撰文丨王聪 编辑丨王多鱼 排版丨水成文 在 急性 缺血性脑卒中 发生后 4.5 小时内， 静脉溶栓 仍是标准治疗方法。静脉溶栓后可能会发生血管再闭 塞，但在溶栓后的最初 24 小时内使用 抗血小板药物 或许可以预防这种情况。 替罗非班 （ Tirofiban） 是一种血小板糖蛋白 IIb-IIIa 受体拮抗剂，在实验模型中可减少大血管再闭塞。 2025 年 7 月 4 日，国际顶尖医学期刊《 新英格兰医学杂志 》 （NEJM） 发表了一项来自中国团队的 多 中心、双盲、随机对照试验 ASSET-IT 结果， 论文题为： Early Tirofiban Infusion after Intravenous Thrombolysis for Stroke （ 静脉溶栓治疗卒中后早期使用替罗非班输注 ） 【1】 。 该研究纳入了 832 例非心源性 脑卒中 且在卒中 4.5 小时内接受 溶栓 治疗的患者，评估在溶栓后静脉输注 替罗非班 （ Tirofiban） 24 小时对卒中患者优良功能结局改善作用。 该研究由中国科学技术大学附属第一医院 （安徽省立医院） 胡伟 教授牵头，胡伟教授和洛杉矶大学 Jeffrey S ...

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].