Core Insights - YunTing New Drug's core product, Naisukan (Budesonide enteric-coated capsules), has demonstrated clinical value in the new management strategy for IgA nephropathy, focusing on "etiological treatment, early treatment, and long-term treatment" [1][3] - The drug has shown effectiveness in special populations, including patients with severe renal impairment and children, reinforcing its position as a first-line treatment for IgA nephropathy [1] - The cumulative sales revenue of Naisukan reached nearly 1 billion yuan from January to September this year, marking it as one of the fastest-growing chronic disease innovative drugs in recent years [2] Group 1 - The real-world studies presented at ASN Kidney Week 2025 validate the clinical advantages of Naisukan, with evidence supporting its efficacy in early treatment for patients with proteinuria levels below 0.5g/d [1][2] - The introduction of Naisukan into the National Medical Insurance Directory in 2024 is expected to activate clinical demand significantly, with the reimbursement policy effective from January 1, 2025 [2] - YunTing New Drug is developing diagnostic testing reagents for IgA nephropathy, which are expected to fill the gap in non-invasive diagnosis in China, potentially replacing kidney biopsy as an auxiliary diagnostic method [2] Group 2 - The company anticipates that the deepening of clinical consensus and insurance coverage will enhance the market penetration of Naisukan, making it a core pillar for the company's performance growth [3] - The new management strategy for IgA nephropathy aims to provide patients with hope for delaying disease progression and improving long-term outcomes [3] - The clinical data for the next-generation BTK inhibitor EVER001 is promising, indicating potential coverage for a broader range of kidney disease indications [2]

近日，2025年第58届美国肾脏病协会肾脏周(ASN Kidney Week2025)上，云顶新耀(01952.HK)核心产品 耐赋康(布地奈德肠溶胶囊)展示的多项中国真实世界研究(RWS)结果，受到行业关注。这些数据不仅验 证了该药物在IgA肾病"对因治疗、尽早治疗、长期治疗"新管理策略中的核心价值，也证实了其对特殊 人群的疗效，进一步巩固了其一线治疗地位。叠加中外指南背书与医保政策红利，这款全球首款IgA肾 病对因治疗药物正加速市场渗透，成为推动云顶新耀商业化增长的关键动力。 在业内看来，耐赋康在早期、重症、儿童及难治性病例中均展现出显著的降蛋白尿、改善血尿、保护肾 功能的疗效，无论患者基线肾功能、蛋白尿水平或既往治疗反应如何，均能提供个体化对因治疗选择， 其作为IgA肾病治疗的一线基石药物的地位日益巩固。 扎实的临床证据为耐赋康的商业化推广铺路，而医保政策的落地则加快了市场普及。2025年以来， 《2025KDIGO IgA肾病和IgA血管炎临床管理实践指南》《中国成人IgA肾病及IgA血管炎临床实践指南 (2025)》均明确推荐对因治疗，其中《2025KDIGO指南》将耐赋康列为唯一推荐的IgA肾病一 ...

Core Insights - The new guidelines recommend a 9-month treatment with NEFECON® (budenoside enteric-coated capsules) for IgA nephropathy patients at risk of disease progression to reduce pathogenic IgA (Gd-IgA1) [1][2] - NEFECON® has received recommendations from both the global Kidney Disease: Improving Global Outcomes (KDIGO) guidelines and the new Chinese guidelines, making it the only drug for IgA nephropathy with such dual recognition [2][4] - The 2025 Chinese guidelines emphasize a "stratified and staged" comprehensive treatment approach, highlighting the importance of etiology-based, early, and long-term treatment [1][3] Treatment Strategy - The new guidelines outline a two-phase treatment strategy for IgA nephropathy, including induction of remission and maintenance therapy, focusing on controlling the driving factors of progressive IgA nephropathy [2][3] - The guidelines stress the need for further research on pathogenic Gd-IgA1 and other biomarkers to facilitate etiology-based treatment, marking a significant shift from symptomatic to etiological treatment [3] Patient Demographics and Market Need - Approximately 5 million patients in China suffer from IgA nephropathy, with over 120,000 new diagnoses each year, indicating a substantial unmet clinical need [3] - NEFECON® targets intestinal mucosal immune B cells to reduce pathogenic IgA and IgA-IC formation, thereby alleviating immune damage to the kidneys, demonstrating both efficacy and safety [3][5] Regulatory Approvals - NEFECON® is the first drug for IgA nephropathy to receive full approval from multiple regulatory bodies, including the NMPA, FDA, EMA, and MHRA, without baseline proteinuria level restrictions [4][6] Company Overview - Cloudbreak New Horizon is a biopharmaceutical company focused on innovative drug and vaccine development, clinical development, manufacturing, and commercialization, addressing unmet medical needs in the Asian market [7]

Core Insights - The core product of the company, NEFECON® (Budesonide Delayed-Release Capsules), has been included in the 2025 KDIGO Clinical Practice Guidelines for IgA Nephropathy and IgA Vasculitis, establishing its position as the only recommended disease-modifying treatment for IgA nephropathy [1][4] - The inclusion in the global guidelines is expected to solidify NEFECON®'s leading position in the market, with projected sales reaching 1.2-1.4 billion CNY in 2025 and potentially increasing to 2.4-2.6 billion CNY in 2026, with long-term forecasts suggesting sales could exceed 5 billion CNY [1][5] Industry Developments - The 2025 KDIGO guidelines mark a significant shift in the treatment of IgA nephropathy from "supportive treatment" to "disease-modifying treatment," emphasizing the need for early intervention and long-term management [2][4] - The guidelines recommend a 9-month treatment course with NEFECON® for all IgA nephropathy patients at risk of renal function decline, with considerations for extending treatment duration to maintain clinical benefits [2][3] - The guidelines also optimize the timing of diagnosis and treatment, indicating that patients with proteinuria ≥0.5g/d should undergo kidney biopsy and start treatment promptly, which is expected to expand the patient population eligible for treatment [2][3] Mechanism and Efficacy - NEFECON® is recognized for its unique mechanism that targets intestinal mucosal immune B cells, reducing the formation of pathogenic IgA and IgA immune complexes (IgA-IC), thereby alleviating renal immune damage [4][5] - Clinical studies and real-world data have demonstrated that NEFECON® can significantly lower proteinuria levels and delay renal function decline, particularly in the Chinese population, where it can extend the time to dialysis or kidney transplantation by up to 12.8 years [4][5] Market Impact - The recommendation of NEFECON® in the 2025 KDIGO guidelines is expected to accelerate the standardization of IgA nephropathy treatment in China, where there are approximately 5 million patients and over 120,000 new cases diagnosed annually [5] - This shift towards "disease-modifying treatment" is anticipated to provide new hope for IgA nephropathy patients globally and lays a solid foundation for the company's future commercialization strategies [5]

Core Viewpoint - CloudTop New Horizon's core product, NEFECON, has been included in the 2025 KDIGO guidelines as the only recommended treatment for IgA nephropathy, marking a significant shift in global treatment strategies for this condition [1][1][1] Company Summary - NEFECON is recognized as a disease-modifying treatment for IgA nephropathy, which is characterized by the deposition of IgA immune complexes in the kidneys, leading to inflammation and potential chronic kidney failure [1][1] - The inclusion in the KDIGO guidelines provides new treatment options for the approximately 5 million IgA nephropathy patients in China, with over 120,000 new cases diagnosed annually [1][1][1] Industry Summary - The KDIGO guidelines emphasize early intervention, precise treatment, and improved prognosis, representing a milestone in the clinical management of IgA nephropathy [1][1] - The guidelines highlight the need to manage specific factors driving kidney unit loss and stress the importance of intervening at the source of pathogenic immune complex formation to reduce kidney immune damage [1][1][1] - The shift towards "etiological treatment" as a mainstream approach is expected to change the treatment landscape for IgA nephropathy, reducing the risk of progression to end-stage kidney disease for patients [1][1]

Core Insights - CloudTop New Drug's NEFECON has been included in the 2025 KDIGO guidelines as the only recommended first-line treatment for IgA nephropathy, solidifying its foundational status in the treatment landscape [1][5][6] - The inclusion in the KDIGO guidelines is expected to accelerate the shift from "supportive treatment" to "causal treatment" for IgA nephropathy globally, providing a strong impetus for the clinical adoption of NEFECON [2][6] Company Summary - NEFECON's unique mechanism of action, targeting pathogenic IgA and IgA immune complexes, aligns with the new treatment strategies outlined in the KDIGO guidelines, which emphasize early intervention and immunological management [5][6] - The drug is projected to achieve sales of 1.2 to 1.4 billion yuan in 2025, increasing to 2.4 to 2.6 billion yuan in 2026, with long-term potential to reach 5 billion yuan [1][2] Industry Summary - The 2025 KDIGO guidelines represent a significant shift in the treatment paradigm for IgA nephropathy, focusing on early diagnosis and treatment, which will likely expand the patient population eligible for treatment [3][4] - The guidelines recommend a 9-month treatment course with NEFECON for patients at risk of renal function decline, with considerations for extending treatment duration to maintain long-term clinical benefits [3][4] - The emphasis on a multi-drug approach and the management of immune-driven renal unit loss indicates a move towards more comprehensive treatment strategies for IgA nephropathy [4][6]

Core Insights - The 18th International Symposium on IgA Nephropathy (IIgANN) will be held in Prague, Czech Republic, from September 17 to 20, 2025, where Nefecon will showcase seven new real-world data studies highlighting its research advancements in the field [1] - Nefecon is the first drug globally approved for IgA nephropathy treatment by multiple regulatory agencies, including NMPA, FDA, EMA, and MHRA, establishing its clinical significance [1][2] - Recent studies demonstrate Nefecon's efficacy in "etiological treatment, early intervention, and long-term treatment," showing significant clinical value in real-world applications [1][2] Group 1: Clinical Efficacy and Safety - A study titled "Beyond Nine Months" indicates that a 12-month treatment with Nefecon significantly reduces proteinuria and protects renal function compared to traditional therapies, with better safety profiles [3] - A 6-month retrospective cohort study shows that Nefecon significantly lowers proteinuria levels and improves renal function in Chinese patients, supporting its potential as a first-line treatment [4] - Real-world evidence indicates that Nefecon provides sustained renal protection, particularly in patients with acceptable renal function (eGFR ≥ 35 mL/min/1.73m), with gradual decreases in proteinuria and resolution of hematuria [8] Group 2: Treatment Guidelines and Recommendations - Nefecon has been included in the 2024 KDIGO clinical management guidelines for IgA nephropathy and IgA vasculitis, as well as the Chinese adult guidelines, marking it as the only drug recommended for etiological treatment [2] - The drug's inclusion in the national medical insurance drug list in November 2024 and subsequent approval for production expansion in August 2025 further solidifies its foundational role in IgA nephropathy treatment [2] Group 3: Special Populations and Case Studies - A case report on the use of Nefecon in patients with concurrent hepatitis B virus infection shows effective improvement in renal outcomes without viral reactivation, providing evidence for its use in this specific population [6] - The first real-world evidence of Nefecon's efficacy in pediatric patients with IgA nephropathy indicates significant reductions in proteinuria and hematuria, although caution is advised regarding its potential impact on the hypothalamic-pituitary-adrenal axis [7]

Core Insights - The 62nd European Renal Association Congress (ERA2025) showcased innovative drug developments in the field of kidney disease treatment, highlighting significant advancements from companies like YunTing Xinyao [1][8] - YunTing Xinyao's two major therapies, Nanfukang for IgA nephropathy and the covalent reversible BTK inhibitor EVER001 for primary membranous nephropathy, received considerable attention due to their promising clinical trial results [1][3] Group 1: EVER001 Clinical Trial Results - EVER001 demonstrated high clinical remission rates in both low and high dose groups during its 1b/2a clinical trials, with overall safety and tolerability being favorable [1][4] - The drug showed a significant reduction in anti-PLA2R autoantibodies, with decreases of 62.1% and 87.3% at 12 weeks for low and high dose groups respectively, and around 93% at 24 weeks [4] - The potential market for EVER001 is substantial, with over 10 million patients globally suffering from related autoimmune kidney diseases, indicating its potential as a blockbuster drug [3][9] Group 2: Nanfukang's Position in Treatment - Nanfukang is the first and only fully approved drug for the treatment of IgA nephropathy, reinforcing its leading position in first-line therapy and reshaping treatment standards [2][5] - Recent studies presented at the congress highlighted significant clinical benefits of early treatment with Nanfukang, showing greater reductions in proteinuria and improved kidney function [6][7] - The drug's efficacy in reducing markers associated with the pathogenesis of IgA nephropathy further solidifies its role in "etiological treatment" strategies [6][7] Group 3: Market Potential and Strategic Developments - YunTing Xinyao's strategic focus on kidney disease is deepening, with both Nanfukang and EVER001 positioned as key products in their portfolio [8][10] - Nanfukang is expected to reach peak sales of approximately 5 billion yuan, with ongoing clinical research supporting its market expansion [8] - The company is also advancing a Gd-IgA1 diagnostic reagent, which aims to enhance treatment precision by creating a "diagnosis-treatment" loop alongside Nanfukang [9][10]