明宇制药：六年亏超12亿，无产品商业化，大额融资后火速上市｜IPO观察

Core Viewpoint - Mingyu Pharmaceutical Co., Ltd. has submitted a prospectus for an IPO in Hong Kong despite not having commercialized any products in its six years of operation, accumulating losses exceeding 1.239 billion RMB [2][3][10]. Financial Performance - The company reported zero revenue for 2023 and 2024, with revenue of 26.415 million RMB in the first half of 2025, while losses for the same periods were -137.275 million RMB, -282.631 million RMB, and -167.008 million RMB respectively, totaling nearly 587 million RMB over two and a half years [3][5]. - As of June 30, 2025, the total accumulated losses reached 1.239 billion RMB, averaging over 200 million RMB in losses per year since its establishment in 2018 [3][4]. Research and Development Expenditure - The primary reason for the continuous losses is attributed to R&D expenses, which were 182.472 million RMB, 280.689 million RMB, and 98.379 million RMB during the reporting periods, representing 132.92%, 99.31%, and 58.91% of the respective annual profits [4][5]. - The company has a pipeline of 13 candidate products, with 10 in clinical stages, including three key products (MH004, MHB018A, MHB088C) that are progressing towards commercialization [6][7][9]. Product Pipeline and Market Potential - MH004 is a topical prodrug for atopic dermatitis and vitiligo, with a global market projected to grow from 1.2 billion USD in 2020 to 1.7 billion USD by 2024, reflecting a compound annual growth rate (CAGR) of 9.7% [7]. - MHB018A targets thyroid eye disease (TED), with a potential market size of 3.4 billion USD in 2024, expected to reach 13.4 billion USD by 2035, with a CAGR of 13.2% [7]. - MHB088C has been selected for presentation at the 2025 World Lung Cancer Conference, indicating its significance in the pipeline [8]. Financing and IPO Plans - The company has completed five rounds of financing, raising a total of 650 million RMB and 131 million USD, with a valuation increase from 300 million RMB to 3.936 billion RMB [10][12]. - The recent C round financing of 131 million USD was completed just three months before the IPO submission, raising questions about the urgency of the listing and potential investor confidence [12][13].