透视瑞博生物-B(06938)进阶之路：硬核技术壁垒 + 管线多元化，商业化前景可期

Core Insights - Alnylam's growth path is mirrored by China's small nucleic acid drug pioneer, Rebio Biotech, which recently went public on the Hong Kong Stock Exchange, raising over HKD 1.8 billion with a strong demand from investors [1][11] - The global small nucleic acid drug market is projected to grow from USD 2.7 billion in 2019 to USD 5.7 billion by 2024, with a compound annual growth rate (CAGR) of 16.2%, and expected to reach USD 20.6 billion and USD 54.9 billion by 2029 and 2034, respectively [2] - Rebio Biotech has established a robust technical platform and delivery system, addressing key challenges in the industry and creating a strong competitive moat [3][4] Company Overview - Rebio Biotech is recognized as a leader in China's small nucleic acid field, with a comprehensive technology platform and a rapidly advancing pipeline [1][11] - The company has developed the RiboGalSTAR™ delivery technology, which enhances the efficacy and safety of siRNA drugs, addressing a critical challenge in the industry [3][4] - The company has invested significantly in R&D, with expenditures of CNY 315 million, CNY 280 million, and CNY 135 million projected for 2023, 2024, and the first half of 2025, respectively [4] Pipeline and Product Development - Rebio Biotech has created one of the largest siRNA drug pipelines globally, with seven self-developed drug assets in clinical trials targeting various diseases [5][7] - The core product, RBD4059, is the world's first siRNA drug for treating thrombotic diseases, currently advancing rapidly through clinical development [7][8] - The company also has two additional drugs targeting hypertriglyceridemia and hypercholesterolemia, which could provide synergistic effects in lipid management [8] Market Potential and Financial Outlook - The company is expected to achieve revenue of CNY 143 million in 2024, with a projected growth to CNY 103 million in the first half of 2025, reflecting a year-on-year increase of 56.57% [9] - As the core pipeline progresses towards commercialization, Rebio Biotech's growth potential is anticipated to be realized, leading to a path towards profitability [10][11]