Core Viewpoint - Mingyu Pharmaceutical, founded by former Heng Rui executive Cao Guoqing, has officially submitted its IPO application to the Hong Kong Stock Exchange, focusing on oncology and autoimmune diseases, but has yet to achieve commercialization [1][3]. Financial Performance - The company reported no revenue for 2023 and 2024, with a revenue of 264.15 million RMB in the first half of 2025, primarily from a strategic partnership with Qilu Pharmaceutical [1][3]. - Cumulative losses reached 1.239 billion RMB by mid-2025, with net losses of 137.275 million RMB in 2023, 282.631 million RMB in 2024, and 167 million RMB in the first half of 2025 [2][3][4]. - Operating cash flow was negative for 2023 and 2024, at -143 million RMB and -146 million RMB respectively, turning positive to 102 million RMB in the first half of 2025 due to licensing fees from Qilu [4]. Research and Development - Mingyu Pharmaceutical has 13 candidate products in its pipeline, with 10 in clinical stages, but has not yet commercialized any products [3][5]. - The company plans to allocate 51% of its fundraising net proceeds to the development of two core products, MHB036C and MHB018A, with 26% for MHB036C and 25% for MHB018A [6]. Market Competition - The most advanced product, MH004, targets atopic dermatitis and has submitted a new drug application in China, facing competition from Heng Rui's products in a market projected to reach 14.9 billion USD in 2024 [5][6]. - The global market for atopic dermatitis drugs is expected to grow to 29.5 billion USD by 2035, indicating significant commercial potential [5]. Strategic Partnerships - The partnership with Qilu Pharmaceutical has been crucial for generating revenue, with a total transaction value of 1.345 billion RMB for rights in the Greater China region [3][4].