According to a research report from Caitong Securities, against the backdrop of the global pharmaceutical industry's upgrade towards precision therapy, small nucleic acid drugs, as a third-generation therapeutic approach, are expected to become the annual market theme by 2026. Breakthroughs in overseas R&D are anticipated to drive pipeline transactions and create domestic parallels, with platform companies like RIBOLIFE-B (06938) focusing on RNAi treatments for chronic diseases. CDMO firms and innovative drug companies within the industrial chain warrant attention, although risks related to commercialization and production capacity should be monitored. The main viewpoints of Caitong Securities are as follows: Small nucleic acid drugs are projected to become the global annual pharmaceutical theme in 2026. Amidst the transition of the global pharmaceutical industry from traditional chemical and biological drugs to precision targeted therapies, small nucleic acid drugs, representing a third-generation therapy capable of intervening in disease progression at the genetic level, are emerging as a significant direction for disruptive innovation. The year 2026 is poised to be a pivotal year for the small nucleic acid sector, with leading Biotech firms such as Arrowhead expected to deliver Proof-of-Concept (POC) data for several siRNA pipelines targeting different mechanisms. This development is likely to significantly stimulate global transactions for small nucleic acid pipelines across various targets. Concurrently, prominent companies in the field, including RIBOLIFE-B, are intensifying their IPO activities, while existing blockbuster drugs like Inclisiran continue to experience volume growth, solidifying small nucleic acids as a next-generation therapy that multinational corporations cannot afford to overlook. Reviewing major trends within the innovative drug sector historically (such as ADC, GLP-1, and second-generation immuno-oncology), each has been fundamentally driven by underlying industry trends. The pattern behind each cycle typically follows a sequence: overseas "R&D breakthroughs" leading to "domestic parallels," followed by "breakthroughs from domestic companies," and ultimately "participation in global competition through outward expansion." Small nucleic acids have the potential to become the primary theme in the healthcare sector throughout 2026. RIBOLIFE-B is a platform-based company dedicated to the R&D of RNAi drugs for chronic diseases. Established in 2007, RIBOLIFE-B focuses on the development of RNA interference (RNAi) technology and the industrialization of small nucleic acid drugs. The company has established a fully integrated small nucleic acid drug R&D platform encompassing the entire technology chain and has built a globally unified development system for small nucleic acid drugs. By creating a rich pipeline of siRNA drugs, it covers treatment areas for various diseases, particularly chronic conditions, including cardiovascular, metabolic, renal, and liver diseases. Investment recommendations: Focus on small nucleic acid CDMO companies and key raw material producers that meet FDA audit standards, paying close attention to Chengda Pharmaceutical, Lianhe Chemical Technology, Jiuzhou Pharmaceutical, WuXi AppTec, Asymchem Laboratories, and Sunresin New Materials. For innovative drug companies, monitor Frontier Biotech, Sunshine Guojian Pharmaceutical, Junshi Biosciences, Hengrui Pharmaceuticals, Fuyuan Pharmaceutical, Salubris, and Mabwell. Risk warnings: Risks include commercialization falling short of expectations, risks associated with trade frictions, and risks related to production capacity expansion not meeting targets.
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