中期业绩充分证明了觅瑞在癌症早筛领域的商业化能力。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， Mirxes Holding Company Limited（2629.HK ， 后简称 Mirxes觅瑞） 于 8月25日 发布了截至 2025年6月30日的中期业绩。 值得一提的是， 根据 8月22日恒生指数公司公告，Mirxes觅瑞（MIRXES - B）成功被纳入恒生综 合指数。相关变动将9月5日收市后正式实施，并于9月8日起生效。届时，沪深交易所将相应调整港 股通可投资标的范围。 这一举措不仅是对 Mirxes觅瑞市场地位与发展潜力的高度认可，也将进一 步提升公司的市场影响力与资本关注度，为其后续发展注入新的活力。 半年报显示， Mirxes觅瑞在上半年实现收入1,050万美元，相较于2024年同期增长9.4%。这一成 绩主要归功于早期检测及精准多组学分部的卓越表现，该分部收益实现50%的增长，占公司收益比 例跃升至100%。同时，该分部毛利实现710万美元，较上年同期增长102.9%。 按地区划分收益， 2025年上半年，中国市场贡献 ...

Group 1 - MIRXES-B (02629) has shown strong performance in the Hong Kong biotech sector, reaching a historical high of 44.98 HKD, representing a cumulative increase of over 93% since its IPO price of 23.3 HKD [1][32] - The stock has a market capitalization of 12.22 billion HKD and a trading volume of 1.16 million shares as of August 15 [1] - The stock is expected to be included in the Hong Kong Stock Connect, which has historically led to significant price increases for newly listed companies [3][4] Group 2 - MIRXES-B has a fully circulated structure, which differentiates it from traditional stocks that face lock-up periods and potential selling pressure after listing [6][7] - The company has a strong market position with its GASTROClear™ product, the only approved molecular diagnostic IVD product for gastric cancer screening globally [24][30] - The market for cancer screening in selected regions is projected to grow from 50.4 billion USD in 2023 to 82.8 billion USD by 2033, with a compound annual growth rate of 11.3% [25] Group 3 - The company has established significant technical barriers, including a sensitivity of 87% for miRNA detection, which is superior to traditional tumor markers [24][31] - The penetration rate for gastric cancer screening in high-risk populations in China has increased from 21.6% in 2019 to 27.8% in 2023, with expectations to reach 67.0% by 2033 [28] - Despite current financial performance needing improvement, the rapid development of precision medicine and the company's technical advantages suggest significant long-term potential [32]

Core Viewpoint - Mirxes Holding Company Limited (referred to as "Mirxes") has successfully listed on the Hong Kong Stock Exchange, with its share price rising significantly on the first day of trading, reflecting strong market interest in its innovative cancer screening technology [1][2]. Company Overview - Mirxes, founded in 2014 and headquartered in Singapore, specializes in RNA technology, focusing on non-invasive blood-based microRNA (miRNA) diagnostic kits for early disease detection, particularly cancer [1][5]. - The company has launched its first product, GASTROClear™, which is the world's first and only approved molecular diagnostic IVD product for gastric cancer screening [5]. IPO Details - The IPO involved a global offering of 46.62 million shares, representing 16.87% of the total shares post-IPO, with a pricing of HKD 23.30 per share, raising approximately HKD 1.086 billion [1]. - The public offering was oversubscribed by 25.51 times, while the international offering saw a subscription rate of 0.98 times [2]. Product Pipeline - As of May 2025, Mirxes has one core product (GASTROClear™), two other commercialized products (LUNGClear™ and Fortitude™), and six candidates in preclinical stages [3]. - GASTROClear™ has received CE certification in 2017 and FDA breakthrough device designation in 2023, with clinical trials in China showing promising results [5][10]. Financial Performance - The company reported revenues of USD 17.76 million, USD 24.19 million, and USD 20.28 million for the years 2022, 2023, and 2024, respectively, while incurring net losses of USD 56.20 million, USD 69.57 million, and USD 92.21 million during the same period [7][8]. - Despite increasing revenues, the company has faced continuous losses, indicating challenges in achieving profitability [7]. Market Valuation - As of the closing on May 23, the market capitalization of Mirxes was approximately HKD 82.90 billion, translating to a price-to-sales (P/S) ratio of about 52 times based on projected 2024 revenues [9]. - The valuation is heavily reliant on future revenue expectations, particularly from GASTROClear™ and other products in the pipeline [9][10]. Future Outlook - The company's future valuation will depend on the commercialization speed of GASTROClear™ and the potential of its multi-cancer pipeline [12]. - Approval from China's National Medical Products Administration (NMPA) for GASTROClear™ is anticipated in the first half of 2025, which could significantly impact the company's market position [10][12].

Core Insights - The Hong Kong stock market welcomed two pharmaceutical companies, Heng Rui Pharmaceutical and MIRXES-B, on May 23, with both stocks experiencing significant price increases on their debut [2] - MIRXES, despite being less well-known, saw its stock price rise over 30% by the time of reporting, achieving a market capitalization exceeding HKD 8 billion [2] - MIRXES successfully raised HKD 880.5 million through the issuance of 46.62 million shares at HKD 23.30 each, with a subscription rate of 25.51 times for the public offering [2][3] Company Overview - MIRXES, founded in 2014 and headquartered in Singapore, specializes in microRNA (miRNA) technology, focusing on disease screening and diagnostic solutions in key Asian markets, including Singapore and China [3] - The company has one core product, GASTROClear™, and two other commercialized products, LUNGClear™ and Fortitude™, along with six candidates in preclinical stages [3][4] Product Details - GASTROClear™ is a blood-based miRNA diagnostic test for gastric cancer screening, consisting of 12 miRNA biomarkers. It was the first and only molecular diagnostic IVD product approved for gastric cancer screening globally [4] - The product received a breakthrough medical device designation from the FDA in May 2023, marking a significant achievement for MIRXES in the miRNA diagnostic field [4] Financial Performance - MIRXES reported revenues of USD 17.76 million, USD 24.19 million, and USD 20.28 million for the years 2022, 2023, and 2024, respectively, with gross profits of USD 9.33 million, USD 13.58 million, and USD 8.89 million [4] - The company is projected to incur losses of USD 56.20 million, USD 69.57 million, and USD 92.21 million over the same period [4] Fund Utilization - The funds raised from the global offering will be allocated to the research and development of GASTROClear™, regulatory filings, production, commercialization, and enhancing the company's end-to-end capabilities, as well as general operational expenses [5]

Core Viewpoint - Mirxes Holding Company Limited, known as "Mirxes," is the first and only company globally to receive regulatory approval for molecular gastric cancer screening IVD products, marking a significant milestone in the field of early cancer detection [2][3]. Company Overview - Mirxes was officially listed on the Hong Kong Stock Exchange on May 23, 2025, under the stock code "2629," raising approximately HKD 1.086 billion through the issuance of 46,620,000 shares at an issue price of HKD 23.30 per share [2]. - The IPO saw a subscription rate of 25.51 times for the public offering portion, with cornerstone investors including Jiujiang State-owned Assets and Fosun International, collectively subscribing for USD 57.92 million (approximately HKD 449 million) [2]. Product Portfolio - The core product, GASTROClear™, is the world's first and only approved molecular diagnostic IVD product for gastric cancer screening, consisting of a blood-based miRNA detection kit with 12 miRNA biomarkers [5]. - GASTROClear™ received its C-class IVD certificate from HSA in May 2019 and was commercialized in Singapore, having also obtained CE-IVD certification in November 2017 [5]. - The product has been recognized as a breakthrough medical device by the FDA in May 2023, establishing Mirxes as a leader in the miRNA diagnostic field [5]. Market Expansion Goals - Over 50% of the net proceeds from the IPO will be allocated to the research, regulatory filing, production, and commercialization of GASTROClear™, with a strategic focus on entering the Japanese and U.S. markets [6]. - The strategy includes providing LDT services to private health check centers and public hospitals to build brand recognition and demand before gradually selling IVD test kits [6]. Research and Development Capabilities - Mirxes has established a global end-to-end capability across research, clinical trials, production, and commercialization, with operational facilities in Southeast Asia, China, Japan, and the U.S. [9]. - The company operates two R&D laboratories, a clinical diagnostic laboratory, and two production facilities, ensuring efficient product delivery to customers worldwide [9]. - The R&D team consists of 94 members, with over 54% holding a master's degree or higher, demonstrating strong academic and research credentials in the miRNA detection field [10]. Investment and Support - Mirxes has received investments from notable institutions, including Gao Rong Capital, which has supported the company for seven years, witnessing its transition from laboratory to industrialization and globalization [11][12]. - The company aims to leverage its technological advancements in miRNA for further product development in cancer screening and diagnostics [13].

Core Viewpoint - Mirxes has successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization of over 8.5 billion HKD, and generates annual revenue of approximately 146 million CNY through its innovative cancer detection technology using a single blood sample [3][11]. Company Overview - Mirxes specializes in miRNA technology and currently has three commercialized products and six candidates in preclinical stages [10]. - The core product, GASTROClear™, allows for early detection of gastric cancer using just 1 milliliter of blood, with an accuracy rate exceeding 87% [7][10]. Financial Performance - The company's revenue fluctuated from 17.76 million USD in 2022 to 24.19 million USD in 2023, before dropping to approximately 20.28 million USD in 2024 [11]. - Mirxes reported a loss that expanded from 56.2 million USD in 2022 to 92.2 million USD in 2024 [11]. Research and Development - Over the past three years, Mirxes has invested more than 60 million USD in R&D, holding 22 granted patents and 68 pending patent applications [12]. - The company has a cash reserve of over 5 million USD as of the end of 2024, bolstered by approximately 888 million HKD raised from its IPO [12]. Investment and Shareholding - The company has attracted significant investment, including a D round financing of 50 million USD, with notable investors such as Sun Tongyu, who holds a 22.03% stake, making him the largest shareholder [17][14]. - Other key shareholders include the founders and various venture capital firms, reflecting strong institutional support [17][14]. Market Position and Future Prospects - Mirxes aims to launch GASTROClear™ in China by the first half of 2025, expanding its market reach [10]. - The company has established a reputation in the miRNA field and is positioned for growth in the Asia-Pacific region [8][10].

Core Viewpoint - Mirxes Holding Company Limited has successfully passed the Hong Kong Stock Exchange hearing and is set to launch its global offering, aiming for a listing on May 23, 2025 [1][2] Group 1: IPO Details - Mirxes plans to issue 46.62 million shares, with 90% allocated for international offering and 10% for Hong Kong public offering, raising approximately HKD 1.086 billion [1] - The offering price is set at HKD 23.30 per share, with a minimum subscription of 100 shares [1] - Two investors have committed to purchasing shares worth approximately USD 57.92 million (around HKD 449 million), including Beijing Xunrui and Evergreen Gate [1] Group 2: Company Overview - Founded in 2014 and headquartered in Singapore, Mirxes specializes in microRNA (miRNA) technology for disease screening and diagnostic solutions [2] - The company has one core product, GASTROClear™, and two other commercialized products, LUNGClear™ and Fortitude™, along with six candidates in preclinical stages [2] - GASTROClear™ is the first and only approved blood-based miRNA diagnostic product for gastric cancer screening, having received regulatory approval in Singapore and breakthrough device designation from the FDA [2] Group 3: Financial Performance - Despite having commercialized products, Mirxes is currently operating at a loss, with revenues of USD 17.76 million, USD 24.18 million, and USD 20.28 million from 2022 to 2024, respectively [3] - The company reported losses of USD 56.20 million, USD 69.57 million, and USD 92.21 million during the same period [3] - Operating expenses, including sales, distribution, and administrative costs, are on the rise, with total expenses projected to increase significantly [3] Group 4: Use of Proceeds - The net proceeds from the IPO, estimated at HKD 881 million, will be allocated as follows: 51% for the development and commercialization of GASTROClear™, 24% for ongoing and planned R&D, 15% for enhancing operational capabilities, and 10% for working capital and general corporate purposes [4]