来源：钛媒体 近期，明宇制药有限公司（下称"明宇制药"）提交了招股说明书，拟港股IPO上市。 笔者注意到，公司成立六年未实现产品商业化，累计亏损超12.39亿元，核心产品虽进入临床后期，但上市时间未定且未布局销售团队，盈利拐点遥遥无 期。更受市场关注的是，公司刚于2025年7月完成1.31亿美元大额C轮融资，仅隔3个多月便提交IPO申报稿。在短期已获巨额融资的情况下，仍计划募资并 将部分用于营运资金，显示出公司急切融资的心态。 六年亏超12亿 明宇制药是一家生物技术创新企业，具有双重潜在的增长引擎：基于专有抗体偶联药物(ADC)平台及一款新型PD-1/VEGF双特异性抗体(bsAb)搭建的稳健的 临床阶段肿瘤产品组合，以及向商业化推进的已处于临床后期的自身的免疫资产。 2023年-2024年和2025年1-6月（下称"报告期"），明宇制药分别实现营业收入0万元、0万元、26415.1万元，年内亏损分别为-13727.5万元、-28263.1万 元、-16700.8万元，两年半合计亏损了近5.87亿元。需要说明的是，滨会生物上述2025年上半年实现的的收入主要是来与齐鲁的许可协议产生收入，并不涉 及产品销售，公 ...

Core Viewpoint - Mingyu Pharmaceutical is preparing for an IPO on the Hong Kong Stock Exchange, with a current valuation of approximately 3.936 billion yuan and a cumulative loss of 587 million yuan over two and a half years [1][2]. Company Overview - Founded in 2018, Mingyu Pharmaceutical is a biotechnology innovation company nearing commercialization, focusing on antibody-drug conjugates (ADC) and a novel PD-1/VEGF bispecific antibody [5]. - The company has a pipeline of 13 candidate products, with 10 in clinical stages, and aims to generate revenue from its autoimmune projects soon [5]. Product Pipeline - The core product MHB036C targets the TROP-2 ADC market, projected to grow from $1.5 billion in 2024 to $42.5 billion by 2035, with a CAGR of 35.4% [5]. - MHB088C is in Phase III trials for small cell lung cancer and has a partnership with Qilu Pharmaceutical worth 1.345 billion yuan [6]. - MHB018A is a first-in-class IGF-1R antibody in Phase III trials, showing strong potential [6]. - MH004 is a first-in-class JAK inhibitor for atopic dermatitis, with a new drug application submitted for 2025 [6]. Financial Performance - Revenue projections for 2023, 2024, and the first half of 2025 are 0 yuan, 0 yuan, and 264 million yuan, respectively, primarily from a licensing agreement with Qilu [7]. - R&D expenses for the same periods are 182 million yuan, 281 million yuan, and 98 million yuan, with net losses of 137 million yuan, 283 million yuan, and 167 million yuan [7]. Funding and Ownership - Mingyu Pharmaceutical has completed five rounds of financing, with the latest post-money valuation at approximately 3.936 billion yuan [10]. - The founder, Cao Guoqing, has extensive experience in drug research and development, having previously worked at Eli Lilly and Hengrui Medicine [10]. Intellectual Property - The company holds 23 issued patents and 107 patent applications, with a significant number related to its core products [7].

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].

Core Viewpoint - Minghui Pharmaceutical, a notable biopharmaceutical company, is led by Dr. Cao Guoqing, a former executive from the "Hengrui System," marking a significant entrepreneurial venture in the capital market [2][4]. Group 1: Company Background - Dr. Cao Guoqing, the founder of Minghui Pharmaceutical, has an impressive background, including a Ph.D. in biochemistry from Ohio State University and experience at Eli Lilly and Hengrui Pharmaceutical [2]. - The company was established in 2018, transitioning Dr. Cao from a scientist to an entrepreneur, leveraging his extensive experience across academia and multinational pharmaceutical companies [2]. Group 2: Product Pipeline - Minghui Pharmaceutical's product pipeline is diverse and differentiated, focusing on oncology and autoimmune diseases, with several drugs showing "best-in-class" potential [4]. - The core product MHB036C (TROP-2 ADC) targets non-small cell lung cancer and breast cancer, with a projected market growth from $1.5 billion in 2024 to $42.5 billion by 2035, reflecting a compound annual growth rate (CAGR) of 35.4% [4]. - Another key product, MHB088C (B7-H3 ADC), is in Phase III clinical trials and has a regional cooperation agreement worth 1.345 billion RMB with Qilu Pharmaceutical, highlighting its clinical and commercial value [4]. Group 3: Technology Platform - The company utilizes its proprietary SuperTopoi ADC platform, which offers a new efficient payload that is 5 to 10 times more potent than traditional ADCs, while exhibiting lower hematological toxicity [5]. - Minghui is among the few biotech companies globally that possess both ADC and bispecific antibody development platforms, enhancing its competitive edge in next-generation cancer immunotherapy [5]. Group 4: Financial and Funding Situation - Financial data indicates that Minghui recorded net losses of 137 million RMB, 283 million RMB, and 167 million RMB for 2023, 2024, and the first half of 2025, respectively, with R&D expenses being the primary cost driver [6]. - The company has shown significant cash consumption but achieved net cash inflow through licensing agreements in the first half of 2025, indicating initial signs of commercialization capability [6]. Group 5: Market Potential and Future Outlook - Minghui's dual-track strategy in "oncology immunotherapy + autoimmune diseases" aims to create a pipeline with both short-term commercialization potential and long-term value [7]. - If the IPO is successful, Minghui will become another biopharmaceutical company on the Hong Kong Stock Exchange's 18A board, focusing on cutting-edge technology, with its future clinical progress and commercialization efforts being critical to its market valuation [7].

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].

Core Insights - Mingyu Pharmaceutical has submitted an application to the Hong Kong Stock Exchange, with joint sponsors including Morgan Stanley, Bank of America Securities, and CITIC Securities [1] - The company focuses on developing tumor therapies based on ADC platforms and PD-1/VEGF bispecific antibodies, as well as late-stage clinical assets for autoimmune diseases [1] Pipeline Overview - As of November 16, 2025, the company has 13 candidate products in its pipeline, with 10 already in clinical stages [1] - Key oncology products include MHB036C (TROP2ADC), which is in I/II phase studies for non-small cell lung cancer and breast cancer in combination with MHB039A (PD-1/VEGF bispecific antibody) [1] - Another significant oncology product, MHB088C (B7-H3ADC), is undergoing a Phase III monotherapy trial for small cell lung cancer and a Phase I/II combination trial with MHB039A [1] - Core autoimmune products include MHB018A (potential best-in-class IGF-1R antibody), currently in a Phase III trial for active thyroid eye disease (TED), and MH004 (first-in-class topical JAK inhibitor), which has submitted a new drug application in China for mild to moderate atopic dermatitis (AD) [1] Market Potential - According to Frost & Sullivan, the global TED market is expected to reach $13.4 billion by 2035, while the global atopic dermatitis treatment market is projected to reach $29.5 billion by 2035 [1] Technology Advantage - The company's proprietary SuperTopoi platform offers new ADC payloads that are 5-10 times more effective than the ADC based on Dxd, with superior safety profiles, including lower incidences of severe hematological toxicity and interstitial lung disease [2]

Company Overview - Mingyu Pharmaceutical Co., Ltd. has submitted its application to list on the Hong Kong Stock Exchange, with Morgan Stanley, BofA Securities, and CITIC Securities acting as joint sponsors [1] - Established in 2018, the company is a biotechnology innovation enterprise with a robust pipeline of clinical-stage oncology products and late-stage immunology assets [3][4] Product Pipeline - The company has 13 candidate products in its pipeline, with 10 currently in clinical stages, focusing on proprietary antibody-drug conjugates (ADCs) and a novel PD-1/VEGF bispecific antibody [3] - Key product MHB036C targets TROP 2 for solid tumors and is currently in I/II phase studies for non-small cell lung cancer (NSCLC) and breast cancer [3] - MHB088C is a potential best-in-class B7-H3 ADC for small cell lung cancer (SCLC), currently in III phase trials [4] - MHB018A is a first-in-class IGF-1R antibody for active thyroid eye disease (TED), also in III phase trials [4] - MH004 is a first-in-class topical JAK inhibitor for atopic dermatitis, with a new drug application submitted in 2025 [4] Market Potential - The global market for TED treatments is projected to grow from $3.4 billion in 2024 to $13.4 billion by 2035, with a CAGR of 13.2% [5] - The global market for atopic dermatitis treatments is expected to expand from $14.9 billion in 2024 to $29.5 billion by 2035, driven by increased adoption of targeted therapies in China [5] - The global pharmaceutical market is forecasted to grow from $1,333 billion in 2020 to $1,664 billion in 2024, with a CAGR of 5.7% [9] Financial Performance - The company reported revenues of approximately RMB 0 for the fiscal years 2023 and 2024, with projected revenue of RMB 264.15 million for the six months ending June 30, 2025 [6] - Losses for the fiscal years 2023, 2024, and the six months ending June 30, 2025, were approximately RMB 137.27 million, RMB 282.63 million, and RMB 167.01 million, respectively [7][8] Industry Trends - The global oncology drug market is expected to grow from $167 billion in 2020 to $262 billion in 2024, with a CAGR of 11.9% [9] - The ADC market is anticipated to experience explosive growth, projected to increase from $13.5 billion in 2024 to over $216.3 billion by 2035, with a CAGR of 28.7% [13] - China is expected to see a significant increase in its share of global oncology spending, with the oncology drug market projected to grow from $25.8 billion in 2020 to $37.2 billion in 2024 [10]

Company Overview - Mingyu Pharmaceutical Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Morgan Stanley, BofA Securities, and CITIC Securities as joint sponsors [1] - Established in 2018, the company is a biotechnology innovation enterprise with a robust clinical-stage oncology product portfolio based on proprietary antibody-drug conjugate (ADC) platforms and a novel PD-1/VEGF bispecific antibody [3] - The company has 13 candidate products in its pipeline, with 10 in clinical stages, and aims to generate revenue from its autoimmune projects soon [3] Product Pipeline - The core product MHB036C targets the TROP 2 antigen for treating solid tumors and is currently in I/II phase studies for non-small cell lung cancer (NSCLC) and breast cancer [3] - Another key product, MHB088C, is a potential best-in-class B7-H3 ADC for small cell lung cancer (SCLC) and is undergoing a Phase III trial for second-line treatment [4] - The company’s proprietary SuperTopoi platform aims to address common issues in traditional ADC technology, offering payload efficacy 5 to 10 times that of existing ADCs while maintaining safety [5] Financial Performance - The company reported revenues of approximately 0 RMB for the fiscal years 2023 and 2024, with projected revenue of 264.15 million RMB for the six months ending June 30, 2025 [6] - Losses for the fiscal years 2023 and 2024 were approximately 137.27 million RMB and 282.63 million RMB, respectively, with a projected loss of 167.01 million RMB for the six months ending June 30, 2025 [7] Market Potential - The global market for TED (Thyroid Eye Disease) treatments is expected to grow from $3.4 billion in 2024 to $13.4 billion by 2035, with a CAGR of 13.2% [5] - The global market for atopic dermatitis treatments is projected to expand from $14.9 billion in 2024 to $29.5 billion by 2035, driven by increased adoption of targeted therapies in China [5] - The global pharmaceutical market is anticipated to grow from $1,333 billion in 2020 to $1,663 billion by 2024, with a CAGR of 5.7% [9] Industry Trends - The ADC market is expected to experience explosive growth, projected to increase from $13.5 billion in 2024 to over $216.3 billion by 2035, with a CAGR of 28.7% [13] - China is becoming a significant player in the global oncology drug market, with its market size expected to grow from $25.8 billion in 2020 to $37.2 billion by 2024, reflecting a CAGR of 9.6% [10] - The global oncology drug market is projected to grow from $167 billion in 2020 to $262.1 billion by 2024, with a CAGR of 11.9% [9]

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Ming Yu Pharmaceutical Limited 明宇製藥有限公司 （「本公司」） 香港聯合交易所有限公司及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 亦不發表任何聲明，並表明概不就因本申請版本全部或任何部分內容而產生或依賴該等內容而引致的任何損 失承擔任何責任。 （於開曼群島註冊成立的有限公司） 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（「交易所」）及證券及期貨事務監察委員會（「證監會」）的要求而 刊發，僅用作向香港公眾人士提供資料。 本申請版本為草擬本，其所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即表示 閣下知 悉、接納並向本公司、其聯席保薦人、整體協調人、顧問及包銷團成員表示同意： 倘在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於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，其文本將於發售期內供公眾人士查閱。 (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所 載資料作出投資決定； (b) 在交易所網站登載本文件或其任何補充、修訂或更換附頁，並不會引致本公司、其聯 ...