格隆汇12月30日丨方盛制药(603998.SH)公布，公司全资子公司江西滕王阁药业有限公司（以下简称"滕 王阁药业"）于近日收到由江西省科学技术厅、江西省财政厅、国家税务总局江西省税务局联合颁发的 《高新技术企业证书》被认定为高新技术企业。证书编号为GR202536000426，有效期三年。滕王阁药 业此次被认定为高新技术企业，有利于进一步提升创新能力、增强市场竞争力。 ...

Core Viewpoint - The inclusion of Fangsheng Pharmaceutical's innovative traditional Chinese medicine, Yangxue Qufeng Zhitong Granules, in the "2025 Medical Insurance Catalog" is expected to enhance the company's growth momentum and positively impact its market promotion, hospital access, and sales scale [1] Group 1: Product Development and Market Impact - Yangxue Qufeng Zhitong Granules, developed independently by the company, has been included in the "2025 Medical Insurance Catalog" after negotiations, which is anticipated to boost the company's future operating performance and market share [1] - In addition to Yangxue Qufeng Zhitong Granules, other innovative traditional Chinese medicines developed by the company, such as Xiaoyi Jingxing Zhikou Granules and Xuanqi Jiangu Pian, are also included in the "2025 Medical Insurance Catalog" [1] - The company has received clinical approval for Xiangqin Jiere Granules and Ziying Granules in July and August 2025, further expanding its product portfolio [1] Group 2: Strategic Direction - The company has established a development strategy to become a health industry group centered on innovative traditional Chinese medicine [1] - There will be a continuous increase in research and development investment and market cultivation efforts for innovative traditional Chinese medicine to enhance core competitive advantages [1] - The initial coverage of the company has been rated as "Buy" [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The inclusion of the innovative traditional Chinese medicine product, Yangxue Qufeng Zhitong Granules, in the 2025 National Medical Insurance Directory is expected to enhance market promotion, hospital access, and sales scale, positively impacting the company's future operating performance and market share [4]. - The product has demonstrated good efficacy and safety in clinical trials, showing advantages over Western medicine in treating recurrent tension-type headaches [5]. - The company has additional innovative traditional Chinese medicine products included in the insurance directory, indicating a strong pipeline for future growth [6]. - Revenue forecasts for 2025-2027 are projected at 1.828 billion, 2.023 billion, and 2.247 billion yuan, with net profits of 301 million, 364 million, and 439 million yuan respectively, suggesting a favorable valuation with current PE ratios of 16, 13, and 11 times [7]. Company Overview - The latest closing price of the company's stock is 11.11 yuan, with a total market capitalization of 4.9 billion yuan [3]. - The company has a total share capital of 439 million shares, with an asset-liability ratio of 46.9% and a current PE ratio of 18.83 [3].

Core Viewpoint - Fangsheng Pharmaceutical (603998) is focusing on the development of innovative traditional Chinese medicine (TCM) products, with plans to enhance its product pipeline and achieve significant sales growth in the coming years [1] Company Announcements - The company held a product launch event for its new product, Yao Xue Qu Feng Zhi Tong Granules, on December 21, 2025, discussing its operational status, R&D progress, and market strategy [1] - Yao Xue Qu Feng Zhi Tong Granules has been included in the 2025 National Medical Insurance Directory, with plans to cover over 500 medical institutions by 2026 [2] - Fangsheng Pharmaceutical has successfully launched two innovative TCM products and aims to create a product matrix with annual sales of 300-500 million yuan [2] - The industrial hemp subsidiary has achieved large-scale production and overseas sales [2]

Core Viewpoint - The Chinese pharmaceutical industry is increasingly focusing on innovation, with leading companies like Fangsheng Pharmaceutical adopting a research-driven development approach, supported by favorable policies for traditional Chinese medicine (TCM) innovation drugs [2][3]. Group 1: Product Launch and Market Strategy - Fangsheng Pharmaceutical launched its new product, "Yangxue Qufeng Zhitong Granules," which is the first TCM innovation drug for frequent tension-type headaches, and it has been included in the national medical insurance directory [3][4]. - The company aims to cover over 500 public medical institutions by 2026 and achieve sales revenue exceeding that of its previous TCM innovation drug, "Xuanqi Jianguo Pian" [3][4]. Group 2: R&D Focus and Pipeline - Fangsheng Pharmaceutical is concentrating on innovative TCM research while also developing modified TCM drugs and chemical generics, with plans to explore chemical and biological innovation drugs [4][5]. - The company has a growing product pipeline, including several TCM innovation drugs that have received clinical trial approvals, such as "Yiqi Xiaoliu Granules" and "Ziying Granules" [4][5]. Group 3: Financial Performance and Shareholder Returns - Since its listing, Fangsheng Pharmaceutical has distributed dividends 17 times, totaling approximately 689 million yuan (including tax), and has implemented multiple dividend distributions annually since 2020 [6]. - The company is focusing on enhancing its operational capabilities and product market access to support its growth strategy [6][7]. Group 4: Industrial Hemp Development - Fangsheng Pharmaceutical's subsidiary, Yunnan Fuya Biotechnology Co., has achieved large-scale production of high-purity CBD and is expanding its global market presence [6][7]. - The company is adopting a combination of commissioned and independent research and development strategies to broaden the application scenarios of industrial hemp products [7].

Core Insights - The launch of "Yangxue Qufeng Zhitong Granules" marks a significant breakthrough for the company in the field of traditional Chinese medicine, filling a clinical gap for frequent tension-type headaches [1][2] - The product is expected to tap into a market worth over 100 billion yuan, with a patient population of 285 million in China suffering from tension-type headaches [2][3] Product Development and Market Strategy - The company has invested approximately 27 million yuan in the development of the new product, which received its drug registration certificate in June 2025 [2] - The granules have been included in the 2025 medical insurance directory, providing a solid foundation for market promotion and sales growth [2] - The company aims to cover over 500 public medical institutions and exceed the first-year sales revenue of its previous innovative product, Xuanqi Jiangu Pian, by 2026 [3] R&D and Innovation - The company has a strong focus on R&D, with 32 approved 1.1 category innovative traditional Chinese medicines in the past decade, of which three are from the company [3][4] - There are nearly 20 ongoing innovative traditional Chinese medicine projects, with three 1.1 category new drugs entering clinical stages [3] Future Growth Plans - The company plans to accelerate the development of its research pipeline over the next three years, aiming to transition from a follower to a leader in traditional Chinese medicine [4] - The goal is to create multiple products with annual sales of 300 million to 500 million yuan, ensuring steady growth in performance [4] - The company is also preparing for policy changes and new growth points by focusing on high-threshold generic drugs and enhancing its innovative drug output [4]

Group 1 - The core viewpoint of the news is the launch of a new traditional Chinese medicine product, "Yangxue Qufeng Zhitong Granules," by Fangsheng Pharmaceutical, which aims to address frequent tension-type headaches and has received regulatory approval [1][3]. - The new drug is based on the classic formula "Shengxian Decoction" by renowned physician Zhang Xichun and has undergone over ten years of research and clinical trials, making it the first innovative traditional Chinese medicine specifically targeting tension-type headaches in China [1][2]. - The development of "Yangxue Qufeng Zhitong Granules" began in 2014 with an investment of approximately 27 million yuan, completing various clinical trials and toxicity studies, demonstrating its efficacy in reducing headache frequency, duration, and intensity [2][3]. Group 2 - Fangsheng Pharmaceutical has established a core competitive advantage in new drug development, focusing on increasing R&D investment to enhance the speed and efficiency of innovative traditional Chinese medicine [3]. - The approval of "Yangxue Qufeng Zhitong Granules" enriches the company's product pipeline and strengthens its competitive position in the market, aligning with its strategy to become a health industry group centered on innovative traditional Chinese medicine [3]. - The product has been included in the national medical insurance catalog, which is expected to enhance its market accessibility and potentially improve the overall profitability of Fangsheng Pharmaceutical [3].

Core Viewpoint - Fangsheng Pharmaceutical has launched a new traditional Chinese medicine (TCM) product, "Yangxue Qufeng Zhitong Granules," which is the first TCM innovation drug targeting frequent tension-type headaches in China, enhancing the company's competitive edge in TCM innovation [1][2] Group 1: Product Launch and Development - The "Yangxue Qufeng Zhitong Granules" was officially launched on December 21, 2025, and is a significant achievement after over ten years of research and clinical trials [1] - This new drug is based on the classic formula "Shengxian Decoction" by renowned physician Zhang Xichun and received its drug registration certificate from the National Medical Products Administration in June 2025 [1] - Fangsheng Pharmaceutical has successfully developed three TCM innovation drugs since 2016, showcasing its leading capabilities in TCM innovation [1] Group 2: Sales and Future Plans - The company aims for the new TCM innovation drug to achieve over 100 million yuan in sales within two years and plans to launch 1-2 new TCM innovation drugs every 2-3 years [2] - The goal is to create a product matrix with multiple products generating annual sales of 300-500 million yuan, targeting a compound growth in performance over the next 3-5 years [2] Group 3: Ongoing Research and Development - Fangsheng Pharmaceutical has several TCM innovation drugs under development, including "Yiqi Xiaoliu Granules," "Ziying Granules," and "Fuke Zhi Xue Xiaotong Granules," with clinical trial approvals received [2] - Other ongoing projects include "Zhulong Tongluo Tablets," "Jianwei Qutong Pills," and "Sanhua Jiegou Pills," with "Xiaoer Jingxing Zhitong Granules" expanding to adult indications and "Jianwei Qutong Pills" currently in phase III clinical trials [2] Group 4: Strategic Focus on Industrial Hemp - Industrial hemp is a key focus in the company's development strategy, with its subsidiary, Yunnan Fuya Biotechnology Co., achieving large-scale production of high-purity CBD and related products [2] - The subsidiary has begun overseas sales, with revenue nearing 20 million yuan in the first three quarters of 2025, showing significant growth and a reduction in operating losses [2] - The company anticipates that its annual revenue will exceed 30 million yuan for the first time [2]

Core Viewpoint - Fangsheng Pharmaceutical has launched "Yangxue Qufeng Zhitong Granules," the first innovative traditional Chinese medicine targeting frequent tension-type headaches, which received its drug registration certificate in June 2025 [1][2]. Market Demand for New Product - The global prevalence of tension-type headaches ranges from 11% to 45%, making it the second most common disease worldwide, with a 45.30% occurrence rate in China, affecting over 285 million patients in 2021 [2]. - Current Western treatments rely on non-steroidal anti-inflammatory drugs, which may cause adverse effects with long-term use, while the market for traditional Chinese medicine has grown from 3.9 billion yuan in 2018 to 5.3 billion yuan in 2023, indicating a lack of innovative traditional medicines specifically for frequent tension-type headaches [2]. - The development of Yangxue Qufeng Zhitong Granules began in 2014, with a total investment of approximately 27 million yuan, completing clinical trials and long-term toxicity tests [2]. Strengthening Traditional Chinese Medicine Innovation Strategy - The company's core competitive advantage lies in its new drug research and development capabilities, focusing on traditional Chinese medicine innovation, which has led to the approval and commercialization of several products [3]. - The approval of Yangxue Qufeng Zhitong Granules enhances the company's product pipeline in traditional Chinese medicine, supporting its strategy to become a health industry group centered on innovative traditional Chinese medicine [3]. - Over the past 20 years, the company has maintained a commitment to the challenging field of traditional Chinese medicine innovation, with 32 innovative traditional Chinese medicines approved nationwide in the last decade, of which 3 out of 4 approved in Hunan are owned by the company [3]. Ongoing Innovation Projects - The company has nearly 20 innovative traditional Chinese medicine projects in progress, with three 1.1 class new drugs, including Xiangqin Jiere Granules and Ziying Granules, entering clinical stages across various fields [4]. - The company is also expanding into cutting-edge areas by collaborating with top research institutions, gradually building a diversified product matrix that includes innovative traditional Chinese medicine as the main focus and chemical drugs as a supplement [4].

Core Viewpoint - The company has successfully included its product, Yangxue Qufeng Zhitong Granules, in the National Medical Insurance Directory for 2025, indicating a significant milestone for its market presence and future sales potential [1]. Group 1: Event Announcement - The company will hold a product launch event for Yangxue Qufeng Zhitong Granules on December 21, 2025, from 9:00 to 12:00 at its R&D building in Changsha [1]. - Key attendees will include company executives and representatives from various securities firms and media [1]. Group 2: Business Operations and Strategy - The company has successfully launched two innovative traditional Chinese medicine products and plans to increase investment in this area, aiming to become a market leader in key therapeutic areas over the next three years [2][3]. - The company aims to create a product matrix with annual sales of 300-500 million yuan, focusing on innovative traditional Chinese medicines and complemented by other classic and high-end generic drugs [2]. - The company expects to achieve compound growth in performance over the next 3-5 years through product structure optimization and market expansion [2]. Group 3: Product Development and Market Expectations - Yangxue Qufeng Zhitong Granules has shown significant efficacy and safety in clinical trials for tension-type headaches, with plans to expand market access and brand building in 2026 [3][4]. - The company aims to cover over 500 public medical institutions and exceed the sales revenue of its previous product, Xuanqi Jianguo Pian, in 2026 [3]. Group 4: R&D and Innovation - The company has a diverse R&D pipeline covering various dosage forms and therapeutic areas, focusing on chronic diseases [4]. - Several innovative traditional Chinese medicine projects are in clinical trials, with approvals received for multiple products [4][5]. - The company emphasizes building a comprehensive R&D platform centered on innovative traditional Chinese medicine, with plans to explore chemical and biological innovations as well [4][5]. Group 5: Market Strategy and Policy Adaptation - The company is actively monitoring drug procurement policies and plans to leverage its product advantages to enhance market presence [6]. - The company is preparing for potential inclusion of its products in the essential drug list, which could positively impact its business [8]. Group 6: Talent and Incentives - The company has established a long-term incentive mechanism to attract and retain talent, with ongoing discussions about new incentive plans [7]. Group 7: Product Efficacy and Future Potential - Yangxue Qufeng Zhitong Granules addresses both headache symptoms and overall health, showing potential for expansion into other chronic pain areas [12][13]. - The product's formulation is designed to improve overall vitality and may have applications in treating various chronic pain conditions [12][13].