This is a randomized, double-blind, single/multiple dose escalation, placebo-controlled phase I study evaluating the safety, tolerability, pharmacokinetics, pharmacodynamics, and immunogenicity of CM512 in healthy subjects and patients with moderate to severe atopic dermatitis.

Inclusion Criteria:

• Have the ability to understand the study and voluntarily sign a written informed consent form (ICF).
• Body mass index (BMI) ranges from 18.0 to 26.0 kg/m2 (including boundary values).

Exclusion Criteria:

• Have participated in any clinical trials of drugs or medical devices within 3 months before the screening.
• Have severe infections, severe injuries, or undergone major surgical procedures within 3 months before screening.
• Have lost more than 400 mL of blood due to blood donation or other reasons within 3 months before screening.
• Positive drug abuse test or positive alcohol breath test result.