行业研究 | 医药生物 证券研究报告/行业研究/行业深度 2026 年 01 月 20 日 医药生物行业：ADHD 治疗需求 释放，缓释技术构筑核心壁垒 盐酸哌甲酯投资价值分析 研报摘要 一、注意缺陷多动障碍（Attention Deficit Hyperactivity Disorder，ADHD） 成为儿童青少年常见精神健康问题，药物治疗需求亟待满足。我国儿童青少 年 ADHD 患病率达 6.26%（约 2300 万人），实际就诊率仅 10%，在 6-16 岁 在校学生精神障碍中居首，产生涉及多领域、贯穿个体生命周期的负面效应。 结合我国患者规模及全球范围内 ADHD 带来的高额经济压力，其在我国造成 的医疗卫生支出负担不容小觑。药物治疗是 ADHD 治疗市场中的主要治疗方 式，其中中枢兴奋剂首选一线药物为盐酸哌甲酯。盐酸哌甲酯缓释片通过渗 透泵控释技术实现血药浓度平稳维持，每日服药一次即可，不良反应率较低 （28.3%），显著优于普通片的浓度波动大、需多次服药和高不良反应率 （35.8%）。停药易致症状复发，需长期治疗。强生和立方制药凭借此技术构 建了市场优势。 二、盐酸哌甲酯占比持续领跑，潜在规模空间 ...

Core Insights - The recent developments in ADHD treatment highlight the approval of a new compound medication by Aikobai, which combines two forms of methylphenidate to provide extended symptom control for ADHD patients aged 6 and above [3][4] - The ADHD prevalence among children globally is approximately 7.2%, with a lower rate of 6.26% reported in China, indicating a significant number of untreated cases due to low consultation rates [3][4] Company Developments - Aikobai's compound medication, marketed as Aizhida, has received approval from the National Medical Products Administration, marking its entry into the commercial stage [3] - The compound consists of 30% immediate-release methylphenidate and 70% prodrug, designed for gradual release throughout the day, enhancing treatment adherence [3][4] - Aikobai acquired the rights to this medication for the Greater China region for a total price of $105.5 million [3] Market Dynamics - The market for methylphenidate is dominated by Johnson & Johnson's product, "Zhuanzhuo," which has a significant market share despite being an older drug with expired patents [4][6] - The supply of "Zhuanzhuo" has faced challenges due to increased global demand and production constraints, prompting Johnson & Johnson to shift packaging operations to local facilities to meet market needs [9] - The approval of generic versions of methylphenidate by other companies, such as Liyoujia and Youer Pharmaceutical, indicates a potential shift in market competition dynamics [9][10] Treatment Guidelines - Current treatment guidelines recommend long-acting methylphenidate formulations as first-line medications for ADHD, with alternatives like atomoxetine and alpha-2 adrenergic agonists as second and third-line options [4][10] - The sales of methylphenidate are projected to exceed 500 million yuan in 2024, with Johnson & Johnson's product accounting for nearly the entire market share [4] Regulatory Environment - Methylphenidate and its derivatives are classified as controlled substances in China, requiring qualified practitioners to prescribe them, which may limit accessibility and increase the risk of misuse [10]

本文最早发布于 2021 年。文章发表后，我收到了许多正面反馈，不少朋友都说是因为读到了这篇文章才知道了 ADHD，甚至走进医院，获得 了医生的帮助和诊疗。 而在 2025 年的罗永浩科技创新发布会后，老罗发布了一条微博，表达了自己因为 ADHD 而拖延和患得患失，最终影响了直播效果的感慨。 ADHD 因此再度登上微博热搜，又一次成为公众话题。 因此，我在补充了新信息、新内容后重推本文，希望你可以了解 ADHD，也希望能帮助更多疑似或已经确诊为 ADHD 的朋友们走出困境。 也许你在工作和生活中时常遇到这样的问题：精神不集中，很难长时间只做某项工作，非常容易分神；情绪不稳定，对于他人的行动没有耐心，易怒；严 重拖延，经常踩着死线甚至跨过死线完成项目。如果你在分神、冲动或拖延的时候内心充满了自责与困扰，但就是无法控制自己的注意力和行动力，那你 有可能和我一样，也是 ADHD 患者。 在 2016 年的「罗辑思维读书会」上，罗永浩分享了一本冷门书籍《分心不是我的错》，这是 ADHD 这个概念在国内声量最大的一次曝光和讨论。事实 上，全球大约有 6% 到 8% 的儿童都或轻或重地患有 ADHD，其中一些可以在成长过 ...

Group 1: Event Overview - The 2025 Technology Innovation Sharing Conference hosted by Luo Yonghao was held in Shanghai on December 30, but he arrived over 40 minutes late [1] - Luo announced a full refund for ticket prices ranging from 300 to 1000 yuan and apologized, stating he would write a confession letter [3] Group 2: ADHD and Treatment Insights - Luo Yonghao revealed that his tardiness was related to ADHD, a condition he has suffered from for over a decade [3][7] - According to the 2023 edition of the "Chinese Adult ADHD Diagnosis and Treatment Expert Consensus," the prevalence of ADHD among adults in China is approximately 3% [5] - Current treatments for ADHD include medication, psychological therapy, and behavioral training, with medication being the most effective [5][9] Group 3: Medication Landscape - The primary medication for ADHD in China is methylphenidate, marketed as "Zhuanzhu Da," which is the only approved import for this treatment in the past 20 years [5][9] - The long-acting formulation of methylphenidate has shown significant efficacy and is recommended as a first-line treatment for adult ADHD patients [9] - The market for ADHD medications is expanding, with sales in domestic sample hospitals reaching approximately 350 million yuan in 2023, and further growth to about 430 million yuan in the first three quarters of 2024 [11] Group 4: Market Dynamics and Competition - The introduction of the first generic version of methylphenidate by Lifan Pharmaceutical in September 2023 has broken the 20-year monopoly of "Zhuanzhu Da" [11][12] - Other companies, such as China Resources Double Crane and Suzhou First Pharmaceutical, hold production licenses for regular formulations of methylphenidate, but these are less effective than the sustained-release versions [12] - New drug developments are underway, including a potential first-in-class medication for ADHD currently in clinical trials [12]

Group 1: Event Overview - The 2025 Technology Innovation Sharing Conference hosted by Luo Yonghao was held in Shanghai, but he arrived over 40 minutes late [1] - Luo Yonghao announced a full refund for ticket prices ranging from 300 to 1000 yuan and apologized, stating he would write a confession letter [4] Group 2: ADHD and Treatment Insights - According to the 2023 edition of the "Expert Consensus on the Diagnosis and Treatment of Adult ADHD in China," the prevalence of ADHD among adults in China is approximately 3% [3][6] - The primary treatment methods for ADHD include medication, psychotherapy, and behavioral training, with medication being one of the most effective approaches [3][8] - The medication mentioned by Luo Yonghao, "Zhuanzhu Da," is a sustained-release formulation of methylphenidate, which is a first-line treatment for ADHD [3][8] Group 3: Challenges in ADHD Treatment - There is currently no short-term cure for ADHD, and it requires long-term management and comprehensive treatment [5][9] - The existing treatment landscape in China lacks superior alternative medications, with the only approved sustained-release methylphenidate product being "Zhuanzhu Da," which has been on the market since 2005 [8][11] - The supply of "Zhuanzhu Da" has faced instability, leading to medication shortages and anxiety among patients and their families [9] Group 4: Market Dynamics and Developments - The sales revenue for ADHD medications in domestic sample hospitals was approximately 350 million yuan in 2023, with a further increase to about 430 million yuan in the first three quarters of 2024 [10] - Domestic pharmaceutical companies are increasingly focusing on the ADHD treatment market, with Lifan Pharmaceutical launching the first generic version of sustained-release methylphenidate, breaking a 20-year monopoly [11] - Other companies, such as Huazhong Shuanghe and Suzhou No. 1 Pharmaceutical, hold production licenses for regular formulations of methylphenidate, but these are less effective than sustained-release versions [11]

Group 1 - ADHD, or Attention Deficit Hyperactivity Disorder, is a neurodevelopmental disorder categorized into three types: ADHD-PI (inattentive), ADHD-HI (hyperactive-impulsive), and ADHD-C (combined) [1] - In China, the prevalence of ADHD among children is approximately 6.26%, equating to around 23 million patients, but the clinical consultation rate is only about 10% [1] - The adult prevalence of ADHD in China is estimated to be around 3% [1] Group 2 - The ADHD treatment market is significant, with a growth rate of 5% annually, representing a market exceeding $10 billion [6] - Central nervous system stimulants are the first-line treatment for ADHD, including medications like methylphenidate and amphetamines, which enhance dopamine and norepinephrine levels [6] - Non-stimulant medications, such as atomoxetine, also play an important role in the market, particularly for patients who cannot tolerate stimulants [6] Group 3 - The diagnosis and treatment of adult ADHD are increasingly recognized, but there are still limited resources available for adult patients in China [14][15] - A map of hospitals capable of diagnosing adult ADHD has been created, highlighting the scarcity of such services [14] - The process of obtaining a diagnosis can be challenging, often requiring multiple consultations and significant financial investment [15][16] Group 4 - The societal perception of ADHD, particularly in women, often leads to underdiagnosis due to the subtler presentation of symptoms [19] - Many adult women with ADHD may have developed compensatory strategies that mask their symptoms, leading to a delay in diagnosis until later in life [19] - The importance of community support and mutual aid groups for individuals with ADHD is emphasized, as they provide a platform for shared experiences and coping strategies [25][27]

Core Insights - The first domestic generic version of "Zhuanzhu Da" has been officially launched in early September, produced by Lifang Pharmaceutical, with the generic name "Liyoujia" [1] - The original drug, methylphenidate extended-release tablets, is a first-line treatment for ADHD, developed by Johnson & Johnson, and has been in use in China since 2005 [1][2] - The patent for "Zhuanzhu Da" expired in 2012, but due to technical barriers, the first generic drug was only launched this year [1][2] - The launch of "Liyoujia" is expected to alleviate the supply shortage of the original drug and enhance production autonomy [1][3] Industry Overview - ADHD, or Attention Deficit Hyperactivity Disorder, affects approximately 23 million children in China, with a prevalence rate of 6.26% among children, but only about 10% of patients seek clinical treatment [2] - The adult ADHD prevalence rate in China is around 3% [2] - The demand for ADHD medication is significant due to the large patient population in China [2] Market Dynamics - There have been reports of drug shortages for "Zhuanzhu Da" in some regions, prompting the manufacturer, Xi'an Janssen, to enhance global production capacity and shift packaging operations to China by Q2 2025 [3] - "Liyoujia" utilizes advanced three-layer permeation pump technology for precise controlled release, ensuring stable efficacy throughout the day [3] Regulatory Environment - Methylphenidate is classified as a first-class psychotropic drug in China, subject to strict regulations throughout its production and distribution [4][5] - Only qualified physicians can prescribe this medication, and patients must present a red prescription to obtain it [5] - The drug's mechanism of action involves regulating specific neurotransmitter systems in the brain, improving cognitive and behavioral symptoms in patients with attention deficits [5] Social Implications - The term "smart drug" has been misleadingly used in some circles, leading to misuse among non-ADHD patients, which can result in addiction and other serious side effects [6][7] - Recent initiatives by multiple government departments aim to prevent the misuse of psychotropic drugs among youth, emphasizing the importance of adhering to medical advice [7]

Core Insights - The article discusses the introduction of a generic version of methylphenidate extended-release tablets, named "Liyoujia," by Lifan Pharmaceutical, which is expected to disrupt the market currently dominated by the imported drug "Zhuanzhuda" [1][4]. Group 1: Market Overview - Approximately 20 million children and adolescents in China are affected by Attention Deficit Hyperactivity Disorder (ADHD), with a prevalence rate of 6.26% among children [1][2]. - The original drug "Zhuanzhuda" has been the only approved methylphenidate extended-release product in China for the past 20 years, leading to supply shortages and high prices [1][3]. - The sales of methylphenidate extended-release tablets in domestic sample hospitals reached approximately 350 million yuan in 2023, with a projected increase to about 430 million yuan in the first three quarters of 2024 [3]. Group 2: Product Launch and Impact - Lifan Pharmaceutical's "Liyoujia" is the first domestic generic version of methylphenidate extended-release tablets, which is expected to alleviate supply issues and reduce costs for patients [1][4][5]. - The pricing of "Liyoujia" is set at approximately 15.3 yuan per tablet, which is about 20% lower than the original drug priced at around 19 yuan per tablet [5][7]. - The launch of "Liyoujia" is seen as a significant milestone in the ADHD treatment market, as it is expected to meet the growing demand and provide a more stable supply of medication [4][5]. Group 3: Regulatory and Market Dynamics - The production and sales of methylphenidate extended-release tablets require approval from the National Medical Products Administration, with plans for production volume to be reported in October [6]. - Lifan Pharmaceutical's "Liyoujia" is not subject to centralized procurement due to its classification as a first-class psychotropic drug, which is expected to stabilize its pricing in the market [7][8]. - The company has established a unique advantage in the production of controlled-release formulations, which is critical for the effective management of ADHD [7].

Core Viewpoint - The launch of "Liyoujia," a generic version of methylphenidate extended-release tablets by Lifan Pharmaceutical, breaks the monopoly of Johnson & Johnson's "Zhuanzhuda" in the ADHD treatment market in China, addressing the supply issues faced by patients [1][8]. Group 1: Market Demand and Supply - Approximately 20 million children and adolescents in China suffer from ADHD, with a prevalence rate of 6.26% among children, but only about 10% seek treatment [3][4]. - The sales of methylphenidate extended-release tablets reached approximately 350 million yuan in 2023 and are projected to grow to about 430 million yuan in the first three quarters of 2024 [4]. - The original drug "Zhuanzhuda" frequently experiences supply shortages due to strict regulations and high raw material costs, leading to patient anxiety regarding medication availability [1][5][6]. Group 2: Product Comparison and Pricing - "Liyoujia" is priced approximately 20% lower than the original drug, with the original priced at about 19 yuan per tablet and "Liyoujia" at approximately 15.3 yuan per tablet [8][11]. - The production and sales of methylphenidate extended-release tablets require approval from the National Medical Products Administration, with plans for production volume to be reported in October [8][10]. Group 3: Regulatory Environment and Market Position - As a first-class psychotropic drug, "Zhuanzhuda" is subject to strict regulations, and its global demand has been increasing, which exceeds the production capacity of Johnson & Johnson [5][11]. - "Liyoujia" is not subject to centralized procurement due to its classification as a psychotropic drug, which is expected to stabilize its pricing in the market [11].