这届没被生活善待的"二旬老人"，还没来得及享受富贵命，就先得了不少富贵病。 有人被资本做局，在外卖商战下连炫奶茶甜品，让糖尿病找上门；有人日常大鱼大肉配老火靓汤，被"帝王同款"的痛风盯上；还有人不幸邂逅各种过敏 原，人生被迫从一万次的春和景明变成数不尽的氯雷他定。 在过敏大军中，有一些人更是饱受煎熬，皮肤常常长满红疹，伴随着无休无止的瘙痒、夜复一夜的难眠，这样的痛苦绵延数年，直到某天被确诊才看清背 后的"真凶"——特应性皮炎。 这个看似陌生的疾病，怎么就折磨得人深感"此恨绵绵无绝期"？ 越来越多人，被特应性皮炎缠上 一到夏天，反复发作的"湿疹"又让网友办起了吐槽大会，不只成年人，儿童更是"重灾区"，很多家长不得不上网取经、四处求医。不过，人人咒骂的"湿 疹"，可能是特应性皮炎在作祟。 即便去就医，特应性皮炎也很容易被漏诊，像在双肘、双膝等身体部位对称患有皮炎的患者，经常会被诊断为湿疹，但能进一步确诊为特应性皮炎的，却 少之又少 [1]。 实际上，湿疹并不是一种独立的疾病，而是泛指以湿疹性皮肤损害为表现的一系列炎症性疾病 [2]。其发病原因五花八门，像接触性皮炎多因外界刺激物 引起 [3]，感染性皮炎常由病毒、 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [8]. Core Insights - IL-25 is identified as a novel target in the Type II inflammation pathway, showing upregulation in atopic dermatitis (AD), psoriasis, and contact dermatitis, indicating its involvement in the progression of these skin inflammatory diseases [2][5][27]. - The drug SM17, developed by Chinese Antibody, is a first-in-class (FIC) IL-17RB monoclonal antibody targeting IL-25, demonstrating promising proof-of-concept (PoC) data in Phase Ib trials for atopic dermatitis, with superior itch relief compared to existing therapies [6][35][42]. Summary by Sections IL-25 as a Target - IL-25, a member of the IL-17 cytokine family, plays a crucial role in host defense and inflammatory diseases, inducing the production of IL-4, IL-5, and IL-13, while inhibiting Th17 differentiation [5][17]. - The upregulation of IL-25 in various skin inflammatory diseases suggests its potential for multi-indication exploration [27]. SM17 Clinical Data - In the Phase Ib trial, 75% of patients in the high-dose group achieved at least a 75% improvement in the Eczema Area and Severity Index (EASI-75) by week 12, compared to 0% in the placebo group, indicating a significant difference of 75% [6][35]. - The high-dose group also showed that 91.7% of patients had a significant reduction in the Peak Pruritus Numeric Rating Scale (PP-NRS) score, with no responders in the placebo group [7][38]. - SM17 demonstrated rapid and deep itch relief, outperforming existing AD therapies while maintaining comparable skin lesion improvement [41][43]. Competitive Landscape - Currently, only two IL-25-targeting candidates, SM17 and XKH001, are in clinical development, indicating a relatively early stage of research for this target compared to more established pathways like IL-17 and IL-4 [6][33]. - The competitive landscape for IL-25 and IL-17RB-targeting drugs is evolving, with several candidates in various stages of development [34].