研报掘金丨中邮证券：广生堂乙肝创新药布局领先，予“买入”评级

Core Viewpoint - Zhongyou Securities research report indicates that Guangshengtang's innovative hepatitis B drug layout is leading, with promising prospects for clinical cure [1] Group 1: Drug Overview - The drug GST-HG141 is a novel hepatitis B core protein/nucleocapsid regulator, representing a new mechanism for hepatitis B virus treatment [1] - GST-HG141 is the first new hepatitis B core protein modulator globally to enter Phase III clinical trials, marking a breakthrough treatment in China [1] Group 2: Clinical Trial Insights - Preliminary research shows that GST-HG141 has a significant advantage in inhibiting HBVDNA compared to nucleoside analogs, and it notably reduces HBVpgRNA, indicating potential effective suppression of HBVcccDNA [1] - The Phase III clinical trial for GST-HG141 has completed the enrollment of the first subject, with a treatment duration of 48 weeks and a primary endpoint of achieving serum HBVDNA below 20 IU/mL [1] Group 3: Market Potential - There are approximately 20-30 million chronic hepatitis B patients in China, with 10-45% of patients having poor responses to existing nucleoside analog treatments [1] - The sales prospects for GST-HG141 are broad due to the significant unmet medical need in this patient population [1]