From TenoMeibo to Chinese innovative biopharmaceutical companies: value anchors through long-termism across growth cycles

This article is sourced from: Times Weekly Author: Tang Luo

2026 is the inaugural year of the “14th Five-Year Plan” and a critical phase for advancing the “Healthy China 2030” strategy. The government work report for 2026 systematically outlines the implementation of a health priority development strategy and the improvement of the public health system, emphasizing the strengthening of public health capabilities, enhancing emergency rescue, blood supply, and emergency response abilities, and clarifying the direction for improving the prevention and control system for major infectious diseases and public health emergency systems. In terms of industrial development, biopharmaceuticals have been explicitly identified as one of the emerging pillar industries, alongside integrated circuits, aerospace, and the low-altitude economy.

In the capital market, the “1+6” reform of the Sci-Tech Innovation Board is advancing deeply, and the Shanghai Stock Exchange has restarted the fifth set of listing standards to establish a solid development foundation for unprofitable pharmaceutical companies with core innovative capabilities through institutional innovation, guiding capital to return to the source of long-term innovative value.

As the first innovative pharmaceutical company to be accepted after the restart of the fifth set of listing standards on the Sci-Tech Innovation Board, Zhuhai Tenomab Pharmaceutical Co., Ltd. (hereinafter referred to as “Tenomab”) represents a vivid reflection of the full-chain development of China’s innovative pharmaceutical industry from source innovation to commercialization. Its globally innovative new generation “tetanus vaccine” Stetotat monoclonal antibody injection (trade name: Xintituo) has successfully been approved for market launch and included in the national medical insurance, providing an important observation window for the industry—how to rationally view the growth cycle of innovative pharmaceutical companies and objectively evaluate their long-term value beyond short-term financial data, which is crucial not only for the stable and long-term development of the companies themselves but also profoundly impacts the sustained prosperity of China’s pharmaceutical innovation ecosystem.

From Biotech to Biopharma: Tenomab’s Commercialization Progress

Any innovative pharmaceutical company must undergo a necessary market cultivation and performance ramp-up cycle to transition from R&D breakthroughs to commercial success, which is determined by the inherent attributes of innovative drugs rather than a special phenomenon of individual companies. The depth and breadth of market academic promotion, the progress of building commercial channel systems, and the strategic collaboration efficiency of external partners together determine the performance rhythm during the initial phase of product commercialization. Taking Tenomab as an example, its core product, Stetotat monoclonal antibody injection, was approved for market launch in February 2025. During the self-pay phase, the product achieved sales exceeding 50 million yuan in just nine months. By the end of 2025, the product was successfully included in the national medical insurance category B directory, and with the full opening of the medical insurance payment channels, Stetotat monoclonal antibody is expected to officially enter a new stage of accelerated sales growth.

When evaluating innovative pharmaceutical companies, it is highly necessary and reasonable to clearly distinguish the fluctuations of short-term operating data from the accumulation of long-term corporate value. Short-term operating data can be easily disturbed by external sporadic factors such as medical insurance negotiation cycles and hospital bidding progress. The true long-term value lies in the core elements that are difficult for competitors to replicate: first, the originality and leading nature of the technology platform, which determines the output efficiency and innovation quality of the company’s future pipeline; second, the competitiveness and rationality of the research pipeline, which constitutes the engine for the company’s medium to long-term growth; third, the certainty and growth potential of the target market space, which provides a macro foundation for the realization of corporate value.

Therefore, Tenomab’s value lies not only in the successful launch of Stetotat monoclonal antibody but also in the technological innovation and continuous hematopoietic capacity built by its fully human monoclonal antibody drug discovery platform, which is expected to continuously supply competitive innovative drug pipelines to the company. Currently, Tenomab’s independently developed heavy-weight product, Ritweibai monoclonal antibody injection (pipeline code: TNM001), specifically targeting infants under 1 year old (including high-risk groups severely infected with respiratory syncytial virus), has had its market application accepted by the National Medical Products Administration’s Drug Evaluation Center (CDE) in February 2026 and included in the priority review process. Both products have been included in the priority review process by the CDE due to their significant clinical value, reflecting the recognition and support from regulatory agencies for Tenomab’s two innovative drugs.

Dr. Cheng Zengjiang, chairman of Xieyi (Beijing) Technology Development Co., Ltd., believes that China’s innovative pharmaceuticals are transitioning from “following” to “running alongside,” with true breakthroughs coming from in-depth fieldwork and a mindset of being open to learning. The Stetotat monoclonal antibody from Tenomab showcases the “soul” of Chinese pharmaceutical companies—relying on fourth-generation antibody technology, achieving a disruption of the century-old tetanus treatment from 0 to 1 with the advantages of fully human and no skin testing.

Cheng Zengjiang stated that drug development must embody both form and spirit, with clinical value being the “spirit.” Stetotat monoclonal antibody addresses clinical emergency pain points with hard-core technology, making safety and efficiency attainable. In the fierce elimination race of the innovative drug market, only value innovation can help companies break through and benefit more patients.

With the implementation of medical insurance access for the core product Stetotat monoclonal antibody injection, the continuous advancement of subsequent pipeline products, and the ongoing improvement of commercialization systems, Tenomab’s intrinsic value will gradually manifest in accordance with industrial rules.

Practicing “Prevention First”: The Public Health Value Anchor of Innovative Pharmaceutical Companies

Tenomab’s strategic layout highly resonates with the “prevention first” public health policy. Within the framework of public health economics, preventive drugs not only have significant social benefits, but their long-term economic value generally exceeds that of therapeutic drugs. Taking tetanus as an example, tetanus is an acute infectious disease with a nearly 100% mortality rate in the absence of medical intervention, and even with active comprehensive treatment, the average mortality rate worldwide remains 30%-50%, making it an extremely serious potential fatal disease. The treatment process for tetanus is complex, lengthy, and resource-intensive, often requiring intensive care, respiratory support, antitoxin therapy, and long-term rehabilitation, placing a heavy burden on the medical system and patients’ families. However, in stark contrast to this “high fatality” and “high treatment cost” is the fact that tetanus is a disease that can be completely prevented. This “high preventability” makes it one of the typical diseases where “prevention is greater than treatment.” Tenomab’s continued deep cultivation in core pipeline areas such as tetanus and RSV prevention is a substantial industrial response to the “prevention first” strategy, demonstrating the ability of innovative pharmaceutical companies to translate national public health policy guidance into concrete product solutions.

Currently, China’s innovative pharmaceutical industry is at a critical stage of transitioning from “quantity accumulation” to “quality leap,” from “following and running alongside” to “running alongside and leading.” The continuous optimization of the policy environment, the deepening of capital market reforms, and the ongoing expansion of high-end talent teams have jointly created historically favorable conditions for company development. The restart of the fifth set of standards on the Sci-Tech Innovation Board is an important measure for the regulatory authorities to deeply understand the unique rules of innovative pharmaceutical companies—“high investment, long cycle, high risk”—and to guide capital to support real technological innovation.

Looking ahead, the sustained growth of China’s innovative pharmaceutical companies requires simultaneous enhancement across multiple dimensions: first, innovation quality, shifting from target following to source innovation, addressing true unmet clinical needs; second, commercialization capability, building an efficient market system that matches product characteristics to maximize innovative value; third, internationalization level, actively participating in global R&D and market competition to enhance the global influence of Chinese innovation.

Under the guidance of the grand blueprint of the “Healthy China” strategy, amidst the collaborative efforts of the capital market and industrial policies, those enterprises that genuinely uphold long-termism, deeply engage in source innovation, and demonstrate strong strategic determination and execution resilience are expected to navigate through short-term fluctuations and challenges, achieving full value release over time, thus contributing significant Chinese strength to the public health cause in China and globally. This rational path requires not only the perseverance of enterprises but also the collective witnessing of all market participants with a longer-term and more inclusive perspective.