（原标题：百亿呼吸药物市场角逐：解锁"沉默区"，挖掘新增长） 21世纪经济报道记者季媛媛 哮喘是全球最常见的慢性呼吸系统疾病之一。在我国，20岁及以上人群中，哮喘患者约4,570万，患病 率为4.2%，且自2010年以来呈上升趋势。40%～50%的成人哮喘患者为过敏性哮喘。 我国目前患有小气道病变的人群高达4.26亿，其中超过90%的哮喘患者合并小气道病变（SAD）。从数 据不难看出，目前，小气道已成为哮喘等慢性气道疾病预防和干预的重要靶点。选择能够到达远端气道 的治疗方式，已成为SAD治疗的共识。近期多位业内专家也共同发起"小气道病变与慢性气道疾病临床 诊疗专家共识"项目，以推动大小气道共治。 中华医学会呼吸病学分会哮喘学组副组长张旻教授指出，人体的气道等级森严，有23级，其中粗的部分 是"大气道"；细小、直径仅为两毫米及以下的部分也就是第八级支气管以下为"小气道"，包括终末支气 管、细支气管、肺泡管和肺泡囊，是人体进行气体传导和交换的主要部位，占整肺容量98%以上。小气 道表面积是大气道表面积的近5000倍，正常的时候不发声，在临床实践中却容易被忽视，被称为"肺部 沉默区"。 "药物在大小气道的精准递送， ...

Core Viewpoint - Recently, Haisco Pharmaceutical Group Co., Ltd. announced that the Shenzhen Stock Exchange has accepted its application for a private placement of shares, aiming to raise up to 1.365 billion yuan for new drug research and development and to supplement working capital [1] Company Overview - Haisco is a diversified and specialized pharmaceutical group engaged in new drug research and development, manufacturing, and marketing, with a product portfolio covering multiple segments including anesthesia, parenteral nutrition, anti-tumor, and cardiovascular drugs, among others [3] - The company has over 40 products, including four Class 1 new drugs that have been approved for market, with many others being the first or sole generic versions in China [3] Strategic Transformation - Haisco is undergoing a rapid transformation from focusing on "innovative generics" to a "combination of generics and innovation" due to the impact of generic drug procurement policies [3][4] - The proportion of revenue from generic drugs has decreased from over 80% in 2019 to below 60% in 2024, while the revenue from innovative drugs is expected to exceed 40% by 2025 [4][5] Financial Performance - In 2024, Haisco achieved a revenue of 3.721 billion yuan, a year-on-year increase of 10.92%, and a net profit of 396 million yuan, up 34% year-on-year [5] - Following the release of the annual report, the company's stock price hit the limit up, and its market capitalization exceeded 50 billion yuan for the first time, reflecting market recognition of its innovative drug transformation strategy [5] Funding Needs - The innovative drug research and development process is characterized by long cycles, high investment, and low success rates, leading to significant funding needs for Haisco [6] - The company reported a total R&D investment of 1.589 billion yuan from 2022 to 2024, with 624 million yuan allocated in 2024, marking a 20.7% increase year-on-year [6] Future Plans - Haisco plans to use the raised funds for the research and development of several innovative drugs, including HSK31679 for non-alcoholic fatty liver disease and HSK31858 for respiratory diseases, among others [6] - The company aims to enhance its R&D investment, accelerate clinical trials, and improve the efficiency of drug registration processes, thereby expanding its product line and creating new profit growth points for sustainable development [6]