Tainuo Maibo IPO, the terminal price of the medicine in hospitals is more than double the factory price. How should this be viewed?

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Source: Fundamental Force Field

Recently, a company is applying for an IPO. The company’s full name is Zhuhai Taino Mebo Pharmaceutical Co., Ltd., with the stock abbreviation Taino Mebo. The sponsor institution is Huatai United Securities, and the sponsors are Shen Zhongjie and Tang Dawei.

Public information disclosure shows that this company is an innovative biopharmaceutical enterprise. Currently, it has only one core commercialized product on the market, which is Staiduta Monoclonal Antibody Injection, trademarked as “Xintaitu,” mainly used for emergency prevention of tetanus after trauma exposure. The product was approved for listing in China in February 2025 and officially launched for sale in March of the same year. By the end of 2025, it was included in the national medical insurance catalog.

As the first non-profit enterprise accepted by the regulatory authorities after the restart of the “Fifth Set of Listing Standards” on the STAR Market in July 2025, it is obviously not suitable to evaluate Taino Mebo using traditional financial indicators such as profitability. However, it should not be overlooked that the company’s only product faced difficulties in market launch, and actual market feedback was far below the forecast data when the company first applied for the IPO.

It is worth mentioning that the sponsor institution and sponsors at the time of Taino Mebo’s first IPO application were Shen Zhongjie and Tang Dawei from Huatai United Securities. Whether this indicates that there was deliberate exaggeration in the market promotion forecast for the core product at that time, I, Force Field, cannot draw a conclusion.

Additionally, I would like to share some more interesting data with everyone.

The data disclosed in the prospectus shows that the Staiduta Monoclonal Antibody Injection sold externally by Taino Mebo, with specifications of 0.5ml: 10mg/bottle, had an average selling price of over 300 yuan per unit from March 2025 to the end of the year. Meanwhile, institutions such as the Guangdong Provincial Drug Administration and Zhuhai Xiangzhou District People’s Hospital have issued documents mentioning that the price of Xintaitu is 798 yuan per bottle, with a reimbursement amount requiring patients to pay 239.4 yuan out of pocket.

A simple comparison of the official data above shows that patients purchasing Xintaitu, i.e., Taino Mebo’s Staiduta Monoclonal Antibody Injection, after medical insurance reimbursement, pay about 239.4 yuan. This is not much different from Taino Mebo’s selling price of over 300 yuan. This also means that the difference of over 500 yuan per bottle between the insurance reimbursement amount and the final price paid by patients is an intermediate margin that exists between Taino Mebo’s factory price and the terminal price at the hospital.

In other words, there is more than double the space between Taino Mebo’s factory price and the terminal price at which hospitals sell to patients for its Staiduta Monoclonal Antibody Injection. Why? How is this formed? Moreover, the amount reimbursed by insurance is even larger than the difference between Taino Mebo’s factory price and the final price paid by patients. Who is the insurance really paying for?

These questions are beyond what I, Force Field, can answer, and even beyond what Taino Mebo and Huatai United Securities can provide. But that doesn’t mean this issue isn’t worth observation and reflection from all sectors.

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Editor: Gao Jia