根据《报告》，我国生物药在研品种、脑机接口、高精度数字切片等方面，均处在全球并跑和领跑位 置。 （原标题：《中国生物经济发展报告2025》发布 中国跻身全球第二大生物药市场） 证券时报记者 刘茜 实习生 鲁芹 9月4日，第十七届中国生物产业大会在武汉东湖高新区举行。会上发布的《中国生物经济发展报告 2025》（简称《报告》）显示，中国已跻身全球第二大生物药市场，满足内需的同时也在逐步参与国际 市场竞争。 其中，细胞和基因疗法稳定增长。2024年，全球共有2069个CAR-T临床研究中心，比2020年的1297个增 加了60%，其中包括中国的388个研究中心。中国拥有全球第二多的研究中心。 值得注意的是，自研新药比例排名创新高。2024年，中国国家药品监督管理局共批准了93款新药，创近 五年新高。2024年，中国在研药物数量位居全球第二，2024年全球制药公司研发管线规模排名前25强 中，共有4家中国企业上榜，创造了新的历史纪录。 此外，2024年我国在医疗装备领域发表超2万篇SCI论文，科研产出居全球第一位，北京、上海和广州 等主要科研中心展示了其强大的科研资源和创新能力。 比如，同济医院展示的光学脑机接口， ...

证券时报记者刘茜 实习生鲁芹 9月4日，第十七届中国生物产业大会在武汉东湖高新（600133）区举行。会上发布的《中国生物经济发 展报告2025》显示，中国已跻身全球第二大生物药市场，满足内需的同时也在逐步参与国际市场竞争。 根据《报告》，我国生物药在研品种、脑机接口、高精度数字切片等方面，均在全球并跑和领跑。 《报告》称，全球主要经济体高度重视生物制造产业发展、可循环经济战略规划，大力资助基因工程和 细胞工程研究、生物质利用和生物基产品开发，生物技术研究不断取得突破、生物安全愈加受到重视， 生物制造产品的种类和应用范围逐渐扩展，越来越多的新材料、新能源、药物中间体、精细化学品和营 养品等实现了生物路线生产。 其中，细胞和基因疗法稳定增长。2024年，全球共有2069个CAR-T临床研究中心，比2020年的1297个增 加了60%，其中包括中国的388个研究中心。中国拥有全球第二多的研究中心。 值得注意的是，自研新药比例排名创新高。2024年，中国国家药品监督管理局共批准了93款新药，创近 五年新高。2024年，中国在研药物数量位居全球第2位，2024年全球制药公司研发管线规模排名前25强 中，共有4家中国企 ...

Core Viewpoint - The recent approval of multiple innovative drugs in China and favorable policies have led to a surge in interest in the Hong Kong innovative drug sector, with several ETFs in the pharmaceutical space seeing gains of over 40% this year [1][2]. Company Overview - He Mei Pharmaceutical Co., Ltd. (referred to as "He Mei Pharmaceutical") has submitted an IPO application to the Hong Kong Stock Exchange, with a post-investment valuation of 3.9 billion RMB after completing six rounds of financing [1][2]. - The company, founded in 2002, focuses on developing small molecule drugs for autoimmune diseases and tumors, with a strong position in the development of treatments for psoriasis, Behçet's disease, and inflammatory bowel disease [1][2]. Financial Performance - As of the latest financial report, He Mei Pharmaceutical has not yet achieved profitability, with projected revenues of approximately 4.05 million RMB and 5.298 million RMB for 2023 and 2024, respectively, primarily from government subsidies [1][2]. - The company is expected to incur losses of approximately 156 million RMB and 123 million RMB for the same periods [1]. Product Pipeline - He Mei Pharmaceutical has developed seven small molecule drug candidates targeting unmet needs in autoimmune and tumor diseases, with four candidates in Phase II, III clinical trials, or NDA stages for 12 indications as of May 21, 2025 [2][3]. - The two core products include Mufemilast, a potential first-in-class treatment for psoriasis, and Hemay022, a dual-target EGFR/HER2 inhibitor for advanced breast cancer [4][8]. Mufemilast Details - Mufemilast is a novel PDE4B inhibitor with a favorable safety profile, showing potential for treating psoriasis patients with latent tuberculosis [4][5]. - The global psoriasis drug market is projected to reach 29.621 billion USD in 2024, with a compound annual growth rate of 9.19% from 2024 to 2029 [5][6]. Competitive Landscape - Despite Mufemilast's advantages, the psoriasis treatment market is highly competitive, with numerous new drugs entering the market, posing challenges for commercial success [8][11]. - Hemay022 is currently undergoing a Phase III clinical trial for advanced ER+/HER2+ breast cancer, facing competition from existing EGFR/HER2 inhibitors [8][9]. Financial Pressure - The company anticipates significant financial pressure due to high R&D expenditures, with projected investments of 123 million RMB and 97 million RMB for 2023 and 2024, respectively [10]. - As of December 31, 2024, the company is expected to hold approximately 150 million RMB in cash and cash equivalents, indicating a tight financial situation [10]. Conclusion - Overall, while He Mei Pharmaceutical's core product for psoriasis shows rapid progress, the intense market competition and ongoing high R&D costs may hinder its ability to attract capital market interest [11].