Investment Rating - The industry investment rating is "Outperform" (maintained) [1] Core Viewpoints - The potential of the antidepressant market is enormous, with over 350 million people affected globally, including more than 90 million in China. The global antidepressant market is projected to reach approximately $17.11 billion by 2024, growing at a compound annual growth rate (CAGR) of 4.2% to $17.82 billion by 2025 [3][12][21] - There is a significant unmet need for effective antidepressant medications, as existing treatments have limitations in efficacy and safety. The development of new antidepressants should focus on balancing "rapid onset" and "long-term safety" [3][21] - The report highlights the advancements in drug development, with overseas companies leading the way, while domestic companies like Kanghong Pharmaceutical, Warner Pharmaceuticals, and Xinlitai are also making progress [3][22][24] Summary by Sections Antidepressant Market Overview - The global burden of depression is substantial, with 350 million cases worldwide and 90 million in China. The lifetime prevalence of depression in Chinese adults is 6.8% [12][21] - The antidepressant market is expected to grow steadily, reaching $20.25 billion by 2029 [12][21] Drug Development Trends - Traditional antidepressants, such as SSRIs, take 2-4 weeks to show effects, while newer GABA/glutamate-based drugs can provide rapid relief within hours. This has led to a focus on optimizing drug structures and formulations [3][24] - New generation antidepressants are being developed with a focus on "monoamine deepening + multi-mechanism combination" strategies [3][21] Key Companies and Products - The report suggests monitoring companies with promising pipelines, including Kanghong Pharmaceutical, Warner Pharmaceuticals, Xinlitai, and Jibeier [3][22][24] - Specific products highlighted include: - Esketamine (Spravato) for treatment-resistant depression, which has shown rapid effects [28] - Auvelity, a combination of dextromethorphan and bupropion, which has demonstrated quick onset of action [36] - Zuranolone, a GABA-A receptor modulator, approved for postpartum depression, showing rapid efficacy [40][43] - JJH201501 from Jibeier, which has shown significant efficacy and safety advantages over traditional treatments [47]