Company Overview - Jichuan Pharmaceutical (SH 600566) announced on December 1 that it has not implemented any share buybacks as of November 30, 2025 [1] - The current market capitalization of Jichuan Pharmaceutical is 24.9 billion yuan [1] Revenue Composition - For the year 2024, the revenue composition of Jichuan Pharmaceutical is as follows: - Heat-clearing and detoxifying products account for 33.53% - Pediatric products account for 28.11% - Digestive products account for 14.41% - Other industries account for 9.94% - Respiratory products account for 8.13% [1]

格隆汇12月1日丨济川药业(600566.SH)公布，截至2025年11月30日，公司尚未实施股份回购。 ...

Investment Rating - The report maintains a positive outlook on the innovative drug sector, indicating a rebound and potential for further growth in the upcoming months [3][6]. Core Insights - The innovative drug sector is expected to see a rebound after previous adjustments, with significant catalysts anticipated in December and January. The results of the national medical insurance negotiations will be released in early December, which may impact the inclusion of domestic innovative drugs in the insurance catalog [3][14]. - The upcoming American Society of Hematology (ASH) conference from December 6-9 is highlighted as a key event, with multiple differentiated hematology products expected to present new data [3][4][42]. - The CXO sector shows a continuous upward trend, supported by the rapid growth of new orders and backlog, ensuring performance release in the next 1-2 years [4][53]. Summary by Sections Innovative Drugs - The report emphasizes the importance of focusing on dual/multi-target drugs for various cancers and chronic diseases, as well as opportunities in ADCs and small nucleic acid therapies [6][15]. - The report notes that the innovative drug financing data is showing marginal improvement, indicating a potential recovery in the sector [6][15]. Biologics - The report mentions positive preliminary results from the Phase II clinical trial of amycretin for Type 2 diabetes, suggesting continued monitoring of its clinical progress [4][46]. Medical Devices - The report highlights the emergence of innovative domestic medical devices, with expectations for profit margins to stabilize and improve as new products are approved [5]. Traditional Chinese Medicine & Pharmacies - The report suggests monitoring companies with strong brand power and good inventory management, such as China Resources Sanjiu and Jichuan Pharmaceutical, due to rising flu incidence [5]. Medical Services and Consumer Healthcare - The report discusses a collaboration between a traditional Chinese medicine group and a local health bureau to enhance the capabilities of grassroots medical services through technology [5]. Key Investment Targets - The report identifies key companies to watch, including Innovent Biologics, Kintor Pharmaceutical, and others in the innovative drug and medical device sectors [7].

Core Viewpoint - The flu season in China has begun, leading to an increase in demand for antiviral medications, which has positively impacted the stock prices of flu-related companies [1] Group 1: Market Overview - The flu activity level has significantly risen, with historical data indicating that the flu season typically starts in October to November, peaking around late December to early January [1] - E-commerce platforms report an increase in sales of antiviral medications for flu, reflecting heightened consumer demand [1] Group 2: Key Players and Supply Chain - Dongyang Sunshine Pharmaceutical holds a significant market share in the supply of Oseltamivir, a neuraminidase inhibitor, and has established a robust supply chain to ensure stable drug availability during peak flu seasons [2] - The company has comprehensive coverage across hospitals, chain pharmacies, and online platforms, maintaining sufficient inventory to meet market demands [2] Group 3: Antiviral Drug Developments - In the RNA polymerase inhibitor category, Marbofloxacin has gained traction due to its convenience as a single oral dose, marketed as "Xufuda" by Roche [3] - Roche has initiated local production of Xufuda in Shanghai to shorten supply chain times and enhance responsiveness to market needs [4] Group 4: Supply Assurance and New Entries - Roche has increased the supply of Xufuda to over three times that of the previous year, with contingency plans in place to respond quickly to sudden surges in flu cases [5] - Three new RNA polymerase inhibitors have been launched by domestic companies, including Qingfeng Pharmaceutical's Mabulosavir, which is similar to Roche's Xufuda, and is currently approved for adult treatment [5][6] - Zhongsheng Pharmaceutical's Angladiwe has been recognized as the world's first PB2 protein inhibitor for treating influenza A in adults, with a stable supply chain established for its distribution [6]

Core Insights - The article discusses the recent launch of three domestic influenza innovative drugs in China, highlighting their effectiveness and market potential as flu activity rises across the country [1][2]. Group 1: Product Overview - Three domestic influenza innovative drugs have been approved for market: 1. Marzula Shave Tablets (Yisuda) by Jiangxi Kairui Pharmaceutical Co., a subsidiary of Qingfeng Pharmaceutical Group [1]. 2. Angladiwei Tablets (Anruiwei) by Guangdong Zhongsheng Pharmaceutical Co., a subsidiary of Guangdong Zhongsheng Ruichuang Biotechnology Co. [1]. 3. Maxiluo Shave Tablets (Jike Shu) developed by Hubei Jichuan Pharmaceutical Co. in collaboration with Nanjing Zhengxiang Pharmaceutical Co. [1]. - These drugs have achieved breakthroughs in "one-time dosing" and effectiveness against flu viruses, particularly for adolescents [2]. Group 2: Efficacy and Clinical Trials - Jichuan Pharmaceutical's Jike Shu is a new generation targeted RNA polymerase PA inhibitor, requiring only one dose for treatment of uncomplicated influenza in healthy adults [2]. - Angladiwei is the world's first oral drug targeting the RNA polymerase PB2 for type A influenza, showing significant symptom relief and low resistance in clinical trials [2]. - Health元 Pharmaceutical's Marpashisave Capsules are positioned to outperform existing treatments for type B influenza and in pediatric patients, utilizing a novel mechanism to inhibit viral replication [2]. Group 3: Supply Chain and Market Readiness - Companies report sufficient supply and production capacity to meet the increasing demand during the winter-spring season [3]. - Angladiwei is available through public medical institutions, major pharmacy chains, and online platforms, ensuring a robust supply chain [3]. - Jike Shu has launched on the JD Health platform, with ongoing market promotion efforts [3]. Group 4: Market Strategy and Future Outlook - Experts suggest that pharmaceutical companies should aim to be included in the dynamic adjustments of the national medical insurance catalog and enhance hospital channel coverage [4]. - As domestic influenza innovative drugs establish a stable supply system and gain positive reputations, they are expected to gradually increase their market share [4].

Core Insights - The flu season in China is currently on the rise, with significant increases in flu activity levels reported, particularly in southern and northern provinces [4][5] - The Chinese antiviral flu medication market is experiencing rapid growth, with a market size of 10.74 billion yuan in 2023, reflecting a year-on-year increase of 197.51% [1] - The year 2025 is anticipated to be a pivotal year for domestic flu medications, with several new drugs expected to be approved and available for patients [1][8] Market Overview - The flu medication market in China is dominated by Oseltamivir, which holds over 80% market share, while new entrants like Baloxavir Marboxil are gaining traction due to better efficacy and convenience [2][8] - The market is projected to continue growing at a compound annual growth rate (CAGR) of 20.2% from 2024 to 2028, potentially reaching 26.9 billion yuan by 2028 [1] Drug Approval and Launches - Several new flu medications have been approved for market entry, including: - Masuravir Tablets by Qingfeng Pharmaceutical, approved in March 2025 - Baloxavir Marboxil Tablets by Zhongsheng Pharmaceutical, approved in May 2025 - Marseloxavir Tablets by Jichuan Pharmaceutical and Zhengxiang Pharmaceutical, approved in July 2025 [1][10] - The initial pricing for these new drugs is generally above 300 yuan, but prices have been reduced to compete in the market as the flu season approaches [10] Supply Chain and Demand Dynamics - There is a noted supply-demand imbalance during peak flu seasons, leading to shortages of key medications like Oseltamivir and Baloxavir Marboxil [7] - Companies like Roche and Zhongsheng Pharmaceutical are implementing strategies to ensure stable supply and meet the increased demand during the flu season [7] Competitive Landscape - Foreign pharmaceutical companies like Roche maintain a stronghold in the high-end market due to their technological advantages and brand influence, while domestic companies leverage cost advantages and local market knowledge to compete in the mid to low-end segments [11] - Domestic firms are encouraged to enhance R&D investments and innovate to meet specific market needs, such as developing pediatric formulations and low-dose options for the elderly [11]

Group 1 - The flu season has led to a significant increase in demand for antiviral medications, with stocks related to flu treatment becoming active in the A-share market [1] - The National Disease Control Bureau reported a notable rise in flu activity, with the H3N2 subtype accounting for over 95% of cases, and an expectation for continued increases in flu cases [1] - Sales of antiviral drugs have surged, with oseltamivir sales increasing by 237% and baloxavir marboxil by 180% in Beijing over the past week [1] Group 2 - Kangyuan Pharmaceutical has established a diverse product portfolio in respiratory and infectious diseases, including products like Heat Toxicity Ning Injection, which is effective for viral infections [2] - Jichuan Pharmaceutical announced that its innovative drug, Jike Shou, has been approved for the treatment of influenza in healthy adults and is expected to be launched by July 2025 [2] - Hualan Biological has a production capacity of 100 million flu vaccine doses annually and has seen a significant increase in demand for flu vaccines, with 54 batches approved for release in 2025 [2] Group 3 - Everbright Securities noted the rising flu trend may increase public and market attention, leading to growth in demand for flu prevention and detection products [3] - Investment opportunities are suggested in flu vaccines, virus testing, cold medications, and specific antiviral drugs, as well as blood products for complex epidemic responses [3]

Core Viewpoint - The article discusses the rising demand for influenza antiviral medications as the flu season begins in China, highlighting the market dynamics and supply chain responses from key pharmaceutical companies [3][4]. Group 1: Influenza Season and Market Dynamics - The flu season in China typically starts in October to November, with peaks in late December and early January [3]. - Increased sales of antiviral medications have been observed on e-commerce platforms, leading to a rise in stock prices of related companies in the A-share market [3]. Group 2: Key Pharmaceutical Companies and Their Responses - Dongyang Sunshine Pharmaceutical holds a significant market share in the supply of Oseltamivir, stating that they have a robust supply chain and emergency plans to ensure stable drug supply during peak demand [4]. - Roche, the manufacturer of the antiviral drug Baloxavir marboxil (brand name "Xofluza"), has initiated local production in Shanghai to shorten supply chain times and enhance responsiveness to market demands [6]. - Roche has reported that the supply of Xofluza this year is over three times that of the previous year, with plans for flexible supply adjustments based on regional demand [7]. Group 3: New Drug Developments - Three new RNA polymerase inhibitors have been launched in China, produced by local companies, which include Qingfeng Pharmaceutical's Marbofloxacin, Zhongsheng Pharmaceutical's Anladiwei, and Jichuan Pharmaceutical's Maxilovirin [8][9]. - Zhongsheng Pharmaceutical's Anladiwei is noted as the world's first PB2 protein inhibitor for influenza treatment, specifically for adult patients [8].

流感特效药厂家众多。 当前，全国进入流感流行季，流感活动水平明显上升。 近日，中国疾病预防控制中心病毒病所研究员王大燕表示，监测数据显示，往年开始进入流感流行季的 时间一般都是在10—11月，个别年度也有9月份开始，流行高峰的时间一般出现在12月中下旬和1月初。 伴随着流感流行，流感药物需求增加。一些电商平台数据显示，流感抗病毒药物销量在增加。近两日， A股资本市场中的一些流感概念股股价也在上涨。抗流感特效药供应情况如何？ 我国目前上市的对流感病毒敏感的药物有神经氨酸酶抑制剂、RNA聚合酶抑制剂和血凝素抑制剂三 种，前两者应用较广，且对应的生产厂家较多。 在神经氨酸酶抑制剂方面，代表性药物是奥司他韦，主要有颗粒、胶囊、干悬混剂三大规格，可以覆盖 儿童以及成人患者。 长期以来，在奥司他韦供应上，东阳光药（06887.HK）占据较高的市场份额。 东阳光药物方面回复第一财经记者表示，流感由于需求的突发性，过往常出现市场供应短缺，终端价格 短期大幅波动的现象。作为国内该品类的主要供应商之一，公司已构建了成熟、完善的供应链体系与应 急预案，有能力在疫情高峰期确保药品的稳定供应，为满足市场需求、维护终端价格稳定提供坚实保 ...

证券日报网讯济川药业11月25日在互动平台回答投资者提问时表示，公司产品布洛芬混悬液在广东联盟 双氯芬酸等药品集中带量采购中中标，将有助于该产品在中标区域的放量。该产品非公司核心品种，对 公司经营影响有限。公司将密切关注集采相关动态，积极应对集采带来的机遇及挑战，多渠道巩固并拓 展现有品种市场份额，并持续通过外部引入+自研方式布局新产品，丰富公司的产品线，提升业务发展 稳定性。 （文章来源：证券日报） ...