Core Viewpoint - Yifan Pharmaceutical's subsidiary has successfully completed Phase Ib clinical trials for the "Duanjin Detoxification Capsule," demonstrating its safety, tolerability, and pharmacokinetic characteristics in treating opioid addiction relapse prevention [1][2]. Group 1: Clinical Trial Results - The Duanjin Detoxification Capsule has shown a significant trend in preventing relapse, improving behavioral control, and enhancing recovery quality compared to a placebo in patients recovering from opioid addiction [1]. - The clinical trials included three studies conducted domestically, with a total of 114 healthy adult participants involved in various dosing studies [2]. Group 2: Product Composition and Function - The Duanjin Detoxification Capsule is a traditional Chinese medicine capsule developed based on folk experience, primarily composed of "Gouwen" and "Yangjinhua," aimed at alleviating opioid addiction symptoms [1]. - The capsule is indicated for symptoms such as drug craving, anxiety, sleep disturbances, fatigue, and appetite loss [1]. Group 3: Research and Development Investment - The company has invested approximately RMB 98.283 million in the research and development of the Duanjin Detoxification Capsule to date [3].

Core Viewpoint - Yifan Pharmaceutical's subsidiary has successfully completed Phase Ib clinical trials for its drug, Duanjin Detoxification Capsule, demonstrating safety, tolerability, and pharmacokinetic characteristics in patients with opioid addiction [1] Group 1: Clinical Trial Results - The Duanjin Detoxification Capsule has shown a significant trend in preventing relapse, improving behavioral control, and enhancing rehabilitation quality compared to a placebo in patients recovering from opioid addiction [1] - The clinical trial results indicate that the drug meets the expected goals for Phase Ib trials in opioid addiction recovery patients [1] Group 2: Company Development - Yifan Pharmaceutical's full subsidiary, Suzhou Yifan Pharmaceutical Co., Ltd., is responsible for the development and clinical trials of the Duanjin Detoxification Capsule [1]

证券代码：002019 证券简称：亿帆医药 公告编号：2025-054 亿帆医药股份有限公司 关于在研产品断金戒毒胶囊Ib期临床试验结果达到预期目 标的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 亿帆医药股份有限公司（以下简称"公司"）全资子公司宿州亿帆药业有限 公司于近日完成在研品种断金戒毒胶囊在中国开展的适应症为阿片类物质成瘾 的防复吸治疗的Ib期《TFL（统计分析报告表）》，根据临床试验数据结果分析， 证明断金戒毒胶囊在阿片类物质成瘾的患者中安全性、耐受性和药代动力学特征 良好，同时也显示了断金戒毒胶囊相比于安慰剂在阿片类物质成瘾康复期患者上 预防复吸、改善行为控制与提升康复质量方面的疗效趋势明显，标志着断金戒毒 胶囊在阿片类物质成瘾康复期患者的Ib期临床试验结果达到预期目标。现将相关 情况公告如下。 一、断金戒毒胶囊基本情况 断金戒毒胶囊是根据民间经验组方探索研发的一种用于阿片类物质成瘾防 复吸治疗的中药胶囊，主要成分为钩吻与洋金花。功能主治：祛邪攻毒，安神定 志。用于阿片类毒品毒瘀未清证，可解除毒瘾，防止复吸。症见渴求毒品、心慌 烦躁、入睡 ...

Core Viewpoint - Yifan Pharmaceutical's subsidiary, Suzhou Yifan Pharmaceutical Co., Ltd., has completed Phase Ib clinical trials for the drug "Duanjin Detoxification Capsule" aimed at treating opioid addiction relapse prevention in China, demonstrating good safety, tolerability, and pharmacokinetic characteristics [1] Group 1: Clinical Trial Results - The clinical trial results indicate that Duanjin Detoxification Capsule shows a significant trend in preventing relapse, improving behavioral control, and enhancing rehabilitation quality compared to a placebo in patients recovering from opioid addiction [1] - The trial results met the expected goals, suggesting a positive outlook for the drug's potential market entry [1] Group 2: Financial Impact - The recent trial results are not expected to have a significant impact on the company's short-term performance; however, approval and market launch of Duanjin Detoxification Capsule could positively influence future earnings [1]

Summary of YiFan Pharmaceutical Conference Call Company Overview - **Company**: YiFan Pharmaceutical - **Date**: August 15, 2025 Key Points Industry Performance - The domestic pharmaceutical market in the first half of 2025 showed a dichotomy, with traditional drug formulations under significant pressure while innovative drug companies exhibited notable growth potential [10][17]. Financial Performance - YiFan Pharmaceutical achieved revenue of **26.35 billion** yuan in the first half of 2025, showing slight growth compared to the previous year [3]. - Net profit increased by nearly **20%**, attributed to product structure transformation and high-margin products [3][16]. - Drug revenue accounted for approximately **80%** of total revenue, up from **40%** three years ago [16]. Product Performance - Key products in the first half of 2025 included: - **YiliShu**: Sales close to **500 million** yuan, with a target of **1 billion** yuan for the year [7]. - **Dinggan Cross-linked Sodium Hyaluronate**: Expected to double in sales volume [2]. - **Hiroda**: Revenue around **400 million** yuan, with a slight decline in price but stable gross margin due to production efficiency [9]. - **Children's Qingtiao**: Experienced a **30%-40%** decline due to demand and macroeconomic factors [8]. Innovation and R&D - Significant progress in innovative drug commercialization, with **YiliShu** achieving sales in over **40 countries** and receiving regulatory approval to shorten administration time in China [2][11]. - R&D investments increased, with the completion of Phase 1 clinical trials for a traditional Chinese medicine and advancements in several new drug projects [12][14]. Market Strategy - The company is implementing a differentiated pricing strategy globally, with the highest prices in the U.S. at **$4,600** per unit, followed by Europe and China [31][35]. - Plans to enter approximately **160 countries**, focusing on both high-price and competitive pricing markets [34][21]. Supply Chain and Production - The company optimized its international supply chain, transferring filling and packaging to FDA GMP-compliant facilities in China, significantly reducing production costs [4][28]. - Achieved EMA GMP and PIX certifications, enhancing product acceptance in international markets [13]. Future Outlook - The company anticipates stable growth in the second half of 2025, driven by increased sales of self-owned and innovative products [19][20]. - Long-term expectations for **YiliShu** and **Dinggan Cross-linked Sodium Hyaluronate** are optimistic, with significant market potential due to aging populations and clinical advantages [20][25]. Challenges and Opportunities - The company is aware of challenges posed by U.S.-China trade tensions but has strategies in place to mitigate risks, including adjusting transaction structures and leveraging potential tariff exemptions [38][46]. - The internationalization strategy includes expanding existing networks and exploring new markets, particularly in regions with high population but lower economic levels [39][45]. Conclusion - YiFan Pharmaceutical is positioned for growth through innovative products, strategic market expansion, and optimized operations, with a strong focus on R&D and international market penetration [14][47].

Group 1 - The core viewpoint of the article is that Yifan Pharmaceutical expects to deliver over 450,000 units of Yilishu® throughout the year, with more than 40,000 units anticipated for the overseas market [1] - As of the first half of 2025, the company has already shipped over 220,000 units, indicating accelerated sales in the domestic terminal market [1] - The company plans to conduct a second shipment to its U.S. partner in the near future [1]

Core Insights - Yifan Pharmaceutical (002019) expects to ship over 450,000 units of Yilishu for the entire year, with more than 40,000 units anticipated for the overseas market [1] - As of the first half of 2025, the company has already shipped over 220,000 units externally, indicating accelerated sales growth in the domestic terminal market [1] - The company plans to make a second shipment to its U.S. partner in the near future [1]

Financial Performance - In the first half of 2025, the company achieved a revenue of 2.635 billion CNY, a slight increase compared to the same period last year [3] - The net profit attributable to shareholders reached 1.991 billion CNY, reflecting a growth of 3.04% year-on-year [3] - The non-deductible net profit was 2.37 billion CNY, marking a significant increase of 32.21% compared to the previous year [3] - The revenue from pharmaceutical-related sales accounted for 85.53% of total revenue, with overseas pharmaceutical formulations generating 332 million CNY, a growth of 6.46% year-on-year [3] Product Development and R&D Achievements - The company completed clinical trials for several innovative drugs and is advancing towards submitting IND applications for new projects [4] - The company has received registration certificates for two tumor products, enhancing its portfolio in the oncology sector [4] - The R&D efforts have transitioned into a positive cycle, with new products expected to drive future growth [4] Core Product: Yili Shu® - Yili Shu® achieved over 220,000 shipments in the first half of 2025, with a terminal price of 4,600 USD per unit in the U.S. market [5][9] - The product has established commercial partnerships in over 40 countries and regions, with approvals in 34 countries [8] - The company anticipates shipping over 450,000 units of Yili Shu® for the entire year, with over 40,000 units expected for overseas markets [9] Market Strategy and Pricing - The pricing strategy for Yili Shu® varies by region, with a premium price in the U.S. and competitive pricing in emerging markets [10] - The company aims to optimize its supply chain to reduce production costs and improve market access [6] - The global market for G-CSF products is estimated at approximately 22 million units, with Yili Shu® positioned to capture significant market share due to its clinical advantages [7] Core Product: Yini Kang® - Yini Kang® targets the growing market of osteoarthritis patients in China, with an estimated annual injection population of 3-5 million [11] - The product offers long-lasting effects and may delay functional deterioration, distinguishing it from short-acting alternatives [11] - The company is focused on building brand awareness and educating healthcare providers to enhance product adoption [12] International Business Expansion - The company has established a presence in over 50 countries, with production bases in Italy and a sales network across Southeast Asia [13][15] - The global BD center has facilitated partnerships with major pharmaceutical companies, enhancing the company's market reach [14] - The strategy includes both importing foreign products into China and exporting domestic innovations globally [14]

Core Viewpoint - Yifan Pharmaceutical (002019) reported a slight increase in total revenue and a significant rise in net profit for the first half of 2025, indicating improved profitability and operational efficiency [1]. Financial Performance - Total revenue for the first half of 2025 reached 2.635 billion yuan, a year-on-year increase of 0.11% [1]. - Net profit attributable to shareholders was 304 million yuan, up 19.91% year-on-year [1]. - In Q2 2025, total revenue was 1.308 billion yuan, reflecting a 0.18% increase year-on-year, while net profit for the quarter rose by 40.48% to 150 million yuan [1]. - Gross margin improved to 48.57%, an increase of 1.69% year-on-year, and net margin rose to 10.78%, up 33.6% year-on-year [1]. Cost Management - Total selling, administrative, and financial expenses amounted to 816 million yuan, accounting for 30.96% of revenue, a decrease of 3.47% year-on-year [1]. - The company reported a significant increase in operating cash flow per share, which reached 0.24 yuan, up 100.57% year-on-year [1]. Balance Sheet Changes - Construction in progress increased by 41.36% due to investments in various projects [3]. - Long-term borrowings rose by 19.13% due to changes in loan structure and new project financing [3]. - Accounts receivable increased by 7.069% to 1.541 billion yuan [1][3]. Cash Flow Analysis - Net cash flow from operating activities increased by 98.99%, driven by higher cash receipts from sales [4]. - Cash flow from financing activities decreased significantly by 170.94%, attributed to increased dividend payments and reduced financing from financial institutions [4]. Business Model and Market Position - The company's performance is primarily driven by research and marketing efforts, indicating a need for careful analysis of these underlying drivers [5]. - The core product, Yilishu, is expected to see significant sales growth, with projected net sales exceeding 500 million yuan in 2024 [8]. Investment Sentiment - The largest fund holding Yifan Pharmaceutical is the Caitong Asset Management Healthcare Mixed A fund, which recently increased its position [7]. - Analysts expect the company's performance in 2025 to reach 578 million yuan, with an average earnings per share of 0.47 yuan [6].

Core Insights - Yifan Pharmaceutical Co., Ltd. reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating a positive financial performance driven by its proprietary products and innovative drug commercialization efforts [1][2]. Financial Performance - The company achieved a revenue of 2.635 billion yuan, a year-on-year increase of 0.11% [1]. - Net profit attributable to shareholders reached 304 million yuan, reflecting a growth of 19.91% [1]. - The net profit excluding non-recurring items was 237 million yuan, up by 32.21% [1]. Business Segments - The proprietary pharmaceutical products segment, including imports, was the main driver of revenue growth, generating 1.990 billion yuan, a 7.22% increase [1]. - The innovative drugs, Yilishu® and Yinikang®, saw a combined sales revenue increase of 169.57%, significantly contributing to the rise in high-margin business and non-recurring profit margins [1][2]. Innovation and R&D - Yifan Pharmaceutical is one of the few Chinese companies approved for innovative biopharmaceuticals in multiple global markets, including China, the U.S., the EU, and Brazil [2]. - The company has a comprehensive lifecycle management system for new drug development, covering discovery, CMC research, clinical development, and commercial production [2]. - Ongoing projects include the exploration of multiple indications for F-652 and the completion of preclinical studies for the N-3C01 project, which is set to submit a clinical application soon [2]. Global Strategy - The company is enhancing its global strategy by merging its sales systems and establishing a global business division to streamline domestic and international sales [2]. - A global business development center has been created to strengthen external collaborations and resource integration, aiming to support stable revenue growth [3]. Market Position and Future Outlook - Yifan Pharmaceutical is recognized for its unique advantages in multi-indication development and global clinical design, despite some gaps compared to leading firms [2][3]. - The dual focus on technological R&D and market expansion is creating a "flywheel effect," enhancing profitability and supporting global market expansion [3].