证券研究报告 康缘药业 (600557 CH) 再看中新医药，重估创新价值 2025 年 6 月 30日│中国内地 中药 康缘药业作为中药创新药的龙头之一，2024 年全资收购中新医药，加码生 物创新药。随着季度基数回落、合规冲击解除，我们认为公司 2Q25 收入同 比环比均有望企稳恢复，2025~2026 年伴随中新医药在研项目数据读出， 生物创新药价值有望体现，带动公司价值重估，维持"买入"评级。 中新医药：海归科学家创立，聚焦代谢与神经，全资进入上市公司 中新医药成立于 2011 年，技术核心团队由海归与国内研发人才组成，创始 人张怡博士曾就职于施贵宝任首席科学家。收购前，中新医药 70%股权归 属康缘集团，30%股权归属南京康竹（中新医药核心团队持股平台）。11M24 公司以自有资金 2.7 亿元收购中新医药 100%股权。中新医药尚未盈利 （9M24 净资产-4.23 亿元），目前临床品种为 ZX2021（GGGF1 三靶长效 减重降糖融合蛋白）、ZX2010（GGF7 双靶长效降糖减重融合蛋白）、ZX1305 （rhNGF 注射液）、ZX1305E（rhNGF 滴眼液）。公司初步测算四条核心 管线 ...

Group 1 - Jiangsu Province Urban Football League announced a new partnership with Kangyuan Pharmaceutical, a leading domestic traditional Chinese medicine innovation company [1][3] - The "Super League" now has a total of 26 sponsors, with Jiangsu Bank as the main sponsor and 8 strategic partners including Kangyuan Pharmaceutical [3] - The partnership reflects the diversification and inclusiveness of the "Super League" cooperation model, expanding from finance, automotive, and food industries to the pharmaceutical sector [5] Group 2 - Kangyuan Pharmaceutical is based in Lianyungang, Jiangsu, and is recognized for its innovation in traditional Chinese medicine, holding multiple national research platforms [5] - The company has received several prestigious awards, including one National Technology Invention Second Prize and three National Science and Technology Progress Second Prizes [5] - The increasing attention on the "Super League" is expected to enhance its profile in the sports culture sector, supported by partners like Kangyuan Pharmaceutical [5]

Core Viewpoint - On June 30, a total of 31 listed companies had their restricted shares unlocked, with a total market value of approximately 31.50 billion yuan [1]. Group 1: Unlocking Details - The specific details of the restricted share unlocks include: - Meili Ecology (000010): 239 million shares from A-share issuance to original shareholders - Xingrong Environment (000598): 4.926 million shares from equity incentive lock-up - Yueyang Xinchang (000819): 526,800 shares from equity incentive lock-up - Gaohong Co., Ltd. (000851): 4.944 million shares from equity incentive lock-up - Zhongyan Chemical (600328): 470,460 shares from equity incentive lock-up - Yangnong Chemical (600486): 115,480 shares from equity incentive lock-up - Kangyuan Pharmaceutical (600557): 2.6093 million shares from equity incentive lock-up - Keda Technology (002518): 1.3953 million shares from equity incentive lock-up - Longci Technology (300835): 562,700 shares from equity incentive lock-up - Weiming Environmental Protection (603568): 3.129 million shares from equity incentive lock-up - Dongrui Co., Ltd. (001201): 486,400 shares from A-share issuance to original shareholders - Sanwei Co., Ltd. (603033): 1.183 million shares from equity incentive lock-up - Naer Co., Ltd. (002825): 140,000 shares from equity incentive lock-up - Jinyinhe (300619): 1.6248 million shares from A-share issuance to legal persons - Tianyuan Environmental Protection (301127): 14.6 million shares with extended lock-up period - Youningwei (301166): 40.6188 million shares with extended lock-up period - Xutian Salt Industry (600929): 3.033 million shares from equity incentive lock-up - Keli Sensor (603662): 722,800 shares from equity incentive lock-up - Gongniu Group (603195): 641,200 shares from equity incentive lock-up - Fuyuan Pharmaceutical (601089): 27.5 million shares from pre-issue lock-up - Xinbang Intelligent (301112): 7.4097 million shares from pre-issue lock-up - Shanghai Port Bay (605598): 29,400 shares from equity incentive lock-up - Dingjide (603255): 507,500 shares from equity incentive lock-up - United Precision (001268): 6.154 million shares from pre-issue lock-up - Pinggao Co., Ltd. (688227): 48.9585 million shares - Chunli Medical (688236): 20.9 million shares - Zhongwulian (688297): 40.3 million shares - Lais Information (688631): 163,480 shares - Shichuang Energy (688429): 200,000 shares - Xindong Link (688582): 220,840 shares - Aike Saibo (688719): 100,000 shares [2].

Core Insights - Kangyuan Pharmaceutical has been recognized for its continuous R&D innovation capabilities, ranking 21st in the overall R&D strength and 1st in traditional Chinese medicine R&D strength at the "2025 PDI Pharmaceutical R&D Innovation Conference" [1] Group 1: R&D Achievements - Kangyuan Pharmaceutical has consistently increased its R&D investment, with R&D expenses as a percentage of revenue rising from 13.92% in 2022 to 15.85% in 2023, and projected to reach 16.79% in 2024 [1] - The number of R&D personnel has also grown, expected to reach 782 by 2024, accounting for 12.75% of the total workforce [1] Group 2: Strategic Initiatives - The company has been advancing its "one body, two wings" strategy and has established a "R&D generation, planning generation" model to enhance overall innovation capability and market competitiveness [2] Group 3: Product Development Pipeline - In the traditional Chinese medicine sector, as of Q1 2025, Kangyuan has several products in various stages of development, including 1 in NDA technical review, 2 in Pre-NDA, and 4 in Phase III clinical trials [3] - In the chemical drug sector, the company has 2 products in Phase III clinical trials and 3 in Phase II, targeting conditions such as Alzheimer's disease and idiopathic pulmonary fibrosis [3] - In the biopharmaceutical sector, following the acquisition of Zhongxin Pharmaceutical, Kangyuan has 4 biopharmaceutical innovations in clinical stages, including KYS202002A and KYS2020004A [3] Group 4: Modernization Efforts - As a traditional Chinese medicine enterprise, Kangyuan is promoting modernization through a comprehensive innovation system that includes "ancient text analysis and clinical evaluation" [4] - The company is also advancing the construction of intelligent extraction and formulation factories, utilizing industrial robots and big data analytics to improve production efficiency and quality control [4] - Kangyuan has set a timeline for the commercialization of biopharmaceuticals, aiming for market entry within 3 to 5 years [4]

Core Views - Jiangsu Kangyuan Pharmaceutical Co., Ltd. announced the resignation of Chairman Xiao Wei due to personal reasons, while he will continue to serve as a board member and committee chair [1][2] - The company has faced significant performance pressure in recent years, with a notable decline in revenue and net profit [3][5] Management Changes - Xiao Wei, the founder and actual controller of Kangyuan Pharmaceutical, has been a pivotal figure since 2000, leading the company through modernization and successful public listing [1][2] - The legal representative has been changed to Gao Haixin, who has been with the company since 2014 and has held various leadership roles [2] Financial Performance - In 2024, Kangyuan Pharmaceutical reported a revenue of 3.898 billion yuan, a year-on-year decrease of 19.86%, and a net profit of 392 million yuan, down 15.58% [3] - This marks the first decline in performance since 2021, attributed to increased market competition and stricter healthcare policies [3] Product and Market Dynamics - The company's core products, including the Heat Poisoning Injection and Ginkgo Biloba Injection, have seen declining sales due to market pressures [3] - New product lines are being developed, but their performance has not compensated for the losses from core products [3] Acquisition and Future Outlook - In 2024, Kangyuan Pharmaceutical completed a 100% acquisition of Zhongxin Pharmaceutical, enhancing its presence in the biopharmaceutical sector [4] - However, the acquisition comes with risks, including significant debt and ongoing financial commitments for research and development [5] - The company reported a continued decline in Q1 2025, with revenue of 878 million yuan, down 35.38%, and net profit of 83.41 million yuan, down 38.37% [5]

Core Viewpoint - The sudden resignation of Chairman Xiao Wei from Kangyuan Pharmaceutical has raised industry concerns, as he was a long-standing leader and founder of the company, having served for over 20 years [1][2][3] Company Leadership Changes - Xiao Wei resigned as Chairman on June 20, 2023, but will continue to serve as a board member and committee member [1] - His term was expected to end on June 25, 2026, indicating an unexpected early departure [2] - Gao Haixin has been appointed as the new legal representative of the company, with a background in engineering and various roles within Kangyuan since 2014 [3] Market Reaction - Following the announcement of Xiao Wei's resignation, Kangyuan Pharmaceutical's stock opened lower on June 23 but stabilized, closing at 14.93 yuan per share, a 1.36% increase, with a market capitalization of approximately 8.453 billion yuan [2] Company Background - Kangyuan Pharmaceutical is recognized as one of the leading modern traditional Chinese medicine companies in China, having developed 57 new traditional Chinese medicine products [4] - The company was established from the Lianyungang Traditional Chinese Medicine Processing Plant and went public in 2002 [4] Financial Performance - Kangyuan Pharmaceutical reported a revenue of 3.898 billion yuan for 2024, a year-on-year decrease of 19.86%, with net profit and adjusted net profit also declining by 15.58% and 27.29%, respectively [7] - The company has experienced significant revenue fluctuations over the past decade, with peak revenue nearing 5 billion yuan and net profit exceeding 500 million yuan [7]

Core Insights - The traditional Chinese medicine industry is experiencing a golden development period driven by national policies and strong market demand [1] - Kangyuan Pharmaceutical aims to integrate modern technology with traditional medicine, focusing on innovative Chinese medicine while also expanding into chemical and biological drugs [1][3] Group 1: Research and Development - Kangyuan Pharmaceutical views R&D as its lifeline, adhering to a "develop one generation, plan one generation" strategy, and has invested continuously for nearly 30 years [2] - The company has established a robust innovation ecosystem supported by national-level platforms, focusing on high-end talent and collaborative research [2] - Kangyuan has achieved significant milestones, including over 600 invention patents and 58 new Chinese medicine drugs, and has received multiple awards for its research capabilities [2] Group 2: Strategic Development - The company employs a "one body, two wings" strategy, focusing on innovative drug development while also engaging in generic drug production [3] - Since entering the chemical drug sector in 2004, Kangyuan has adopted a dual-track model of "independent R&D + collaborative development" [3] - The company has made significant investments in biological drug research, establishing a comprehensive R&D platform and engaging in international collaborations and acquisitions [3] Group 3: Future Outlook - Kangyuan Pharmaceutical plans to continue leveraging scientific innovation as its core engine while promoting the synergy between chemical and biological drugs [4] - The company aims to build a sustainable R&D pipeline and accelerate the commercialization of its research outcomes to achieve diversified and high-quality growth [4]

Core Viewpoint - The resignation of Xiao Wei, the chairman and actual controller of Kangyuan Pharmaceutical, marks a significant transition for the company, which has faced declining performance in recent years despite a history of innovation and growth [1][5][19]. Group 1: Company Background and Achievements - Xiao Wei has been with Kangyuan Pharmaceutical since 1985, transforming it from a near-bankrupt small enterprise into a leading modern Chinese medicine company over 34 years [2][8]. - Under Xiao's leadership, the company achieved 17 consecutive years of profit growth from 2002 to 2019, with a peak revenue of 45.66 billion yuan and a net profit of 5.07 billion yuan in 2019 [4][19]. - The company has developed several innovative products, including Guizhi Fuling capsules, which captured approximately 24% of the domestic market share for similar products [11]. Group 2: Recent Challenges - Since 2020, Kangyuan Pharmaceutical has experienced a decline in performance, with 2024 revenues and net profits dropping to 38.98 billion yuan and 3.92 billion yuan, respectively, representing year-on-year decreases of 19.86% and 15.58% [19]. - The company's core products have seen significant sales declines, with the sales volume of the Hot Poison Ning injection decreasing by 30.98% and the Ginkgo Terpene injection down by 47.86% in 2024 [19]. - Inventory levels have surged, with the Hot Poison Ning injection's inventory increasing by 759.11% and the Ginkgo Terpene injection's by 140.77% [19]. Group 3: Strategic Shifts and Future Directions - Kangyuan Pharmaceutical has invested heavily in R&D, with expenditures exceeding 10% of annual revenue from 2021 to 2024, including a notable 16.78% in 2024 [18]. - The company has undergone multiple sales strategy adjustments, including a shift to a "specialist approach" in 2021, but these changes have not effectively improved sales efficiency [20]. - Xiao Wei's resignation may be linked to the company's operational pressures and the need for a strategic pivot in response to a challenging market environment [21].

Core Viewpoint - The resignation of Chairman Xiao Wei from Kangyuan Pharmaceutical's board of directors marks a significant transition for the company, which has been under his leadership since its inception, and raises questions about future leadership and performance amid recent financial challenges [2][3][4]. Group 1: Leadership Changes - Xiao Wei has resigned as Chairman of Kangyuan Pharmaceutical for personal reasons but will continue to serve as a board member and in other committee roles [2]. - The company plans to complete the election of a new chairman promptly, ensuring that the board remains functional [2]. - Xiao Wei is recognized for transforming a struggling company into a leading player in the traditional Chinese medicine sector, emphasizing modernization and innovation [2][3]. Group 2: Company Performance and Challenges - Kangyuan Pharmaceutical has faced declining performance, with a reported revenue of 3.898 billion yuan in 2024, a decrease of 19.86% year-on-year, and a net profit of 392 million yuan, down 15.58% [4][6]. - The company’s revenue continued to decline in the first quarter of the current year, with an 8.78 billion yuan revenue, a 35.38% drop year-on-year, and a net profit of 83.41 million yuan, down 38.37% [6]. - The decline in performance is attributed to stricter regulations in the traditional Chinese medicine injection market and the impact of price reductions on key products like Ginkgo biloba diterpene injection [5][6]. Group 3: Product Development and Market Position - Kangyuan Pharmaceutical has shifted its focus to new products to compensate for the declining sales of its flagship product, Heat Poisoning Injection, which faced regulatory challenges [5][6]. - The Ginkgo biloba diterpene injection has become a leading product since its inclusion in the medical insurance directory, with sales increasing significantly in recent years despite price reductions [6]. - The company has undergone multiple transformations, moving from traditional oral medicines to injections and now to smart manufacturing, indicating a commitment to innovation in the industry [5].

Core Viewpoint - Xiao Wei has resigned as the chairman of Kangyuan Pharmaceutical, focusing on strategic development, research, and nurturing successors [1] Group 1 - The resignation is attributed to age reasons, with no other special circumstances involved [1] - Xiao Wei will continue to serve as a director and participate in some management activities within the company [1]