9月底，港交所迎来新一轮医药企业上市申请高峰。经北京商报记者统计，仅在9月29日—30日期间，就 有11家医药企业集体递交上市申请。此外，本轮递表企业中有多家已在A股上市，如长春高新、百利天 恒、贝达药业等。在业内人士看来，"A+H"双平台上市有助于生物医药企业拓展融资渠道，增强资金实 力，从而推动创新药与高端医疗器械的国产化进程，加速产业整体升级。 密集递表 经北京商报记者统计，9月以来已有约25家医药企业向港交所递交上市申请。其中多家已为A股上市公 司，呈现明显的"A+H"双平台布局趋势。 例如，9月30日，华恒生物向香港联交所递交了发行H股股票并在香港联交所主板挂牌上市的申请。华 恒生物于2021年登陆科创板，是一家以合成生物技术为核心，通过生物制造方式，主要从事生物基产品 的研发、生产、销售的企业。 此外，9月29日，百利天恒、长春高新、贝达药业3家A股药企同时向港交所递表。其中百利天恒、贝达 药业均为创新药企，长春高新则是生长激素龙头企业，素有"生长激素茅"之称。 谈及赴港上市的原因，上述企业均提到，为深化公司全球化战略布局、加快公司国际化进程、增强公司 在境外融资能力等。 针对公司相关问题，北京商 ...

Core Viewpoint - He Mei Pharmaceutical is seeking to list on the Hong Kong Stock Exchange under the 18A chapter, aiming to attract capital for its development of small molecule drugs targeting autoimmune diseases and tumors, despite currently having no revenue or profit [1][3]. Group 1: Company Overview - He Mei Pharmaceutical was established in 2002 and focuses on developing small molecule drugs for autoimmune diseases and tumors, with a strong position in the industry [1]. - The company is developing seven small molecule drug candidates, all in clinical stages, and relies on government subsidies and financing for sustainable operations [1][3]. Group 2: Financial Performance - In 2023 and 2024, He Mei Pharmaceutical reported other income of approximately 4.05 million and 5.298 million RMB, respectively, primarily from government subsidies [3][4]. - The company incurred losses of approximately 156 million and 123 million RMB in the same periods, with significant expenditures in research and development [3][4]. Group 3: Product Pipeline - The core product, Mufemilast, is a novel small molecule PDE4B inhibitor, currently undergoing critical clinical trials for various indications, including psoriasis and Behçet's disease [5][6]. - Mufemilast is positioned as a unique drug with a dual mechanism of action, potentially reducing central nervous system side effects [6][7]. Group 4: Market Potential - The psoriasis drug market in China is projected to grow from 13.9 billion RMB in 2023 to 89.4 billion RMB by 2032, with a compound annual growth rate of 59.1% from 2023 to 2032 [7]. - He Mei Pharmaceutical is preparing for comprehensive clinical development of Mufemilast across eight major indications, indicating a strategic approach to capture market share [10][11]. Group 5: Competitive Landscape - The market for psoriasis treatments is becoming increasingly competitive, with major pharmaceutical companies also developing small molecule targeted therapies [10]. - He Mei Pharmaceutical's limited industry influence and recognition may pose challenges in differentiating its products in a crowded market [10][11].