Bai Nuo Pharmaceutical's ChiNext IPO "terminated (withdrawn)", with a net profit of approximately 135 million yuan in 2023.

On September 5th, Shandong Bynon Pharmaceutical Co., Ltd. (referred to as Bynon Pharmaceuticals) had a change in its status for IPO review on the Shenzhen Stock Exchange ChiNext Board, which was updated to "terminated (withdrawn)". Due to the sponsoring party withdrawing the application for initial public offering, according to Article 62 of the Shenzhen Stock Exchange Stock Issuance and Listing Review Rules, the Shenzhen Stock Exchange decided to terminate the IPO review. The prospectus shows that Bynon Pharmaceuticals is committed to providing customers with one-stop solutions for pharmaceutical research and production services, including CRO services such as entrusted research and development services, research results transformation, CMO services, and raw material pharmaceutical business throughout the entire life cycle of drug research and production. Bynon Pharmaceuticals has established two major technical platforms for raw material pharmaceutical research and formulation research, adhering to the research and development design theory of DDFXBN (Drug Design For X, competitive research and development design for the entire life cycle of drugs). With the core competitiveness of products after they are launched as the research and development goal, the company continuously provides professional research and development services and high-value research results to customers, helping them control research and development risks, improve drug quality, reduce research and development costs, and speed up the launch of drugs. The company has established GMP raw material pharmaceutical and formulation production bases to seamlessly connect research and development products in the development and production stages, reduce risks from production process transfers, provide raw material pharmaceutical and formulation production services to customers, and accelerate the commercialization process of drugs. The company has provided professional services to more than 240 customers and engaged in long-term cooperation, including more than 60 of China's top 100 pharmaceutical companies and more than 60 pharmaceutical listed companies. As of the end of December 2023, the company had accumulated more than 200 drug registration approvals or passed consistency evaluations and raw material pharmaceutical approvals, including over 70 formulation product production registration approvals obtained after the 2015 new drug review and approval policy, with 7 generic products, of which 4 are exclusive products, and 12 belong to the top three generic drug varieties. In addition, more than 80 formulation or raw material pharmaceutical products have obtained drug registration acceptance numbers and are in the evaluation stage. In terms of finances, in 2021, 2022, and 2023, Bynon Pharmaceuticals achieved operating income of approximately 233 million yuan, 366 million yuan, and 483 million yuan respectively; during the same period, the company achieved net profits of 27.91 million yuan, 72.74 million yuan, and 134.62 million yuan respectively. According to the disclosures in the prospectus by Bynon Pharmaceuticals, the company may face risks of being unable to maintain high-speed revenue growth. The company mainly engages in CRO services for generic drug research and development, raw material pharmaceutical production and sales, and formulation CMO services, gradually expanding its business into innovative drugs. As of the end of the reporting period, the company has 2 class 22 innovative drug research projects. During the reporting period, the company's operating income grew rapidly, and historical revenue was generated by its generic drug-related business. With the slowing growth rate of applications and approvals for generic drugs in China in recent years, the industry may face more intense competition in the future, which may negatively impact the company's operations and its ability to maintain high-speed performance growth.