中国经济网编者按：据北京商报11月26日发布的报道《泰诺麦博科创板IPO藏隐忧》，作为科创板 第五套上市标准重启后的首单，珠海泰诺麦博制药股份有限公司（以下简称"泰诺麦博"）成为市场焦 点。上交所官网显示，泰诺麦博已对外披露首轮问询回复。泰诺麦博核心产品斯泰度塔单抗于今年2月 在国内获批上市，在首轮问询回复中，泰诺麦博透露了斯泰度塔单抗的销售情况。值得注意的是，斯泰 度塔单抗截至9月30日的实际销售情况与原先预期销量存在一定差异，完成比例仅为47.6%。商业化刚 起步的泰诺麦博，能否借政策东风成功登陆科创板，仍需要一步步闯关。 据长江商报8月11日报道《泰诺麦博融资10.87亿后拟再募15亿三年多亏15.67亿仅一款产品商业 化》，在过往持续高研发投入力度下，2022年至2025年前3个月，泰诺麦博累计亏损15.67亿元。 据华夏时报8月15日报道《泰诺麦博0.32％产销率撞上350人天价销售军团，古稀实控人背数十亿 元"对赌炸弹"｜创新药观察》，值得警惕的是，公司在2024年6月签署的回购协议如同悬在头顶的"达摩 克利斯之剑"，潜藏着巨大的风险。据协议约定，若公司的IPO申请出现撤回、终止、被驳回或否决等 ...

Core Viewpoint - Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. (Tainuo Maibo) has become a market focus as the first company to apply for listing under the fifth set of standards of the Sci-Tech Innovation Board after its restart, but its actual sales performance of its core product, Staitouta Monoclonal Antibody, has fallen short of expectations, completing only 47.6% of projected sales [1][2]. Company Overview - Tainuo Maibo was established in 2015 and focuses on innovative biopharmaceuticals aimed at global markets, particularly in blood product alternatives [2]. - The company's core product, Staitouta Monoclonal Antibody (trade name: Xintuituo), was approved for sale in China in February, while another key product, TNM001, is undergoing Phase III clinical trials [2]. Sales Performance - From March to September, the self-operated team expected to sell 56,800 bottles of Staitouta, but only sold 43,500 bottles, achieving 76.67% of the target. The external promotion team expected to sell 40,100 bottles but only sold 2,600, achieving 6.42% of the target. Overall, the total expected sales were 96,900 bottles, with actual sales at 46,100 bottles, resulting in a completion rate of 47.6% [2][3]. Reasons for Sales Shortfall - The company attributed the shortfall in sales to underestimating the time required for non-medical insurance drug hospital access and the high pricing of the drug at its current stage. Additionally, the external promotion team needed more time to understand and convey the product's advantages [3]. Sales Team and Expenses - Despite the underperformance in sales, Tainuo Maibo has a high sales expense, with projected sales expenses of 3.89 million, 12.42 million, and 35.11 million for 2022, 2023, and 2024 respectively. In Q1 of this year, sales expenses reached 24 million [4]. - As of the end of Q1, the company had 350 sales personnel, representing 45.63% of its total workforce of 767 employees, indicating a significant investment in building a sales team [4]. Financial Health - The company's debt-to-asset ratio has significantly increased, with figures of 16.54%, 28.19%, 58.96%, and 56.5% for 2022, 2023, and Q1 of this year respectively. This ratio is higher than the average of comparable companies [5][6]. - The increase in the debt-to-asset ratio is attributed to increased spending on drug research and commercialization team building, leading to a decrease in cash reserves [6][7]. Future Outlook - Tainuo Maibo believes that despite the rising debt-to-asset ratio, it remains within the overall range of comparable companies and does not face significant repayment pressure. The company anticipates that cash inflows will increase with the sales growth of Staitouta and the upcoming launch of TNM001 [7].

Core Viewpoint - Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. (Tainuo Maibo) has become a market focus as the first company to apply for listing under the fifth set of standards for the Science and Technology Innovation Board (STAR Market) after its restart. The company disclosed its first round of inquiry responses, revealing that the actual sales of its core product, Staidotat Monoclonal Antibody, fell short of expectations, achieving only 47.6% of the projected sales volume [1][4][5]. Sales Performance - As of September 30, the actual sales of Staidotat Monoclonal Antibody were 4.61 million bottles, compared to an expected 9.69 million bottles, resulting in a completion ratio of 47.6% [5][6]. - The self-operated team had an expected sales volume of 5.68 million bottles but achieved only 4.35 million bottles (completion ratio of 76.67%), while the external promotion service team expected 4.01 million bottles but only sold 0.26 million bottles (completion ratio of 6.42%) [5][6]. Financial Overview - Tainuo Maibo's sales expenses are significant, with projected sales expenses of 3.89 million, 12.42 million, and 35.11 million for the years 2022 to 2024, respectively. In the first quarter of this year, sales expenses reached 24 million [7][8]. - The company reported a net loss of approximately 4.29 billion, 4.46 billion, and 5.15 billion for the years 2022 to 2024, with a net loss of about 1.77 billion in the first quarter of this year [8]. Debt and Financial Health - The asset-liability ratio of Tainuo Maibo has significantly increased, with ratios of 16.54%, 28.19%, 58.96%, and 56.5% for the years 2022 to 2025 Q1. This ratio is higher than the average of comparable companies [10][11]. - The increase in the asset-liability ratio is attributed to increased spending on drug research and commercialization team building, alongside a decrease in cash reserves [12]. IPO and Fundraising - Tainuo Maibo aims to raise 1.5 billion for new drug research projects, expansion of antibody production bases, and to supplement working capital, with allocations of 830 million, 330 million, and 340 million, respectively [9].

Group 1: Company Overview - Zhuhai Tainomai Bo Pharmaceutical Co., Ltd. (Tainomai Bo) has submitted its IPO application, marking a significant step for the fifth listing standard on the Sci-Tech Innovation Board [1] - The company was established in 2015 and its core product, Staitouta Monoclonal Antibody Injection (New Taituo), is the world's first recombinant anti-tetanus toxin monoclonal antibody drug [2] - Staitouta is recognized as a breakthrough therapy and has been included in the priority review process by the Chinese drug regulatory authority [2] Group 2: Product Details - Staitouta is expected to reduce reliance on human blood products for passive immunity against tetanus, with approval for sale in China anticipated by February 2025 [3] - The drug addresses a significant public health threat, as tetanus has a mortality rate close to 100% without medical intervention and remains high even with modern medical care [3] - Traditional passive immunization methods require complex procedures, while Staitouta offers a simplified administration process [4] Group 3: Financial Performance - Despite the product's potential, Tainomai Bo's revenue remains limited, with reported revenues of 4.34 million RMB in 2022, 0 in 2023, and 1.51 million RMB in 2024, with only 16,930 RMB in Q1 2025 [5] - The company has incurred significant losses, with net profits of approximately -4.29 billion RMB in 2022 and -1.77 billion RMB in Q1 2025, leading to a cumulative loss of 1.02 billion RMB by March 2025 [5] Group 4: Market Position and Competition - Tainomai Bo's pricing strategy for Staitouta is a concern, as it lacks a competitive edge compared to tetanus human immunoglobulin, which is covered by medical insurance and has significantly lower prices [6][8] - The company is developing multiple antibody candidates to mitigate reliance on a single product, including TNM001, which is in Phase III clinical trials [9] Group 5: Industry Trends - The introduction of the fifth listing standard on the Sci-Tech Innovation Board is expected to attract more companies, including those outside the biopharmaceutical sector [10] - The market for RSV treatments is projected to reach $12.8 billion globally by 2030, indicating a competitive landscape for Tainomai Bo's products [9] - Other non-pharmaceutical companies are also preparing to apply for the fifth listing standard, indicating a growing interest in diverse sectors [11][12]

Group 1 - The core point of the article is the acceptance of Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd.'s IPO application under the Sci-Tech Innovation Board, marking a significant milestone for companies meeting the fifth listing standard [1][2]. - Tainuo Maibo's IPO is based on the fifth listing standard, which requires a minimum market value of 4 billion yuan and approval for core products from relevant authorities [2][3]. - The company has reported minimal revenue from technology transfer, with losses exceeding 1.4 billion yuan over three years, but its core product "New Tizhuo" has been approved for commercialization [3][4]. Group 2 - "New Tizhuo" is the world's first recombinant monoclonal antibody drug for emergency prevention of tetanus after exposure to trauma, which could reduce reliance on human blood-derived products [4][5]. - The scarcity of blood products in China, due to regulatory restrictions since 2001, enhances the commercial prospects for "New Tizhuo" [6]. - Tainuo Maibo's IPO fundraising plan allocates 340 million yuan for working capital, significantly higher than similar projects, indicating a positive signal for the innovative medical industry [7].