Company Overview - Mingyu Pharmaceutical Co., Ltd. has submitted its application to list on the Hong Kong Stock Exchange, with Morgan Stanley, BofA Securities, and CITIC Securities acting as joint sponsors [1] - Established in 2018, the company is a biotechnology innovation enterprise with a robust pipeline of clinical-stage oncology products and late-stage immunology assets [3][4] Product Pipeline - The company has 13 candidate products in its pipeline, with 10 currently in clinical stages, focusing on proprietary antibody-drug conjugates (ADCs) and a novel PD-1/VEGF bispecific antibody [3] - Key product MHB036C targets TROP 2 for solid tumors and is currently in I/II phase studies for non-small cell lung cancer (NSCLC) and breast cancer [3] - MHB088C is a potential best-in-class B7-H3 ADC for small cell lung cancer (SCLC), currently in III phase trials [4] - MHB018A is a first-in-class IGF-1R antibody for active thyroid eye disease (TED), also in III phase trials [4] - MH004 is a first-in-class topical JAK inhibitor for atopic dermatitis, with a new drug application submitted in 2025 [4] Market Potential - The global market for TED treatments is projected to grow from $3.4 billion in 2024 to $13.4 billion by 2035, with a CAGR of 13.2% [5] - The global market for atopic dermatitis treatments is expected to expand from $14.9 billion in 2024 to $29.5 billion by 2035, driven by increased adoption of targeted therapies in China [5] - The global pharmaceutical market is forecasted to grow from $1,333 billion in 2020 to $1,664 billion in 2024, with a CAGR of 5.7% [9] Financial Performance - The company reported revenues of approximately RMB 0 for the fiscal years 2023 and 2024, with projected revenue of RMB 264.15 million for the six months ending June 30, 2025 [6] - Losses for the fiscal years 2023, 2024, and the six months ending June 30, 2025, were approximately RMB 137.27 million, RMB 282.63 million, and RMB 167.01 million, respectively [7][8] Industry Trends - The global oncology drug market is expected to grow from $167 billion in 2020 to $262 billion in 2024, with a CAGR of 11.9% [9] - The ADC market is anticipated to experience explosive growth, projected to increase from $13.5 billion in 2024 to over $216.3 billion by 2035, with a CAGR of 28.7% [13] - China is expected to see a significant increase in its share of global oncology spending, with the oncology drug market projected to grow from $25.8 billion in 2020 to $37.2 billion in 2024 [10]