A-share Subscription | Xinnuo Wei (688837.SH) starts subscription, first drug expected to be launched in 2026.

On September 3, Xinruowei (688837.SH) began its subscription with an issue price of 27.60 yuan per share and a maximum subscription limit of 10,000 shares, resulting in a price-to-earnings ratio of 59.34 times. The company is listed on the Shanghai Stock Exchange and Guotai Junan Securities serves as its sponsor. According to the prospectus, the company is an innovative drug company focused on addressing significant unmet clinical needs globally, oriented by disease, and dedicated to transforming innovations into clinical value by providing the best therapeutic drugs in their respective disease fields. The company has formed a two-tier pipeline of innovative drugs categorized as "1(NDA)+3(Phase III)+N," and has preliminarily realized the innovation-driven return to R&D through global business development and licensing. As of the date of signing the prospectus, the company has developed 10 major innovative drug candidates targeting significant diseases with broad market potential in areas such as anti-tumor and anti-infection treatments. Among these: (1) In the anti-tumor field, XNW5004 (an EZH2 inhibitor), XNW27011 (a Claudin 18.2-targeted ADC), and XNW28012 (a TF-targeted ADC) are all in Phase III or pivotal clinical research stages. These drugs show excellent clinical efficacy and can provide "from nothing to something" or "from something to better" treatment options for major diseases such as pancreatic cancer, gastric cancer, prostate cancer, and peripheral T-cell lymphoma. All of these candidates have received breakthrough therapy designations from the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) in China, and both XNW27011 and XNW28012 have been granted Fast Track Designation (FTD) by the U.S. Food and Drug Administration (FDA), while XNW5004 and XNW28012 have been designated as orphan drugs (Orphan Drug Designation, ODD) by the FDA; (2) The injectable Imipenem-Cilastatin (a compound formulation consisting of the companys newly developed -lactamase inhibitor Fonobactam (XNW4107), Imipenem, and Cilastatin) is intended for the treatment of hospital-acquired bacterial pneumonia (HABP) and ventilator-associated bacterial pneumonia (VABP). The New Drug Application (NDA) for this product has been accepted, with an expected approval in 2026 that will help address the issue of antibiotic resistance to Gram-negative bacteria in China. Injectable Imipenem-Cilastatin has been certified by the FDA as a Qualified Infectious Drug Product (QIDP) and has also received Fast Track Designation (FTD). In addition to the mentioned NDA and late-stage clinical pipelines, the company has several early-stage pipelines with differentiated mechanisms and high clinical value that are progressing steadily. The number of regulatory boost qualifications obtained by the company for its pipelines ranks among the top in domestic pharmaceutical companies. With a global perspective and layout, the company has initially achieved a model of innovation-driven return to R&D through global business development. Its first drug is expected to launch in 2026, entering a stage of integrated growth driven by R&D, business development, and sales, as follows: (1) The company has concluded multiple business development transactions, quickly realizing the value of its pipelines while reflecting the recognition of multinational pharmaceutical companies and renowned domestic listed companies for its R&D capabilities and pipeline value. As of the date of signing the prospectus, there are multiple pipelines under authorization cooperation or transfer, with partners including Astellas and listed domestic pharmaceutical companies like EVEREST MED (01952) and China Antibody (03681). The cumulative potential payment amount (including upfront payments, milestone payments, etc.) has surpassed $2 billion, of which $130 million (pre-tax) in non-retractable upfront payments has been received in 2025, confirming revenue and achieving profitability at the company level, preliminary realization of innovation-driven return to R&D; (2) The companys first innovative drug, injectable Imipenem-Cilastatin, is expected to receive domestic approval in 2026. Drugs such as XNW5004, XNW27011, and XNW28012 have received breakthrough therapy designations from CDE, and are expected to be launched domestically between 2027 and 2028, continuously driving rapid growth in the companys drug sales revenue. In terms of finances, for the fiscal year 2025, the company achieved approximately 935 million yuan in revenue; during the same period, net profit was approximately 203 million yuan.