Core Viewpoint - Minghui Pharmaceutical Co., Ltd. is positioned as a near-commercial biotechnology innovation company with dual growth engines, focusing on proprietary antibody-drug conjugate (ADC) platforms and a novel PD-1/VEGF bispecific antibody [2][4]. Pipeline Overview - As of November 16, 2025, Minghui has 13 candidate products in its pipeline, with 10 in clinical stages. The autoimmune projects are expected to generate revenue soon, while the oncology projects aim to innovate first-line cancer treatments through ADC monotherapy and combination therapies with PD-1/VEGF bispecific antibodies [3][4]. Key Products - The core product MHB036C targets the TROP-2 antigen for solid tumors and is in I/II phase trials for non-small cell lung cancer (NSCLC) and II phase trials for breast cancer. Another key product, MHB088C, is a B7-H3 ADC for small cell lung cancer (SCLC) and is currently in III phase trials [4][5]. Market Potential - The global ADC market is projected to grow from $13.5 billion in 2024 to over $216.3 billion by 2035, with a compound annual growth rate (CAGR) of 28.7%. The market for treatments of thyroid eye disease (TED) is expected to grow from $3.4 billion in 2024 to $13.4 billion by 2035, and the atopic dermatitis market is anticipated to expand from $14.9 billion to $29.5 billion in the same period [6]. Strategic Partnerships - Minghui has established a strategic collaboration with Qilu Pharmaceutical for MHB088C in Greater China, valued at 1.345 billion RMB. The clinical data for MHB088C has been selected for presentation at major oncology conferences, indicating strong interest from the medical community [7]. Funding and Valuation - Following the last round of financing in July, Minghui's valuation reached 3.936 billion RMB. The funds raised from the IPO will primarily support the development of core and key products, manufacturing, quality control, and commercialization capabilities [8].