Core Viewpoint - The company Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. has become the first company to be accepted under the new fifth listing standard of the Sci-Tech Innovation Board, which allows unprofitable companies to go public. However, the company faces significant financial challenges, including a low sales rate of its core product and high operational costs, raising concerns about its future viability in the capital market [2][3][5]. Financial Performance - As of March 31, 2025, the total assets of the company amounted to 1.133 billion yuan, with a total equity attributable to shareholders of 493 million yuan. The asset-liability ratio has increased to 56.48% from 16.54% in 2022 [4]. - The company reported a net profit of -176.72 million yuan for the first quarter of 2025, continuing a trend of losses with cumulative losses exceeding 1.024 billion yuan [11][12]. - The operating revenue for 2025's first quarter was only 169,300 yuan, with a production-sales rate of just 0.32% for its main product, indicating severe market penetration issues [4][5]. Product and Market Challenges - The company's flagship product, Staidotamab injection, was priced at 798 yuan per dose, significantly higher than traditional tetanus prevention treatments, which are priced between 20-30 yuan. This high pricing, combined with the absence of insurance coverage, limits its competitiveness in the market [5][10]. - The company faces competition from other established firms that have already secured insurance coverage for similar products, further complicating its market entry [5][10]. Sales and Operational Structure - The company has a disproportionately high sales team, with 350 sales personnel making up 45.63% of its total workforce, compared to only 145 R&D staff [8][9]. This structure has led to excessive sales expenses, which reached 35.11 million yuan in 2024, raising concerns about the efficiency of its spending [10]. - The average monthly salary for sales personnel was reported at 1.92 million yuan, far exceeding the company's average monthly revenue of 1.25 million yuan during the same period [8][10]. Debt and Financial Obligations - The company has seen a continuous rise in current liabilities, reaching 254 million yuan by the first quarter of 2025, which includes significant short-term loans and accounts payable [12][14]. - A buyback agreement signed in June 2024 poses a substantial risk, as the controlling shareholder may face obligations to repurchase shares worth tens of billions if the IPO is unsuccessful, while the company's net assets stand at only 493 million yuan [13][14].

证券研究报告 | 公司点评 gszqdatemark 2025 06 22 年 月 日 资料来源：Wind，国盛证券研究所 注：股价为 2025 年 06 月 20 日收盘价 | 买入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 生物制品 | | 前次评级 | 买入 | | 06 月 20 日收盘价（元） | 27.70 | | 总市值（百万元） | 10,157.04 | | 总股本（百万股） | 366.68 | | 其中自由流通股（%） | 31.82 | | 30 日日均成交量（百万股） | 5.17 | 智翔金泰-U（688443.SH） 重磅产品成功出海，迈入全球化开发新阶段 海外 BD 落地，海外市场启航。公司近期与 Cullinan Therapeutics 签署授 权许可和商业化协议，就 GR1803 达成独家许可与合作协议。Cullinan Therapeutics 获得 GR1803 的除大中华区域（包括中国香港、中国澳门、 中国台湾）以外的开发，生产，商业化权益。 交易总里程碑至高 7.12 亿美金，其中包括 2000 万美金首付款，累计不超 过 2 ...