炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 从2021年首次递表至今已逾四年，在此期间，资本市场环境、行业监管政策、投资者偏好均已发生显著 变化。公司错失了可能的融资窗口，而研发支出却在持续累积，进一步加剧了资金压力。 近日，上海爱科百发生物医药技术股份有限公司（下称"爱科百发"）再次向港交所递交招股书，这已是 该公司自2021年以来第四次冲击资本市场、第二次叩响港交所大门。在此期间，公司曾先后尝试港股与 科创板上市，却均以主动撤回告终。上市屡屡受挫的背后，是公司高度依赖授权引进的研发模式、商业 化潜力存疑以及持续承压的现金流状况。 五年四度冲击资本市场 资金储备已捉襟见肘 爱科百发的资本化道路并不顺利，2021年6月，公司首次向港交所递交上市申请，并在同年10月获得证 监会关于核准发行境外上市外资股的批复。然而，就在市场期待其挂牌交易之际，公司却主动终止了上 市进程。 随后，公司迅速转向内地资本市场。2023年4月，爱科百发申请科创板上市获得受理，但在历经多轮问 询后，公司及保荐人于2024年1月撤回了发行上市申请。如今，公司再度调转方向，重新回归港股市 场。 财务数据显示，爱 ...

Core Viewpoint - The biotechnology sector in the Hong Kong stock market has seen a surge in new listings, with several companies experiencing significant first-day gains, indicating a favorable environment for IPOs in this industry [2][12] Company Overview - Aikobio, established in 2013, focuses on discovering and developing therapies for respiratory and pediatric diseases, with six candidate drugs targeting various stages of these conditions [2][10] - The company has made multiple attempts to go public, with its latest effort being the third attempt to list on the Hong Kong Stock Exchange [2][6] Product Pipeline - Aikobio has developed six candidate drugs, including: - Qiruisuo (AK0529), a novel RSV treatment that has shown positive results in pivotal Phase III trials [7][8] - AK0610, a monoclonal antibody for RSV prevention currently in Phase II [3] - AK3280, targeting idiopathic pulmonary fibrosis, in the post-proof of concept clinical stage [3][9] - AK0901, an ADHD treatment in the NDA stage [3] - Additional candidates include AK0705 for COPD and AK0406 for influenza [4] Financial Backing - Aikobio has secured multiple rounds of financing from notable investors, achieving a post-money valuation of 4.69 billion yuan after its D round in June 2022 [6] Financial Performance - In 2023, Aikobio reported revenue of 6.701 million yuan, but projected zero revenue for 2024 and the first half of 2025 due to a paused collaboration on an HBV candidate drug [10][11] - The company has incurred losses of 270 million yuan in 2023, 197 million yuan in 2024, and 104 million yuan in the first half of 2025, highlighting its reliance on external financing [11] IPO Plans and Fund Utilization - If successful in its IPO, Aikobio plans to allocate funds towards: - R&D for core products Qiruisuo and AK3280 - Clinical research for other candidates including AK0610, AK0901, AK0705, and AK0406 - Milestone payments and potential licensing opportunities - Commercialization efforts in the Chinese market - General operational expenses [11]