Core Viewpoint - Dongfang Yanmei (Chengdu) Biotechnology Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange, but its poor financial performance raises significant concerns about its IPO prospects [1][14]. Financial Performance - In 2023, Dongfang Yanmei reported revenues of 12.882 million RMB, which increased slightly to 14.52 million RMB in 2024, indicating minimal growth in a competitive healthcare market [3][14]. - The company experienced substantial losses, with a net loss attributable to shareholders of 63.501 million RMB in 2023, which increased to 69.383 million RMB in 2024, totaling over 130 million RMB in losses over two years [3][6]. Financial Ratios - The company's asset-liability ratio rose sharply from 78% in 2023 to 123% in 2024, indicating increasing financial risk [6][8]. - The current ratio declined from 0.6 to 0.3, reflecting deteriorating liquidity, while net current liabilities increased from 37.1 million RMB at the end of 2023 to 143.2 million RMB at the end of 2024 [6][8]. Product Development - Dongfang Yanmei's core product, regenerative medicine materials injectables, has not yet been commercialized, with no revenue generated from these candidates in 2023 and 2024 [8][14]. - The company has 13 main candidates for regenerative medicine materials injectables, with two having entered the registration review stage, but commercialization remains a distant goal [8][14]. Revenue Sources - Revenue from regenerative medicine materials medical dressings and patches was only 3.6 million RMB in both 2023 and 2024, accounting for 27.9% and 24.9% of total revenue, respectively [9][13]. - A significant portion of revenue in 2024, amounting to 7.551 million RMB (52.0% of total revenue), came from non-core products such as pharmaceutical intermediates and facial masks, which are unlikely to support long-term growth [11][13]. IPO Challenges - The combination of low revenue, significant losses, and uncertain profitability prospects presents substantial challenges for Dongfang Yanmei's IPO journey [14].

Core Viewpoint - Eastenova (Chengdu) Biotechnology Co., Ltd. is planning an IPO on the Hong Kong Stock Exchange, focusing on regenerative medical materials and special medical foods [2][4]. Company Overview - Established in 2016 and located in Chengdu, the company specializes in the research, production, and commercialization of regenerative medical devices and special medical foods [4]. - The product portfolio includes regenerative medical materials and special medical foods, with two main product lines: regenerative medical material injectables and medical dressings and patches [4]. Product Development - The company is advancing the development of eight candidate products currently in clinical or registration review stages, including core product XH301 and XH305, which is under registration review by the National Medical Products Administration [6]. - The company is also preparing to submit an application for EU CE mark certification for core product XH301 [6]. - In the regenerative medical material injectables category, the company has 13 candidate products, all classified as Class III medical devices, with XH301 targeting nasolabial folds and XH321 for female stress urinary incontinence [9]. Financial Performance - In 2023 and 2024, the company's projected revenues are 12.882 million and 14.520 million respectively, with R&D costs of 45.726 million and 44.950 million for the same years [8]. - The net losses for these years are expected to be 63.501 million and 69.380 million respectively [8]. Special Medical Foods - The company has received approval for two special medical food products, with seven additional products currently in development, including three specific complete nutrition formula foods [7].

Company Overview - Dongfang Yanmei (Chengdu) Biotechnology Co., Ltd. submitted its listing application to the Hong Kong Stock Exchange on May 12, aiming to be listed on the main board with Jianyin International as the sole sponsor [1] - Established in 2016, the company focuses on the research, production, and commercialization of regenerative medical devices and special medical foods [1] Product Lines - The company has two main product lines: regenerative medical material injectables and medical dressings and patches [1] - As of the last feasible date, Dongfang Yanmei has 13 candidate products for regenerative medical material injectables, all classified as Class III medical devices [2] - Core products XH301 and XH305, designed for treating nasolabial folds, have completed clinical trials and are in the registration review stage, while candidate product XH321 for treating female stress urinary incontinence is in the preclinical stage [1][2] Financial Performance - The company reported revenues of RMB 12.882 million in 2023 and RMB 14.52 million in 2024, primarily from sales of medical dressings, special medical foods, and related services [2] - R&D expenses were RMB 45.726 million in 2023 and RMB 44.95 million in 2024, with net losses of RMB 63.501 million and RMB 69.38 million respectively [2] - The gross margin significantly declined from 11.4% in 2023 to 2.6% in 2024, attributed to a decrease in revenue from medical R&D and consulting services [2] Financial Ratios - The company's debt-to-asset ratio increased from 78% in 2023 to 123% in 2024, indicating rising financial leverage [3] - The current ratio decreased from 0.6 to 0.3, reflecting a decline in liquidity [3] - Current net liabilities rose from RMB 37.1 million to RMB 143 million, primarily due to increased other payables related to licensing fees [3] Market Outlook - The regenerative medical device market in China is experiencing growth, with the market size for regenerative material injectables and medical dressings projected to reach RMB 18.5 billion and RMB 7 billion respectively by 2032 [6] - The compound annual growth rates (CAGR) for these markets from 2024 to 2032 are estimated at 21.5% and 12.3% respectively [6]

Company Overview - Yangmei Biotechnology (Chengdu) Co., Ltd. is a medical health enterprise established in 2016, focusing on the research, production, and commercialization of regenerative medical devices and special medical foods [3] - The company specializes in the development, transformation, and application of regenerative medical materials, as well as the research and development of specific full-nutrition formula foods [3] - Yangmei Biotechnology has accumulated key technologies in the fields of polymer materials and regenerative biomaterials, including research, modification, preparation, and the development of microspheres [3] Product Lines - The company has a strong product portfolio that includes two main product lines: regenerative medical material injectables and medical dressings and patches [3] - As of May 5, 2025, the company has 13 candidate products for regenerative medical material injectables, including core product XH301 and candidate product XH321 for treating female stress urinary incontinence, with two products already in the registration review stage [4] - In the medical dressings and patches product line, seven products have obtained second-class medical device registration approval, and one candidate product XH322 for breast reconstruction post-breast cancer surgery is in the preclinical stage [4] - The special medical food product line includes two products approved by the National Medical Products Administration and seven candidate products under development [4] Financial Performance - The company's revenue for 2023 and 2024 is projected to be RMB 12.88 million and RMB 14.52 million, respectively [5] - The total loss for the same periods is expected to be RMB 63.50 million and RMB 69.38 million, indicating ongoing financial challenges [5] - Gross profit for 2023 is RMB 1.47 million, which decreases to RMB 0.38 million in 2024, reflecting a decline in profitability [5]