Hinova Pharmaceuticals (SH:688302) Sou Hu Cai Jing·2025-06-06 23:03Core Viewpoint - Haichuang Pharmaceutical (688302) is focusing on the sales strategy of its drug, Dihenzalutamide, which is expected to fill a clinical gap in treating specific mCRPC patients and has significant market potential in China [1][2]. Group 1: Sales Strategy and Market Position - The sales strategy for Dihenzalutamide revolves around a "medical-market-access-sales" four-wheel drive model, emphasizing the establishment of new standards and accumulation of real-world data [1]. - The drug has a differentiated competitive advantage compared to competitors, significantly improving the primary endpoint by extending rPFS by 5.5 months and reducing the risk of imaging progression or death by 42% [1][2]. - The prostate cancer market in China is projected to reach 50 billion by 2030, indicating substantial market potential for Dihenzalutamide [1]. Group 2: Clinical Research and Development - Dihenzalutamide has been included in the CSCO guidelines in 2023 and is expected to be included again after product approval in 2025 [2]. - The company has been exploring protein degradation technology since 2016 and has developed a mature PROTC and molecular glue technology platform [2]. - HP518 is the first oral R PROTC drug in clinical trials in China, with the first subject enrolled in a Phase II trial expected to complete by December 2024 [2]. Group 3: Financial and Operational Outlook - The company plans to maintain annual R&D expenditures at around 200 million over the next 2-3 years, with cash reserves of 880 million as of March 2025 [2]. - The company is considering refinancing needs based on product commercialization and progress of ongoing projects [2]. - An experienced business development team has been established overseas to advance various business development activities [2].