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]

Core Insights - The ASN Kidney Week 2025 highlighted multiple real-world study results for the core product of Cloudtop New Horizon, Budesonide Enteric Capsules, which confirmed its core value in the new management strategy for IgA nephropathy, reinforcing its first-line treatment position [1][6] - The drug is accelerating market penetration due to endorsements from domestic and international guidelines and favorable healthcare policies, becoming a key driver of commercial growth for the company [1][5] Group 1: Clinical Evidence - Research from Huazhong University confirmed the effectiveness of Budesonide in special populations, including patients with severe renal impairment and children, showing significant improvement in proteinuria and renal function without serious adverse events [2] - A retrospective study from Sichuan University provided evidence for early treatment benefits, indicating that patients with proteinuria levels below 0.5g/d can also benefit from Budesonide therapy, thus supporting early intervention strategies [3] - Long-term treatment studies from Macau and Dalian Medical University demonstrated that Budesonide significantly reduces proteinuria and improves renal function over extended periods, supporting its use in long-term treatment plans [4] Group 2: Market Dynamics - The introduction of Budesonide into the National Medical Insurance Directory in 2024 and its subsequent reimbursement policy has rapidly activated clinical demand, with sales reaching nearly 1 billion yuan in the first nine months of 2025 [5] - The company has raised its annual sales guidance to 1.2 to 1.4 billion yuan, with projections for 2026 sales potentially reaching 2.4 to 2.6 billion yuan, and peak sales expected to hit 5 billion yuan [5] - Cloudtop New Horizon is building a comprehensive diagnostic and treatment ecosystem around IgA nephropathy, with ongoing clinical research for a non-invasive diagnostic test expected to launch in 2026, enhancing synergy with Budesonide [5] Group 3: Industry Outlook - The IgA nephropathy market is still in a blue ocean phase, with Budesonide establishing significant competitive barriers through its first-mover advantage, comprehensive evidence chain, and healthcare access [6] - The new data presented at ASN 2025 further validates the clinical advantages of Budesonide, with expectations for continued market penetration as guidelines and insurance coverage deepen [6] - The product is anticipated to be a core pillar of Cloudtop New Horizon's growth, advancing the treatment landscape for IgA nephropathy into a new era of targeted, early, and long-term treatment strategies [6]