Core Viewpoint - The article discusses the efficacy of Tirofiban, a platelet glycoprotein IIb-IIIa receptor antagonist, in improving functional outcomes for patients with acute ischemic stroke who receive intravenous thrombolysis within 4.5 hours of symptom onset [3][11]. Group 1 - Intravenous thrombolysis remains the standard treatment for acute ischemic stroke within 4.5 hours, and the use of antiplatelet drugs may prevent reocclusion in the first 24 hours post-thrombolysis [2]. - The ASSET-IT trial, published in NEJM, involved 832 patients with non-cardiogenic stroke who received thrombolysis and assessed the impact of early Tirofiban infusion on functional outcomes [3][10]. - The study was led by Professor Wei Hu from the First Affiliated Hospital of the University of Science and Technology of China, with contributions from multiple co-authors [6]. Group 2 - The trial was a multicenter, double-blind, randomized controlled study conducted across 38 medical centers in China, focusing on patients who were not candidates for thrombectomy [9]. - Patients were randomly assigned to receive either Tirofiban or a placebo within 60 minutes after thrombolysis, with the primary outcome being the proportion of patients achieving a good functional outcome at 90 days [10]. - Results indicated that 65.9% of the Tirofiban group achieved a good functional outcome compared to 54.9% in the placebo group, with a hazard ratio of 1.20 [11]. Group 3 - The incidence of symptomatic intracranial hemorrhage was 1.7% in the Tirofiban group versus 0% in the placebo group, while the mortality rate at 90 days was 4.1% for Tirofiban and 3.8% for placebo [11]. - The study fills an evidence gap regarding the use of antiplatelet drugs in the post-thrombolysis window for stroke patients, providing high-quality evidence to optimize treatment strategies in China [12].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [3][25]. Core Insights - The company has received approval for its new drug AD108 for clinical trials aimed at treating acute ischemic stroke (AIS), which is expected to significantly enhance its market position [3]. - The annual new AIS patient count is approximately 1.4 million, with the domestic drug market for AIS exceeding 12.9 billion yuan in 2023, indicating substantial growth potential [3]. - The integration of Nanjing Nanda Pharmaceutical, which has a leading market share in urokinase preparations, is expected to enhance the company's competitive edge in the human protein industry [3]. Financial Summary - Total revenue projections for 2024, 2025, and 2026 are 419 million, 723 million, and 1,009 million yuan respectively, with year-on-year growth rates of 1.9%, 72.4%, and 39.7% [5][10]. - The net profit attributable to the parent company is forecasted to be -130 million, -23 million, and 47 million yuan for the years 2024, 2025, and 2026, reflecting a significant turnaround with a growth rate of 306.2% in 2026 [5][10]. - The earnings per share (EPS) are projected to improve from -0.31 yuan in 2024 to 0.11 yuan in 2026 [5][10]. Market Position - The company’s total market capitalization is approximately 4.048 billion yuan, with a circulating market value of the same amount [6]. - The company has a debt-to-asset ratio of 40.23%, indicating a moderate level of financial leverage [6]. Drug Development Insights - AD108's active ingredient, KLK-1, is linked to significant improvements in neurological function for AIS patients, supported by existing clinical evidence [3]. - The drug's subcutaneous administration method allows for continuous drug release, enhancing patient safety and treatment efficacy [3]. Strategic Moves - The acquisition of Nanjing Nanda Pharmaceutical is highlighted as a strategic move to create a closed-loop business model from raw material supply to formulation production, enhancing operational efficiency [3].