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].

Core Viewpoint - Zhuhai Tenomab Pharmaceutical Co., Ltd. (Tenomab) has applied for a change in its listing review status on the Shanghai Stock Exchange's Sci-Tech Innovation Board to "inquired," with plans to raise 1.5 billion RMB [1] Company Overview - Tenomab is an innovative biopharmaceutical company focused on blood product alternatives, equipped with proprietary technology platforms for monoclonal antibody development and production [1] - The company has developed several core technology platforms, including HitmAb® for high-throughput human monoclonal antibody research and a CHO-GS cell platform for efficient antibody expression [1] Key Products - The core product, TNM002 (Stadotamab Injection), is a first-in-class recombinant human monoclonal antibody for tetanus prevention, expected to be approved in China by February 2025 and recognized as a breakthrough therapy by the CDE [2] - Another key product, TNM001, is a potential third global and first domestic long-acting monoclonal antibody for RSV prevention in infants, currently undergoing Phase III clinical trials [2] Fundraising and Investment Plans - The total investment for the new drug development project is approximately 836.5 million RMB, with 830 million RMB planned to be raised from this issuance [3] - The antibody production base expansion project has a total investment of about 381.37 million RMB, with 330 million RMB from the raised funds [3] - The company plans to allocate all raised funds to its main business projects and operational needs [2][3] Financial Performance - In 2022, the company reported revenues of approximately 4.34 million RMB, with projected revenues of 15.06 million RMB in 2024 and 1.69 million RMB in Q1 2025 [3] - The net profit for 2022 was approximately -429 million RMB, with projected losses of -446 million RMB in 2023 and -515 million RMB in 2024 [3] - As of March 31, 2025, total assets are reported at approximately 1.13 billion RMB, with a debt-to-asset ratio of 56.48% [4]

Core Viewpoint - The recent acceptance of Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd.'s IPO application marks the first project under the reactivated fifth listing standard of the Sci-Tech Innovation Board after a two-year hiatus, indicating ongoing support for innovative pharmaceutical companies in the capital market [1][3][4]. Company Overview - Tainuo Maibo, established in 2015, focuses on innovative biopharmaceuticals aimed at blood product alternatives, with its core product, TNM002 (Staidota Monoclonal Antibody Injection), being the first-in-class recombinant anti-tetanus toxin monoclonal antibody drug approved in China [3][4]. - The company has faced continuous losses, with a cumulative loss of approximately 1.39 billion yuan from 2022 to 2024, primarily due to its focus on long-term, high-investment R&D projects [1][9]. Financial Aspects - Tainuo Maibo plans to raise 1.5 billion yuan through its IPO, allocating 830 million yuan for new drug R&D, 330 million yuan for antibody production base expansion, and 340 million yuan for working capital [4]. - The company reported a mere 169,300 yuan in sales revenue for its core product in March, highlighting challenges in market penetration and competition [6][9]. Market Competition - The core product faces competition from established therapies such as tetanus immunoglobulin and tetanus antitoxin, which have been in clinical use for years, resulting in a more mature market with higher clinical awareness [6][7]. - The company acknowledges the risk of slow market penetration due to the need for extensive promotion and acceptance of its innovative therapy among healthcare professionals and patients [6][9]. Regulatory Environment - The reactivation of the fifth listing standard reflects a more rational view of the high-risk, high-investment nature of the biopharmaceutical industry, with the capital market showing continued interest in antibody drugs and innovative therapies [4][5]. - Regulatory scrutiny will focus on the company's core technology barriers, clinical value, and the efficiency of fund utilization, particularly in relation to its ongoing losses and R&D investments [10].

Core Viewpoint - The recent acceptance of Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd.'s IPO application marks the first project under the reactivated fifth listing standard of the Sci-Tech Innovation Board after a two-year hiatus, indicating ongoing support for innovative pharmaceutical companies in the capital market [1][3][4] Company Overview - Tainuo Maibo, established in 2015, focuses on innovative biopharmaceuticals aimed at blood product alternatives, with its core product, Staitouta Monoclonal Antibody Injection (TNM002), recently approved for sale in China [3][4] - The company has developed a pipeline that includes another core product, TNM001, which is undergoing Phase III clinical trials and aims to be the first long-acting monoclonal antibody for RSV prevention in infants [3] Financial Performance - Tainuo Maibo plans to raise 1.5 billion yuan through its IPO, allocating funds for new drug research, antibody production facility expansion, and working capital [4] - The company reported a cumulative loss of approximately 1.39 billion yuan from 2022 to 2024, with a net profit of -177 million yuan in the first quarter of this year [10][11] Market Competition - The sales revenue for Staitouta Monoclonal Antibody Injection was only 169,300 yuan in March, facing competition from established products with lower prices and higher clinical awareness [7][8] - The company acknowledges the need for effective marketing to educate doctors and patients about the new treatment mechanism of its innovative product [7] Regulatory Environment - The acceptance of Tainuo Maibo's IPO application reflects a more rational view of the high-risk, high-investment nature of the biopharmaceutical industry by the capital market [4][5] - Regulatory focus will be on the company's core technology barriers, clinical value, and the efficiency of fund utilization, as well as the ability to demonstrate a clear path to profitability [11]

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]

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]

Core Viewpoint - Zhuhai Tenomab Pharmaceutical Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 1.5 billion yuan for its innovative biopharmaceutical products focused on blood product alternatives [1] Group 1: Company Overview - Founded in 2015, Tenomab is a global market-oriented innovative biopharmaceutical company dedicated to the development, manufacturing, and commercialization of fully human monoclonal antibodies and specific blood product alternatives [1] - The company's core product, TNM002 (Stadotat Monoclonal Antibody Injection), is the world's first recombinant anti-tetanus toxin fully human monoclonal antibody, expected to be approved in China by February 2025 [1][2] - TNM002 has been recognized as a breakthrough therapy by China's CDE and included in the priority review process, also receiving Fast Track designation from the US FDA, highlighting its innovative significance in the field of tetanus prevention [1] Group 2: Product Pipeline - Another core product, TNM001, is a potential first-in-class long-acting monoclonal antibody for the prevention of respiratory syncytial virus (RSV) in healthy and high-risk infants, currently undergoing Phase III clinical trials [2] - The company has developed multiple antibody molecules targeting infectious diseases and pain-related conditions, with TNM002 and TNM005 being first-in-class or having first-in-class potential, while TNM001 and TNM006 are positioned as potential first domestic products [2] Group 3: Financial Overview - The IPO proceeds will be allocated to various projects, including 830 million yuan for new drug research and development, 330 million yuan for expanding antibody production facilities, and 340 million yuan for working capital [3] - Financial performance shows revenues of 4.34 million yuan in 2022, with projected revenues of 1.51 million yuan in 2023 and 16.93 million yuan in 2024, while net losses are expected to increase from approximately 429 million yuan in 2022 to 515 million yuan in 2024 [3][4] - As of March 31, 2025, total assets are projected to be approximately 1.13 billion yuan, with a debt-to-asset ratio of 56.48% [4]

Core Viewpoint - Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. has been accepted for IPO on the Sci-Tech Innovation Board, marking it as the first company to be accepted under the newly restarted fifth listing standard [1][10] Company Overview - Established in 2015, Tainuo Maibo focuses on the research, production, and sales of fully human monoclonal antibody drugs [2][3] - The company utilizes its proprietary high-throughput fully human monoclonal antibody research platform, HitmAb®, to develop safer and more effective antibody drugs [2] Key Products - The core product, Staitouta Monoclonal Antibody Injection, is the first-in-class recombinant monoclonal antibody drug for tetanus toxin, approved for sale in China in February 2025 [2][4] - Another key product, TNM001, is a long-acting monoclonal antibody for RSV prevention, currently undergoing Phase III clinical trials [2][4] Financial Performance - Tainuo Maibo has not yet achieved profitability, thus opting for the fifth listing standard, which requires a projected market value of no less than RMB 4 billion [3] - The company reported a revenue of RMB 16.93 million from drug sales in Q1 2025, following the launch of its core product [4][5] Research and Development - R&D expenditures from 2022 to Q1 2025 were RMB 323 million, RMB 393 million, RMB 425 million, and RMB 134 million, with a compound annual growth rate of 14.80% [6][7] - The company plans to accelerate the commercialization of its products and expand its pipeline, including advancing clinical trials for TNM009, TNM005, TNM006, and TNM035 [8] Shareholding Structure - Tainuo Maibo has no controlling shareholder, with actual control held by Huaxin Liao and Zheng Weihong, who collectively control 33.10% of the company [9][10] - The company has attracted investments from various institutional and foreign shareholders, including Zhuhai Hillhouse and several state-owned enterprises [10]