Core Viewpoint - LZM012, a novel IL-17A/F dual-target inhibitor developed by the company, has successfully completed Phase III clinical trials for the treatment of moderate to severe plaque psoriasis, outperforming the benchmark drug Secukinumab in efficacy [1][8][10]. Company Summary - LZM012 is the first innovative drug in China and the second globally to complete Phase III trials for this indication, setting a high standard for clinical efficacy endpoints [1][3]. - The company has submitted a pre-application for marketing authorization to the National Medical Products Administration, aiming to expedite the drug's market entry [1][3]. - The company has not disclosed its commercialization plans for LZM012 [3]. Industry Summary - The domestic psoriasis market is valued at approximately 700 billion RMB, with a significant unmet need for effective treatments, presenting a growth opportunity for the company [3]. - The psoriasis drug market in China was worth 1.44 billion USD (approximately 10.33 billion RMB) in 2022 and is projected to reach 9.94 billion USD (approximately 71.32 billion RMB) by 2030 [3]. - The current market is primarily divided among TNF-α inhibitors, IL inhibitors, and small molecule inhibitors, with IL inhibitors expected to dominate the future landscape [5][6]. - LZM012 is positioned to capture market share from both TNF-α drugs and existing IL inhibitors due to its superior efficacy and safety profile [5][6][12]. Clinical Data Summary - In the Phase III trial, LZM012 demonstrated a PASI 75 response rate of 65.7% at week 4, compared to 50.3% for Secukinumab [9][10]. - At week 12, the PASI 100 response rate for LZM012 was 49.5%, while Secukinumab achieved 40.2% [11]. - The faster onset of action and sustained efficacy of LZM012 positions it favorably against existing treatments [8][12]. Financial Performance Summary - The company has faced revenue declines in its chemical preparation segment, which is its core business, primarily due to price reductions from national health insurance negotiations [13][15]. - Revenue figures from 2020 to 2024 show fluctuations, with a notable drop in 2024, indicating challenges in maintaining growth [13][15].