Recently, according to the official website of the Beijing Stock Exchange, the Beijing Stock Exchange Listing Committee is scheduled to hold the 26th review meeting of 2024 at 9:00 am on December 27, 2024. The issuer under review is Dana (Tianjin) Biotech Co., Ltd. (hereinafter referred to as Dana Biotech).

It is worth mentioning that at present, the exchanges have not announced the convening of IPO review meetings, and Dana Biotech's meeting may become the last IPO meeting in 2024.

Dana Biotech was founded in 2014 and is mainly committed to the research and development, production and clinical application of early rapid in vitro diagnostic products for invasive fungal diseases (IFD). It is a company that independently provides combined detection solutions and all products for invasive fungal infections.

Its R&D team is also very strong. The leader and chief scientist of the R&D team, Zhou Zeqi, is a Ph.D. from Ohio University, a postdoctoral fellow at Harvard Medical School, and a leading talent in biomedicine in Beijing, Tianjin and Hebei. In addition, the company has established academician expert workstations and postdoctoral research workstations, and has six major technical platforms. In 2018, it established the Dana Biotech Branch of the Beijing Key Laboratory for Mechanism Research and Precision Diagnosis of Invasive Fungal Diseases and the Tianjin Key Laboratory for Precision Diagnosis Technology for Invasive Fungal Diseases, which provided strong support for product development.

Although Dana Biotech's own strength is relatively strong, its road to listing has been somewhat bumpy, and this is not the first time that Dana Biotech has impacted IPO. As early as November 2020, Dana Bio attempted to list on the Science and Technology Innovation Board, but ultimately failed. On January 25, 2021, Dana Bio had no choice but to terminate its IPO. On December

29, 2023, Dana Bio was ready to go, changed its route to "northbound", impacted the Beijing Stock Exchange, and made a pre-disclosure. As of December 20 this year, the company completed two rounds of inquiries and disclosed the draft for the meeting, which will be reviewed by the meeting on the 27th of this month.

It is worth noting that the listing standards for Dana Bio's listing on the Beijing Stock Exchange this time are "(a) the estimated market value is not less than 200 million yuan, the net profit in the past two years is not less than 15 million yuan and the weighted average return on net assets is not less than 8%, or the net profit in the most recent year is not less than 25 million yuan and the weighted average return on net assets is not less than 8%."

However, four years ago, Dana Bio's listing criteria for listing on the Science and Technology Innovation Board were "estimated market value of not less than RMB 1 billion, positive net profit in the last two years and cumulative net profit of not less than RMB 50 million, or estimated market value of not less than RMB 1 billion, positive net profit in the last year and operating income of not less than RMB 100 million."

It is not difficult to see that Dana Bio's performance in recent years has been unstable and fluctuated significantly. According to Dana Bio's prospectus, from 2021 to January-June 2024, the company's operating income was RMB 233.9899 million, RMB 295.0741 million, RMB 236.7143 million, and RMB 117.7401 million, respectively; net profits were RMB 70.3363 million, RMB 44.6199 million, RMB 77.5955 million, and RMB 38.5673 million, respectively.

Dana Bio is mainly engaged in the research, development, production and sales of serological early diagnosis of invasive fungal diseases and other pathogenic microorganisms in vitro diagnostic products. Its main products are diagnostic reagents, and it also has other series of products such as diagnostic instruments. Among them, the "5G+ fungal joint detection program" proposed by Dana Bio has received widespread attention and praise from the IFD industry at home and abroad (5G+: G test/GM test/GXM test/Aspergillus IgG antibody test/Candida IgG antibody test + Mn Candida antigen test), which significantly improved the sensitivity and specificity of fungal detection.

At present, its main products have entered more than 650 benchmark medical institutions and independent third-party medical testing laboratories in more than 30 provinces, municipalities and autonomous regions in China, and have been clinically applied in key hospitals in more than 60 countries overseas, contributing Chinese strength to the development of fungal detection medicine in the world.

Diagnostic reagent products are Dana Bio's star product series. Among them, the enzyme-linked immunosorbent assay series and enzyme kinetics series products support the revenue banner. From 2023, these two series of products once accounted for more than 75%.

From the above-mentioned performance of Dana Bio in recent years, we can see that the decline in net profit in 2022 has begun to show signs, and the revenue has dropped sharply in 2023. These two time periods have also become the turning point for the decline in Dana Bio's performance. The reason is that the revenue of emergency business products was high in 2021, but after entering 2023, the market demand for new crown antigen and antibody detection related products has declined, which has led to a sharp decline in Dana Bio's emergency business revenue. The emergency business revenue has dropped by 97.51% compared with 2022. By 2023 and the first half of 2024, its emergency business revenue accounted for only 1.42% and 0.07% of the total revenue, which is almost negligible.

Therefore, after "excluding" the large series of emergency business products, Dana Bio's performance has declined significantly, but the enzyme kinetics series products and enzyme-linked immunosorbent assay series products are still continuing to generate blood and support the revenue banner.

The main raw materials of the enzyme kinetics series products, Fungal (1-3)-β-D Glucan Detection Kit (Colorimetric Method) and Fungal (1-3)-β-D Glucan Detection Kit (Photometric Method), include horseshoe crab blood cells.

However, in February 2021, horseshoe crabs were upgraded to the second-class national protected animals, and the purchase and blood collection of horseshoe crabs were strictly controlled and prohibited. Since 2020, Dana Bio has basically stopped the purchase and blood collection of horseshoe crabs, which means that there is a supply risk of the company's core raw materials.

Regarding this potential problem, Dana Bio said that the company currently has a large amount of inventory and is actively looking for alternative products.

It is worth noting that Dana Bio's sprint IPO is mainly aimed at expanding production through fundraising. In the latest disclosed meeting draft, Dana Bio's fundraising amount was reduced to 300 million yuan, of which 200 million yuan was used for the construction of the headquarters base project and 100 million yuan was used for new product research and development projects, and the project of supplementing working capital was cancelled. What will be the result of the meeting after 3 days? Can Dana Bio's impact on IPO be achieved this time? Continue to pay attention.

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