股 票 研 究 股票研究 /[Table_Date] 2025.10.10 小核酸，大时代，靶向治疗新纪元 [Table_Industry] 医药 siRNA 药物行业深度报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 彭娉(分析师) | 021-23185619 | pengping@gtht.com | S0880525040080 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | 本报告导读： 小核酸药物行业近期 BD 和数据催化密集，随着技术平台的成熟和适应症的不断拓 展，属于小核酸药物的治疗时代将逐步开启，我们重点关注 siRNA 药物在常见病大 适应症的商业价值。 投资要点： [Table_Report] 相关报告 医药《景气延续，继续推荐创新药械产业链》 2025.10.09 医药《集采优化，持续看好创新药械产业链》 2025.09.21 医药《继续看好创新药械产业链》2025.09.14 医药《设备更新政策持续落地，医疗 ...

Core Viewpoint - Roche is strengthening its position in the cardiovascular, renal, and metabolic diseases (CVRM) sector through the acquisition of 89bio for $3.5 billion, securing the innovative MASH drug Pegozafermin, which is currently in Phase III clinical trials [1][10]. Group 1: Acquisition Details - Roche's acquisition of 89bio focuses on Pegozafermin, which has the potential to generate peak sales exceeding $5 billion, as the global MASH drug market is projected to reach $35 billion by 2030 [1][2]. - The acquisition agreement includes a base price of $14.50 per share plus up to $6 per share in contingent value rights (CVR), potentially bringing the total deal value to $3.5 billion [4][8]. - The CVR stipulates additional payments based on Pegozafermin achieving specific sales milestones, potentially adding up to $1 billion for 89bio's shareholders [5][6][7]. Group 2: Market Potential and Demand - MASH affects an estimated 5%-7% of the adult population globally, with significant unmet clinical needs, particularly in China and the U.S., where the number of patients is expected to rise substantially by 2032 [2][4]. - The MASH treatment landscape has seen numerous failures, making Pegozafermin's potential as a first-in-class therapy particularly promising [4][19]. Group 3: Roche's CVRM Strategy - Roche's CEO emphasized that the acquisition enhances the company's CVRM product portfolio and opens opportunities for combination therapies with existing projects [11]. - Roche has a diverse pipeline in the CVRM space, including several promising candidates such as GLP-1 drugs and RNAi therapies, indicating a strategic focus on this area for future growth [14][16][17]. - The company has invested in multiple potential blockbuster drugs, including Petrelintide and Zilebesiran, to solidify its position in the metabolic and cardiovascular markets [17][19]. Group 4: Competitive Landscape - The MASH treatment field is highly competitive, with over 60 active clinical trials and multiple candidates from major pharmaceutical companies, highlighting the intense research activity in this area [19][22]. - Roche's strategic investments and acquisitions are aimed at building a comprehensive network in the CVRM sector, positioning the company for significant growth in this rapidly evolving market [22][23].

Core Insights - Small nucleic acid drugs are emerging as a promising frontier in the pharmaceutical industry, particularly in the treatment of cardiovascular diseases, due to their multiple druggable targets, strong efficacy, good safety profile, and low dosing frequency [3][4][5]. Group 1: Industry Trends - Chinese innovative pharmaceutical companies are increasingly engaging in licensing agreements, with a notable $5.2 billion licensing deal between Novartis and Shanghai Bowang Pharmaceutical for next-generation cardiovascular drugs [1]. - The treatment of cardiovascular diseases is rapidly transitioning towards small nucleic acid drugs, with RNA interference (RNAi) technology showing significant potential in addressing conditions like severe hypertriglyceridemia [1][4]. Group 2: Key Developments - Novartis has already received approval for inclisiran, a long-acting siRNA drug targeting the PCSK9 gene, which requires only biannual injections for lipid control [4]. - Eli Lilly is also heavily investing in the next generation of cardiovascular innovations, having signed a partnership worth over $3 billion with Dicerna to develop RNAi therapies, including the long-acting lipid-lowering drug lepodisiran [4]. - Roche has partnered with Alnylam to develop Zilebesiran, an RNAi-based antihypertensive drug that shows promising results in maintaining blood pressure control with just two injections per year [5]. Group 3: Clinical Insights - Alnylam's pipeline for small nucleic acid drugs has a success rate of approximately 60% from project initiation to Phase III clinical trials, significantly higher than traditional small molecule drugs [6]. - Experts in the cardiovascular field acknowledge the potential of small interfering RNA drugs but emphasize the need for further validation of their long-term clinical benefits [7].

Core Insights - The company reported significant growth in its financial performance for the first half of 2025, with a revenue of 549 million yuan, a year-on-year increase of 114.86%, and a net profit of 145 million yuan, reflecting a remarkable growth of 1504.30% [1] - The expansion into international markets has been a key driver of this growth, with international business revenue increasing from 55% to 77% of total revenue [1] - The company is actively developing innovative weight-loss drug HY3003, utilizing advanced technology to address industry challenges [2][3] Financial Performance - In the first half of 2025, the company achieved an operating income of 549 million yuan, representing a 114.86% increase year-on-year [1] - The net profit attributable to shareholders reached 145 million yuan, marking a staggering growth of 1504.30% compared to the previous year [1] - Operating cash flow was reported at 157 million yuan, up 376.42% year-on-year [1] International Market Expansion - The company's international business revenue share rose from 55% in the previous year to 77% in the current reporting period [1] - The company has successfully penetrated over 90 countries with its formulation business, enhancing its profitability structure [1] - The raw material drug business has also shown strong performance, with products sold in over 20 countries and regions globally [1] Innovative Drug Development - The company is advancing the development of the next-generation weight-loss drug HY3003, which employs "silicon-based peptide chips + AI dynamic simulation" technology [2] - The development plan for HY3003 includes three dosage forms: weekly, ultra-long-acting monthly, and oral formulations, aimed at reducing patient burden and improving drug efficacy [2] - A strategic collaboration with the Institute of Process Engineering at the Chinese Academy of Sciences focuses on overcoming challenges related to GLP-1 drugs, including dosing frequency and gastrointestinal side effects [3] CRDMO and Emerging Markets - The company is strategically positioning itself in the small nucleic acid drug and industrial hemp CBD sectors, with a focus on innovative drug development [4] - The global small nucleic acid drug market is projected to reach $16.57 billion by 2030, with a CAGR of 18.4% [4] - The company is enhancing its CRDMO (Contract Research and Development Manufacturing Organization) capabilities, becoming a key player in meeting regulatory requirements across multiple regions [4] Digital Transformation Initiatives - The company is exploring digital asset tokenization through a partnership with KuCoin, aiming to establish a pilot project in Hong Kong [5][6] - The underlying assets for the RWA (Real World Assets) project include completed overseas product matrices and nearly 50 ongoing pipelines, providing strong support for asset value [6] - This initiative represents a new growth avenue and an innovative paradigm for releasing the value of intangible assets in the pharmaceutical industry [6]

Core Insights - The company reported significant growth in its financial performance for the first half of 2025, with a revenue of 549 million yuan, a year-on-year increase of 114.86%, and a net profit of 145 million yuan, up 1504.30% [1] - The expansion into international markets has been a key driver of this growth, with international business revenue increasing from 55% to 77% of total revenue [1] - The company is actively developing innovative weight-loss drug HY3003, utilizing advanced peptide release technology to address industry challenges [2][3] Financial Performance - In the first half of 2025, the company achieved an operating income of 549 million yuan, representing a 114.86% year-on-year growth [1] - The net profit attributable to shareholders reached 145 million yuan, marking a staggering increase of 1504.30% [1] - Operating cash flow was reported at 157 million yuan, up 376.42% compared to the previous year [1] International Market Expansion - The company's international business revenue share rose from 55% to 77%, indicating a successful penetration into over 90 countries [1] - The raw material drug business has also shown strong performance, with products sold in over 20 countries and regions [1] Innovative Drug Development - The company is advancing the development of the next-generation weight-loss drug HY3003, which employs "silicon-based peptide chips + AI dynamic simulation" technology [2] - The drug development strategy includes three dosage forms: weekly, ultra-long-acting monthly, and oral formulations, aimed at reducing patient burden and improving drug stability [2] Strategic Collaborations - A strategic partnership has been established with the Institute of Process Engineering, focusing on overcoming challenges related to GLP-1 drugs, including dosing frequency and gastrointestinal side effects [3] - The company is also exploring collaborations in the fields of small nucleic acid drugs and CBD, with ongoing projects in siRNA drug development [4] CRDMO Business Development - The company is enhancing its CRDMO (Contract Research and Development Organization) capabilities, leveraging its technical expertise and regulatory compliance to meet international standards [4] - It has become one of the few suppliers capable of satisfying the regulatory requirements of the FDA, EMA, and NMPA for peptide and oligonucleotide CRDMO services [4] Digital Transformation Initiatives - The company is exploring digital asset tokenization through a partnership with KuCoin, aiming to create a pilot project based on overseas drug pipelines [6] - The underlying assets for the RWA project include completed overseas collaborations, nearly 50 ongoing pipelines, and future cash flows from international markets [6] Overall Strategic Outlook - The company's performance in the first half of 2025 reflects the success of its diversified development strategy, with sustained cash flow from international markets and a strong pipeline of innovative drugs [1][4] - The strategic focus on "innovation + internationalization" positions the company to strengthen its competitive advantage in the global peptide market [6]

Group 1 - The report emphasizes that 2025 will be a significant year for small nucleic acid drug investments due to three major industry trends: the maturity of the GalNac delivery platform, the expansion of indications from rare diseases to common diseases, and the intensification of commercialization and clinical data catalysts for small nucleic acid drugs [2][12][27] - The GalNac delivery technology has matured, allowing for effective liver-targeting with lower toxicity compared to previous systems like LNP, which had issues with immune reactions and production complexity [2][21][38] - Small nucleic acid drugs are transitioning from treating rare diseases to addressing more prevalent conditions such as hyperlipidemia and hypertension, significantly expanding the potential patient population and market opportunities [2][12][27] Group 2 - Key catalysts for small nucleic acid drugs include the expected commercial launch of Novartis' Inclisiran, which is projected to accelerate sales, and the anticipated approvals of several products like Alnylam's Vutrisiran and Fitusiran [2][27][30] - The report highlights the strong stock performance of small nucleic acid companies in the U.S. market, with Alnylam, Arrowhead, and Ionis seeing significant price increases of 39.6%, 63.9%, and 59.9% respectively from their April lows to July 18 [12][9] - The report suggests focusing on domestic companies such as Heng Rui Medicine, Zhengda Tianqing, and Xinlitai, as well as international firms like Alnylam and Ionis, which are leading in the small nucleic acid space [2][46][37] Group 3 - The report identifies the GalNac platform as a key value driver, with products beginning to demonstrate their market potential, particularly in liver-targeting applications [21][22] - Alnylam is recognized as a leader in the small nucleic acid field, having successfully commercialized multiple siRNA drugs and demonstrating a high clinical success rate of 62%, significantly above the industry average [38][12] - The report notes that major pharmaceutical companies are increasingly interested in small nucleic acid technologies, indicating a strong potential for partnerships and licensing agreements in this area [37][46]

Core Viewpoint - Hanyu Pharmaceutical is experiencing significant growth, with a projected net profit increase of 1470.82% to 1663.89% for the first half of 2025 compared to the same period last year [1][2] Group 1: Financial Performance - The company expects to achieve a net profit of between 142 million to 162 million yuan for the first half of 2025 [1] - This represents a substantial increase compared to the previous year's performance [1] Group 2: International Business Expansion - Hanyu Pharmaceutical's international business has expanded to core global markets, with APIs sold to over 20 countries and formulations licensed in more than 90 countries [1] - The company is accelerating its internationalization process, which is expected to enhance growth potential [2] Group 3: Innovation in Drug Development - The company focuses on innovative drug development, particularly in the field of peptides and small nucleic acids, with a rich pipeline of future products [2] - The HY3003 project, a GLP-1R/GIPR/GCGR receptor agonist, has completed preclinical candidate screening and is advancing to the pilot scale of API production [1] - The project employs a multi-formulation development strategy, including long-acting monthly injections to improve patient compliance [1] Group 4: Future Product Pipeline - Hanyu Pharmaceutical plans to launch no fewer than 20 formulations globally, including original innovative drugs and micro-innovative drugs [2] - The pipeline includes drugs for treating conditions such as high cholesterol, hypertension, and diabetes, featuring products like Inclisiran and Zilebesiran [2]

Core Insights - Hanyu Pharmaceutical (300199) has recently conducted investor research, discussing the progress of the HY3003 new drug project, its layout in the innovative drug field, and overseas market expansion [1][2] Group 1: HY3003 New Drug Project - The HY3003 project has completed preclinical candidate compound screening and raw material process development, officially entering the raw material pilot scale-up phase, which validates the producibility of the molecular structure for subsequent IND application and clinical transformation [1] - HY3003 is a GLP-1R/GIPR/GCGR receptor agonist developed using AI peptide chip technology, aimed at weight loss indications [1] - The project employs a multi-formulation parallel development strategy, including weekly, ultra-long-acting monthly, and oral formulations, with the ultra-long-acting formulation designed to reduce dosing frequency and improve medication adherence [1] Group 2: siRNA and Other Drug Developments - The company is also developing siRNA drugs such as Inclisiran and Zilebesiran for treating high cholesterol and hypertension, as well as Pegcetacoplan for treating geographic atrophy [1] Group 3: Overseas Market Expansion - Currently, the company's raw materials are sold to over 20 countries and regions, with formulations licensed in over 90 countries and regions [2] - The company has signed cooperation agreements for the semaglutide injection (weekly formulation) and oral tablets in markets including China, Brazil, Egypt, Mexico, Eurasian Union, GCC member countries, and North Africa [2] - The company has completed the enrollment of all participants in the Phase III clinical trial for semaglutide injection as of January this year, with plans to submit for approval in China by 2026, followed by the US and other global markets [2] Group 4: Future Pipeline - Hanyu Pharmaceutical has a rich pipeline of peptide and small nucleic acid formulations, planning to launch no less than 20 formulations over the next 10 years, including innovative drugs, micro-innovative drugs, and ANDA [2]