The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Ganzhou Hemay Pharmaceutical Co., Ltd. 贛州和美藥業股份有限公司 (A joint stock company incorporated in the People's Republic of ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Ganzhou Hemay Pharmaceutical Co., Ltd. 贛州和美藥業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向贛州和美藥業股份有限公司（「本公司」）、其獨家保薦人、整體協 調人、顧問或承銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處長 登記的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾人士派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根 據本文件中的資料作出任何投資決定； (b) 在聯 ...

Group 1: Company Overview - He Mei Pharmaceutical Co., Ltd. (和美药业) is an innovative biopharmaceutical company established in 2002, focusing on the discovery and development of small molecule drugs for autoimmune diseases and tumors [1][2] - The company has submitted an application for listing on the Hong Kong Stock Exchange, with Guo Zheng International as its exclusive sponsor [1] Group 2: Product Pipeline - He Mei Pharmaceutical has developed seven small molecule drug candidates targeting autoimmune and tumor diseases, with four candidates in Phase II, III clinical trials, or NDA stages [2][8] - The core product, Mufemilast, is a novel small molecule PDE4B inhibitor with potential applications in various autoimmune diseases, including psoriasis and inflammatory bowel disease [3][5] Group 3: Market Potential - The autoimmune disease drug market in China has grown from $2.5 billion in 2019 to $4 billion in 2023, with a compound annual growth rate (CAGR) of 12.5% [5] - The psoriasis drug market in China reached ¥13.9 billion in 2023, with a CAGR of 30.4% from 2019 to 2023, and is expected to grow to ¥89.4 billion by 2032, with a CAGR of 59.1% [5] Group 4: Clinical Development - Mufemilast is the only drug that can be directly used for psoriasis patients with latent tuberculosis infection, with its safety supported by Phase III clinical trials [3][5] - Hemay022, another core product, is a dual-target small molecule inhibitor for advanced breast cancer, currently undergoing a Phase III clinical trial [7] Group 5: Financial Overview - The company reported a pre-tax loss of ¥156.4 million in 2023 and ¥123.4 million in 2024, primarily due to R&D and administrative expenses [12][13] - As of the end of 2024, the company had cash and cash equivalents of ¥150 million, with a net cash outflow from operating activities of ¥141 million in 2023 [11][12]