Core Viewpoint - Tianchen Biopharmaceuticals (Suzhou) Co., Ltd. has submitted its listing application, focusing on the development of biopharmaceuticals for allergic and autoimmune diseases, with significant financial losses reported since its establishment in 2020 [1][2]. Financial Performance - Tianchen Biopharmaceuticals has not generated any revenue since its inception, reporting losses of RMB 95.778 million, RMB 137.321 million, and RMB 94.208 million for the years 2023, 2024, and the first half of 2025, respectively, totaling approximately RMB 327 million over two and a half years [1][2]. - The company anticipates continued losses due to increased R&D investments and enhanced sales and marketing activities [2]. Cash Flow and Financing - The net cash flow from operating activities has shown a negative trend, with outflows of RMB 60.865 million, RMB 104.122 million, and RMB 47.673 million for the years 2023, 2024, and the first half of 2025, respectively [3][4]. - As of June 30, 2025, the company had cash and cash equivalents amounting to RMB 136.118 million, with financial assets valued at RMB 155 million [3]. Supply Chain Concentration - The company has a moderately concentrated supply chain, with purchases from the top five suppliers accounting for 48.58%, 51.65%, and 57.93% of total procurement for the years 2023, 2024, and the first half of 2025, respectively [4][5]. - Although this concentration is not deemed significantly high, the company is actively implementing strategies to mitigate potential risks, including diversifying supply bases and closely monitoring supplier performance [5].