stock Exchange and Zhongcheng Consulting (920003.BJ) on the Beijing Stock Exchange [1] - Four stocks are listed today: Bibete (688759.SH), Xi'an Yicai (688783.SH), Heyuan Bio (688765.SH), and Taikaiying (920020.BJ) [1] Delijia (603092.SH) - Delijia specializes in the R&D, production, and sales of high-speed heavy-load precision gear transmission products, primarily for wind power generation [2][7] - The IPO price is 46.68 CNY per share, with an institutional offering price of 47.68 CNY, and a market capitalization of 16.8 billion CNY [5] - The company has a projected market share of 10.36% globally and 16.22% in China for wind power transmission equipment by 2024, ranking third globally and second in China [7] - Delijia's revenue from onshore wind power is expected to be 36.25 billion CNY in 2024, accounting for 98.57% of its total revenue [7] Zhongcheng Consulting (920003.BJ) - Zhongcheng Consulting focuses on engineering consulting services and has ranked among the top five in Jiangsu Province for engineering cost consulting revenue from 2021 to 2024 [8][11] - The IPO price is 14.27 CNY per share, with a market capitalization of 1.4 billion CNY [11] - The company plans to invest 1.23 billion CNY in building an engineering consulting service network and 0.77 billion CNY in R&D and information technology [11] Taikaiying (920020.BJ) - Taikaiying is the first company in the mining and construction tire segment to be listed on the Beijing Stock Exchange, recognized as the "first tire stock" on the exchange [15][19] - The IPO price is 7.50 CNY per share, with a market capitalization of 750 million CNY [18] - The company holds the number one market share in the domestic market for large-tonnage crane tires [19] Xi'an Yicai (688783.SH) - Xi'an Yicai is a leading manufacturer of 12-inch silicon wafers, ranking first in China and sixth globally in terms of production capacity [21][22] - The IPO price is 8.62 CNY per share, with a market capitalization of 34.81 billion CNY [21] - The company has a projected capacity of 120,000 wafers per month by 2026, which will meet 40% of the demand in mainland China [22] Heyuan Bio (688765.SH) - Heyuan Bio focuses on the research and development of plant-derived recombinant protein expression technology and has developed several pharmaceutical products [33][38] - The IPO price is 29.06 CNY per share, with a market capitalization of 10.39 billion CNY [35] - The company plans to invest 19.09 billion CNY in the construction of a plant for recombinant human serum albumin and 7.94 billion CNY in new drug development [37]

Core Viewpoint - The article discusses the tax and fee incentives provided by the Chinese government to support the development of the manufacturing industry, highlighting policies related to accelerated depreciation for fixed assets in various sectors [2][12]. Summary by Sections Enjoyment Subjects - Enterprises in all manufacturing sectors, as well as those in information transmission, software, and information technology services, are eligible for the accelerated depreciation policy [2][3]. Enjoyment Content - Six specific industries, including biopharmaceuticals and aerospace, can shorten depreciation periods or adopt accelerated depreciation methods for fixed assets purchased after January 1, 2014 [3]. - Key industries such as light industry, textiles, machinery, and automobiles can also choose to shorten depreciation periods or use accelerated depreciation for fixed assets purchased after January 1, 2015 [3]. - As of January 1, 2019, the scope of industries eligible for accelerated depreciation has been expanded to include all manufacturing sectors [3]. Enjoyment Conditions - The minimum depreciation period for shortened depreciation cannot be less than 60% of the standard depreciation period as per the Corporate Income Tax Law [4][6]. - Enterprises can choose between the double declining balance method or the sum-of-the-years-digits method for accelerated depreciation [4][6]. Enjoyment Time - The incentives have been in effect since January 1, 2014, and will continue to be available [5]. Application Timing - Enterprises must submit monthly, quarterly, and annual corporate income tax prepayment and settlement declarations to enjoy the benefits [7][17]. Required Documentation - Enterprises must retain documentation proving their eligibility, including invoices for fixed asset purchases and records of tax and accounting differences [8][17]. Enjoyment Methods - The application for benefits can be processed through online platforms such as the electronic tax bureau or in-person at tax service halls [9][18]. Policy Basis - The policies are based on several official notifications and regulations issued by the Ministry of Finance and the State Administration of Taxation, including notices from 2014, 2015, and 2019 [12][19].

Economic Overview - The GDP growth for the first three quarters of 2023 is 5.2%, laying a solid foundation for the annual target of around 5% [2][3][10] - The economic performance shows a steady but cautious recovery, with the third quarter GDP growth slowing to 4.8% compared to the previous quarter [2][7] Key Economic Indicators - The total GDP for the first three quarters reached 101.5 trillion yuan, with a year-on-year growth of 5.2% [2] - Industrial production maintained stability, with a 6.2% increase in industrial added value year-on-year, although it slightly decreased from the first half of the year [4] - The service sector's added value grew by 5.4%, indicating overall stability despite a slight decline from the previous half [4] Consumption and Investment Trends - Retail sales of consumer goods increased by 4.5% year-on-year, but the growth rate has slowed compared to the first half of the year [5] - Fixed asset investment (excluding rural households) saw a decline of 0.5%, marking a shift from positive to negative growth [5] - Infrastructure investment grew by 1.1%, while real estate development investment dropped by 13.9%, reflecting ongoing adjustments in the real estate market [5] Trade Performance - The total import and export value increased by 4% year-on-year, with exports growing by 7.1% and imports declining by 0.2% [6] - The resilience of exports is attributed to diversified market strategies and stable supply chains [7] Policy Measures and Future Outlook - Recent policies include the introduction of 500 billion yuan in new policy financial tools aimed at boosting effective investment and addressing local government debt issues [9] - The government emphasizes the need for continued support for economic growth, including potential interest rate cuts and measures to stabilize the real estate market [8][11] - Analysts suggest that achieving the annual GDP growth target of around 5% remains feasible, but there is a need to address the pressures on consumer confidence and investment [11]

Core Viewpoint - He Yuan Bio (688765.SH) is set to be available for subscription on the Sci-Tech Innovation Board, focusing on plant-based recombinant protein expression technology and product development, with a leading global platform based on rice endosperm cell bioreactor technology [1][4]. Company Overview - He Yuan Bio is recognized as a pioneer in the "rice hematopoiesis" industry, developing multiple pharmaceutical products, excipients, and research reagents [1][4]. - The company’s core product, HY1001, is a recombinant human albumin injection derived from a rice seed expression system, differing from traditional methods that extract albumin from plasma [4]. Financial Performance - The company reported revenues of 13.40 million yuan in 2022, with a year-on-year decline of 47.49%, followed by an increase of 81.08% to 24.26 million yuan in 2023, and a slight increase of 3.92% to 25.22 million yuan in 2024 [4]. - The net profit attributable to the parent company was -143.58 million yuan in 2022, -186.96 million yuan in 2023, and -151.37 million yuan in 2024, with year-on-year changes of -7.12%, -30.22%, and 19.04% respectively [4]. Market Position and Commercialization - He Yuan Bio has established a production line capable of producing 10 tons of recombinant human albumin annually and has obtained a drug production license [5]. - The company has signed distribution agreements with several pharmaceutical distributors, establishing a sales network across over 30 provinces and cities in China [5]. Research and Development Pipeline - The company has eight drugs in its research pipeline, with HY1001 being the first recombinant human albumin product approved for market in China [5]. - Two additional drugs are in Phase II clinical trials, two in Phase I, and one has been approved to commence clinical trials [5]. Future Outlook - The company anticipates a narrowing of losses, with projected revenue of 12.71 million yuan in the first half of 2025, a year-on-year increase of 33.32%, and a net profit of -81.63 million yuan, a decrease of 3.86% from the previous year [5]. - He Yuan Bio emphasizes that obtaining market approval is just the beginning of commercialization, requiring further market access, education, and promotion to achieve significant sales [6].

Core Viewpoint - He Yuan Bio (688765.SH) is set to be listed on the Sci-Tech Innovation Board, focusing on plant-based recombinant protein expression technology and product development, with a leading global plant bioreactor technology platform [1][4]. Company Overview - He Yuan Bio is recognized as a pioneer in the "rice hematopoiesis" industry, developing multiple pharmaceutical products using a rice endosperm cell bioreactor expression system [1][4]. - The company has launched its core product, HY1001, a recombinant human albumin injection derived from rice, which received approval from the National Medical Products Administration in July 2023 [4][6]. Financial Performance - The company reported revenues of 13.40 million yuan in 2022, with a year-on-year decline of 47.49%, followed by an increase of 81.08% to 24.26 million yuan in 2023, and a slight increase of 3.92% to 25.22 million yuan projected for 2024 [5]. - The net profit attributable to the parent company showed losses of 143.58 million yuan in 2022, 186.96 million yuan in 2023, and a projected loss of 151.37 million yuan in 2024, with a year-on-year decline of 7.12%, 30.22%, and an increase of 19.04% respectively [5]. Market Position and Competition - He Yuan Bio is the first company to pass the registration process under the fifth set of standards for the Sci-Tech Innovation Board and is the first new issuance in the Sci-Tech Growth Layer [5]. - The company has established a sales network across over 30 provinces and cities in China, having signed distribution agreements with major pharmaceutical distributors [5][6]. - He Yuan Bio has eight drug candidates in its pipeline, with two in Phase II clinical trials and two in Phase I trials, alongside one drug approved for clinical trials [6]. Investment and Funding - The company plans to invest 19.09 billion yuan in the construction of a plant-based recombinant human serum albumin industrialization base, 7.94 billion yuan in new drug research and development, and 8.00 billion yuan to supplement working capital [3][5].

Company Overview - The company is an innovative biopharmaceutical enterprise with a globally leading plant bioreactor technology platform, specifically a rice endosperm cell bioreactor expression system [1][3] - The company has developed multiple products including drugs, pharmaceutical excipients, and research reagents based on its rice endosperm cell bioreactor expression system [1] Product Pipeline - As of now, the company has a total of 8 drug candidates in its pipeline, with the fastest progressing product, recombinant human albumin injection (OsrHSA, HY1001), expected to receive approval by July 2025 for the indication of "hypoalbuminemia due to liver cirrhosis" [2] - Five products are currently in clinical trials, while several others are in preclinical research stages [2] Core Technology - The company has established an internationally leading rice endosperm cell bioreactor expression system, which includes upstream and downstream technologies for efficient recombinant protein expression and purification [3] Production Capacity - The company has built a commercial-scale production line capable of producing 10 tons of OsrHSA raw liquid annually and 1 million dosage forms, with a cGMP intelligent production line [4] - A new production line with a capacity of 120 tons of OsrHSA raw liquid is under construction, expected to be completed by September 2024 [4] Intellectual Property - The company holds a total of 21 domestic invention patents and 62 foreign invention patents [4] Research and Development - The company has strong research capabilities, having independently or led 3 national major science and technology projects and 2 provincial key projects [5] - The company has published 20 SCI papers and books related to its core technologies and products [5] Awards and Recognition - The company's core technology has received national awards, including the Second Prize of National Science and Technology Invention and an Excellent Patent Award from the National Intellectual Property Administration [6] Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was 13.40 million, 24.26 million, 25.22 million, and 12.71 million respectively [7] - Research and development expenses for the same periods were 110.50 million, 159.10 million, 116.79 million, and 55.94 million, indicating significant investment in R&D [8] Development Strategy - The company aims to provide green, safe, accessible, and sufficient biopharmaceutical products globally, focusing on unmet clinical needs and leveraging its technological advantages [9] Competitive Advantages - The company’s main competitive advantages include its ideal recombinant protein drug preparation platform, a large potential market for recombinant human albumin, and the safety and environmental benefits of its products [10] Industry Characteristics - The biopharmaceutical industry is characterized by interdisciplinary applications, continuous technological iteration, long R&D cycles, high investment, and regulatory barriers [15] Market Demand - The clinical demand for human serum albumin drugs in China is significant, with a market size projected to grow from 25.8 billion in 2020 to 57 billion by 2030 [16] Future Innovations - The company plans to focus on original innovations in rice endosperm cell expression technology, accelerate the development of long-acting drugs based on recombinant human albumin, and advance multiple therapeutic recombinant biological products [14]

Company Overview - Leidmann Biochemical Co., Ltd. is a national high-tech enterprise with core competitiveness in in vitro diagnostic reagents, diagnostic instruments, and biochemical raw materials, integrating R&D, production, and sales [2][3] - The company has a comprehensive range of biochemical diagnostic reagents covering liver function, kidney function, blood lipid, diabetes, and myocardial injury tests, making it one of the most complete providers in the domestic in vitro diagnostic industry [3] Financial Performance - In the first half of 2025, the company achieved a revenue of CNY 160.48 million, a decrease of 14.80% year-on-year, with a net profit attributable to shareholders of CNY -4.25 million [3] - The in vitro diagnostic reagent business generated CNY 108.87 million, down 28.13%, accounting for 67.84% of total revenue [3] - The diagnostic instruments business saw a revenue increase of 106.73% to CNY 22.74 million, representing 14.17% of total revenue [3] - The biochemical raw materials business reported a revenue of CNY 7.68 million, down 20.23%, making up 4.78% of total revenue [3] - Other businesses, mainly rental and property management, generated CNY 21.20 million, up 30.37%, accounting for 13.21% of total revenue [3] Impact of Procurement Policies - Approximately 70% of the company's reagent products are included in centralized procurement, leading to a decrease in reagent gross margin by 2.34 percentage points year-on-year [4][5] - The company anticipates that the impact of centralized procurement on gross margins will lessen, with ongoing efforts in cost control and supply chain optimization expected to stabilize profitability [5] Strategic Initiatives - The company plans to acquire a target company, Xiansheng Xiangrui, which specializes in in vivo diagnostic reagents and human vaccines, enhancing its capabilities in tuberculosis diagnosis and treatment [6][7] - The acquisition will be funded through a combination of self-owned funds and bank loans, with nearly CNY 900 million available as of June 2025 [8] - The strategic focus includes expanding the biochemical diagnostic product line and enhancing partnerships with leading domestic and international diagnostic manufacturers [5][7] Shareholder Insights - The controlling shareholder, Gaoxin Keke, has extensive investment experience in the biopharmaceutical sector and aims to leverage resources to enhance Leidmann's position in the life sciences industry [9][10]