（原标题：新股前瞻|局部递送靶向疗法领导者，普祺医药能否撑起24亿估值？） 近日，港交所主板迎来又一家生物医药公司递表——北京普祺医药科技股份有限公司(下称"普祺医药") 正式递交上市申请，中信证券、民银资本为联席保荐人。此前，公司曾在新三板挂牌，并于2025年6月 终止挂牌，按最后交易日股价计算，市值约24亿元。 招股书显示，普祺医药专注于免疫炎症领域，定位"局部递送靶向疗法的领导者"。公司成立于2016年， 以创新设计和局部递送为核心技术平台，深耕特应性皮炎、过敏性鼻炎等慢性炎症疾病。 由于尚无产品获批上市，公司至今未产生产品销售收入，于2024年度和2025年前九个月，其他净收入分 别为1122万元和115.8万元(单位为人民币，下同);同期净亏损则分别达到约1.78亿元和1.25亿元。 自身免疫疾病已成为全球第三大慢性病，市场规模正稳步扩容。根据弗若斯特沙利文数据，全球自身免 疫疾病药物市场规模从2019年的1169亿美元增至2024年的1431亿美元，年复合增长率4.1%。展望未 来，该市场预计将在2028年和2033年分别达到1795亿美元和2170亿美元，对应阶段复合年增长率为 5.8%和3.9 ...

Core Viewpoint - Beijing Puxi Pharmaceutical Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange after withdrawing its IPO application from the Beijing Stock Exchange, reflecting a strategic shift for unprofitable biotech companies in the current market environment [1][3][6] Company Overview - Puxi Pharmaceutical, established in 2016, focuses on the field of immune inflammation, with its core product being Pumeixin (PG-011) [3][6] - The company has not yet launched any products, with its core product currently in various stages of clinical trials [1][3] Financial Performance - The company reported a cumulative loss exceeding 300 million yuan from 2024 to the first three quarters of 2025, with a net loss of 178.496 million yuan for 2024 and 125 million yuan for the first three quarters of 2025 [2][6] - Puxi Pharmaceutical's revenue was zero for 2022 and 2023, with only 47,200 yuan in revenue from other business activities in 2024 [5][6] Strategic Shift - The decision to switch from the Beijing Stock Exchange to the Hong Kong Stock Exchange is seen as a pragmatic adjustment due to the more stringent review process for unprofitable companies on the former [1][6] - The Hong Kong Stock Exchange's Chapter 18A is designed for unprofitable biotech companies, offering lower listing thresholds and faster access to capital [1][6] Product Development - Pumeixin has two formulations: a gel for atopic dermatitis and a nasal spray for allergic rhinitis, both of which are in advanced clinical trial stages [7][8] - The gel has completed Phase III trials for adults and adolescents, while the nasal spray is in Phase III trials for adults [7] Commercial Collaboration - Puxi Pharmaceutical has signed an exclusive commercialization agreement with Jichuan Pharmaceutical, allowing the latter to market Pumeixin nasal spray in China for up to 1 billion yuan [8][9] - This partnership is expected to provide essential funding and leverage Jichuan's commercial expertise to expedite market entry for Puxi's products [9]