和美药业闯港交所：核心产品未上市，竞品集采已降价93%

Core Viewpoint - The rising public awareness of autoimmune diseases, particularly ankylosing spondylitis, has led to increased interest in the pharmaceutical sector, with Ganzhou Hemei Pharmaceutical Co., Ltd. filing for an IPO on the Hong Kong Stock Exchange to commercialize its drug Mufemilast, which targets conditions like psoriasis and ankylosing spondylitis [1][6] Company Overview - Hemei Pharmaceutical is a biopharmaceutical company planning to list under the Hong Kong Stock Exchange's 18A rules, characterized by high investment and potential [2] - The company has not yet generated revenue and relies on government subsidies and continuous financing to sustain operations [2][9] - Hemei Pharmaceutical has seven clinical-stage small molecule candidates focused on unmet medical needs in autoimmune diseases and oncology [2] Product Pipeline - Mufemilast is a novel small molecule drug that acts as a dual mechanism PDE4 inhibitor, aiming to reduce side effects associated with traditional PDE4 inhibitors [2][3] - The drug targets eight major indications, including psoriasis, Behçet's disease, psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, ulcerative colitis, chronic obstructive pulmonary disease, and Crohn's disease [3] - The psoriasis market in China has seen rapid growth, with a compound annual growth rate (CAGR) of 30.4% from 2019 to 2023, reaching a market size of 13.9 billion yuan in 2023, projected to soar to 89.4 billion yuan by 2032 [3] Competitive Landscape - The market for Mufemilast is highly competitive, with significant price reductions observed in similar drugs due to national procurement policies, such as a 93.6% price drop for Aplomast tablets [4][5] - There are currently five approved small molecule targeted therapies for psoriasis in China, with 37 more in clinical development, indicating a crowded market [4][5] - Mufemilast's commercial success will depend on its ability to navigate this competitive environment and demonstrate efficacy [5] Financial Status - Hemei Pharmaceutical has not yet commercialized any products, with reported losses of 156 million yuan and 123 million yuan for 2023 and 2024, respectively [9] - The company has relied heavily on financing, raising over 500 million yuan through multiple funding rounds since 2021, with a post-investment valuation of 3.9 billion yuan [9] - Research and development expenses constitute a significant portion of the company's expenditures, with 123 million yuan and 97 million yuan spent in 2023 and 2024, respectively [9] Leadership - The company is led by Zhang Hesheng, who holds approximately 46.51% of the voting rights and has over 20 years of experience in the biopharmaceutical industry [10]