Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses advancements in small RNA (siRNA) drug development, particularly in the context of cardiovascular disease treatment and metabolic disorders [1][3][12]. Core Insights and Arguments - **Inclisiran as a Leading siRNA Drug**: Inclisiran demonstrates significant lipid-lowering effects similar to vaccines, requiring administration only twice a year, enhancing patient compliance [1][3]. - **Mechanism of Action**: siRNA not only clears existing target proteins but also inhibits the future production of these proteins, such as PCSK9, providing a more durable treatment effect compared to monoclonal antibodies [1][4][6]. - **Safety and Efficacy**: siRNA is considered safer than gene editing techniques as it does not alter DNA, thus minimizing risks associated with off-target effects and ethical concerns [5][6]. - **Sales Growth of Novartis' PCSK9 siRNA Product**: The product has seen rapid sales growth due to its ability to target liver cells and provide long-lasting effects, with injection intervals of up to six months or even a year [6][12]. - **Challenges in siRNA Delivery**: Effective delivery remains a significant challenge, with the Galenic system being the most mature and clinically validated for liver-targeted delivery [7][19]. - **Potential in Metabolic Weight Loss**: siRNA technology shows promise in metabolic weight loss, but further research is needed to confirm its effectiveness [8][20]. Additional Important Content - **Targeting Cholesterol and Triglycerides**: ANGPTL4 and APOC3 are highlighted as key targets for cholesterol and triglyceride management, respectively, with a focus on achieving cardiovascular benefits [8][10]. - **LPA and LDL in Cardiovascular Risk**: High levels of LPA can indicate cardiovascular risk even when LDL levels are low, suggesting that both should be targeted for optimal cardiovascular health [10]. - **Combination Therapy Potential**: Combining siRNA with statins or other oral medications can significantly enhance lipid-lowering effects, but requires careful monitoring of biochemical indicators for safety [14][15]. - **Long-term Patient Management**: Regular monitoring of biochemical markers is crucial for patients on long-term lipid-lowering therapies, especially in populations with higher intolerance to statins [15][16]. - **Future of siRNA in Clinical Practice**: siRNA drugs could potentially become first-line treatments if they demonstrate sufficient efficacy and safety through large-scale clinical trials [12][13]. Conclusion - The siRNA technology landscape is evolving, with significant potential in treating cardiovascular diseases and metabolic disorders. However, challenges in delivery systems and the need for extensive clinical validation remain critical for its future success in clinical applications [17][23].

业绩失速背后 海正药业于1956年创立，2000年在A 股上市，是国有控股综合制药集团，业务涵盖化学药、生物药、动 物药等。核心产品包括自主研发1 类新药海博麦布片（赛斯美），是全球第二个肠道胆固醇吸收抑制 剂；丁二磺酸腺苷蛋氨酸肠溶片（喜美欣），用于肝内胆汁郁积治疗以及注射用米卡芬净钠等。 华夏时报记者 于娜 北京报道 与辉瑞分手后，曾因合资项目一度成为行业焦点的"明星" 企业海正药业（600267），正经历着发展的 阵痛。 近日，浙江海正药业股份有限公司（下称"海正药业"）富马酸贝达喹啉原料药获批的消息，为这家老牌 药企带来一丝暖意。作为国内重要的综合性制药企业，其在抗感染等领域曾占据一席之地，但当前的发 展态势却不容乐观。 海正药业与医药巨头辉瑞曾"联姻"组建公司，一度被寄予厚望，然而合作关系几经变动，辉瑞最终退 出。此次分手使得海正药业失去了原研药分包装生产及推广的重要业务，后续虽仍有部分合作，但协同 效应远未达到预期，未能为海正药业的发展提供强有力的支撑。 如今，海正药业正面临双重挑战：一方面是业绩的持续承压，2022年至2024年营收连续下滑，2025年一 季度颓势仍在延续；另一方面则是研发创新转 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of May 11, 2025 [1]. Core Insights - The A-share innovative drug sector saw a weekly increase of 2.33%, outperforming the CSI 300 index by 0.33 percentage points, while the biopharmaceutical sector rose by 0.75% [2][17]. - In the past six months, the A-share innovative drug sector has cumulatively increased by 5.43%, outperforming the CSI 300 index by 9.13 percentage points, whereas the biopharmaceutical sector has decreased by 10.55% [2][17]. - The Hong Kong innovative drug sector experienced a decline of 2.14%, underperforming the Hang Seng Index by 3.75 percentage points, with a cumulative increase of 22.08% over the past six months [2][20]. - The XBI index in the US fell by 8.59% this week, with a cumulative decline of 22.72% over the past six months [2][23]. Summary by Sections Domestic Key Innovative Drug Progress - In May, one new drug was approved for market launch in China, with no new indications approved [3][41]. Overseas Key Innovative Drug Progress - In May, there were no NDA or BLA approvals in the US, Europe, or Japan for innovative drugs [4][45]. Global Key Innovative Drug Transaction Progress - A total of 12 key transactions occurred globally this week, with one disclosed transaction amounting to 415 million USD between Alchemab Therapeutics and Eli Lilly [5]. Market Performance - The report indicates that 39 stocks in the innovative drug sector rose while 67 fell during the week, with the top gainers being HaiChuang Pharmaceutical-U (22.76%), Changchun High-tech (8.99%), and Zhongsheng Pharmaceutical (8.98%) [2][16]. - The top decliners included Fuhong Hanlin (-12.64%), Connaught-B (-12.40%), and Boan Biotechnology (-11.77%) [2][16]. Clinical Trials and Approvals - In May, there were 23 newly announced clinical trials in China, including 17 in BE/I phase, 4 in II phase, and 2 in III phase [31].