启明创投、华安基金等机构参投，明宇制药拟赴港IPO

Core Viewpoint - Mingyu Pharmaceutical Co., Ltd. has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, with Morgan Stanley, Bank of America, and CITIC Securities as joint sponsors [1] Company Overview - Established in 2018, Mingyu Pharmaceutical is a biotechnology innovation company nearing commercialization, employing a dual-engine development strategy of "tumor immunity + autoimmune" [1] - The company has 13 drug candidates in development, with 10 in clinical stages, featuring a diverse product pipeline that includes ADC drugs, bispecific antibodies, and autoimmune therapies [1] Product Pipeline - In the oncology sector, the core product TROP-2 ADC drug MHB036C targets a multi-billion dollar solid tumor market and is currently undergoing combination therapy studies with PD-1/VEGF bispecific antibody MHB039A, including Phase I/II studies for non-small cell lung cancer and Phase II studies for breast cancer [1] - Another core product, B7-H3 ADC drug MHB088C, has entered Phase III clinical trials for second-line monotherapy in small cell lung cancer and is also being studied in combination with MHB039A [1] - In the autoimmune sector, the core product IGF-1R antibody MHB018A is in Phase III trials for active thyroid eye disease, while topical JAK inhibitor MH004 is set to submit a new drug application for atopic dermatitis in China by 2025 [1] Financial Performance - Financial data shows that the company reported revenues of 0 yuan for 2023 and 2024, with projected revenue of 264 million yuan for the first half of 2025, primarily from licensing B7-H3 ADC drug rights to Qilu Pharmaceutical, valued at 1.345 billion yuan [2] - R&D expenditures for the same periods were 182 million yuan, 281 million yuan, and 98 million yuan, with a cumulative net loss of 587 million yuan [2] Market Potential - According to a report by Zhi Shi Consulting, the global PD-(L)1 bispecific antibody market is expected to grow from 300 million USD in 2024 to 19.16 billion USD by 2035, with the Chinese market projected to reach 3.37 billion USD by 2035 [2] Funding and Valuation - Mingyu Pharmaceutical has completed five rounds of financing, with notable investors including Aobo Capital, Qiming Venture Partners, Huazhong Fund, Tigermed, and IDG Capital [2] - Following a 131 million USD Series C financing round in July 2025, the post-money valuation of the company reached 3.936 billion yuan [2] - The shareholding structure indicates that Dr. Cao Guoqing and his wife collectively hold 36.27% of the shares [2] Use of Proceeds - The funds raised from the Hong Kong listing will primarily be used for core product R&D, production capacity building, commercialization efforts, and working capital supplementation [2]