舒泰神(300204)：FXA波米泰酶Α为FIC、1002领先C5A大靶点

Group 1 - Hemophilia is a hereditary bleeding disorder with approximately 140,000 patients in China and an inhibitor occurrence rate of about 18% [1] - The global market for hemophilia with inhibitors is estimated to be around 27.7 billion yuan, with key drugs including recombinant VIIa, PCC, and emicizumab, projected sales for 2024 are 8.27 billion yuan, 12.81 billion yuan, and 36.68 billion yuan respectively [1] - The domestic market for hemophilia treatment is primarily dominated by PCC due to drug supply and accessibility issues [1] Group 2 - FXa bomitapase α is a new FIC with expected peak sales in the domestic market exceeding 2 billion yuan, showing superior hemostatic efficacy and safety compared to Novoseven and PCC [1] - BDB-001/STSA-1002 targets C5a and is a new molecule with global rights, aimed at treating multiple indications including AAV and ARDS, with ARDS having a high hospitalization mortality rate of 35%-45% [2] - The company anticipates revenues of 294 million yuan, 448 million yuan, and 1.096 billion yuan for 2025, 2026, and 2027 respectively, with a projected net profit of -76 million yuan, -56 million yuan, and 289 million yuan for the same years [2]