Core Viewpoint - 恒瑞医药's subsidiary received approval for clinical trials of SHR-1905 injection, targeting atopic dermatitis, which may present a significant market opportunity given the success of similar products like Tezepelumab [1] Company Summary - 江苏恒瑞医药股份有限公司's subsidiary, 广东恒瑞医药有限公司, has been granted a clinical trial approval notice by the National Medical Products Administration for SHR-1905 injection [1] - The clinical trial application for SHR-1905 was accepted on July 17, 2025, and meets the requirements for drug registration [1] - SHR-1905 is a monoclonal antibody targeting thymic stromal lymphopoietin (TSLP), designed to block the release of inflammatory cytokines and inhibit downstream inflammatory signaling [1] Industry Summary - The global market for similar products, such as Tezepelumab (AstraZeneca/Amgen, marketed as Tezspire), is projected to generate approximately $1.22 billion in sales in 2024 [1] - The total research and development investment for SHR-1905 has reached approximately 209.62 million yuan [1]