Core Viewpoint - The conference hosted by Kangyuan Pharmaceutical focused on the theme of "Innovating Traditional Chinese Medicine to Empower New Retail," highlighting the transformation in the pharmaceutical industry from "incremental competition" to "value co-creation" [1] Group 1: Company Strategy - Kangyuan plans to invest 30 million yuan to focus on key products such as Jinzhen Oral Liquid and Compound Nanshing Pain Relief Plaster, aiming for extensive exposure through platforms like Douyin and Xiaohongshu [1] - The company aims to establish a closed-loop marketing model that includes "precise promotion → platform traffic → store fulfillment" [1] - Kangyuan has 59 exclusive innovative drugs, 26 exclusive medical insurance drugs, and 7 exclusive essential drugs, covering various fields such as anti-infection, gynecology, orthopedics, and cardiovascular health [3] Group 2: Market Trends - The O2O market is experiencing three major trends: accelerated integration of online and offline channels, increased demand for professional pharmaceutical services, and significant growth in innovative traditional Chinese medicine products [3] - Consumers are seeking seamless purchasing experiences that combine online and offline options [3] - There is a notable rise in demand for specialized pharmaceutical services, including medication consultation and disease management [3] Group 3: Partnership and Collaboration - Kangyuan introduced a "Joint Venture Cooperation Plan," committing 30 million yuan to support partners in digital marketing activities on mainstream online platforms [4] - The company aims to create tangible economic benefits for partners through targeted advertising and personalized promotional strategies [4] - Feedback from national chain pharmacy representatives indicates confidence in Kangyuan's products and the potential for mutually beneficial partnerships [6] Group 4: Expert Insights - Industry experts highlight the significance of Kangyuan's strategic layout, which aims to build a multi-channel marketing network and enhance brand youthfulness [6] - The strategy is expected to drive data-driven precise marketing and improve user experience [6] - The initiative also aims to promote the new dissemination of traditional Chinese medicine culture in modern society [6]

Group 1 - The core viewpoint of the articles highlights a significant surge in the innovative drug sector, with companies like Shenlian Bio and Boji Pharmaceutical reaching their historical highs, indicating a shift from "follower" to "leader" in China's innovative drug industry [1] - The current phase of China's innovative drug industry is identified as the 3.0 era, with expectations for 2025 to be a pivotal year for the overseas explosion of Chinese innovative drugs, with many products projected to exceed peak sales of $3 billion to $5 billion [1] - The investment opportunities in the innovative drug sector this year are anticipated to be greater than those in 2020-2021, driven by ongoing advancements and record-breaking licensing transactions [1] Group 2 - The National Medical Insurance Administration has recently published the preliminary list of drugs for the 2025 National Medical Insurance Drug Directory and commercial insurance innovative drug directory, with several cancer drugs and new drugs in chronic disease areas passing initial reviews [2] - The innovative drugs set to be included in the medical insurance and commercial insurance directories are mostly at a low base stage, suggesting potential for rapid growth as policy support continues to be released [2] - As the mid-year reporting season approaches, there are recommendations for investment opportunities based on the performance of companies in the second half of the year [2]

Group 1 - The A-share market saw a significant rise in pharmaceutical stocks, with notable performances including Furuide Co., Ltd. hitting a 20% limit up, and Boji Pharmaceutical rising by 14% [1] - Other companies such as Jimin Health and Kangyuan Pharmaceutical also experienced substantial gains, with both reaching a 10% limit up [1] - The overall trend indicates a bullish sentiment in the pharmaceutical sector, with multiple stocks showing increases of over 5% [1] Group 2 - Furuide Co., Ltd. reported a market capitalization of 19.1 billion and a year-to-date increase of 129.01% [2] - Boji Pharmaceutical had a market cap of 4.819 billion and a year-to-date increase of 43.33% [2] - Other notable companies include Jimin Health with a market cap of 5.66 billion and a year-to-date increase of 58.76%, and Kangyuan Pharmaceutical with a market cap of 11.2 billion and a year-to-date increase of 45.59% [2]

Market Overview - The A-share market continued to rebound, with the Shanghai Composite Index rising by 0.44%, the Shenzhen Component Index by 0.57%, and the ChiNext Index by 1.04% as of 9:45 AM on August 19 [1] - The pharmaceutical sector showed strong performance, particularly in innovative drugs, with Ji Min Health hitting the daily limit [1] - AI hardware stocks like New Yisheng and Zhongji Xuchuang reached historical highs, while sectors such as film, media, military, banking, oil and gas, and wind power experienced declines [1] Key Sectors Innovative Drug Sector - The innovative drug sector saw significant gains, with Ji Min Health and Kangyuan Pharmaceutical hitting the daily limit, and other companies like Nuo Si Lan De and Li Fang Pharmaceutical also rising [2] - CITIC Securities reports a favorable policy environment for innovative drugs starting from 2025, recommending investments in innovation-driven and internationalization strategies, particularly in the innovative drug field [2] CPO Concept - CPO concept stocks maintained strong performance, with New Yisheng and Zhongji Xuchuang reaching historical highs, and companies like Jianqiao Technology and Tengjing Technology also seeing gains [3] - CITIC Jiantou Securities highlights a shift in AI training network architecture, leading to increased demand for optical modules, with 800G optical modules expected to see significant growth starting in 2023 [3] Institutional Insights Shenwan Hongyuan - Shenwan Hongyuan believes the short-term bull market atmosphere will continue to dominate, with a focus on securities, insurance, military, and rare earth sectors before early September [4] - The firm emphasizes the importance of sectors with scarce overseas computing power and suggests a price alliance in high market share manufacturing segments [4] Huatai Securities - Huatai Securities suggests that the market may have entered the mid-stage of a bull market, characterized by structural features and rapid sector rotation [5] - The firm notes that the current slow bull market may extend the upward cycle, with a need for increased market signals to attract more external funds [5] Dongfang Securities - Dongfang Securities anticipates no major adjustment risks for stock indices in August, with a "local advance, multi-point bloom" characteristic in the current market [6] - The firm advises caution against potential pullbacks and emphasizes the importance of "high-low switching" in the event of market adjustments, recommending focus on technology autonomy, innovative drugs, military, and robotics sectors [6]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 江苏康缘药业股份有限公司（以下简称"公司"）近日收到国家药品监督管理局签发的健脾疏肝固本颗粒 《药物临床试验批准通知书》。按照《上海证券交易所上市公司自律监管指引第3号一行业信息披露》 的相关要求，现将相关情况公告如下： 一、《药物临床试验批准通知书》主要内容 ■ 健脾疏肝固本颗粒审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2025年05月28 日受理的健脾疏肝固本颗粒临床试验申请符合药品注册的有关要求，在进一步完善临床试验方案的基础 上，同意本品开展用于腹泻型肠易激综合征肝郁脾虚证的临床试验。 二、药品研发及相关情况 健脾疏肝固本颗粒处方源于临床经验方，功能主治为舒肝健脾缓急，温肾燥湿固本。用于腹泻型肠易激 综合征肝郁脾虚证，症见腹痛，腹胀，腹泻，泻后痛减，心烦易怒，神疲乏力，纳呆食少，肠鸣矢气， 便下黏液等。 临床前主要药效学研究显示，健脾疏肝固本颗粒对肠易激综合征（predominant irritable bowel syndrome，IBS）具有良好的 ...

Investment Rating - The report maintains a "Buy" rating for the company, considering its strong R&D capabilities and the vitality brought by marketing reforms [4]. Core Insights - The company is viewed as an overlooked innovator in the pharmaceutical sector, with a robust pipeline of innovative drugs, including 15 drugs in clinical stages, among which a long-acting weight loss (glycemic control) fusion protein targeting three pathways (GLP-1R/GIPR/GCGR) is in Phase II clinical trials [2][3]. - The market has undervalued the company's innovative drug pipeline due to its perception as a traditional Chinese medicine company, leading to a lack of appropriate valuation for its chemical and biological drug pipelines [2]. - The company's unique product, Jinzhen Oral Liquid, is expected to have limited impact on net profit even if it enters national procurement and price reduction, with anticipated price cuts not exceeding 20% [2]. Summary by Sections Clinical Progress and Catalysts - The Phase II data for the long-acting weight loss fusion protein exceeded expectations, indicating potential for successful business development [3]. - The Phase II data for the Alzheimer's treatment, Fluoropropyl Tablets (DC20), also surpassed expectations [3]. - The company's net profit growth in the second half of 2025 is expected to significantly improve compared to the first half, driven by an increase in gross margin [3]. Financial Forecast and Valuation - The projected net profit for 2025-2027 is estimated at 358.19 million, 403.36 million, and 456.32 million yuan, respectively, with year-on-year changes of -8.59%, +12.61%, and +13.13% [4]. - Earnings per share (EPS) are forecasted to be 0.63, 0.71, and 0.81 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios (P/E) of 28.50, 25.31, and 22.37 [4].

北京商报讯(记者王寅浩实习记者宋雨盈)8月18日，康缘药业（600557）发布公告称，公司近日收到国 家药品监督管理局签发的健脾疏肝固本颗粒《药物临床试验批准通知书》，同意该品开展用于腹泻型肠 易激综合征肝郁脾虚证的临床试验。 本。用于腹泻型肠易激综合征肝郁脾虚证，症见腹痛，腹胀，腹泻，泻后痛减，心烦易怒，神疲乏力， 纳呆食少，肠鸣矢气，便下黏液等。 公告显示，健脾疏肝固本颗粒处方源于临床经验方，功能主治为舒肝健脾缓急，温肾燥湿固 ...

康缘药业（600557）(600557.SH)公告，公司收到国家药品监督管理局签发的健脾疏肝固本颗粒《药物 临床试验批准通知书》，相关药品为健脾疏肝固本颗粒，适应症为腹泻型肠易激综合征肝郁脾虚证。 ...

智通财经APP讯，康缘药业(600557.SH)公告，公司收到国家药品监督管理局签发的健脾疏肝固本颗粒 《药物临床试验批准通知书》，相关药品为健脾疏肝固本颗粒，适应症为腹泻型肠易激综合征肝郁脾虚 证。 ...

证券简称：康缘药业 证券代码：600557 公告编号：2025-028 江苏康缘药业股份有限公司 关于收到健脾疏肝固本颗粒临床试验批准通知书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 健脾疏肝固本颗粒处方源于临床经验方，功能主治为舒肝健脾缓急，温肾燥湿固 本。用于腹泻型肠易激综合征肝郁脾虚证，症见腹痛，腹胀，腹泻，泻后痛减，心烦 易怒，神疲乏力，纳呆食少，肠鸣矢气，便下黏液等。 江苏康缘药业股份有限公司（以下简称"公司"）近日收到国家药品监督管理局 签发的健脾疏肝固本颗粒《药物临床试验批准通知书》。按照《上海证券交易所上市 公司自律监管指引第 3 号—行业信息披露》的相关要求，现将相关情况公告如下： 一、《药物临床试验批准通知书》主要内容 药品名称 健脾疏肝固本颗粒 适应症 腹泻型肠易激综合征肝郁脾虚证 注册分类 中药创新药 1.1 类 剂型 颗粒剂 申请人 江苏康缘药业股份有限公司 受理号 CXZL2500032 通知书编号 2025LP02056 健脾疏肝固本颗粒审批结论：根据《中华人民共和国药品管理法》及有关 ...