Core Viewpoint - Fudan Zhangjiang has established itself as a leader in the global photodynamic therapy (PDT) drug sector, focusing on unmet clinical needs and achieving significant technological breakthroughs in biopharmaceutical innovation and industrialization [1][4]. Group 1: Photodynamic Drug Development - The company has developed four core technology platforms: photodynamic technology, nanotechnology, genetic engineering technology, and oral solid dosage technology, covering key areas such as skin diseases and malignant tumors [4]. - Fudan Zhangjiang has launched several globally and domestically innovative photodynamic therapy drugs, including Aira® (Ammonium Pentanoate) and Fumida® (Injectable Hematoporphyrin), which are already on the market in China [4][5]. - The company is recognized as having the most extensive product line and the highest sales revenue in the global photodynamic drug market [5]. Group 2: Expansion into ADC Drugs - Fudan Zhangjiang is expanding its product portfolio to include Antibody-Drug Conjugates (ADCs), with the FDA018 project currently in Phase III clinical trials, marking the closest pipeline to commercialization [7]. - The company has established a new ADC production base, which began operations in 2024, and has completed the scale-up of production processes for two ADC projects [7]. - The ongoing clinical trials and industrial production capabilities position ADC drugs as a significant new product group for the company, contributing to its growth trajectory [7]. Group 3: Market Position and Future Outlook - By focusing on unmet clinical needs, Fudan Zhangjiang has become a key driver in the development of photodynamic drugs both domestically and globally [8]. - The exploration of the ADC market is expected to provide new growth momentum, positioning the company as a leading innovator in the domestic pharmaceutical industry [8].