Core Viewpoint - The article highlights the resurgence of the biopharmaceutical sector, particularly focusing on the successful IPO of Nanjing Weilizhibo Biotechnology Co., Ltd. on the Hong Kong Stock Exchange, marking a significant milestone for the company and the industry as a whole [3][15]. Company Overview - Nanjing Weilizhibo, founded 13 years ago by two key figures, Kang Xiaoqiang and Lai Shoupeng, has a strong background in biopharmaceutical research and development, having previously worked at major companies like Eli Lilly [3][4][6]. - The company specializes in clinical-stage biopharmaceuticals, focusing on treatments for cancer, autoimmune diseases, and other major illnesses, with a pipeline of 12 products, 6 of which are in clinical stages [6][8]. Financial Performance - In 2023, Weilizhibo reported revenue of 8.865 million RMB, with significant net losses of 362.249 million RMB, 301.216 million RMB, and 75.367 million RMB for the years 2023, 2024, and the first three months of 2025, respectively [7][8]. - The company's R&D expenditures were substantial, amounting to 230.858 million RMB in 2023, contributing to its financial losses [8]. Investment and Funding - Weilizhibo has undergone multiple funding rounds, raising significant capital from various venture capital and private equity firms, with a total of 8 financing rounds leading up to its IPO [11][12]. - The company has established partnerships for drug development, including a notable collaboration with BeiGene, which involved a licensing deal worth up to 772 million USD, although this partnership has since ended [8][11]. Industry Trends - The biopharmaceutical sector is experiencing a revival, particularly with the reopening of the IPO market for medical companies on the STAR Market, which has seen successful listings of companies like Heyuan Bio and Beixin Life [16][17]. - The Hong Kong Stock Exchange has also seen a surge in biopharmaceutical IPOs, with several companies successfully listing in the first half of the year, indicating a robust market environment for medical enterprises [17].

Company Overview - Wuhan Heyuan Biotechnology Co., Ltd. (Heyuan Bio) is an innovative biopharmaceutical company that has developed a leading plant-based bioreactor technology platform for protein expression [1] - The company has established a proprietary rice endosperm cell bioreactor expression system, which includes upstream and downstream technologies for efficient recombinant protein expression and purification [1] Market Opportunity - The domestic market for recombinant human serum albumin (rHSA) is significant, with a market size of 25.8 billion RMB in 2020 [2] - The supply of human serum albumin drugs in China is constrained, with over 60% of the market relying on imports, indicating a strong clinical and strategic demand [2] Product Development - The core product, HY1001, has completed Phase III clinical trials, demonstrating good safety and efficacy [2] - The New Drug Application (NDA) for HY1001 is expected to be accepted by September 2024, targeting the treatment of "hypoalbuminemia due to liver cirrhosis" [2] Production Capacity - The company has established a commercial-scale production line capable of producing 10 tons of OsrHSA per year and has obtained a drug manufacturing license [2] - A new production line with a capacity of 120 tons of OsrHSA is under construction, covering an area of approximately 70,000 square meters [2] Financial Performance - Heyuan Bio reported revenues of approximately 13.4 million RMB, 24.3 million RMB, and 25.2 million RMB for the years 2022, 2023, and 2024, respectively [3] - The company incurred net losses of approximately 144 million RMB, 187 million RMB, and 151 million RMB for the same periods [3] Key Financial Metrics - Total assets as of December 31, 2024, are projected to be approximately 1.061 billion RMB, with total liabilities leading to an asset-liability ratio of 43.37% [5] - The net profit attributable to the parent company is expected to be -151.4 million RMB for 2024, with a basic and diluted earnings per share of -0.56 RMB [5]

Core Viewpoint - Wuhan Heyuan Biotechnology Co., Ltd. plans to raise 3.502 billion yuan through its IPO on the Sci-Tech Innovation Board, with significant investments allocated for the industrialization of plant-derived recombinant human serum albumin, new drug development, and working capital [1][2][3] Fundraising Plan - The company aims to raise 3.502 billion yuan, with 1.909 billion yuan designated for the construction of a plant-derived recombinant human serum albumin industrialization base, 794 million yuan for new drug research and development, and 800 million yuan for working capital [1][2] - The fundraising projects are aligned with the company's current R&D pipeline and future commercialization needs, enhancing its core competitiveness and sustainable development [1][3] Product Development - Heyuan Biotechnology's core product, HY1001, has completed Phase III clinical trials in China, achieving primary and secondary endpoints with good safety profiles [1][4] - The company has submitted a New Drug Application (NDA) for HY1001 for the treatment of hypoalbuminemia, which was accepted in September 2024, and is currently progressing smoothly through the review process [2][5] Clinical Trials and Pipeline - The company has multiple products in various stages of clinical trials, including HY1002, HY1003, HY1004, and HY1005, with ongoing studies demonstrating good safety and efficacy [2][3] - The plant-derived recombinant human serum albumin has shown non-inferiority to plasma-derived products in clinical data, although the human use history is relatively short [6] Market Position and Challenges - The establishment of the industrialization base is expected to meet market demand and enhance the company's profitability and market influence [2][3] - Despite the promising clinical data, there are concerns regarding market acceptance among doctors and patients, which could impact commercialization [6]

文/梧桐晓编 自智翔金泰（688443）2023年6月20日上市以后，A股未再有亏损企业实现IPO上市。2024年下半年以来，各界要求恢复优质未盈利企业IPO上市的呼声持续增 长。监管系统领导也在不同场合表态支持优质未盈利科技企业发行上市。2025年3月11日，中国证监会党委召开扩大会议，深入学习习近平总书记在全国两会期 间的重要讲话精神和全国两会精神，研究部署资本市场贯彻落实具体举措。会议指出： 证监会要在支持科技创新和新质生产力发展上持续加力。增强制度包容 性、适应性，支持优质未盈利科技企业发行上市，稳妥恢复科创板第五套标准适用，尽快推出具有示范意义的典型案例，更好促进科技创新和产业创新融合发 展。 综观目前200家IPO在审企业，只有9家是报告期最近一年未盈利的，其中申报科创板的8家，申报北交所的1家。 9家在审未盈利IPO企业基本信息 单位：万元 | 公司简称 | 拟上市板 块 | 最近一年 营收 | 最近一年 净利润 | 上市标准 | 审核状态 | 保存机构 | 受理日期 | | --- | --- | --- | --- | --- | --- | --- | --- | | 西安奕材 | 科创板 ...