• Subjects with primary membranous nephropathy pathologically confirmed by renal biopsy;

• Subjects with glomerular filtration rate（eGFR） ≥ 45 mL/min/1.73 m2.

• If taking Angiotensin converting enzyme inhibitors/angiotensin II receptor antagonists/sodium-glucose cotransporter 2 inhibitors/endothelin inhibitors, a stable dose within 4 weeks before randomization;

• Subjects with 24-hour elevated urinary protein in accordance with the prescribed conditions;

• Subjects whose laboratory test results meet the prescribed standards during the screening period;

• Subjects who have fully understood this study and voluntarily signed the informed consent form；

• Subjects who are able to follow the study protocol as judged by the investigator.