Core Viewpoint - The advertisement featuring the 75-year-old chairman of Kelun Pharmaceutical, Liu Gexin, showcasing his muscular physique has sparked discussions about the authenticity of the advertisement, the efficacy of the endorsed product, and the development of the anti-aging industry [2][3]. Group 1: Advertisement Impact - The advertisement represents a bold and innovative attempt to capture attention in a traffic-driven era, leveraging Liu's impressive physique to convey a positive message about health and vitality at an older age [2]. - Liu's display of health challenges the notion that age is a barrier to pursuing a healthy lifestyle, serving as an inspirational example for younger generations [2]. Group 2: Product Pricing and Market Demand - The endorsed product, Ergothioneine capsules, priced at 1499 yuan for 60 capsules, raises concerns about its value proposition, especially since it is more expensive in China than in Japan [3]. - Despite the high price, the anti-aging product market is growing due to the increasing demand driven by an aging population, indicating a significant market potential [3]. Group 3: Industry Challenges - There is currently no widely recognized anti-aging product with proven efficacy, leading to a proliferation of exaggerated claims and false advertising in the market [3][4]. - The anti-aging industry requires substantial technological innovation and research investment to advance, emphasizing the need for companies to focus on improving product quality and efficacy [4]. Group 4: Consumer Education and Expectations - The anti-aging sector must prioritize consumer education to combat misinformation and enhance understanding of product capabilities, while also managing consumer expectations regarding the efficacy of these products [4][5]. - The advertisement serves as a deeper discussion about health, aging, and entrepreneurial spirit, highlighting the importance of product effectiveness beyond mere promotional tactics [4].

Core Insights - The healthcare industry is increasingly shifting towards consumer health and wellness sectors, with companies like Kelun Pharmaceutical entering the market to diversify their revenue streams amid declining traditional business performance [1][6][7] - The demand for stem cell therapy is rapidly growing in China, with some treatments costing up to 1 million yuan, leading to significant profits for service providers [1][3] - The aesthetic medicine sector is witnessing a surge in new registrations, with nearly 10,000 new medical beauty-related companies registered in early 2023, indicating a trend of traditional pharmaceutical companies pivoting to this area for survival [3][4] Company Strategies - Kelun Pharmaceutical's chairman has publicly stated the company's commitment to the health and wellness sector, highlighting the need for diversification due to intense competition in traditional medical fields [1][6] - Many companies are forming new entities or acquiring existing firms to enter the aesthetic medicine market, leveraging their traditional business strengths in production or marketing [3][4] - Companies like Chuaning Bio, previously focused on antibiotic intermediates, are now developing anti-aging products, although their contribution to revenue remains minimal at this stage [7] Financial Performance - Kelun Pharmaceutical reported a 30% decline in revenue and a 43% drop in net profit in Q1 2025, prompting a focus on anti-aging products [6] - Four环医药's aesthetic medicine segment generated approximately 323 million yuan in revenue in the first half of 2024, a 66.4% increase year-on-year, contributing significantly to the company's overall income [8] - Companies in the biological materials sector, such as Guanhao Bio, are also seeing growth in cell technology services, with related revenues exceeding 10% of total income [8] Regulatory Environment - Recent regulatory guidelines from the National Medical Products Administration are clarifying the direction for the commercialization of cell therapies, emphasizing the need for a robust management system to ensure safety [9] - The aesthetic medicine field is currently seen as a simpler entry point for regenerative medicine technologies, although many practices may not meet the rigorous standards of true regenerative medicine [5][9]

近日，科伦药业（002422.SZ）董事长刘革新因一则广告火出圈。据科伦永年大健康账号所发布的旗下麦角硫因胶囊广告，公司董事长刘革新在广告中展 示其健硕的肌肉，广告词为"刘先生75岁——'没有不可能！'麦角硫因，生命长青。科伦永年，与您相伴"。 刘革新是科伦药业董事长，重庆医科大学优秀校友，研究生学历，高级工程师。2024年，刘革新从科伦药业获得的税前报酬总额为560万元。 5月14日，刘革新通过公开信正式回应，宣布将抗衰老赛道作为继大输液、抗生素、创新药之后的"第四次创业"，称其目标是"共建抗衰老事业的生态平 台"。 公司方面如何回应网络上的评价？上述产品的品类及功效如何，是否为"智商税"？5月15日，科伦药业证券部方面对此回应南都医药记者，"关于刘革新董 事长出镜展示的75岁健硕形象，我们郑重说明，视频内容完全真实，未经过任何 PS 修饰。董事长以其真实状态，向公众传递积极健康的生活理念。" 据其介绍，"董事长已连续三年服用麦角硫因胶囊，在此期间还保持着每日健身与读书的习惯。他的健硕肌肉线条和良好的精神状态，是长期坚持健康生 活方式与服用麦角硫因胶囊等综合因素作用的结果。" 刘革新的"第四次创业" 投入抗 ...

Group 1 - The concept of ergot sulfur has gained popularity, leading to significant stock price movements among related companies, with some experiencing a daily limit increase [1][3] - Kelong Pharmaceutical has been actively promoting ergot sulfur, with its chairman showcasing the product's potential in an advertisement, which has contributed to the surge in related stocks [1][2] - Several companies have responded to investor inquiries regarding their involvement with ergot sulfur, indicating that the revenue from products containing this ingredient is currently low and has minimal impact on overall performance [3] Group 2 - Kelong Pharmaceutical has been focusing on the health industry for seven years, emphasizing the commercialization of ergot sulfur as a key growth factor [2] - Other companies, such as Haizheng Pharmaceutical and Wanbang Pharmaceutical, are also exploring the potential applications of ergot sulfur, with ongoing research and development efforts [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is experiencing continuous breakthroughs in innovative drugs and synthetic biology commercialization, indicating an upward turning point in operations and performance driven by innovation, with potential valuation uplift from ongoing global clinical data for SKB264 [1][5] - The first quarter of 2025 showed significant revenue and profit declines primarily due to high base effects from the previous year and price fluctuations [1][2] Financial Performance - In 2024, the company achieved revenue of 21.812 billion yuan (YOY +1.67%) and a net profit of 2.936 billion yuan (YOY +19.53%) [1][11] - For Q1 2025, revenue was 4.390 billion yuan (YOY -29.42%) and net profit was 0.584 billion yuan (YOY -43.07%) [1][11] Business Segmentation - The intravenous infusion segment saw a revenue decline to 8.912 billion yuan in 2024 (YOY -11.85%), while the sales volume was 4.347 billion bags/bottles (YOY -0.70%) [2] - Non-infusion pharmaceuticals generated revenue of 4.169 billion yuan in 2024 (YOY +5.41%), with significant contributions from the plastic water needle business [3] - The intermediates and raw materials segment reported revenue of 5.856 billion yuan in 2024 (YOY +20.90%), driven by various antibiotic intermediates [4] Innovation and Commercialization - The company has over 30 projects in development, with several innovative drugs like SKB264 and A167 successfully approved in China, indicating a shift towards accelerated commercialization [5] - The internationalization efforts for SKB264 are expected to yield significant milestones, with potential revenue exceeding 1.2 billion USD from overseas licensing agreements [5] Earnings Forecast and Valuation - EPS estimates for 2025-2027 are projected at 1.88, 2.11, and 2.54 yuan respectively, with a PE ratio of 19 times based on the closing price on May 15, 2025 [11][13] - The company is expected to benefit from its innovative drug technology platform and synthetic biology platform, contributing to sustainable performance growth [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to see an upward turning point in operations and performance driven by innovation, particularly with the ongoing global clinical data readouts for SKB264, which may enhance valuation opportunities [1][5] - The first quarter of 2025 showed a significant decline in revenue and profit, primarily due to high base effects from the previous year and price fluctuations [1][2] Financial Performance Summary - In 2024, the company achieved revenue of 21.812 billion yuan (YOY +1.67%) and a net profit of 2.936 billion yuan (YOY +19.53%) [1][13] - For Q1 2025, the company reported revenue of 4.390 billion yuan (YOY -29.42%) and a net profit of 0.584 billion yuan (YOY -43.07%) [1][13] Business Segmentation Summary - The infusion segment experienced a revenue decline to 8.912 billion yuan in 2024 (YOY -11.85%), while the sales volume was 4.347 billion bags/bottles (YOY -0.70%) [2] - Non-infusion pharmaceuticals saw a revenue increase to 4.169 billion yuan in 2024 (YOY +5.41%), driven by the sales of innovative drugs [3] - The intermediates and raw materials segment achieved revenue of 5.856 billion yuan in 2024 (YOY +20.90%), with significant contributions from various antibiotic intermediates [4] Innovation and Commercialization - The company has a robust pipeline with over 30 projects, focusing on oncology, and several innovative drugs have been approved for market entry [5] - The internationalization efforts are highlighted by the overseas licensing of SKB264, with a total development and sales milestone exceeding 1.2 billion USD [5] Earnings Forecast and Valuation - The projected EPS for 2025-2027 is 1.88, 2.11, and 2.54 yuan respectively, with a PE ratio of 19 times based on the closing price on May 15, 2025 [11][13] - The company is expected to benefit from its innovative drug technology platform and cost reduction strategies in the intermediates and raw materials segment [11]

瑞财经 刘治颖 近日，科伦药业发布了一则视频广告，公司董事长刘革新硬核出圈。 视频显示，75岁董事长刘革新赤膊出镜，展示健硕肌肉，为旗下抗衰老产品"麦角硫因胶囊"代言。画面配以"刘先生75 岁，'没有不可能'"的广告词。 据媒体报道，科伦药业证券部工作人员表示，公司董事长一直在吃这款麦角硫因胶囊，视频没有进行后期修饰，董事长 长期自律并且每天早上5点会健身。 根据视频号提供的小程序，麦角硫因胶囊在售版本定价1499元/瓶(60粒)，每粒含30mg(毫克)麦角硫因。产品宣传称 其"清除自由基效果远超传统成分VC与辅酶Q10的10至30倍"，由"科伦永年携手日本老牌药企强强联合推出"。 | V | 0 | | --- | --- | | 分享 | 收藏 | 值得一提的是，在5月6日举行的业绩会中，刘革新就曾表示："董事会决心在未来三至五年的时间内实现治疗医学和预 防医学并驾齐驱的格局，科伦麦角硫因的广告词已经通过审查，不日即将播出，我出任该产品的代言人。" 刘革新，1951年出生，中国国籍，无境外居留权。科伦药业董事长，重庆医科大学优秀校友，研究生学历，高级工程 师。2023年4月，出任中共四川省经济和信息化行业 ...

Group 1 - The concept of ergothioneine has gained significant attention in the A-share market, with stocks related to this concept experiencing strong price increases [2][3] - Key stocks in the ergothioneine sector include Tuoxin Pharmaceutical and Chuaning Biological, both of which reached their daily limit up, while other companies like Bawei Co., Xianle Health, and Huaxi Biological also saw gains [2][3] - The chairman of Kelun Pharmaceutical, Liu Gexin, has endorsed the company's anti-aging product "ergothioneine capsules," claiming to have used the product for three years, which has contributed to the product's popularity [2][3] Group 2 - Kelun Pharmaceutical reported a revenue of 4.39 billion yuan in Q1, a year-on-year decline of 29.42%, with a net profit of 584 million yuan, down 43.07% [2][4] - The decline in revenue and profit is attributed to high base effects from the previous year and the impact of centralized procurement on the infusion business [2][4] - The company aims to establish a new subsidiary, Kelun Yongnian, to focus on the sales of ergothioneine products, indicating a strategic shift towards the health industry [3][4] Group 3 - There are 14 stocks in the A-share market related to ergothioneine, with Huadong Medicine, Kelun Pharmaceutical, and Chuaning Biological having the largest market capitalizations [4] - The average stock price increase for ergothioneine-related stocks this year is 19.16%, with Ruoyuchen leading with a 104.62% increase [4] - Half of the ergothioneine concept stocks reported positive net profits in Q1, with companies like Changshan Pharmaceutical turning losses into profits [4] Group 4 - There was a significant net inflow of capital into ergothioneine concept stocks today, with Chuaning Biological, Jindawei, and Kelun Pharmaceutical seeing the highest net inflows of 563 million yuan, 153 million yuan, and 129 million yuan respectively [5]

Core Viewpoint - The article discusses the volatility in the financial market, highlighting a recent surge followed by a significant drop, and emphasizes the emergence of new investment concepts like "ergothioneine" in the context of market trends and investor behavior [1][2]. Group 1: Market Trends - The financial market experienced a sharp decline after a brief rally, with major indices such as the Shanghai Composite Index falling by 0.68% and the Shenzhen Component Index by 1.62% on May 15 [6]. - The total market turnover was 11,905 billion, a decrease of 1,595 billion from the previous day, indicating reduced trading activity [6]. - Despite the overall market downturn, certain sectors like synthetic biology saw gains, with stocks such as Jindawei hitting the limit up [6]. Group 2: New Investment Concepts - The concept of "ergothioneine" has gained attention, with a recent advertisement featuring the chairman of Kelong Pharmaceutical, Liu Gexin, promoting its anti-aging benefits [3][5]. - Ergothioneine is noted for its high antioxidant efficiency, being 40 times more effective than coenzyme Q10 and 6000 times more effective than vitamin E, making it a promising ingredient in various industries including food, pharmaceuticals, and skincare [5]. - The market for ergothioneine products in China is projected to reach 1.57 billion by 2024, with a significant portion allocated to skincare and health food products [5]. Group 3: Sector Performance - The banking sector's dividend yield is currently at 4.9%, with a relative spread of 3.2% over the ten-year government bond yield, indicating potential for growth if the yield spreads narrow [10]. - The article suggests that if the economic environment stabilizes, bank stocks could see a theoretical increase of 20% to 36% based on historical yield comparisons [9][10]. - The new urbanization initiative by the Chinese government aims to enhance urban infrastructure and community development, which could impact various sectors positively [11].

Market Overview - The market experienced fluctuations with 50 stocks hitting the daily limit, while 18 stocks faced a limit down, resulting in a sealing rate of 73% [1] - The Shanghai Composite Index fell by 0.68%, the Shenzhen Component Index dropped by 1.62%, and the ChiNext Index decreased by 1.91% [1] - The total trading volume for the day was 1.15 trillion yuan, a decrease of 164.3 billion yuan compared to the previous trading day [1] Stock Performance - Chengfei Integration achieved a 7-day limit up streak, while Wanfeng Co. and Suzhou Longjie both recorded a 5-day limit up streak [1][3] - The upgrade rate for consecutive limit-up stocks rose to 64.7% [3] - The stocks that performed well included those in synthetic biology, food, ST stocks, and ports, while software development, cross-border payment, computing power, and Hongmeng concept stocks saw declines [1] Sector Analysis Shipping and Logistics - Following the reduction of tariffs between the US and China, container shipping bookings from China to the US surged by nearly 300% [16] - Stocks in the shipping and logistics sector, such as Ningbo Shipping and Ningbo Ocean, saw consecutive limit-up performances [16] Textile and Apparel - The textile sector benefited from a surge in orders from US clients following the tariff reductions, with stocks like Wanfeng Co. and Suzhou Longjie achieving consecutive limit-up performances [20][21] Chemical Industry - The chemical sector maintained high interest, with companies like Jilin Chemical Fiber announcing price increases for various products [6][24] - Stocks such as Jitai Co. and Youfu Co. recorded consecutive limit-up performances [24] Health and Beauty - The advertisement for Kelong Pharmaceutical's ergothioneine capsules sparked interest in related sectors, leading to a collective surge in stocks like Chuaning Biological and Tuoxin Pharmaceutical [5][30] Robotics - The robotics sector showed mixed performance, with some stocks like Daya Co. and Zhongjian Technology performing well despite overall sector weakness [7][28] Future Outlook - The market is currently in a phase of adjustment, with significant attention on the performance of large financial and dividend stocks to stabilize the indices [8] - The internal divergence within high-performing stocks may lead to a consolidation phase, with potential opportunities for low-priced stocks to emerge [6][8]