生物制剂和口服药物百花齐放，银屑病治疗未来可期

Investment Rating - The report recommends an investment rating for the psoriasis treatment industry, highlighting the potential for growth and innovation in this sector [2]. Core Insights - Psoriasis is a chronic, relapsing inflammatory skin disease with a significant unmet treatment need, as it currently cannot be cured. The global market for psoriasis treatment was valued at $26.5 billion in 2022, with the Chinese market growing rapidly from $604 million in 2018 to $1.436 billion in 2022, reflecting a compound annual growth rate (CAGR) of 24.2% [3][43]. - The report emphasizes the increasing importance of biologics and oral targeted therapies, particularly focusing on IL-17 and IL-23 as key therapeutic targets, which are expected to drive future market growth [4][10]. Summary by Sections 1. Large Patient Population and Rapid Market Growth - There are approximately 125 million psoriasis patients globally, with around 6.7 million in China. The market for psoriasis treatment is projected to continue expanding, with the Chinese market expected to reach $9.944 billion by 2030, growing at a CAGR of 27.4% from 2022 to 2030 [3][43]. 2. Biologics as Mainstream Treatment - Biologics are recognized as the leading treatment option for moderate to severe psoriasis, with ongoing advancements improving their efficacy and safety. The report notes that the penetration rate of biologics in China remains low, indicating significant growth potential [4][10]. 3. Oral Small Molecules as New Options - Oral therapies, particularly those targeting TYK2, are highlighted as having the best efficacy among currently available oral medications. The report suggests that these therapies could fill the treatment gap between topical treatments and biologics, offering a more convenient option for patients [6][7][10]. 4. New Oral Peptide Drugs Expected to Launch - The report anticipates the approval of new oral peptide drugs, specifically IL-23 antagonists, which are expected to enhance the treatment landscape for psoriasis significantly [8][10]. 5. Investment Recommendations and Related Companies - The report recommends focusing on companies with strong efficacy, safety, and rapid development timelines in the psoriasis treatment space. Notable companies include: - Yifang Biotechnology (688382.SH) for its promising TYK2 small molecule - Hansoh Pharmaceutical (3692.HK) and Innovent Biologics (688428.SH) for their rapid clinical progress - Lijun Group (000513.SZ) and Qianxin Biologics (2509.HK) for their strong biologics pipeline [10][11].