fruitslots| Innoos IPO review status changed to "submission for registration": dig deep into the "moat" of non-clinical safety evaluation and actively strengthen one-stop CRO

At present, the sprint Kechuang board is listed.FruitslotsShanghai Enos Biotechnology Co., Ltd. (hereinafter referred to as "Enos" or "the Company")FruitslotsFounded in 2010, is an integrated research and development service (CRO) enterprise specializing in providing biomedical non-clinical research services, and obtained the GLP certification of NMPA in 2011. The company's service mainly covers three parts: biomedical early drug evaluation, non-clinical research and clinical detection and transformation research. the non-clinical research section includes non-clinical safety evaluation, non-clinical pharmacokinetic research and non-clinical pharmacodynamics research.

Source: submission of registration draft

Remarkable achievements in advantageous business

Safety assessment study is one of the highest barriers in the process of drug preclinical research, which not only has a high entry barrier to new entrants, but also has an obvious "word-of-mouth" effect. After more than 20 years of development, especially the rapid development of the downstream innovative drug industry in recent years, China's safety assessment market has entered a stage in which the composition of the head enterprise is relatively stable and the overall concentration is increasing. According to the statistics of Frost&Sullivan, from 2018 to 2022, the top four market shares of non-clinical safety evaluation industry are Yao Ming Kant, Zhaoyan new drugs, Enos, Huaxi Haili.

In the past five years, benefiting from the rapid development of China's CRO market, Enos has formed a good "brand advantage" by virtue of its own qualifications and technical advantages and professional and differentiated service capabilities, and its business income has shown a good growth trend during the reporting period. Safety assessment business, as the basis of the company's business development, is the most important component of the main business income. From 2021 to 2023, the company's safety assessment business income was 488.4564 million yuan, 710.3631 million yuan and 889.3552 million yuan respectively, and from 2021 to 2023, the proportion of drug revenue in new areas was maintained at more than 60%, promoting the growth of safety assessment business income.

With the rapid growth of revenue, the market share has also maintained a certain upward trend. According to Frost&Sullivan, in 2021 and 2022, Enos had a market share of 6.10% and 6.80% in non-clinical safety evaluation segments, respectively, and remained in the third place in market share for four of the five years.

In the face of the above achievements, the public data of Enos shows that the company has always focused on the non-clinical evaluation needs of innovative drugs, and has carried out extensive and sufficient core technology research layout with rich R & D experience and professional technical team. established a comprehensive non-clinical cutting-edge technology platform, innovative drug evaluation system and cutting-edge experimental operation technology, can deeply participate in the non-clinical research link of new drug research and development. Provide customers with comprehensive non-clinical research solutions and help new drugs quickly obtain implied approval or market in clinical trials. Up to now, the company has undertaken and completed a number of international and domestic non-clinical research services of innovative drugs, which have been recognized and praised by customers. Next, the company will continue to dig the "moat" in the field of safety assessment and continue to expand and strengthen the non-clinical safety assessment business.

Actively enrich the business chain

In the face of the sustained and stable development of the safety assessment industry, in order to consolidate the leading position in the safety assessment field, Enos has always focused on the advantages of the main business. With the significant improvement of the influence of the company's main business, it has been able to promote the development of other businesses. In recent years, with the help of the synergy and diversion effect of safety assessment business, Enos has actively cultivated and expanded other main businesses upstream and downstream of safety assessment, including non-clinical pharmacokinetics, non-clinical pharmacodynamics, early drug evaluation, clinical testing and transformation research, and gradually formed an integrated new drug research and development platform that can meet the needs of customers' one-stop service, which has achieved preliminary results.

For example, in December 2023, Bristol-Myers Squibb (BMS) introduced Bailey Tianheng's BL-B01D1 with a total transaction price of up to US $8.4 billion, creating a new record for prepayment of domestic ADC drugs, and it is also the first double-antibody ADC in China to successfully go to sea. Enos undertook and completed the study of non-clinical pharmacokinetics and safety evaluation of the product, which contributed to the smooth realization of double batches of Chinese and American newspapers. For example, the total income of Enoxol in safety evaluation, pharmacokinetic evaluation, pharmacodynamic research and early drug evaluation has increased from 54% in 2021.Fruitslots, 6.7868 million yuan to 99% in 2023Fruitslots, 9.4974 million yuan, with a compound growth rate of 35.20%. In addition, in the field of clinical research, Enos has built a diversified clinical detection and transformation research platform covering biological analysis, immunogenicity, flow analysis, histological research and so on, to provide technical support for the rapid development of clinical CRO business. At the same time, by increasing the technical team and purchasing more instruments and equipment, the company continues to expand the production capacity of its clinical testing business, thus making the company's clinical CRO business income show a steady growth trend during the reporting period, and become a new business growth point in the company's integrated development strategy.

Enos may become the first central CRO enterprise to be listed in Science and Technology Innovation Board. For future planning, Enos public data show that: at present, there are many CRO enterprises in China, and the size gap is large, and the CRO industry is gradually concentrated horizontally to the head, and vertically to the direction of integration. In the future, with the rapid development of China's pharmaceutical industry, it is believed that Enox's market share will further increase and become the leader of national comprehensive evaluation of innovative drugs.

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