Core Viewpoint - The company, Panlong Pharmaceutical, has received approval from the National Medical Products Administration for clinical trials of its Panlong Qiniang Gel Patch for knee osteoarthritis [1] Company Summary - Panlong Qiniang Gel Patch is developed from Panlong Qiyao Wine, consisting of 30 medicinal ingredients including Panlong Qiyao and Zhuangjindan [1] - The new gel patch formulation offers significant advantages over the original form in terms of convenience, speed of action, and target user demographics [1] - The primary therapeutic functions of the product include promoting blood circulation, dispelling wind and dampness, and reducing swelling and pain, specifically for knee osteoarthritis with symptoms of Qi stagnation and blood stasis [1]

证券代码：002864 证券简称：盘龙药业 公告编号：2025-051 陕西盘龙药业集团股份有限公司 申请事项：药物临床试验 受理号：CXZL2500066 申请人：陕西盘龙药业集团股份有限公司 审批结论：同意本品开展用于膝骨关节炎的临床试验 二、药品的其他相关情况 关于公司获得药物临床试验批准通知书的自愿性信息披露 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。 近日，陕西盘龙药业集团股份有限公司（以下简称"公司"）收到国家药品 监督管理局核准签发的《药物临床试验批准通知书》，同意盘龙七凝胶贴膏开展 用于膝骨关节炎的临床试验。现将有关情况公告如下： 一、药品相关情况 产品名称：盘龙七凝胶贴膏 盘龙七凝胶贴膏是由盘龙七药酒（国药准字 Z61021120）改良而来，处方由 盘龙七、壮筋丹等 30 味药材组成，开发成凝胶贴膏剂，该产品较原剂型在使用 便捷性、起效速度、使用人群等方面均有明显优势，其主治功能为活血化瘀、祛 风除湿、消肿止痛。适用于膝骨关节炎（气滞血瘀证）。 三、对公司的影响及风险提示 如公司临床试验申请进展顺利，将有利于公司拓宽业务范围、优化产 ...

Core Viewpoint - The company has received approval from the National Medical Products Administration for clinical trials of its Panlong Qiniang Gel Patch for knee osteoarthritis [1] Group 1: Product Development - The Panlong Qiniang Gel Patch is derived from the improved Panlong Qijiu and consists of a formula made from 30 medicinal ingredients including Panlong QI and Zhuangjindan [1] - The primary functions of the product are to invigorate blood circulation, dispel wind and dampness, and reduce swelling and pain, specifically targeting knee osteoarthritis characterized by Qi stagnation and blood stasis [1]

Group 1 - The outbreak of respiratory syncytial virus (RSV) in Tianjin has peaked earlier than expected, with flu activity rising in southern provinces and most northern provinces during the 44th week of 2025 [1] - The latest flu monitoring report from the National Disease Control indicates an increase in flu cases, highlighting the need for vigilance against RSV alongside influenza [4] Group 2 - In the A-share market, flu-related stocks are experiencing significant activity, with Aipeng Medical rising over 10%, and other companies like Panlong Pharmaceutical hitting the daily limit, indicating strong investor interest [2] - The detection rates for severe acute respiratory infections show that rhinovirus (10.6%), RSV (8.5%), and influenza virus (4.2%) are the top three pathogens, emphasizing the impact of RSV on public health [4]

Core Viewpoint - The A-share market is seeing active trading in flu-related stocks, driven by an early peak in respiratory syncytial virus (RSV) and flu activity in China, as reported by the National Disease Control [1][2]. Group 1: Market Activity - Aipeng Medical has risen over 10%, while Panlong Pharmaceutical has reached a 10% limit up, with other companies like Rejing Bio and Dongfang Bio also seeing significant gains [1]. - The latest flu monitoring report indicates an increase in flu activity in southern provinces and a rise in northern provinces during the 44th week of 2025 [1]. Group 2: Key Data on Stocks - Aipeng Medical (300753) has a market cap of 3.969 billion and a year-to-date increase of 79.09% [2]. - Panlong Pharmaceutical (002864) has a market cap of 3.788 billion and a year-to-date increase of 18.84% [2]. - Rejing Bio (688068) has a market cap of 14 billion and a year-to-date increase of 144.44% [2]. - Dongfang Bio (688298) has a market cap of 5.836 billion with a slight year-to-date decrease of 1.30% [2]. - Other notable stocks include Te Yi Pharmaceutical (002728) with a market cap of 6.961 billion and a year-to-date increase of 52.45% [2].

Group 1 - The innovative drug concept is experiencing a significant upward trend, with companies like Panlong Pharmaceutical reaching the daily limit increase [1] - Other companies showing notable gains include Jinhua Co., Enwei Pharmaceutical, Tonghua Jinma, SanSheng Guojian, and Rejing Biological [1]

Group 1 - The flu concept is experiencing renewed activity, leading to significant stock movements in related companies [1] - Te Yi Pharmaceutical has achieved two consecutive trading limits, indicating strong market interest [1] - Bo Hui Innovation has reached a 20% daily limit increase, reflecting positive investor sentiment [1] Group 2 - Panlong Pharmaceutical has also hit the daily limit, showcasing its strong performance in the market [1] - Other companies such as Zhongsheng Pharmaceutical, Ha Sanlian, and Jinhua Co. have seen their stocks rise in response to the flu concept's resurgence [1]

Group 1: Company Strategy and Product Development - The company is deepening its "one body, two wings, three depths" development strategy, focusing on orthopedic chronic diseases and enhancing product innovation in traditional Chinese medicine [2][4] - The product matrix includes over 100 varieties across 12 functional categories, with a strong emphasis on the patented product "Panlong Seven Tablets" [2][3] - The company has developed a dual-driven model of "medical and retail," covering over 5,000 medical institutions and 30,000 retail pharmacies nationwide [4][7] Group 2: Market Expansion and Policy Adaptation - The company is actively adapting to national essential medicine policies and has prepared for potential product inclusion in the essential medicine catalog, which could expand market coverage [5][6] - The company is exploring international market opportunities while strengthening its domestic presence through strategic partnerships and resource integration [6][7] Group 3: Research and Development Initiatives - The company has completed research and filing for 411 varieties of traditional Chinese medicine formula granules, with some products registered in 18 provinces [4][6] - The company is leveraging AI technology in drug development, focusing on building a database for traditional Chinese medicine to enhance research capabilities [6][8] Group 4: New Product Launches and Growth Potential - The company is advancing the development of "Loxoprofen Sodium Gel Patch," which is expected to complement existing products and create new growth opportunities [8] - The company is committed to continuous improvement in product quality and clinical value to maintain competitive advantages in a tightening regulatory environment [5][6]

Core Viewpoint - The company is focusing on traditional Chinese medicine formula granules as its second growth curve, with significant progress in product registration and market expansion [1] Group 1: Product Registration and Market Expansion - The company has completed national registration for 411 varieties of traditional Chinese medicine formula granules [1] - The first batch of 111 varieties has been listed at controlled prices in nine provinces, including Shaanxi, Beijing, and Shandong [1] - The second batch of 100 varieties is currently in the process of application [1] Group 2: Sales Strategy - The company employs a combination of self-operated teams and agents for its sales strategy [1] - In Shaanxi province, the company has developed over 20 secondary hospitals and is steadily advancing its national recruitment layout [1]

Financial Performance - In the first three quarters of 2025, the company achieved revenue of 841 million CNY, a year-on-year increase of 17.37% [2] - The net profit attributable to shareholders reached 89.81 million CNY, with a slight year-on-year growth of 0.26% [2] - For Q3 2025, revenue was 267 million CNY, showing a year-on-year growth of 2.24%, while net profit was 29.67 million CNY, remaining stable compared to the same period last year [2] Market Coverage - The company has established coverage in over 5,000 grade A medical institutions and penetrated more than 30,000 retail pharmacies and 20,000 grassroots medical units [3] - A network of over 650 commercial partners has been established across 30 provincial-level administrative regions, enhancing sales channels [3] Product Strategy - The company is focusing on the "Health China 2030" strategy, integrating R&D, production, and quality control to enhance product offerings [3] - A comprehensive marketing management system has been developed, employing a differentiated strategy for various products and markets [3] - The company is actively expanding its presence in the "Internet + Medicine" sector, leveraging digital marketing platforms and partnerships with major e-commerce platforms [3] Inventory Management - Channel inventory from commercial companies to hospitals is maintained at under one month, ensuring smooth turnover of core product inventories [4] Herbal Formula Granules - The herbal formula granules business is a key growth area, with 411 product varieties successfully registered and approved by the National Medical Products Administration [5] - The company is progressing with the listing of 111 products in nine provinces and is working on a second batch of 100 products [5] Research and Development - The company is advancing the development of the "Panlong Seven" gel patch, a strategic product for treating rheumatic bone diseases, which has recently received clinical approval [6] - The R&D pipeline includes other innovative drugs and chemical generics, with ongoing clinical trials for various products [6]