2026.01. 27 1月27日，维昇药业（02561.HK）股价出现高开低走，早间开盘不到五分钟，涨幅一度超过7%，但到了 下午收盘时，股价反而下挫6.32%。 前一晚，维昇药业的核心产品隆培生长激素注射液获得国家药监局批准上市，用于治疗儿童生长激素缺乏 症。此次获批，标志着公司首款商业化创新产品落地，但这已经是国内获批上市的第四款长效生长激素了。 儿童生长激素缺乏症是因垂体分泌生长激素不足导致的儿童生长发育障碍。长期以来，每日皮下注射的短效 制剂是标准治疗方案，但近三分之二的患者存在漏针现象，直接影响治疗效果。 有临床医生对第一财经记者表示，生长激素的治疗是长期过程，治疗依从性的问题值得关注，面对治疗依从 性问题，长效生长激素的研发成为热点。 根据弗若斯特沙利文数据显示，中国生长激素市场规模已从2018年的40亿元激增至2023年的116亿元，年 复合增长率高达23.9%，并预计在2030年达到286亿元，更关键的变化在于剂型结构的迭代。 近年来，中国儿童生长激素市场受到了前所未有的关注，家长们对孩子的身高抱有极高期望，由此产生 了"身高焦虑"现象，担心身高问题会成为孩子未来发展的短板。从整个长效生长激 ...

在这种局面之下，作为市场新进入者，维昇药业如何在市场中实现突围？这也是市场担忧的地方。 维昇药业首席商务官陈军对第一财经记者表示，隆培生长激素是当前唯一在3期研究中证实优效于日制 剂的长效生长激素，这为医生提供了明确的处方依据与更优治疗选择。 有临床医生对第一财经记者表示，生长激素的治疗是长期过程，治疗依从性的问题值得关注，面对治疗 依从性问题，长效生长激素的研发成为热点。 根据弗若斯特沙利文数据显示，中国生长激素市场规模已从2018年的40亿元激增至2023年的116亿元， 年复合增长率高达23.9%，并预计在2030年达到286亿元，更关键的变化在于剂型结构的迭代。 近年来，中国儿童生长激素市场受到了前所未有的关注，家长们对孩子的身高抱有极高期望，由此产生 了"身高焦虑"现象，担心身高问题会成为孩子未来发展的短板。从整个长效生长激素市场看，企业之间 的竞争呈现加剧趋势，此前已获批上市的厂家分别是长春高新（000661.SZ）旗下的金赛药业、特宝生 物（688278.SH）、诺和诺德，其中金赛药业与特宝生物的长效生长激素已进入2025年国家医保目录， 已进入医保的长效生长激素价格大降，如有产品价格降幅五成以 ...

Core Viewpoint - The recent investor communication by Weisheng Pharmaceutical (02561) highlighted the company's strong position in the growth hormone market, focusing on its innovative long-acting growth hormone product and its strategic approach to commercialization [1][2]. Growth Hormone Market Overview - The growth hormone market in China is valued at over 100 billion RMB, primarily driven by out-of-pocket expenses, with approximately two-thirds of the market covered by private hospitals and clinics [1][2]. - The market is expected to grow to 300 billion RMB by 2030, with long-acting formulations projected to dominate the market share [2]. Product Pipeline and Innovation - Weisheng's long-acting growth hormone product is recognized for its superior clinical data and is the only product to achieve favorable results in head-to-head trials against Japanese formulations [3][4]. - The product utilizes a temporary linkage technology that enhances stability and extends the drug's half-life, allowing for weekly injections while maintaining efficacy [4][6]. Competitive Landscape - The competition in the growth hormone sector is relatively mild, with high barriers to entry for long-acting formulations, making Weisheng's product a leader in the market [3][5]. - The current market is dominated by JinSai, which holds about 80% of the market share, primarily due to its established short-acting products [6][7]. Commercialization Strategy - Weisheng plans to leverage its experienced team to accelerate the transition from short-acting to long-acting products, focusing on key pediatric endocrinologists for efficient market penetration [7][8]. - The company has established global partnerships and strategic agreements to expand its market channels and enhance patient services [7][8]. Future Prospects - The company anticipates that its long-acting growth hormone product will receive approval by the second half of 2025, with a significant market potential targeting 100,000 patients to achieve a billion-level market scale [7][8]. - The introduction of supportive national policies aimed at increasing birth rates is expected to expand the target patient population for growth hormone treatments [22]. Additional Product Developments - Weisheng is also developing innovative therapies such as Navepitide for cartilage development disorders and Parotipide for parathyroid hormone deficiency, both of which are expected to generate substantial revenue due to their unique market positions [8][9].