Core Viewpoint - 康弘药业 has made significant progress during the "14th Five-Year Plan" period, focusing on core technologies and expanding its product matrix in ophthalmology, psychiatry/neuroscience, and oncology, leading to a steady increase in performance and high-quality development [1] Financial Performance - The company's operating revenue increased from 3.605 billion yuan in 2021 to 4.453 billion yuan in 2024, while the non-net profit rose from 301 million yuan to 1.184 billion yuan during the same period [1] - In the first half of 2025, the operating revenue was 2.453 billion yuan, a year-on-year increase of 6.95%, and the non-net profit was 723 million yuan, up 6.51% [1] Development Philosophy - The company adheres to a development philosophy centered on market orientation, innovation, quality, and talent, aiming to create innovative products and services that benefit the public [2] Risk Management and Innovation - 康弘药业 balances innovation and risk management by conducting thorough research and making accurate judgments, focusing on policy risk assessment, market demand validation, and a well-structured R&D pipeline [3] Product Strategy - 康弘药业 aims to develop long-lifecycle blockbuster products, with 康柏西普 being a prime example, generating 1.345 billion yuan in revenue in the first half of 2025, accounting for 54.83% of total revenue [3] - The company has launched 利非司特滴眼液, the first of its kind in China, targeting the large dry eye patient population [4] Market Potential - The dry eye medication market in China is projected to reach 4.79 billion yuan in 2024, with a compound annual growth rate of 16% from 2020 to 2024, providing 康弘药业 with significant growth opportunities [5] Technological Advancements - 康弘药业 is investing in cutting-edge technologies such as gene therapy, antibody-drug conjugates, and synthetic biology, with ongoing clinical trials for various innovative products [6][7]

Core Viewpoint - 康弘药业 has made significant progress during the "14th Five-Year Plan" period, focusing on core technologies in ophthalmology, psychiatry/neuroscience, and oncology, leading to a robust product matrix and steady revenue growth [1][2] Financial Performance - The company's revenue increased from 3.605 billion yuan in 2021 to 4.453 billion yuan in 2024, while the net profit attributable to shareholders rose from 301 million yuan to 1.184 billion yuan during the same period [1] - In the first half of 2025, 康弘药业 reported a revenue of 2.453 billion yuan, a year-on-year increase of 6.95%, and a net profit of 723 million yuan, up 6.51% [1] Development Philosophy - The company adheres to a development philosophy centered on market orientation, innovation, quality, and talent, aiming to create innovative products and services that benefit the public [2] - 康弘药业 emphasizes a balance between innovation and risk management, focusing on deep research and accurate judgment to ensure sustainable development [2] Product Strategy - 康弘药业's flagship product, 康柏西普, has generated 1.345 billion yuan in revenue in the first half of 2025, accounting for 54.83% of total revenue, showcasing the company's strategy of building a competitive edge through cost-effectiveness and treatment convenience [2] - The company is actively seeking to develop more "super products" to mitigate risks associated with over-reliance on a single product [2] Market Opportunities - 康弘药业's newly approved 利非司特滴眼液 addresses a significant market need for dry eye treatment, with the dry eye medication market in China projected to reach 4.79 billion yuan by 2024, growing at a compound annual growth rate of 16% from 2020 to 2024 [3] - The company is investing in cutting-edge technologies such as gene therapy and synthetic biology, with ongoing clinical trials for its gene therapy products and a focus on expanding its market presence [4] Technological Advancements - 康弘药业 is advancing in gene therapy, with its product KH631 entering clinical phase II in China and KH658 progressing in both Chinese and U.S. clinical trials [4] - The company has also made strides in synthetic biology, with KH617 being the first domestically developed I-type new drug from synthetic biology to enter clinical trials, and it has received orphan drug designation from the FDA [4]

Market Overview - The biopharmaceutical sector experienced a decline of 1.9% on September 19, with Kanghong Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Notable gainers included: - Aopumai (688293) with a closing price of 53.41, up 1.71% on a trading volume of 34,700 shares and a turnover of 189 million yuan [1] - Kexing Pharmaceutical (688136) closed at 41.88, up 1.70% with a trading volume of 45,300 shares and a turnover of 189 million yuan [1] - Significant decliners included: - Kanghong Pharmaceutical (002773) which fell 6.09% to a closing price of 37.00, with a trading volume of 94,100 shares and a turnover of 355 million yuan [2] - Changchun High-tech (000661) decreased by 3.91% to 125.22, with a turnover of 1.674 billion yuan [2] Capital Flow - The biopharmaceutical sector saw a net outflow of 999.7 million yuan from institutional investors, while retail investors had a net inflow of 914 million yuan [2] - The table of capital flow indicates that: - Changchun High-tech had a net inflow of 67.986 million yuan from institutional investors [3] - Kanghua Biological (300841) experienced a net inflow of 11.825 million yuan from institutional investors [3]

Core Viewpoint - 康弘药业 has made significant progress in its core therapeutic areas, particularly with its flagship product 康柏西普, which now accounts for a substantial portion of the company's revenue. The company aims to achieve international market presence and continuous innovation over the next decade [1][4]. Group 1: Financial Performance - The company's revenue increased from 36.05 billion in 2021 to 44.53 billion in 2024, while the net profit rose from 3.01 billion to 11.84 billion during the same period [1]. - In the first half of 2025, 康弘药业 reported a revenue of 24.53 billion, a year-on-year growth of 6.95%, and a net profit of 7.23 billion, reflecting a 6.51% increase [2]. Group 2: R&D and Innovation Strategy - 康弘药业 has invested a total of 25.21 billion in R&D over the past few years, emphasizing the importance of innovation and market-driven development [1][2]. - The company maintains a balanced approach to innovation and risk management, focusing on "controllable risks under innovative breakthroughs" [3]. Group 3: Product Development and Market Position - 康柏西普 has generated 13.45 billion in revenue in the first half of 2025, representing 54.83% of the company's total revenue, and has maintained a leading market share in the hospital sector [4][5]. - The company has introduced a new product, 利非司特滴眼液, which is expected to tap into a market with a projected size of 47.9 billion by 2024, indicating a significant growth opportunity [5]. Group 4: Future Growth and Technological Advancements - 康弘药业 is focusing on cutting-edge technologies such as gene therapy and synthetic biology, with ongoing clinical trials for its gene therapy products [6][7]. - The company aims to establish a strong position in the next-generation antibody-drug conjugates (ADC) market, with its product KH815 being the first of its kind to enter clinical trials [8].

Investment Rating - The report maintains a rating of "Overweight" for the pharmaceutical and biotechnology industry [2] Core Insights - Geopolitical disturbances and fluctuations in innovative drugs have limited impact on the innovation theme, while opportunities in medical devices are becoming apparent [9] - The report highlights the ongoing optimization of centralized procurement rules for medical consumables, indicating a shift from a "lowest price" approach to a "preventing excessive competition" strategy [10] - The approval process for innovative drugs is accelerating, with a new 30-day review channel established for eligible innovative drug applications [9][10] Summary by Sections Industry Overview - The pharmaceutical sector has shown a return of 26.80% since the beginning of 2025, outperforming the Shanghai Composite Index by 11.88 percentage points [14] - The report notes a mixed performance among sub-sectors, with medical devices and medical services showing positive growth while biopharmaceuticals and chemical drugs faced declines [9][14] Market Dynamics - The report indicates that the medical device sector is experiencing a recovery, with significant movements in stocks related to CRO/CDMO and medical devices [22] - Recent geopolitical news has caused short-term volatility in the innovative drug sector, but the market has quickly stabilized [9] Key Company Performance - The report recommends several companies for investment, including WuXi AppTec, WuXi Biologics, and others, which are expected to perform well in the current market environment [6][25] - The average performance of recommended stocks has shown a 6.64% increase this month, outperforming the broader pharmaceutical industry [24] Regulatory Developments - The National Medical Products Administration has announced measures to streamline the clinical trial approval process for innovative drugs, enhancing efficiency and transparency [9][12] - New procurement rules for coronary intervention balloon medical consumables have been introduced, emphasizing the need for reasonable pricing and cost commitments from bidding companies [10][12]

Group 1 - The company held an online investor meeting on September 12, 2025, to address investor concerns regarding its performance and strategies [1] - Investors showed strong interest in the company's R&D progress and market strategies, particularly regarding the flagship store sales of eye drops on platforms like Alibaba Health and JD Pharmacy, which the company currently has no plans for [2] - The company is advancing its I-class new drug, KH110, for Alzheimer's treatment, which is in clinical phase III, but the commercialization timeline remains uncertain due to various factors [2] Group 2 - The company emphasizes shareholder interests and market performance in its value management strategy, focusing on core business, operational quality, and competitive strength [3] - The company is committed to international cooperation and market expansion, with its product, Conbercept, already sold in Mongolia, Pakistan, and Macau, and participating in international medical aid [3] - R&D investment has increased, with a year-on-year growth of 11.27% in the first half of 2025, and the company is focusing on key technology and treatment areas to enhance its R&D capabilities [4] Group 3 - Conbercept remains a core product, maintaining its leadership in the Chinese ophthalmology anti-VEGF market despite new competition [4] - The company anticipates the launch of high-concentration Conbercept by 2028 and gene therapy products around 2030, aiming to create a product array that includes fusion proteins, high-concentration, and gene therapy [4]

Group 1: Investor Relations and Company Strategy - The company does not plan to open flagship stores on Alibaba Health and JD Pharmacy, focusing instead on open cooperation and strengthening independent R&D while exploring BD opportunities with global peers [3] - The company emphasizes the importance of long-term market value, which is determined by operational performance, profitability, and growth potential [3] - Future efforts will focus on deepening core business, enhancing operational performance, and optimizing strategic layout through innovation and market expansion [4] Group 2: R&D and Product Development - The company is currently advancing the clinical phase III of its new drug KH110 for Alzheimer's treatment, with uncertain market launch timing influenced by various factors [3] - R&D expenses increased by 11.27% year-on-year in the first half of 2025, highlighting the company's commitment to enhancing R&D efficiency and resource allocation [5] - The company has established a comprehensive R&D system focusing on key therapeutic areas such as ophthalmology, neurology, and oncology, leveraging both domestic and international resources [6] Group 3: Market Position and Competitive Strategy - The company’s core product, Conbercept, maintains a leading position in the Chinese ophthalmology market, despite increased competition from new entrants [6] - By 2028, a high-concentration version of Conbercept is expected to launch, further solidifying the company's market position [6] - The company is actively monitoring market dynamics and investor feedback to effectively communicate its strategic plans and investment value [5]

Core Viewpoint - Kanghong Pharmaceutical is actively advancing its KH110 drug, currently in Phase III clinical trials, with an emphasis on market research and commercialization preparation to maximize its market value [1] Group 1: Drug Development - KH110 is in the Phase III clinical stage, indicating significant progress in its development timeline [1] - The timeline for the drug's market launch is influenced by various factors, leading to inherent uncertainties [1] Group 2: Market Potential - The commercial prospects of the innovative drug depend on multiple factors, including efficacy, safety, and market competition [1] - The company is committed to conducting market research and preparing for commercialization to enhance the market value of KH110 [1]

Group 1 - The core viewpoint of the news is that Kanghong Pharmaceutical experienced a significant stock decline of 6.29%, with its share price at 36.51 yuan and a total market capitalization of 33.637 billion yuan as of the report date [1] - Kanghong Pharmaceutical, established on October 3, 1996, and listed on June 26, 2015, is primarily engaged in the research, production, and sales of chemical drugs, traditional Chinese medicine, and biological products [1] - The revenue composition of Kanghong Pharmaceutical is as follows: biological drugs account for 54.83%, traditional Chinese medicine 32.49%, chemical drugs 12.50%, and other categories 0.15% [1] Group 2 - From the perspective of fund holdings, one fund under Industrial Bank of China Asset Management has a significant position in Kanghong Pharmaceutical, with 172,800 shares held, representing 1.29% of the fund's net value [2] - The fund, named Industrial Flexible Allocation Mixed A (487016), has a total scale of 389 million yuan and has achieved a year-to-date return of 14.49% [2] - The fund manager, Li Yu, has been in position for 7 years and 234 days, with the best return during his tenure being 153.76% [2]

证券代码：002773 证券简称：康弘药业 公告编号：2025-051 成都康弘药业集团股份有限公司 关于参加四川辖区 2025 年投资者网上集体接待日及半年度 报告业绩说明会活动的公告 成都康弘药业集团股份有限公司董事会 2025 年 9 月 10 日 为进一步加强与投资者的互动交流，成都康弘药业集团股份有限 公司（以下简称"公司"）将参加由四川省上市公司协会、深圳市全 景网络有限公司联合举办的"四川辖区 2025 年投资者网上集体接待 日及半年度报告业绩说明会"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" （https://rs.p5w.net）参与本次互动交流，活动时间为 2025 年 9 月 12 日（周五）14:00—17:00。届时公司高管将在线就公司 2024 年 度及 2025 年半年度业绩、公司治理、发展战略、 经营状况、融资计 划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通 与交流，欢迎广大投资者踊跃参与！ 特此公告。 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。 ...