每经记者｜鄢银婵 每经编辑｜陈俊杰 一家顶着123%资产负债率的医美新贵，正在冲刺港股IPO（首次公开募股）。 成立于2016年的东方妍美（成都）生物技术股份有限公司，凭借再生医学器械与特医食品两大业务，瞄 准千亿（元）级医疗市场。但其核心产品"童颜针"XH301预计2025年下半年才获批，而竞争对手爱美 客、圣博玛等企业早已在该细分赛道激烈"厮杀"。 招股书显示，公司不到1500万元的营收主要来自医药中间体、面膜等边缘产品，2024年亏损近7000万 元。更严峻的是，截至2024年底，公司现金及现金等价物余额仅3319万元，已有2002万元银行借款构成 违约。 对东方妍美而言，核心产品商业化和融资进程也显得更加紧迫。 值得注意的是，东方妍美创始人张新明与核心高管付劼、唐海威的交集可追溯至知原药业时期，三人不 仅曾共事多年，更在任职于知原药业期间便合伙成立知行医药，形成紧密的创业纽带。 创始人与核心高管多重交集 招股书显示，东方妍美最早可追溯至2016年成立的江苏西宏生物医药有限公司（以下简称江苏西宏）， 江苏西宏由东方妍美创始人、董事会主席、总经理兼公司总裁张新明所控制实体和其他初始股东创立。 值得一提的是 ...

截至2025年5月5日，该公司拥有13款主要再生医学材料注射剂候选产品(均属第三类医疗器械)，包括核心产品XH301及用于 治疗女性压力性尿失禁的候选产品XH321，相关13款候选产品中的两款候选产品已进入注册审评阶段。在再生医学材料医用 敷料及补片产品线中，该公司有七款产品已取得第二类医疗器械注册批准，另有一款用于乳腺癌术后乳房重建的交联ECM候 选产品XH322处于临床前阶段。截至相同日期，该公司的特医食品产品线包括两款获国家市场监督管理总局批准的产品及七 款研发中的候选产品。 近年来，再生医学作为新兴学科备受关注，其应用于替代、修复、重建或再生人体各种组织器官的理论和技术得到了快速发 展。根据Statista数据，2021年，全球再生医学市场规模约169亿美元，2030年将达到955亿美元，期间复合增长率达21.22%。 再生材料是再生医学中的一个细分领域，行业具有广阔的发展前景。 在此细分领域，东方妍美(成都)生物技术股份有限公司 (以下简称：妍美生物)于5月12日递表港交所主板，建银国际为其独家 保荐人。 两年亏损约1.33亿元 五大客户营收占比超五成 招股书显示，妍美生物为一家成立于2016年，主 ...

Company Overview - Dongfang Yanmei (Chengdu) Biotechnology Co., Ltd. submitted its listing application to the Hong Kong Stock Exchange on May 12, aiming to be listed on the main board with Jianyin International as the sole sponsor [1] - Established in 2016, the company focuses on the research, production, and commercialization of regenerative medical devices and special medical foods [1] Product Lines - The company has two main product lines: regenerative medical material injectables and medical dressings and patches [1] - As of the last feasible date, Dongfang Yanmei has 13 candidate products for regenerative medical material injectables, all classified as Class III medical devices [2] - Core products XH301 and XH305, designed for treating nasolabial folds, have completed clinical trials and are in the registration review stage, while candidate product XH321 for treating female stress urinary incontinence is in the preclinical stage [1][2] Financial Performance - The company reported revenues of RMB 12.882 million in 2023 and RMB 14.52 million in 2024, primarily from sales of medical dressings, special medical foods, and related services [2] - R&D expenses were RMB 45.726 million in 2023 and RMB 44.95 million in 2024, with net losses of RMB 63.501 million and RMB 69.38 million respectively [2] - The gross margin significantly declined from 11.4% in 2023 to 2.6% in 2024, attributed to a decrease in revenue from medical R&D and consulting services [2] Financial Ratios - The company's debt-to-asset ratio increased from 78% in 2023 to 123% in 2024, indicating rising financial leverage [3] - The current ratio decreased from 0.6 to 0.3, reflecting a decline in liquidity [3] - Current net liabilities rose from RMB 37.1 million to RMB 143 million, primarily due to increased other payables related to licensing fees [3] Market Outlook - The regenerative medical device market in China is experiencing growth, with the market size for regenerative material injectables and medical dressings projected to reach RMB 18.5 billion and RMB 7 billion respectively by 2032 [6] - The compound annual growth rates (CAGR) for these markets from 2024 to 2032 are estimated at 21.5% and 12.3% respectively [6]