据港交所披露，上周（5月12日至5月18日）共有2家公司递表，3家通过聆讯，4家公司招股，1家公司上 市。 2家公司递表：东方妍美、诺比侃科技递表 1 ）东方妍美 ( 成都 ) 生物技术股份有限公司（简称 " 东方妍美 " ） 5月12日，东方妍美递表港交所，建银国际担任其独家保荐人。 据招股书介绍，东方妍美主要从事再生医学医疗器械及特医食品研发、生产及商业化。截至2025年5月5 日，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。 经营业绩方面，2023年和2024年，东方妍美营业收入分别为人民币1288.2亿和1452.0亿元，同期净亏损 分别为人民币6350.1万和6938.3万元。 2 ）诺比侃人工智能科技 ( 成都 ) 股份有限公司（简称 " 诺比侃科技 " ） 5月14日，诺比侃科技递表港交所，中金公司担任其独家保荐人。 招股书显示，诺比侃科技专注于人工智能技术和数字孪生等先进技术，在AI+交通、AI+能源及AI+城 市治理等领域的产业化应用。公司主 ...

Core Viewpoint - Regenerative medicine is a rapidly developing field with significant growth potential, particularly in the area of regenerative materials, which is highlighted by the expected market growth from approximately $16.9 billion in 2021 to $95.5 billion by 2030, representing a compound annual growth rate (CAGR) of 21.22% [1] Company Overview - Oriental Yanmei (Chengdu) Biotechnology Co., Ltd. focuses on the research, development, production, and commercialization of regenerative medical devices and specialized medical foods, having been established in 2016 [2] - The company has completed three rounds of financing, with the latest round in April 2023 raising 90 million yuan at a post-money valuation of 1.5 billion yuan [3] Product Development - As of May 5, 2025, the company has 13 candidate products in the regenerative medical materials injection category, including core products XH301 and XH321, with two candidates already in the registration review stage [3] - The company has seven products in the medical dressing and patch product line that have received regulatory approval, and one candidate product for breast reconstruction is in the preclinical stage [3] Financial Performance - In the reporting period of 2023 to 2024, the company reported revenues of 12.88 million yuan and 14.52 million yuan, with total losses of 63.5 million yuan and 69.4 million yuan, respectively, leading to a cumulative loss of 133 million yuan over two years [5][6] - The majority of losses stem from research and development expenses, sales and distribution costs, and administrative expenses, with significant increases in sales costs leading to reduced gross margins [5] Customer Dependency - The company exhibits a high dependency on major clients, with the top five clients accounting for over 50% of total revenue in both 2023 and 2024 [6] - The largest client contributed 32.8% and 18.6% of total revenue in 2023 and 2024, respectively [6] Market Outlook - The regenerative medical materials injection market in China has shown optimistic growth, expanding from 200 million yuan in 2019 to 2.9 billion yuan in 2023, with a CAGR of 96.6% [9] - The market is projected to generate 18.5 billion yuan by 2032, with a CAGR of 21.5% from 2024 to 2032 [9] Strategic Positioning - The company is positioned as a technology platform enterprise in regenerative medical materials, with a strong product portfolio that includes regenerative medical materials injections and medical dressings and patches [11] - The specialized medical food market has also expanded from 2.7 billion yuan in 2019 to 6 billion yuan in 2023, with a projected market size of 23.8 billion yuan by 2032 [11] Synergy Between Business Lines - There is a technological synergy between the regenerative medicine and specialized medical food sectors, where research in regenerative materials can enhance food formulation, and experience in food commercialization can aid in clinical transitions for medical devices [13]

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]