今年的呼吸道合胞病毒（RSV）流行季似乎格外长，从仲夏一直持续到了隆冬。 与以往只能通过物理隔离来保护幼小的孩子不同，今年家长们多了一个选择，即注射3000多元一针的网红疫苗，来降低RSV感染引发重症的可能性。但他 们也多了一份焦虑。网红疫苗尽管昂贵，却不易接种。目前，国内只有少数社区医院和私立儿童医院有针，并且通常需要预约等针，排队时间往往会超过 一个月。 这款网红疫苗，实际上是赛诺菲开发的尼塞韦单抗。尼塞韦单抗本质是直接的抗体药物，而不是需要激活自身免疫系统来抵御病毒的传统疫苗，它一旦进 入人体，即时发挥作用，副作用也很小。2023年底，尼塞韦单抗在国内获批。在上一个RSV流行季中，尼塞韦单抗主要在上海的几家儿童医院试点应用， 到今年RSV感染流行期间，尼塞韦单抗开始在北京、天津、湖北等地扩大基层接种点覆盖，引发了接种热潮。 在此之前，尼塞韦单抗早已在欧美国家狂揽数十亿美元收入。原研商赛诺菲甚至表示，尼塞韦单抗上市后，造成了前所未有的供不应求的局面。 01 一针难求的重磅炸弹 即便如此，帕利珠单抗上市后仍快速打开市场，为MedImmune创造了十分可观的商业价值。2007年，阿斯利康以150亿美元高价收购 ...

Core Viewpoint - The acceptance of Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd.'s IPO application under the fifth set of standards for the Sci-Tech Innovation Board marks a significant milestone after a two-year hiatus for similar projects [1][9]. Financial Performance - Tainuo Maibo's revenue from 2022 to 2024 was 4.34 million yuan, 0 yuan, and 15.06 million yuan, respectively, while net losses during the same period were 429 million yuan, 446 million yuan, and 515 million yuan, totaling over 1.4 billion yuan [2]. - The company plans to raise 1.5 billion yuan through the IPO to fund new drug development, expand antibody production facilities, and supplement working capital [6]. Product Pipeline - Tainuo Maibo's core products include the recombinant anti-tetanus toxin monoclonal antibody, "Xintuituo" (new tetanus antibody), which has been approved for market, and TNM001, which is currently in Phase III clinical trials [3][15]. - "Xintuituo" is the first recombinant anti-tetanus toxin monoclonal antibody globally, aimed at reducing reliance on human blood-derived products for passive immunity [11][12]. Market Challenges - The competitive landscape for "Xintuituo" is challenging, with similar products priced below 200 yuan, leading to a price drop of over 50% compared to pre-collection prices [5][13]. - The terminal market price for "Xintuituo" is set at 798 yuan per injection, while competing products have significantly lower prices due to recent price reductions in the market [13]. Competitive Landscape - TNM001 targets respiratory syncytial virus (RSV) and is facing competition from established products like Synagis and Clesrovimab, which are already available in the market [15][17]. - The global market for RSV treatments is projected to reach $12.8 billion by 2030, indicating significant commercial potential for TNM001 [15]. Strategic Implications - The progress of Tainuo Maibo's core products exceeds the requirements for the fifth set of IPO standards, suggesting a more certain commercial outlook [18]. - The acceptance of Tainuo Maibo's IPO application may serve as a reference for other companies considering similar paths in the future [18].