Core Viewpoint - Oriental Yanmei (Chengdu) Biotechnology Co., Ltd. has seen its IPO application expire after six months, indicating potential challenges in its market entry and financial performance [1][2]. Company Overview - Established in 2016, Oriental Yanmei focuses on the research, production, and commercialization of regenerative medical devices and specialized medical foods [2]. - The company’s product portfolio includes two main lines: regenerative medical material injectables and medical dressings and patches [2]. Financial Performance - In 2023, Oriental Yanmei reported revenues of 12.882 million yuan, with a projected increase to 14.52 million yuan in 2024, indicating modest growth [2]. - Revenue sources are heavily reliant on non-core businesses, with medical dressings and patches generating 3.616 million yuan and peripheral products like pharmaceutical intermediates and masks contributing 7.551 million yuan in 2024 [2]. Product Development - The company has 13 candidate products for regenerative medical material injectables, with two currently in the registration review stage [2]. - The core product, XH301, is a regenerative injectable that stimulates collagen regeneration but has not yet been commercialized, resulting in no revenue for 2023 and 2024 [2]. Losses and Expenditures - Oriental Yanmei reported significant losses, with a net loss attributable to shareholders of 63.501 million yuan in 2023 and an increase to 69.383 million yuan in 2024, totaling over 130 million yuan in two years [3]. - High expenses are attributed to R&D investments of 45.726 million yuan and 44.95 million yuan for 2023 and 2024, respectively, which account for over 300% of revenue [3]. - Administrative expenses surged by 113% in 2024, and sales costs increased by 23% from 114 million yuan in 2023 to 141 million yuan in 2024 [3]. Future Outlook - The company anticipates continued losses in the short term, potentially exacerbated by increased R&D spending and efforts to advance product approvals and commercial partnerships [3]. - Oriental Yanmei acknowledges the uncertainty of achieving profitability, stating that it may never become profitable or maintain profitability if it does [3]. Funding and Valuation - The company has completed three rounds of financing, with notable investors including Shenzhen Capital Group and Shenzhen High-tech Investment [4]. - The latest funding round in April raised 90 million yuan at a per-share cost of 9.76 yuan, resulting in a post-money valuation of 1.5 billion yuan [4].