Core Viewpoint - Haichuang Pharmaceutical (688302) is focusing on the sales strategy of its drug, Dihenzalutamide, which is expected to fill a clinical gap in treating specific mCRPC patients and has significant market potential in China [1][2]. Group 1: Sales Strategy and Market Position - The sales strategy for Dihenzalutamide revolves around a "medical-market-access-sales" four-wheel drive model, emphasizing the establishment of new standards and accumulation of real-world data [1]. - The drug has a differentiated competitive advantage compared to competitors, significantly improving the primary endpoint by extending rPFS by 5.5 months and reducing the risk of imaging progression or death by 42% [1][2]. - The prostate cancer market in China is projected to reach 50 billion by 2030, indicating substantial market potential for Dihenzalutamide [1]. Group 2: Clinical Research and Development - Dihenzalutamide has been included in the CSCO guidelines in 2023 and is expected to be included again after product approval in 2025 [2]. - The company has been exploring protein degradation technology since 2016 and has developed a mature PROTC and molecular glue technology platform [2]. - HP518 is the first oral R PROTC drug in clinical trials in China, with the first subject enrolled in a Phase II trial expected to complete by December 2024 [2]. Group 3: Financial and Operational Outlook - The company plans to maintain annual R&D expenditures at around 200 million over the next 2-3 years, with cash reserves of 880 million as of March 2025 [2]. - The company is considering refinancing needs based on product commercialization and progress of ongoing projects [2]. - An experienced business development team has been established overseas to advance various business development activities [2].

Group 1 - Mingyuan Investment recently conducted research on a listed company, Haichuang Pharmaceutical, which has received approval for its core product, Deutetrabenazine soft capsules, a first-class new drug for treating mCRPC, significantly extending patients' progression-free survival [1] - The clinical trial for HP515, aimed at treating MSH, is currently ongoing in China, with preliminary data indicating good safety of the drug [1] - The company is also conducting a Phase II clinical trial for HP518, which has received fast track designation in the United States [1] - Haichuang Pharmaceutical has established a four-wheel drive commercialization strategy, combining self-built teams with external collaborations to comprehensively advance product commercialization preparations [1] Group 2 - Mingyuan Investment Management Co., Ltd. was established in 2014 in Shanghai, with a registered capital of 10 million yuan, founded by Dr. Qiu Huiming, who has extensive experience in hedge funds on Wall Street [2] - The company has obtained the private securities investment fund manager qualification and observation member qualification approved by the Asset Management Association of China [2] - Mingyuan Investment focuses on quantitative investment, leveraging strong data mining, statistical analysis, and software development capabilities to build a systematic trading and asset management platform [2] - The investment scope includes stocks, futures (index and commodity futures), and options, with a diverse strategy development team and a robust strategy library [2] - The company aims to explore and research quantitative investment strategies suitable for the characteristics of the Chinese capital market, integrating global leading financial institutions' experiences and technologies [2]