Beijing Aisiyipu Biotechnology Co., Ltd. (hereinafter referred to as "Aisiyipu") responded to the first round of inquiries from the Beijing Stock Exchange on October 9.

Regarding its shareholding structure, Yan Li and Li Yingji together control 46.69% of voting rights.

Of particular note is an "incentive" arrangement in the company's historical evolution: Zhang Weiyi, a classmate of Yan Li, subscribed to shares at 1 yuan per registered capital, with the capital contribution actually coming from the actual controller himself. Two years later, Zhang exited at 0.58 yuan per share with zero consideration, which was explained as incentive equity.

In November 2023, Beijing Shengguan acquired a 5% stake at 1 yuan per share, while just four months earlier the Series B capital increase price was as high as 52.7 yuan per share, a price gap of about 52 times.

During the same period, Li Yingji transferred shares multiple times at 1 yuan per share, while the adjacent repurchase price was 3.6 yuan per share, and the subsequent Series A round reached 11 to 17 yuan per share.

On the financing side, the Series A round at 17 yuan per share corresponded to a post-investment valuation of 170 million yuan. Nine months later, the Series A+ round soared to 37.55 yuan per share with a valuation of 600 million yuan. Star institutions such as CICC Qide, Yida Capital, Htang Venture Capital, and Jinyu Maowu participated, with Htang Fund holding 8.53% and three funds under Jinyu Maowu holding a combined approximately 7.66%.

On the performance front, the company's 2025 revenue of 264 million yuan, net profit attributable to parent of 44.6689 million yuan, and gross margin of 49.40% appear impressive. However, R&D expenses as a share of revenue plunged from 23.46% to 5.72%, the post-period collection rate of accounts receivable fell from 95.69% to 75.15%, and 13 customers had full bad debt provisions totaling 4.24 million yuan, including Xunuo Pharmaceutical, Shanghai Yili, and Beijing Zhijian Jinrui.

Although operating cash flow turned positive at 70.451 million yuan, the company still carries 69.0917 million yuan in accumulated unrecovered losses, and of the proposed fundraising of 318 million yuan, 30 million yuan is intended to supplement working capital.

The "Incentive" Mystery of One-Yuan Subscription and Zero-Consideration Exit

Aisiyipu's entrepreneurial story began in 2010.

Yan Li and Li Yingji, a married couple of PhDs who studied in Germany, returned to China after years of research in neuroelectrophysiology and cardiovascular pharmacology to found the company, initially focusing on ion channel drug screening services.

The two pooled 2 million yuan in startup capital, of which a single imported piece of equipment consumed 1.8 million yuan.

At the shareholding level, Yan Li and Li Yingji are joint actual controllers. As of the signing date of the prospectus, their direct shareholdings were 20.84% and 10.60% respectively, and they indirectly controlled voting rights through the employee stock ownership platforms Huzhou Changyi (10.42%) and Beijing Shengguan (4.84%), where each serves as executive partner, together controlling 46.69%.

In the historical evolution, the regulatory inquiry letter explicitly pointed out that the company's historical evolution involved situations such as some shareholders "transferring equity shortly after subscribing" and "significant differences in equity transfer prices at similar times."

Specifically, in the first capital increase in March 2013, Zhang Weiyi, a classmate of Yan Li, one of the actual controllers, subscribed at 1 yuan per registered capital, with the source of funds actually being the actual controller himself.

Two years later, in November 2015, Zhang Weiyi transferred all shares to Yan Li and Li Yingji at only 0.58 yuan per share, and no payment was actually made for this equity transfer.

The company explained this in its inquiry response as "incentive equity," but the incentive recipient exited two years after subscribing at a price lower than the subscription price and without receiving consideration.

In July 2020, Li Yingji transferred a total of 1 million shares to Zhang Dan and Wang Yufei; in April 2021, he transferred 2 million shares to Huzhou Changyi and 909,100 shares to Zibo Yingke, all at 1 yuan per share.

The adjacent repurchase price was 3.6 yuan per share, and the subsequent Series A round reached 11 to 17 yuan per share.

It is worth noting that in the eighth capital increase in November 2023, Beijing Shengguan subscribed at 1 yuan per share. Just four months earlier (July 2023), the Series B capital increase price was 52.7 yuan per share. Four months later, it subscribed to 928,728 shares at 1 yuan per registered capital to obtain a 5% stake, a price difference of about 52 times.

In terms of financing history, the company has completed multiple rounds of financing since its Series A round in November 2021.

The Series A capital increase price was 17 yuan per share, corresponding to a post-investment valuation of 170 million yuan. Just nine months later, in the Series A+ round, the capital increase price soared to 37.55 yuan per share, with a post-investment valuation jumping to 600 million yuan.

Subsequently, the company completed a Series B round of over 100 million yuan led by Jifeng Capital and a Series B++ round led by Yizhuang Guotou.

Among the investors are CICC Qide Fund under CICC Capital, Yida Capital, Htang Venture Capital, and Jinyu Maowu.

Among them, Htang Fund holds 8.53% of shares, and three funds under Jinyu Maowu hold a combined approximately 7.66%.

Just Turned Profitable but Carrying 69.09 Million Yuan in Accumulated Losses, 4.24 Million Yuan in Bad Debt from 13 Customers

Aisiyipu's 2025 performance data is quite impressive: operating revenue of 264 million yuan, a year-on-year increase of 35.18%; net profit attributable to parent of 44.6689 million yuan, a year-on-year surge of 412.43%; gross margin increased from 29.54% in 2023 to 49.40%.

During the reporting period, the company's R&D investment as a proportion of revenue plummeted from 23.46% in 2023 to 5.72% in 2025, a decline of nearly 18 percentage points over three years.

The company attributed this to "the biology building block platform has basically taken shape, and subsequent work is mainly focused on improvement and upgrading."

It is worth noting that as of May 31, 2026, the post-period collection rates of accounts receivable at the end of 2023, 2024, and 2025 were 95.69%, 91.03%, and 75.15% respectively, showing a declining trend year by year, with the end of 2025 down more than 20 percentage points from the end of 2023.

Correspondingly, in 2025 the company made full individual bad debt provisions for 13 customers, totaling 4.24 million yuan, including 1.42 million yuan for Xunuo Pharmaceutical, 1.34 million yuan for Shanghai Yili, and 580,000 yuan for Beijing Zhijian Jinrui.

The company's customers are mainly innovative drug Biotech enterprises, and the payment ability of such customers is highly dependent on the financing environment. When the industry enters a capital winter, bad debt risks will be concentratedly exposed.

In 2025, the company's net cash flow from operating activities was 70.451 million yuan, a significant improvement from 16.5848 million yuan in 2024, while in 2023 it was -40.6642 million yuan.

Regarding fundraising and dividends, the company plans to raise 318 million yuan for projects such as the integrated biology platform construction, and plans to use 30 million yuan to supplement working capital.

As of the end of the reporting period, the company still had accumulated unrecovered losses of 69.0917 million yuan.