国产企业中，远大医药通过收购澳大利亚Sirtex公司引进了钇[90Y]微球注射液，并由此切入了核药领域。该产品于2022年在国内获批上市，用于结直肠癌 肝转移治疗。钇[90Y]微球注射液（易甘泰）自国内获批上市后快速放量，2024年实现收入近5亿港元，同比大幅增长近140%。2025年7月，该产品新增肝 细胞癌（HCC）适应症获FDA批准，未来将拓展新的市场空间。 在核药领域，Pluvicto无疑成了今年最大的话题。 作为诺华在核药领域的重磅产品，Pluvicto的销售额2024年达到了13.92亿美元，同比增长42%，成为重磅药物。今年前三季度Pluvicto的营收已经达到13.89 亿美元，接近去年全年销售额，同比增长33%。诺华在2025 JPM大会上预测，Pluvicto销售峰值预计超过50亿美元。 诺华的另一款核药产品Lutathera去年的销售额也达到了7.24亿美元，逼近十亿美元的关口。 核药商业化的火爆吸引了更多的创新药企涌入这一领域。在诺华之外，礼来、BMS、阿斯利康、罗氏等MNC都在积极布局治疗用核药。 国内创新药企近期也是动作频频。恒瑞已经在天津成立了核药研究平台，并牵头组建了天津市放射 ...

上市企业：恒瑞医药[600276]、奥赛康[002755]、三生国健[688336]、三生制药[01530]、和黄医药 [00013]、科伦药业[002422.SZ]、远大医药[00512]、海正药业[600267] 相关企业：则正医药、正大天晴药业、齐鲁制药、山东京卫药业、常州制药、宏越科技、维健国际控股 集团有限公司、赛诺菲、维健医药 关键词：ITP药物治疗路径、ITP药物治疗产业逻、ITP药物治疗市场规模、ITP药物市场竞争格局、 ITP药物治疗发展趋势 一、ITP药物治疗行业治疗路径 免疫性血小板减少症（ITP），又称特发性血小板减少性紫癜，主要由于机体内免疫功能异常导致的血 小板破坏增多和血小板生成减少所致，是一种常见的获得性自身免疫性出血性疾病，约占出血性疾病总 数的1/3。ITP可分为急性型与慢性型。急性型多见于儿童，多与病毒感染相关，起病急但病程自限；慢 性型多见于成人，病程迁延反复。目前，ITP一线治疗仍以糖皮质激素为主，二线治疗药物包含有如促 血小板生成药物等。 内容概要：ITP是一种血液系统疾病。目药物治疗是ITP的主要治疗手段。近年来，中国ITP药物治疗市 场规模有所增长，2024年中 ...

Group 1 - The chairman of the board, Tang Weikun, increased his stake in Yuan Da Pharmaceutical (00512) by purchasing 50,000 shares at a price of HKD 8.28 per share, totaling HKD 414,000 [1] - After the purchase, the latest number of shares held by the chairman is 1,000,000, representing a holding percentage of 0.03% [1]

Core Viewpoint - The chairman of the board, Tang Weikun, has increased his stake in Yuan Da Pharmaceutical (00512) by purchasing 50,000 shares at a price of HKD 8.28 per share, totaling HKD 414,000, which reflects confidence in the company's future prospects [1] Summary by Category - **Shareholding Activity** - Tang Weikun acquired 50,000 shares of Yuan Da Pharmaceutical at HKD 8.28 each, amounting to HKD 414,000 [1] - Following this transaction, his total shareholding increased to 1,000,000 shares, representing a 0.03% ownership stake in the company [1]

Investment Rating - The report rates the industry as "Outperform" [2] Core Insights - The global market for Antibody-Drug Conjugates (ADC) is projected to exceed $100 billion, driven by the dual advantages of targeted therapy and potent cytotoxic effects [2][3] - ADCs are recognized as a promising new therapy in oncology, with the potential to redefine standard treatments for major cancers like lung and breast cancer [2][3] - China has emerged as a key player in ADC innovation, with over 50% of global ADC pipelines originating from Chinese companies, showcasing significant cost and efficiency advantages [2][3][5] Summary by Sections Section 1: ADC as a Targeted Prodrug - ADCs utilize a "Trojan horse" strategy for targeted delivery of cytotoxic agents to tumor cells, minimizing damage to normal tissues [11][13] - The mechanism involves several steps, including circulation, target binding, internalization, and release of the active drug within the tumor cell [11][13] Section 2: Market Growth and Trends - The ADC market is expected to enter a product explosion phase, with rapid growth anticipated in the coming years [2][3] - The global ADC market size is forecasted to reach $115.1 billion by 2032 [2] Section 3: Investment Opportunities - Investment in ADCs should focus on companies with innovative technology platforms and promising product candidates [2][3] - Key players to watch include those with leading ADC technology platforms and robust pipelines, such as Kelun-Biotech, Innovent Biologics, and WuXi AppTec [2][3] Section 4: Technological Advancements - ADC technology is characterized by modular upgrades and innovative combinations, with a variety of ADC types currently in development [2][3] - The report highlights the potential for ADC technology to extend into broader categories of conjugated drugs (XDC) [2][3] Section 5: Competitive Landscape - The report emphasizes the competitive nature of the ADC industry, with numerous players vying for market share and innovation [2][3] - Chinese ADC companies are recognized for their ability to lead in innovation and capture significant market opportunities [2][3][5]

Core Insights - The latest shareholder equity disclosure for Yuan Da Pharmaceutical (00512) was conducted on November 19, 2025 [1] Shareholding Changes - Tang Weikun increased his holdings in Yuan Da Pharmaceutical from 950,000 shares to 1,000,000 shares, representing a holding percentage of 0.03% [2]

Core Insights - JD Health has partnered with Yuan Da Pharmaceutical to exclusively launch the rare disease medication Anxida Amino Acid Oral Solution on its platform, aiming to improve accessibility for patients with refractory epilepsy and infantile spasms [1][2] - The collaboration emphasizes the importance of timely and continuous medication intervention for patients suffering from rare diseases, particularly in the context of drug accessibility challenges [1] - Anxida's mechanism of action as a GABA analog significantly increases GABA concentration in the brain, effectively controlling seizures, showcasing its clinical value in treating refractory epilepsy and infantile spasms [1] Company Overview - Yuan Da Pharmaceutical, with over 80 years of history, is a technology-driven pharmaceutical company that has established a comprehensive capability from research and development to commercialization in the rare disease sector [2] - The company has built a robust supply system through self-established raw material production, dedicated formulation production lines, and emergency reserve mechanisms, ensuring sustainable supply of medications like Anxida without interruptions or price increases [2] Future Outlook - JD Health plans to collaborate with innovative pharmaceutical companies like Yuan Da to accelerate the delivery of new specialty drugs to patients, enhancing the accessibility of rare disease medications [2] - The company aims to leverage its expertise in specialized disease management and pharmaceutical services to create a more supportive and trustworthy healthcare environment for patients [2]

Group 1 - Mindray Medical has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International and JPMorgan serving as joint sponsors [1] - Mindray's six major product lines, including monitors, anesthesia systems, ventilators, defibrillators, blood cell analyzers, and ultrasound imaging equipment, rank among the top three in the global market [1] - The listing aims to build an international capital platform, with funds raised to enhance R&D and overseas expansion, potentially accelerating penetration into emerging markets and breakthroughs in high-end markets [1] Group 2 - Insilico Medicine has announced a strategic drug development collaboration with Eli Lilly, leveraging Insilico's AI drug discovery platform and Eli Lilly's expertise in drug development and disease research [2] - This collaboration signifies an upgrade in the partnership, building on a previous software licensing agreement established in 2023 [2] Group 3 - YuanDa Pharmaceutical has received a drug registration certificate from the National Medical Products Administration for its innovative drug, Laitling, which treats allergic rhinitis in adults and children [3] - Laitling was approved by the U.S. FDA in January 2022 and has also been approved in multiple countries, including Australia, Russia, South Korea, the UK, and the EU [3] - As a compound formulation, Laitling offers patients a more convenient and effective treatment option, improving patient compliance [3]

Core Viewpoint - The approval of Ryaltris® (GSP 301 NS) by the National Medical Products Administration marks a significant milestone for the company and the introduction of a new treatment option for allergic rhinitis in China, leading the market towards a combination therapy era [1][2]. Group 1: Product Approval and Market Impact - Ryaltris® is a novel combination nasal spray for the treatment of moderate to severe allergic rhinitis in adults and children aged 6 and above, providing a more convenient and effective treatment option [2]. - The market for allergic rhinitis medications in China is projected to grow from 43.275 billion yuan in 2024 to 50.090 billion yuan in 2028, with a compound annual growth rate of approximately 3.72% [1]. - Prior to Ryaltris®, there were no approved combination nasal sprays in China, and existing single-agent nasal sprays were primarily foreign products [1]. Group 2: Company Strategy and Future Development - The successful approval of Ryaltris® is a key milestone for the company's respiratory and critical care segment, showcasing its innovative capabilities in the field of respiratory diseases [2]. - The company is committed to continuing its focus on the research and development of innovative products and advanced technologies, aiming to build a comprehensive product pipeline for chronic airway diseases and critical care [2].

Core Viewpoint - The approval of Ryaltris (GSP301NS) by the National Medical Products Administration marks a significant milestone for the company and the beginning of a new era in the treatment of allergic rhinitis in China, transitioning to a combination therapy approach led by domestic enterprises [1][2]. Group 1: Product Approval and Market Impact - Ryaltris, a combination nasal spray for treating moderate to severe allergic rhinitis in adults and children, has received its drug registration certificate without any supplementary information requests during the review process, achieving a "zero supplementary" approval [1]. - The market for allergic rhinitis medications in China is projected to grow from 43.275 billion yuan in 2024 to 50.090 billion yuan by 2028, with a compound annual growth rate of approximately 3.72% [1]. Group 2: Clinical Significance and Competitive Landscape - Currently, the primary treatments for allergic rhinitis in China are single-agent formulations, but studies indicate that moderate to severe cases often remain uncontrolled even with standard treatments [1]. - Ryaltris has already been approved in several countries, including the United States, Australia, and the European Union, highlighting its international acceptance and potential [2]. Group 3: Company Strategy and Future Development - The successful approval of Ryaltris is a key milestone for the company's respiratory and critical care segment, showcasing its innovation capabilities in the field of respiratory diseases [2]. - The company plans to continue focusing on innovative product development and advanced technology, aiming to create a comprehensive management product cluster for chronic airway diseases and critical care pipelines [2].