Core Viewpoint - The company Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. has become the first company to be accepted under the new fifth listing standard of the Sci-Tech Innovation Board, which allows unprofitable companies to go public. However, the company faces significant financial challenges, including a low sales rate of its core product and high operational costs, raising concerns about its future viability in the capital market [2][3][5]. Financial Performance - As of March 31, 2025, the total assets of the company amounted to 1.133 billion yuan, with a total equity attributable to shareholders of 493 million yuan. The asset-liability ratio has increased to 56.48% from 16.54% in 2022 [4]. - The company reported a net profit of -176.72 million yuan for the first quarter of 2025, continuing a trend of losses with cumulative losses exceeding 1.024 billion yuan [11][12]. - The operating revenue for 2025's first quarter was only 169,300 yuan, with a production-sales rate of just 0.32% for its main product, indicating severe market penetration issues [4][5]. Product and Market Challenges - The company's flagship product, Staidotamab injection, was priced at 798 yuan per dose, significantly higher than traditional tetanus prevention treatments, which are priced between 20-30 yuan. This high pricing, combined with the absence of insurance coverage, limits its competitiveness in the market [5][10]. - The company faces competition from other established firms that have already secured insurance coverage for similar products, further complicating its market entry [5][10]. Sales and Operational Structure - The company has a disproportionately high sales team, with 350 sales personnel making up 45.63% of its total workforce, compared to only 145 R&D staff [8][9]. This structure has led to excessive sales expenses, which reached 35.11 million yuan in 2024, raising concerns about the efficiency of its spending [10]. - The average monthly salary for sales personnel was reported at 1.92 million yuan, far exceeding the company's average monthly revenue of 1.25 million yuan during the same period [8][10]. Debt and Financial Obligations - The company has seen a continuous rise in current liabilities, reaching 254 million yuan by the first quarter of 2025, which includes significant short-term loans and accounts payable [12][14]. - A buyback agreement signed in June 2024 poses a substantial risk, as the controlling shareholder may face obligations to repurchase shares worth tens of billions if the IPO is unsuccessful, while the company's net assets stand at only 493 million yuan [13][14].

Group 1 - The core viewpoint of the article is that the Chinese innovative pharmaceutical sector is experiencing a resurgence, with the reopening of the IPO window on the Sci-Tech Innovation Board (STAR Market) leading to increased activity and optimism among investors [1][3][11] - The STAR Market's fifth set of listing standards was reactivated in June 2023, allowing unprofitable biotech companies to pursue IPOs, which had been stalled for two years [3][4] - Several companies, including He Yuan Bio and Bei Xin Life, have successfully passed IPO approvals under the new standards, indicating a growing pipeline of innovative drug companies ready to enter the market [4][5] Group 2 - The Hong Kong stock market has also seen significant gains in the healthcare sector, with the medical and healthcare index rising over 45% in the first half of 2025, outperforming other sectors [8][9] - Notable companies like Song Li Pharmaceutical and Deqi Pharmaceutical have achieved remarkable stock price increases, with some stocks rising tenfold, reflecting a strong recovery in the market [8][9] - The successful IPO of Ying En Bio in April 2023, which saw a first-day surge of over 116%, exemplifies the renewed investor interest and the potential for high returns in the biotech sector [10] Group 3 - The article highlights a shift in investor sentiment towards the pharmaceutical sector, with many previously cautious investors now recognizing the long-term potential of innovative drug companies [11][12] - There has been a notable increase in business development (BD) transactions involving Chinese pharmaceutical assets, indicating growing international recognition of Chinese innovation in drug development [12] - The article suggests that the next 5-10 years could be a favorable period for investment in Chinese innovative pharmaceuticals, as the industry is expected to continue its recovery and growth [12][13]

新 周 期 。 作者 I 周佳丽 报道 I 投资界PEdaily 随后很快，禾元生物顺利过会，成为科创板第五套上市标准重启后的首家药企。成立于 2 0 0 6年，禾元生物利用水稻胚乳细胞基因表达平台研发植物源医药产品，业内称之为"稻 米造血"。 今年7月，其核心产品HY10 01（重组人白蛋白注射液）获批上市。 身后投资 机构包括上海同盛、贝达药业、光谷生物基金以及倚锋资本等。 紧接着，北芯生命IPO也通过审核。成立于20 1 5年，北芯生命专注于心血管疾病精准诊疗 创新医疗器械研发、生产和销售。十年来，公司集结了红杉中国、国投创合、松禾资本、 倚锋资本、启明创投、泰煜投资、鲲鹏一创等众多知名机构。这是重启科创板第五套上市 标准后，短短一个月内第二家成功过会的生物医药企业。 " 千 辛 万 苦，终 于 排 上 了 。 " 一位投资人难掩激动，记录了这一刻：上周必贝特终于通过科创板IPO注册，距离IPO敲 钟越来越近。此时，这家广州创新药公司已经在A股大门前来回徘徊了三年之久。 这是今年6月科创板第五套上市标准重启后，又一家站在A股大门外的创新药企业，此前 禾元生物、北芯生命已经走到前面。另一边，港股医药IPO ...

Group 1: IPO Market Highlights - The IPO market has seen significant activity from July 28 to August 1, with the first case of the new Sci-Tech Innovation Board IPO standard being particularly noteworthy [2] - Regulatory bodies continue to advance the review and listing processes for various companies, with several firms submitting applications to the Hong Kong Stock Exchange [2] Group 2: Companies Approved for IPO - Changjiang Energy Technology Co., Ltd. received approval for its IPO application from the Beijing Stock Exchange on July 28, focusing on energy and chemical equipment [3][4] - Delijia Transmission Technology Co., Ltd. was approved for its main board IPO application by the Shanghai Stock Exchange on July 31, specializing in high-speed heavy-duty precision gear transmission products [5] Group 3: Newly Listed Companies - Hanguo Group officially listed on the Shenzhen Stock Exchange on July 30, with an IPO price of 15.43 yuan per share and a market capitalization of 22 billion yuan, showing a strong opening performance [6] Group 4: Companies Submitting IPO Applications - Xinwangda submitted an application for H-share listing on the Hong Kong Stock Exchange on July 30, focusing on lithium battery technology and integrated solutions [7] - Binhua Group announced plans for an H-share issuance and listing on the Hong Kong Stock Exchange on July 29, with a focus on organic and inorganic chemical products [8][9] - Linglong Tire submitted a prospectus for an "A+H" listing, reporting revenues of 170.06 billion yuan in 2022, with a projected increase in subsequent years [12][13] - AIWB Inc., a U.S.-based AI technology company, submitted an IPO application to the Hong Kong Stock Exchange, aiming to expand its business in the Asia-Pacific region [14] - Jinyan High-tech submitted an IPO application to the Hong Kong Stock Exchange, focusing on kaolin materials [15] - Lemo IoT applied for a listing on the Hong Kong Stock Exchange, specializing in machine massage services [16] - Shengruan Technology submitted an application for a Hong Kong listing, having previously listed on the New Third Board [17][18] - Zhonghui Biotechnology applied for a listing on the Hong Kong Stock Exchange, focusing on innovative vaccines [19][20] Group 5: Market Dynamics - On July 31, the Shanghai Stock Exchange accepted the IPO application of Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd., marking the first successful acceptance under the new fifth set of listing standards for the Sci-Tech Innovation Board [21]

Core Viewpoint - Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. has received approval for its IPO application on the Sci-Tech Innovation Board, marking it as the first company to apply under the newly reintroduced fifth listing standard for unprofitable enterprises since June 18, 2023 [1][2] Company Overview - Tainuo Maibo was established in 2015 and is an innovative biopharmaceutical company focused on developing novel drugs [1] - The company's core product, Staitouta Monoclonal Antibody Injection (New Timo®), is expected to be approved for sale in China by February 2025, representing a significant innovation in the field of tetanus prevention [1] - Another key product, TNM001, is a long-acting monoclonal antibody for the prevention of RSV in healthy and high-risk infants, currently undergoing Phase III clinical trials [1] Financial Performance - The company's main business revenues for 2022-2024 and Q1 2025 were 330,000 yuan, 0 yuan, 15 million yuan, and 169,300 yuan respectively [2] - Net losses during the same period were 429 million yuan, 446 million yuan, 515 million yuan, and 177 million yuan [2] - R&D expenses for the same years were 323 million yuan, 393 million yuan, 425 million yuan, and 134 million yuan [2] - The company has not yet generated revenue from its main products, relying instead on patent technology transfer income [2] IPO Fundraising Plans - Tainuo Maibo aims to raise 1.5 billion yuan through its IPO, with allocations of 830 million yuan for new drug R&D, 330 million yuan for expanding antibody production facilities, and 340 million yuan for working capital [1] Industry Context - As of August 1, 2023, a total of 38 companies have applied for listing under the fifth standard, with 20 successfully listed and 12 withdrawing their applications [3] - Other companies that have passed the review under this standard include He Yuan Bio and Bei Xin Life, both from the biopharmaceutical sector [3] - Three additional companies are currently in the queue for IPO under the fifth standard, with varying stages of review [3]

最近三年，公司研发投入超过11亿元。公司搭建了"高通量全人源单克隆抗体研发综合技术平台 HitmAb®""高效抗体表达CHO-GS细胞平台"等多项核心技术平台，不断培养健全涵盖药物发现、工程 细胞株构建、工艺及质量开发、药理研究、毒理研究、药代研究、临床开发以及符合国际GMP规范的 规模化生产等关键药物研发与产业化环节的创新药核心技术能力。 公司核心在研产品TNM001，是潜在的全球第三、我国首款适用于健康及高危婴幼儿的预防用长效抗 RSV单抗药物，目前已进入III期临床试验阶段。此外，公司在镇痛（TNM009）、预防水痘-带状疱疹 （TNM005）、预防人巨细胞病毒（TNM006）等领域均有布局。 （编辑：夏欣 审核：何莎莎 校对：颜京宁） 分析人士认为，泰诺麦博以第五套标准申报科创板获受理，系证监会"1+6"新政公布后"科创-资本"双循 环的崭新落地实践，亦标志着上交所科创板进一步充分发挥服务未盈利科创企业的积极作用，科创板正 从改革"试验田"迈向科创"新高地"。 根据《上海证券交易所发行上市审核规则适用指引第8号——资深专业机构投资者》的相关规定，泰诺 麦博认定珠海高瓴私募基金管理有限公司（以下简称"珠 ...

科创板第五套上市标准重启后首家适用企业来了！ 7月31日，上交所受理了珠海泰诺麦博制药股份有限公司（以下简称"泰诺麦博"）的IPO申请，这是科创板第五套上市标准重启后首家受理的企业。 值得一提的是，泰诺麦博还成为适用资深专业机构投资者制度的首家企业。根据招股书披露，高瓴辰钧2021年5月入股泰诺麦博，在泰诺麦博IPO申报前 24个月内持有泰诺麦博3.94%股份。 招股书显示，泰诺麦博成立于2015年，是一家创新生物制药企业。公司核心产品斯泰度塔单抗注射液（新替妥®）已于2025年2月获批上市，是全球首款 重组抗破伤风毒素单克隆抗体药物，是抗感染领域首个被国家药品监督管理局药品审评中心（CDE）认定为突破性治疗药物的国产创新生物药，也获得了 美国食品药品监督管理局（FDA）的"快速通道"资格。 此次泰诺麦博以第五套标准申报科创板IPO并获得受理，系科创板改革"1+6"新政公布后"科创—资本"双循环的落地实践，亦标志着上交所科创板进一步充 分发挥服务未盈利科创企业的积极作用。 上交所在科创板第五套上市标准新申报企业中试点资深专业机构投资者制度。资深专业机构投资者认定标准方面，投资机构投资的科技型企业中，近5年 有 ...

科创板第五套上市标准重启后首家适用企业来了！ 资深专业机构投资者制度是境外市场一项较为成熟的制度。比如，港交所上市规则第18A和第18C章节的特色之一即"资深投资者"制度。 "与境外市场不同的是，科创板此次改革引入资深专业机构投资者制度仅针对第五套标准企业开展小范围试点，资深专业机构投资者入股情况只作为审核 注册的参考，不构成新的上市条件，并非上市'门槛'。"姚亚伟说。 泰诺麦博根据相关规定认定珠海高瓴私募基金管理有限公司（以下简称"珠海高瓴"）为资深专业机构投资者，珠海高瓴为泰诺麦博股东高瓴辰钧的私募基 金管理人。高瓴辰钧2021年5月入股泰诺麦博，在泰诺麦博IPO申报前24个月内持有泰诺麦博3.94%股份。 上海交通大学金融学博士，上海师范大学商学院副院长、副教授姚亚伟此前表示，资深专业机构投资者是资本市场重要参与主体，通常具有较为丰富的投 资经验，对于企业的科创属性和未来发展潜力具有一定的专业判断能力，引入资深专业机构投资者制度，能够借助顶级风投、产业基金等专业机构的眼 光，为审核注入"市场智慧"。 7月31日，上交所受理了珠海泰诺麦博制药股份有限公司（以下简称"泰诺麦博"）的IPO申请，这是科创板第五 ...

Core Viewpoint - Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. (Tainuo Maibo) has submitted its IPO application to the Shanghai Stock Exchange, marking the first company accepted under the newly restarted fifth set of listing standards on the Sci-Tech Innovation Board [1][4]. Group 1: Company Overview - Tainuo Maibo was established in 2015 and is an innovative biopharmaceutical company focused on the development of monoclonal antibody drugs [3]. - The company's core product, Staidotamab Injection (Xintimato®), is the world's first recombinant anti-tetanus toxin monoclonal antibody drug, approved for market in February 2025 [3]. - Tainuo Maibo has faced continuous net losses since its establishment, with cumulative unabsorbed losses reaching 1.024 billion yuan by the end of March 2025 [3]. Group 2: Investment and Institutional Involvement - Tainuo Maibo is the first company to apply the qualified institutional investor system, with Hillhouse Capital's subsidiary holding 3.94% of the company's shares prior to the IPO application [3][4]. - The introduction of the qualified institutional investor system aims to leverage the expertise of top venture capital and industry funds to enhance the review process for companies on the Sci-Tech Innovation Board [5][6]. Group 3: Regulatory Context - The acceptance of Tainuo Maibo's IPO application is a practical implementation of the "1+6" new policy aimed at promoting a dual circulation of technology and capital [4]. - The qualified institutional investor system is a pilot program specifically for companies applying under the fifth set of standards, serving as a reference for review rather than a new listing requirement [6].