39亿元，江西Biotech第一股即将诞生

Core Viewpoint - Ganzhou Hemei Pharmaceutical Co., Ltd. plans to go public on the Hong Kong Stock Exchange, focusing on the development of small molecule drugs for autoimmune diseases and tumors, with a product pipeline that includes seven candidates [1][3]. Company Overview - Founded by Dr. Zhang Hesheng in 2002, Hemei Pharmaceutical has evolved from a laboratory in Tianjin to a company with a comprehensive drug development system, including drug discovery, clinical development, and manufacturing [3][4]. - The company has undergone several transformations, including a name change in 2019 and a restructuring in 2023 to prepare for its IPO [3][4]. Product Pipeline - Hemei Pharmaceutical has developed a pipeline of seven small molecule candidates, including three for autoimmune diseases and four for tumors [1][11]. - The core product, Mufemilast, received approval from the National Medical Products Administration (NMPA) in September 2025 for the treatment of plaque psoriasis, marking it as the first domestic PDE4 inhibitor [1][11]. Funding and Financials - The company plans to use the funds raised from the IPO for the commercialization of Mufemilast, development of other key products, and general operational expenses [1][15]. - Hemei Pharmaceutical has completed seven rounds of financing, with a valuation of 3.9 billion yuan after the latest round [4][15]. - Despite the recent approval of Mufemilast, the company reported net losses of 156 million yuan, 123 million yuan, and 73 million yuan for 2023, 2024, and the first half of 2025, respectively [15][16]. Market Context - The psoriasis drug market in China is projected to reach 18.2 billion yuan in 2024, with a compound annual growth rate (CAGR) of 30.5% from 2019 to 2024 [11][12]. - However, the market is competitive, with 17 approved targeted therapies already available, including drugs with similar mechanisms to Mufemilast [12][13]. Strategic Positioning - Mufemilast's differentiation lies in its broader action range compared to single-cell factor-targeting biologics and its oral administration route, which enhances patient compliance [13][14]. - The company plans to establish a dedicated sales team to promote Mufemilast in major hospitals, focusing on rheumatology and oncology departments [13][14]. Research and Development - Hemei Pharmaceutical has established a comprehensive technology system for drug development, including platforms for pharmacological targeting, biomarker screening, and differentiated clinical design [7][9]. - The company has received significant support from local government initiatives aimed at fostering innovative pharmaceutical enterprises [15][16].