（TL1A/IL23p19）针对IBD 大市场，具备长效化的竞争力；③SIM0815（TfR-Aβ双抗/AOC）具备透脑 特性，靶向pGlu 修饰的Aβ斑块。 "三个5"的创新产品梯队推动公司迈入加速发展的新阶段： 5 款基石产品：恩度、艾得辛、先必新注射 液、恩维达、先诺欣，为公司提供稳定的现金流。5 款快速放量新产品：科赛拉、恩立妥、恩泽舒、先 必新舌下片、科唯可，是业绩增长的重要推力，其中科赛拉、恩立妥今年纳入医保后正快速准入，恩泽 舒、先必新舌下片、科唯可已纳入2025 年商保创新药初审目录，同时恩泽舒亦通过了2025 年国家基本 医保目录初审。近期上市产品：2 款已进入NDA 审评阶段：玛氘诺沙韦（用于成人及青少年流感，其 儿童颗粒制剂的Ⅲ期研究也在进行中）、乐德奇拜单抗（有望作为国内第二款推动IL-4Rα单抗国产替 代）；3 个创新产品处于临床Ⅲ期，包括JAK1 抑制剂、三代ALK、口服SERD，覆盖自免疾病、非小细 胞肺癌和晚期乳腺癌等领域。公司已上市及后期临床阶段的产品中，有多款产品是具备差异化的潜在大 单品：①先必新舌下片：全球唯一获美国FDA"突破性疗法"认定的卒中创新药，可在舌下与唾液接 ...

Core Insights - The article discusses a licensing agreement between Sihuan Pharmaceutical (先声药业) and NextCure, Inc. for the innovative antibody-drug conjugate SIM0505, marking the first international recognition of Sihuan's ADC technology platform [1][2] - The agreement allows NextCure to develop SIM0505 outside Greater China, while Sihuan retains rights for a new ADC product targeting CDH6 in Greater China, indicating a strategic expansion in oncology [1][2] - Sihuan is expected to receive up to $745 million in total payments, including upfront and milestone payments, along with tiered royalties based on net sales outside Greater China [1] Company Developments - Sihuan has established a global innovation research network with centers in Boston, Shanghai, Nanjing, and Beijing, collaborating with top research institutions like Harvard Medical School [2] - The company has made significant investments in R&D, exceeding 8 billion yuan over the past five years, focusing on core technology platforms such as ADC and AI drug discovery [3] - Sihuan's innovative drug for stroke, Xianbixin injection, has been launched in China, and its sublingual tablet is undergoing clinical research in the U.S. with breakthrough therapy designation from the FDA [3] Market Position - CDH6 is identified as a promising new target for anti-tumor drugs, with no existing drugs targeting it globally, highlighting the competitive advantage of Sihuan's ADC technology [2] - The recent licensing agreement with NextCure is the second overseas licensing deal for Sihuan in 2023, following a collaboration with AbbVie for another antibody targeting GPRC5D/BCMA/CD3, which has a potential transaction value of $1.055 billion [2]