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Spots are limited, so act fast. Let us join together for a sustainable appointment! [Click to register] Bainuo Pharma, which made a second attempt to enter the capital market, ultimately chose to voluntarily withdraw its application. As the company announced the termination of its Beijing Stock Exchange listing application and withdrew its materials, its self-developed transformation model that relies on industry dividends has exposed increasing vulnerabilities amid the retreat of the innovative drug industry, and with performance continuing to lose speed, its profit logic has become difficult to sustain.
Second IPO Fails on the Beijing Stock Exchange, Performance Decline Accelerates
This is the company's second failed attempt to enter the capital market after it withdrew its ChiNext IPO in September 2024. The company attributed the termination to its actual operating conditions, changes in the capital market environment, and strategic layout adjustments. However, based on the inquiry content and performance, the core reason it could not respond to regulatory doubts was the continued decline in performance and questionable sustainability of its profit model. The loss of momentum at the performance level is already very clear. In the first half of 2026, the company achieved revenue of 213 million yuan, a year-on-year decline of 25.81%; net profit attributable to shareholders was only 14.38 million yuan, a sharp year-on-year drop of 83.65%. By business segment, revenue from the transformation of core R&D achievements fell 26.21% year on year, while revenue from commissioned R&D services was cut in half, down 52.55% year on year. Before that, in the second round of inquiries, the Beijing Stock Exchange had already asked the company to explain issues such as the authenticity of its performance and the accuracy of revenue recognition, but the company terminated the IPO process directly without replying, further deepening market doubts about the quality of its performance.
Foundation of the Self-Developed Transformation Model Shakes, Profit Sustainability in Doubt
Bainuo Pharma's core dilemma lies in the insufficient risk resistance of its "self-developed achievement transformation" business model during an industry downturn. Unlike traditional CRO companies that charge commissioned R&D service fees, Bainuo Pharma adopts a model of self-funding project initiation and R&D, then transferring the results after obtaining approvals to earn a premium. During the 2021-2022 boom in innovative drug investment and financing, it achieved rapid growth in revenue and profit through high premiums, and its gross margin far exceeded that of peers. However, since 2023, the innovative drug industry has entered a retreat period, pharmaceutical companies' R&D budgets have tightened, and combined with the impact of centralized procurement price cuts, customers are no longer willing to pay high premiums for "ready-made approvals," shaking the underlying logic of the model. The order side has continued to contract: from 2023 to 2025, the amount of newly signed contracts in the company's CRO business fell from 661 million yuan to 385 million yuan, and orders in hand also declined from 906 million yuan to 750 million yuan. Although the gross margin remains high, the revenue scale has shrunk rapidly and profits have plunged sharply. Both IPO attempts were questioned by regulators about the reasonableness of the high gross margin and the sustainability of performance growth, which precisely shows the fragility of this model: during an industry upcycle, it can enjoy excess returns, but once the industry cools, without stable service business as a cushion, performance will suffer a cliff-like decline. If the company cannot adjust its business structure and strengthen its ability to resist cycles, its subsequent operating pressure will continue to increase. This article was generated with the help of AI tools.
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