A-share IPO | Dana Biotechnology (920020.BJ) begins IPO. Self-developed serological early diagnostic testing for invasive fungal infections and other pathogenic microorganisms.

On October 22nd, Danah Life Sciences (920009.BJ) started its subscription with an issue price of 17.10 yuan/share, a maximum subscription limit of 360,000 shares, and an issue P/E ratio of 11.75 times. It belongs to the Northern Stock Exchange, with CMSC as the sponsor (lead underwriter). According to the prospectus, Danah Life Sciences primarily engages in the research, development, production, and sales of early diagnostic serology for invasive fungal diseases and other pathogenic microorganism in vitro diagnostic products. It is recognized as a national high-tech enterprise, one of the first batch of nationally supported key specialized new "little giant" enterprises, Tianjin's manufacturing single champion enterprise, and a national intellectual property advantage enterprise. The company has a relatively complete production line and has undertaken 2 projects funded by Tianjin's intelligent manufacturing special funds. Currently, the company's self-developed products cover the main clinical testing projects for invasive fungal disease serology detection. Among them, the company's independently developed aspergillus galactomannan quantitative detection assay kit (ELISA method) was included in the National Ministry of Science and Technology's "Innovative Medical Management Device Products Catalog (2018)"; the self-developed fungus (1-3)--D glucan quantitative detection kit (colorimetric method) received the 2018 Tianjin Small and Medium-sized Enterprise "Key Special New" product identification; the company has received nominations for the Tianjin Quality Award, the first batch of patent-intensive products in the Binhai New Area, Tianjin's quality breakthrough outstanding achievements in 5 projects, Tianjin Binhai New Area quality breakthrough activities results evaluation competition awards in 14 projects, "Star of Innovation" Cup 2022 annual and 2021 annual China's outstanding innovative products in vitro diagnostics gold awards, and many other honors. The company's aspergillus galactomannan IgG antibody detection kit and Candida galactomannan IgG antibody detection kit are domestically registered exclusive products, with no similar diagnostic reagents registered for detection of the same markers in the domestic market. As of the end of June 2025, the company's reagent products have entered more than 1300 medical institutions in 34 provincial-level administrative regions nationwide, including over 1000 tertiary hospitals, and have been sold to countries and regions in Asia, Europe, Africa, South America, and North America, continuously meeting the growing diagnostic needs for invasive fungal diseases and some virus and bacterial infections of end users. In terms of finances, in the fiscal years 2022, 2023, 2024, and January-June 2025, Danah Life Sciences achieved operating revenues of approximately RMB 295 million, RMB 237 million, RMB 240 million, and RMB 116 million, respectively; meanwhile, the company achieved net profits of approximately RMB 44.6199 million, RMB 77.5955 million, RMB 87.1896 million, and RMB 49.965 million respectively during the same period. Danah Life Sciences mentioned in the prospectus that the company faces risks of declining operating income, decreasing proportion of overseas income, and falling product prices. In 2023, the company's operating income decreased by 19.78% year-on-year, with the proportion of overseas income dropping to 2.38%, mainly due to a significant 97.51% decrease in the company's emergency business income compared to 2022. In 2024, the company's operating income increased by 1.21% year on year. From January to June 2025, the company's operating income decreased by 1.38% year-on-year. During the reporting period, the company's emergency business product income was approximately RMB 135 million, RMB 3.3699 million, RMB 0.865 million, and RMB 0 million, accounting for 45.78%, 1.42%, 0.04%, and 0.00% of the operating income respectively. Since 2023, the proportion has decreased to a low level. The company's future operating income is less affected by emergency business, and the company continues to focus on regular business. If new competitors enter the segmented market in the future, increased market competition could lead to a risk of declining operating income. During the reporting period, the company's average price for regular business reagents was RMB 28.83 per person, RMB 29.53 per person, RMB 28.68 per person, and RMB 27.52 per person, respectively. As the country further strengthens the enforcement of medical insurance cost control, medical institution fee standards are declining, which to some extent leads to manufacturers, the company's regular business product price faces the risk of decline.