上市捷报 | 沙利文祝贺上海益诺思生物技术股份有限公司成功登陆科创板(688710.SH)

Shanghai Yinosi Biotechnology Co., Ltd. (Stock Code: 688710.SH) successfully listed on the Sci-tech Innovation Board on September 3, 2024. Yinosi is a comprehensive R&D service (CRO) company specializing in providing non-clinical research services for biomedicine. Its business scope covers early into resistance evaluation, non-clinical pharmacodynamics, non-clinical pharmacokinetics, non-clinical safety evaluation, clinical bio-sample analysis, biomarker and translational research, and other fields. Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') hereby warmly congratulates the company on its successful listing.

Shanghai Yinos Biotechnology Co., Ltd. (hereinafter referred to as 'Yinos') was successfully listed on September 3, 2024, with an issue of 3,524.4904 million shares, each at an issue price of 19.06 yuan.

Investment highlights

· Yinuo Gareth has established a technology platform covering key links of non-clinical research services based on its core technologies. Focusing on the cutting-edge biomedical field, it can provide customers with comprehensive solutions for innovative drug evaluation and non-clinical research, and promote the commercial application of new technologies.

· Yinuo Gareth has been deeply involved in the non-clinical research service field and has established long-term strategic cooperative relationships with many well-known pharmaceutical companies at home and abroad. Its service scope is extensive, covering various types of innovative drugs;

· Yinuo's products have passed NMPA and OECD GLP certifications, and comply with the US FDA GLP standards, demonstrating its international service capabilities. In addition, Yinuo has obtained AAALAC international accreditation and is one of the few domestic enterprises with a isotope research platform and qualifications for radiopharmaceutical evaluation;

· Yinos has an interdisciplinary and highly qualified research team, with core technical personnel possessing rich experience and an international perspective within the industry, ensuring that the company can maintain a leading position in technological innovation and service quality.

In 2021 and 2022, Yinosi's market share in the sub-field of non-clinical safety evaluation was 6.10% and 6.80%, respectively, ranking third in the domestic market and already occupying a leading position in the industry.

Frost & Sullivan's long-term focusGlobal and Chinese Biopharmaceutical IndustryA large number of research reports have been published, which have been widely cited in the prospectuses of leading science and technology innovation board listed companies in the industry, helping clients accelerate their growth.

Overview of the CRO Market

As a third-party service platform for pharmaceutical R&D, CRO is in line with the prosperity of the pharmaceutical industry. Currently, the global pharmaceutical market continues to grow, R&D investment is steadily increasing, and biopharmaceutical financing is relatively active, fundamentally driving the development of the CRO industry. In addition, benefiting from the increased professional standards and efficiency requirements for new drug R&D, as well as the continuous emergence of new therapeutic areas, the development of the CRO industry has been accelerated.

Global CRO Market Size and Forecast

Benefiting from the aforementioned multi-faceted and multi-level factors, the global CRO industry scale continued to grow from 2018 to 2022, with the amount increasing from $53.91 billion to $77.57 billion. The compound growth rate from 2018 to 2022 was 9.5%, and it is expected to reach $123.05 billion by 2027, with a compound growth rate from 2022 to 2027 of 9.7%. Although the decline in global biopharmaceutical financing since 2022 has somewhat dragged down the growth rate of the CRO industry scale, with a slight recovery in year-on-year financing in 2023, it is expected that the CRO industry will still maintain a certain growth trend in the future.

Global CRO Market Size from 2018 to 2027E

Source: Frost & Sullivan report

Market Scale and Forecast of CRO in China

The market scale of China's CRO industry increased from 388 billion yuan in 2018 to 802 billion yuan in 2022, with a compound growth rate of 19.9%. It is estimated that the market scale of China's CRO industry will reach 1923 billion yuan in 2027, with a compound growth rate of 19.1% from 2022 to 2027. Although the CRO industry has seen a certain negative impact due to the decline in financing scale of downstream biopharmaceutical industries since 2022, and its development pace has slowed down to a stable state, against the backdrop of population aging and a large number of unmet clinical needs, considering various factors such as comprehensive policies, market, R&D investment, and human resources advantages, it is expected that the future market scale growth rate of the CRO industry will only slow down relatively, while the upward growth trend will still remain.

Market Size and Forecast of CRO in China from 2018 to 2027

Source: Frost & Sullivan report

In terms of the market scale of CRO sub-businesses, CRO can be divided into two main categories based on different business types: non-clinical CRO services, which mainly provide drug discovery and non-clinical phase research services; and clinical CRO services, which mainly provide clinical phase research, post-marketing drug approval, and other research services.

Non-clinical CRO market situation

From 2017 to 2021, the market size of non-clinical CRO services in China continued to grow, with the amount increasing from 13.3 billion yuan to 31.3 billion yuan, a compound annual growth rate of 23.9%. It is expected that by 2026, the market size will reach 84.1 billion yuan, with a compound annual growth rate from 2021 to 2026 of 21.9%.

Market Size of Non-clinical CRO Services in China from 2017 to 2026

Source: Frost & Sullivan report

Among them, the market scale of non-clinical safety evaluation services in 2021 was 7.96 billion yuan, accounting for 25.5% of the entire non-clinical CRO service market; the market scale of non-clinical pharmacodynamic evaluation services was 5.47 billion yuan, accounting for 17.5%; the market scale of non-clinical pharmacokinetic evaluation services was 3.19 billion yuan, accounting for 10.2%.

Main Business Proportioning of China's Non-clinical CRO Market in 2021 (RMB Billion)

Clinical CRO market situation

Clinical CRO is an important segment of the CRO industry. In 2021, China's clinical CRO market was approximately 327 billion yuan, accounting for 51.2% of the total CRO market size.

Market Size of Clinical CRO Services in China from 2017 to 2026E

Source: Frost & Sullivan report

The global non-clinical safety assessment market continues to grow and shows an oligopoly trend.

The global non-clinical safety evaluation market size was $4.49 billion in 2018 and increased to $7.83 billion in 2022. The compound growth rate from 2018 to 2022 was 14.92%. It is estimated that the global non-clinical safety evaluation market size will reach $19.41 billion in 2027, with a compound growth rate of 19.91% from 2022 to 2027.

Global Non-clinical Safety Evaluation Market Size from 2018 to 2027E

Source: Frost & Sullivan report

The non-clinical safety evaluation market in China continues to grow, with increasing industry concentration.

Benefiting from factors such as the encouragement of national innovation drug policies in recent years, the positive expectations for pharmaceutical market growth, and the highly active investment and financing in the biopharmaceutical field, a large number of pharmaceutical companies have increased their investment in innovative drug research and development. This has also catalyzed the emergence of a group of emerging biotech innovation companies. As one of the core links in innovative drug research and development, non-clinical safety evaluation has seen a rapid market expansion in recent years due to the aforementioned driving factors.

Although the capital market has entered a downturn in the short term, policies such as medical insurance 'volume-based procurement' and the 'Guiding Principles for Clinical Research and Development of Antitumor Drugs Oriented towards Clinical Value' have brought about a transformative period for the development of innovative drugs. The growth rate of the safety assessment market has slowed relative to its explosive growth in the past. However, in the long run, the core driving factors for the growth of the safety assessment industry will remain unchanged, and the domestic safety assessment market will continue to develop at a reasonable growth rate.

In 2018, the market scale of non-clinical safety evaluation in China was approximately 2.12 billion yuan, and it rapidly grew to 10.38 billion yuan in 2022, with a compound growth rate of 48.77% from 2018 to 2022. It is estimated that the market scale of non-clinical safety evaluation in China will reach 408.5 billion yuan by 2027, with a compound growth rate as high as 31.51% from 2022 to 2027.

Market Size of Non-clinical Safety Evaluation in China from 2018 to 2027E

Source: Frost & Sullivan report

Frost & Sullivan, integrating 63 years of global consulting experience, has dedicated 26 years to serving the booming Chinese market. With a global perspective, we assist clients in accelerating their business growth, achieving industry growth, innovation, and leading benchmarks. The health industry is one of the core areas of focus for Frost & Sullivan. Over the past 20-plus years, the Frost & Sullivan team has provided financing, financial advisory, IPO industry advisory, strategic consulting, and management consulting services to hundreds of outstanding domestic and international biopharmaceuticals, medical devices, healthcare services, and internet healthcare companies. Successful listings include: Jingtai Technology (2228.HK), Yimai Sunshine (2522.HK), Shenghe Biotech (2898.HK), Quanxin Biotech (2509.HK), Meizhong Jiahé (2453.HK), WuXi AppTec (2268.HK), Anol Medical (NASDAQ:ANL), Neusoft Xikang (9686.HK), Youzhiyou (2496.HK), Yiming Angke (1541.HK), Corning Biotech (6990.HK), LaiKai Medical (2105.HK), Keddi Group (2487.HK), Lvyu Biotech (2480.HK), Meisheng Health (2415.HK), PHECR, Zhongjin Medical (NASDAQ:ZJYL), Yisheng Biotech (NASDAQ:YS), Meiliyuan (2373.HK), Kangfeng Biotech (6922.HK), Bao'an Biotech (6955.HK), Sida (1244.HK), Meihao Medical (1947.HK), Gaoshi Medical (2407.HK), Lepu Xin Tai (2291.HK), Jianshi Technology (9877.HK), Health Yuan (JCARE.SW), Lepu Medical (LEPU.SW), Dingdang Health (9886.HK), BAIOR (2315.HK), Zhiyun Health (9955.HK), MeinGene (6667.HK), Prenetics (PRE.NASDAQ), Yunkang Group (2325.HK), Ruike Biotech (2179.HK), Lepu Biotech (2157.HK), Clear Medical (1406.HK), Baxin An (2185.HK), Yonghe Medical (2279.HK), Kailaiying (6821.HK), Beihai Kangcheng (1228.HK), Gusheng Tang (2273.HK), Yingpeng Technology (2251.HK), Clover Biotech (2197.HK), Minimally Invasive Robotics (2252.HK), Harmony Kamang (2256.HK), Kunbo Medical (2216.HK), Xianruida (6669.HK), Kangsheng Global (9960.HK), Yimai Tong (2192.HK), Tengsheng Bopai (2137.HK), Canopy (2162.HK), Chaoyu Eye Hospital (2219.HK), Guichuang Tongqiao (2190.HK), Hehuang Medicine (0013.HK), Kexi Pharmaceutical (2171.HK), Zhaoke Eye Hospital (6622.HK), Nature Medicine (UPC.NASDAQ), Sainfo Pharmaceutical (6600.HK), Zhaoyan New Drugs (6127.HK), Novogene Health (6606.HK), ADAG.NASDAQ, Beikang Medical (2170.HK), Jianbimiao Miao Miao (2161.HK), Minimally Invasive Xin Tong (2160.HK), Rui Li Medical Beauty (2135.HK), Jiake Pharmaceutical (1167.HK), Hepatox (2142.HK), JD Health (6618.HK), Deqi Pharmaceutical (6996.HK), Rongchang Biotech (9995.HK), WuXi AppTec (2126.HK), SinoBIO (2096.HK), Yunding Newray (1952.HK), Jiahé Biotech (6998.HK), Zai Ding Pharmaceutical (9688.HK), Oukang Vision (1477.HK), Yongtai Biotech (6978.HK), Hapu Pharmaceutical (9989.HK), Kepeng Pharmaceutical (9939.HK), Peijia Medical (9996.HK), Kangfang Biotech (9926.HK), Nuocheng Jianhua (9969.HK), Tianjing Biotech (IMAB.NASDAQ), Kanglong Chemical (3759.HK), China Antibody (3681.HK), Dongyao Pharmaceutical (1875.HK), Yasheng Medicine (6855.HK), Fuhong Hanlin (2696.HK), Hansoh Pharmaceutical (3692.HK), Mabotech (2181.HK), Fangda Holdings (1521.HK), Via Biotech (1873.HK), CStone Pharmaceuticals (2616.HK), Junshi Biotech (1877.HK), WuXi AppTec (2359.HK), Xinda Biotech (1801.HK), Hualing Medicine (2552.HK), BeiGene (6160.HK), Gilead Sciences (1672.HK), WuXi AppTec (2269.HK), China Resources Medicine (3320.HK), Yacogen Scientific Research Pharmaceutical (2633.HK), HCM China Medicine (HCM.NASDAQ), Kingsbridge Biotechnology (1548.HK), BBI Life Sciences (1035.HK), Tongyuan Kang Medicine (2410.HK), etc. In terms of the number of filings, the Frost & Sullivan healthcare team maintains an absolute leading position in Hong Kong healthcare IPOs, consistently ranking first in market share from 2018 to 2023.

Since the listing of the first batch of companies on the Sci-tech Innovation Board in July 2019, Frost & Sullivan reports have been widely cited in the prospectuses of leading Sci-tech Innovation Board listed companies in the industry, including: Zhongyan Co., Ltd. (688716.SH), Zhejiang Rongtai (603119.SH), Optoelectronics Technology Group Co., Ltd. (688450.SH), Jinghe Integration (688249.SH), Wuxi Rilian (688531.SH), Maolai Optics (688502.SH), Kangwei Century (688426.SH), Jinchuan Protein (688137.SH), Novogene Biologics (688428.SH), Aopu Medical Biotechnology Co., Ltd. (688293.SH), MicroPort Electrophysiology (688351.SH), Mengke Pharmaceutical (688373.SH), Yifang Biologics (688382.SH), Jicui Pharmaceutical (688046.SH), Haichuang Pharmaceutical (688302.SH), Rongchang Biologics (688331.SH), Rendu Biologics (688193.SH), Shouyao Holdings (688197.SH), Heyuan Biologics (688238.SH), Yaxin Security (688225.SH), Xidi Micro (688173.SH), Mawei Biologics (688062.SH), Yahong Medicine (688176.SH), BeiGene (688235.SH), Jiahe Meikang (688246.SH), Dizhe Medicine (688192.SH), Novozyme (688105.SH), Chengda Biologics (688739.SH), Geke Micro (688728.SH), Huaxi Biologics (688363.SH), Junshi Biologics (688180.SH), Zhejiang Oncology Pharmaceuticals (688266.SH), BeiGene (688177.SH), Shenzhou Cells (688520.SH), etc., are considered to be one of the most powerful, professional, and influential industry research institutions in the industry. We hope to work with enterprises to understand industry trends, seize development opportunities, jointly promote innovation and upgrading of China's big health industry, and build a healthy future.

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