Investment Rating - The report maintains a "Positive" outlook for the industry, particularly highlighting the demand for new drugs for rosacea [9][25]. Core Insights - There is a significant demand for new drugs to treat rosacea, with an estimated prevalence of 3.48% in China, translating to approximately 49 million patients [9][13]. - The current clinical treatment options for rosacea are limited, with many recommended drugs not available in China, creating a pressing need for safe and effective innovative products [4][25]. - CKBA shows potential as a treatment for rosacea, with a clinical pipeline that is currently sparse, indicating a favorable competitive landscape for future development [9][19][23]. Summary by Sections Section 1: Demand for New Drugs - Rosacea is a chronic inflammatory disease affecting the central face, with a high psychological burden on patients, leading to a strong desire for treatment [13]. - A survey indicated that 95.3% of patients express a need for treatment, highlighting the urgency for new therapeutic options [13]. Section 2: CKBA Potential - CKBA has been shown to strongly inhibit the differentiation of Th17 cells, which are implicated in the pathogenesis of rosacea, suggesting its potential efficacy across various clinical manifestations of the disease [19][23]. - The global pipeline for rosacea treatments is limited, with only six active candidates since 2020, and domestic development is nearly non-existent [23]. Section 3: Investment Recommendations - Given the high demand and limited treatment options, the report recommends focusing on companies like 泰恩康 (Tainkang) for potential investment opportunities in the rosacea treatment space [4][25].
医药行业周专题：玫瑰痤疮新药稀缺，CKBA潜力已现