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！ 近日，陕西麦科奥特医药科技股份有限公司（以下简称"麦科奥特"）向港交所主板提交上市申请，建银 国际和招商证券国际为其联席保荐人。招股书显示，麦科奥特成立于2007年，致力于开发新一代双特异 性/多特异性多肽药物，专注于代谢性疾病，尤其是肾脏相关疾病，以及心脑血管疾病。 创始人履历出众为公司的亮点之一。麦科奥特创始人、董事长兼CEO王冰拥有西安交通大学药理学博士 学位，曾在西安医科大学及西安交通大学从事教学与研究近二十年，还曾担任国家"重大新药创制专 项"评审专家。然而，在创始人光鲜履历及资本热捧的背后，公司实际上仍存在诸多隐忧，包括单一产 品依赖明显，核心产品赛道竞争日益加剧，资本信心或不足D轮融资估值下降等。 尚无商业化产品资金已捉襟见肘 在研管线获批临床融资估值不增反降 按处于临床阶段的双/多功能多肽类候选产品数量计，麦科奥特在国内制药公司中排名第一。目前，公 司已储备超过30个新药品种，其中进入临床研发的有7个原研创新药管线，包括1个临床三期阶段，3个 临床二期阶段，3个临床一期阶段。 | 候值乘物 | 靶點/機制 | 植唐夜 | ...

每经记者｜孔泽思 每经编辑｜段炼 陈俊杰 港交所生物科技公司阵营有望再添新军。近日，由西安交通大学教授夫妻王冰、王梅实际控制的陕西麦科奥特医药科技股份有限公司（以下简称"麦科奥 特"）正式递交招股书。 今年9月，麦科奥特完成新一轮2.36亿元融资后，估值已达26.36亿元。不过，公司目前未有产品上市、近两年半累计亏损约4亿元，还是体现出创新药行业 高投入、长周期、依赖融资的特征，其上市进程也引发市场关注。 55岁大学教授携妻创业 两年半亏了4亿元 麦科奥特是典型的学者创业企业。现年55岁的董事长兼CEO王冰拥有西安交通大学药理学博士学位，曾在西安医科大学及西安交通大学从事教学与研究近 二十年，还曾担任国家"重大新药创制专项"评审专家。2020年，他从学者转型为企业掌舵人，全面负责公司战略规划。 图片来源：西安广播电视台 王冰的妻子王梅现任西安交通大学第二附属医院皮肤科主任医师，同样具有深厚的学术积淀，曾获陕西省科技进步奖二等奖等荣誉。 招股书显示，夫妇二人通过直接和间接方式共同控制公司约53%的股权，其中王冰直接持股40.56%，王梅直接及间接持股约12.08%，形成稳定的控股结 构。 2023年至2025年 ...

Core Viewpoint - The Hong Kong Stock Exchange is expected to welcome a new biotech company, Shaanxi Maike Aote Pharmaceutical Technology Co., Ltd. (Maike Aote), which has submitted its prospectus for an IPO, highlighting the characteristics of high investment and long cycles typical of the innovative drug industry [1][5] Company Overview - Maike Aote is a typical scholar-entrepreneur enterprise, controlled by Professor Wang Bing and Dr. Wang Mei from Xi'an Jiaotong University, with a stable holding structure where they collectively control approximately 53% of the shares [1][2] - The company completed a financing round of 236 million yuan in September 2025, achieving a post-money valuation of 2.636 billion yuan, indicating market recognition [2] Financial Performance - The financial data reflects the typical characteristics of innovative drug companies: high investment, long cycles, and slow returns, with cumulative losses of approximately 400 million yuan over two and a half years [3] - Research and development expenditures exceeded 200 million yuan during the same period, while cash reserves stood at only 107 million yuan against net current liabilities of 907 million yuan, making IPO financing crucial for sustaining R&D [3] Product Development - Maike Aote focuses on the innovation and development of next-generation bispecific/multispecific peptide drugs, with a pipeline covering metabolic diseases and cardiovascular diseases, ranking first among domestic pharmaceutical companies in terms of clinical-stage candidates [3][4] - Key products include MT1013, a first-in-class dual-target receptor agonist peptide drug expected to be commercialized by early 2028, and XTL6001, the first GLP-1R/GCGR/MasR triple-target agonist approved for clinical trials in both China and the U.S. [4] Market Challenges - Despite the broad market potential, with the Chinese SHPT drug market projected to reach 14.1 billion yuan by 2035, Maike Aote faces significant commercialization challenges as none of its products have been approved for market release [4] - The company acknowledges the risk of competitors potentially launching more effective, safer, or cheaper drugs faster, and plans to adopt a light asset operation model to mitigate commercialization risks [4][5]

Core Viewpoint - The company, Maikaote Pharmaceutical Technology Co., Ltd., is seeking to go public on the Hong Kong Stock Exchange despite being unprofitable, with a current valuation of 2.636 billion RMB and a focus on developing peptide drugs for specific medical conditions [1][3][11]. Company Overview - Maikaote is co-controlled by professors Wang Bing and Wang Mei from Xi'an Jiaotong University, holding 53% of the company [3][4]. - The company has raised 236 million RMB in its latest funding round, pushing its post-investment valuation to 2.636 billion RMB [3][5]. - The core product, MT1013, is in Phase III clinical trials targeting secondary hyperparathyroidism (SHPT) [3][11]. Financial Performance - The company has accumulated losses exceeding 300 million RMB over the past two and a half years, with no product sales revenue to date [3][5]. - Financial data shows minimal other income, primarily from government subsidies and bank interest, with significant losses reported: 195.4 million RMB in 2023, 156.8 million RMB in 2024, and 49.9 million RMB in the first half of 2025 [7][8]. - R&D expenditures are substantial, amounting to 870 million RMB in 2023, 1.07 billion RMB in 2024, and 400 million RMB in the first half of 2025 [8][10]. Market Potential and Competition - The SHPT drug market in China is projected to reach 14.1 billion RMB by 2035, with a compound annual growth rate (CAGR) of 20.5%, while the obesity drug market could explode to 102.6 billion RMB with a CAGR of 36.1% [11]. - However, the competitive landscape is intense, with existing players in the SHPT field and a monopolistic situation in the obesity drug market, raising concerns about market share [11][12]. Commercialization Strategy - The company plans to adopt a dual-track commercialization model involving domestic third-party contract sales organizations (CSO) and international licensing to minimize initial investment [12]. - The success of this model heavily relies on the capabilities and commitment of partners, making market education and promotion critical for success [12][13]. Future Outlook - The ability to launch MT1013 by 2028 and capture market share amidst fierce competition will be crucial for the company's transition from a "story" to a "value" proposition [11][13]. - The ongoing evolution of the Hong Kong Stock Exchange's listing rules is facilitating the entry of unprofitable biotech firms, with Maikaote's journey reflecting broader trends in the industry [13].

Core Viewpoint - The article discusses the upcoming IPO of Shaanxi Maike Aote Pharmaceutical Technology Co., Ltd. on the Hong Kong Stock Exchange, highlighting its status as an unprofitable biotech company with significant losses and a focus on developing peptide drugs [1][3][10]. Company Overview - Shaanxi Maike Aote is co-controlled by professors Wang Bing and Wang Mei from Xi'an Jiaotong University, holding 53% of the company [3][4]. - The company has recently completed a financing round of 236 million RMB, achieving a post-money valuation of 2.636 billion RMB [3]. - The core product, MT1013, targets secondary hyperparathyroidism (SHPT) and is currently in Phase III clinical trials [3][10]. Financial Performance - The company has incurred cumulative losses exceeding 300 million RMB over the past two and a half years, with no product sales revenue to date [3][6]. - Financial data shows that other income for 2023, 2024, and the first half of 2025 was 6.969 million RMB, 4.002 million RMB, and 1.222 million RMB, respectively, primarily from government grants and bank interest [6][7]. - R&D expenses for the same periods were 87.013 million RMB, 107.022 million RMB, and 40.432 million RMB, indicating a high investment typical of biotech firms [8]. Market Potential and Challenges - The company is targeting a market with significant growth potential, with the SHPT drug market projected to reach 14.1 billion RMB by 2035, growing at a CAGR of 20.5%, and the obesity drug market expected to explode to 102.6 billion RMB with a 36.1% annual growth rate [10]. - However, the competitive landscape is intense, with existing players in the SHPT space and major companies dominating the obesity market, posing risks to market share [10][11]. Commercialization Strategy - Maike Aote plans to adopt a dual-track commercialization model involving domestic third-party contract sales organizations (CSO) and international licensing, which aims to minimize initial investment [11]. - The success of this model heavily relies on the capabilities and commitment of partners, making market education and promotion critical for success [11]. Conclusion - The company's journey reflects a broader trend in China's biotech sector, where academic entrepreneurs leverage capital to pursue IPOs despite being unprofitable [11]. - The ability to transition from R&D to commercialization, particularly with the launch of MT1013 in 2028, will be crucial for the company's valuation and market presence [11].

Core Viewpoint - The company, Maikaote Pharmaceutical Technology Co., Ltd., is seeking to go public on the Hong Kong Stock Exchange despite being unprofitable, with a current valuation of 2.636 billion yuan following a recent financing round of 236 million yuan [1][2]. Financial Performance - The company has accumulated losses exceeding 300 million yuan over the past two and a half years, with minimal revenue generated from other income sources, primarily government grants and bank interest [3][5]. - In the first half of 2025, the company reported other income of only 1.222 million yuan, highlighting the challenges faced by innovative pharmaceutical companies in terms of high investment and long development cycles [2][5]. - The company's R&D expenditures were significant, amounting to 87 million yuan, 107 million yuan, and 40 million yuan for the years 2023, 2024, and the first half of 2025, respectively [5]. Product Pipeline and Market Potential - Maikaote focuses on developing a dual-specificity/multi-specificity peptide drug platform, with its core product MT1013 targeting secondary hyperparathyroidism (SHPT) and expected to be commercialized by early 2028 [6][8]. - The company has a product matrix addressing metabolic and cardiovascular diseases, with significant market potential; the SHPT drug market in China is projected to reach 14.1 billion yuan by 2035, growing at a CAGR of 20.5% [6][7]. Competitive Landscape - The company faces intense competition in the SHPT and obesity treatment markets, with existing players potentially launching more effective, safer, or cheaper drugs, which could limit Maikaote's market share [6][7]. - The company plans to adopt a dual-track commercialization model involving domestic third-party contract sales organizations and international licensing, which may reduce initial investment but relies heavily on partners' capabilities [7]. Future Outlook - The ability to successfully launch MT1013 by 2028 and capture market share amidst fierce competition will be crucial for the company's transition from a "story" to a "value" proposition [8]. - The ongoing evolution of the Hong Kong Stock Exchange's listing rules is facilitating the entry of unprofitable biotech companies into the capital market, raising questions about their commercialization capabilities [8].

Core Viewpoint - The company, Maikaote Pharmaceutical Technology Co., Ltd., is seeking to list on the Hong Kong Stock Exchange despite being unprofitable, highlighting the trend of biotech firms pursuing capital markets under the 18A listing rules [1][9]. Financial Performance - The company has accumulated losses exceeding 300 million yuan over the past two and a half years, with projected revenues of only 1.22 million yuan in the first half of 2025, reflecting the high investment and long cycle typical of innovative drug companies [2][3][6]. - In 2023, 2024, and the first half of 2025, the company reported other income of 6.969 million yuan, 4.002 million yuan, and 1.222 million yuan, primarily from government subsidies and bank interest, with corresponding losses of 195 million yuan, 157 million yuan, and 49.9 million yuan [6][7]. - As of June 30, 2025, the company held cash and cash equivalents of 107 million yuan, indicating significant cash flow pressure given its average annual losses exceeding 100 million yuan [6][7]. Product Pipeline and Market Potential - The company focuses on a dual-specificity/multi-specificity peptide drug platform, with its core product MT1013 targeting secondary hyperparathyroidism (SHPT) expected to be commercialized by early 2028 [7][8]. - The SHPT drug market in China is projected to reach 14.1 billion yuan by 2035, with a compound annual growth rate (CAGR) of 20.5%, while the obesity drug market is expected to explode to 102.6 billion yuan, growing at a CAGR of 36.1% [8]. Competitive Landscape - The SHPT field has multiple competitors with approved CaSR agonists, and the obesity market is dominated by major players, raising concerns about market share limitations for the company [8]. - The company plans to adopt a dual-track commercialization model involving domestic third-party contract sales organizations (CSO) and international licensing, which relies heavily on the capabilities and investment of partners [8]. Investment and Valuation - The company has achieved a post-financing valuation of 2.636 billion yuan, supported by institutional investors, despite its unprofitability [2][9]. - The shift in investor focus from "story" to "realization" emphasizes the need for a clear commercialization timeline and achievement of research milestones [8][9].

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Shaanxi Micot Pharmaceutical Technology Co., Ltd. 陝西麥科奧特醫藥科技股份有限公司 (the "Company") (A joint stock company incorpora ...

香 港 聯 合 交 易 所 有 限 公 司 及 證 券 及 期 貨 事 務 監 察 委 員 會 對 本 申 請 版 本 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 明 概 不 就 因 本 申 請 版 本 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損失承擔任何責任。 Shaanxi Micot Pharmaceutical Technology Co., Ltd. 陝西麥科奧特醫藥科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 之申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而刊發， 僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知悉、 接納並向本公司、本公司的聯席保薦人、聯席整體協調人、顧問或包銷團成員表示同意： 倘 於 適 當 時 候 向 香 港 公 眾 人 士 提 出 要 約 或 邀 請，準 投 資 ...