Because Ming Biology is an innovation-driven biopharmaceutical company, it is committed to the independent discovery and development of innovative drugs to address unmet clinical needs in many medical areas around the world. Since the establishment of the company's first subsidiary in 2016, the company has independently developed a core product and six other major products under research.

According to Yingming Biology's official website, the company's main product lines include ophthalmic drugs, recombinant protein botulinum toxin, tumor immune drugs and pet immune drugs, most of which are breakthrough potential First-in-Class innovative drugs.

The company's core product, QA102, is a small molecule drug under development for the treatment of dry age-related macular degeneration. According to Frost Sullivan, QA102 is the first dry age-related macular degeneration developed by a Chinese company and has been approved by the US Food and Drug Administration for clinical trials.

According to the same data source, as of the last practical date, QA102 is also one of five small molecules of dry age-related macular degeneration under development worldwide that have entered phase II clinical trials. As of the last practicable date, the company has three patents and 30 patent applications related to QA102.

In terms of drug research, as of August 11, 2022, Yingming's product pipeline mainly includes seven drugs under research, all of which are independently developed. It covers four major areas: ophthalmic drugs, recombinant protein botulinum toxin, tumor immune drugs and pet immune drugs.

In terms of financial performance, the company currently does not have any products approved for commercial sale and does not generate any revenue from product sales. In 2020, 2021 and the first four months of 2022, the company lost 173 million yuan, 769 million yuan and 417 million yuan respectively.

It is worth noting that since its establishment, Yingming has received more than 100 million US dollars in financing. investors include Ganming Investment, Huacheng Venture Capital, Integrity Venture Capital, Jingcheng Capital, Banyan Capital, Speed of Light China, Hengqin Capital, Huajin Capital, Yatsen, Haisong Capital, Taixin Capital, Jifeng Capital, Yifeng Capital, Nansha Financial Control, Taiping Medical and Health and other well-known institutions.

In terms of market size, according to Frost Sullivan, the number of patients with dry age-related macular degeneration increased from 178 million in 2017 to 188 million in 2021. The number of patients is expected to reach 198 million in 2025 and 210 million in 2030. From 2017 to 2021, the number of patients with dry age-related macular degeneration in China increased from 30.8 million to 34.8 million. The number of patients is expected to reach 38.9 million in 2025 and 43.8 million in 2030.

According to Frost Sullivan, once drugs for effective treatment of dry age-related macular degeneration are approved and successfully commercialized, the market for dry age-related macular degeneration will grow explosively. In particular, the global market for dry age-related macular degeneration is expected to grow from $298 million in 2023 to $1.697 billion in 2025, with a compound annual growth rate of 138.5 per cent and a further growth to $7.27 billion by 2030, with a compound annual growth rate of 33.8 per cent.

China's dry age-related macular degeneration market is expected to grow from $134 million in 2025 to $835 million in 2030, with a compound annual growth rate of 44.2 per cent.

In terms of competition, according to Frost Sullivan, as of the last practical date, no drugs in the world have been approved for the treatment of dry age-related macular degeneration. Non-invasive and dry treatments for age-related macular degeneration, such as oral administration drugs, are being explored. QA102 is one of four oral drugs developed worldwide.