Core Viewpoint - The company, Jiutian Pharmaceutical, announced the completion of the phase III clinical trial summary report for its Pepper Seven Pain Relief Gel Patch [2] Group 1 - The announcement was made on the evening of September 1 [2] - The clinical trial report is a significant milestone for the company [2]

Core Viewpoint - Jiutian Pharmaceutical (300705.SZ) has recently obtained the summary report of the Phase III clinical trial for its Pepper Seven Pain Relief Gel Patch, which shows promising results for alleviating pain caused by knee osteoarthritis [1] Group 1: Product Efficacy - The Pepper Seven Pain Relief Gel Patch is effective in relieving pain associated with knee osteoarthritis [1] - The product acts quickly to improve clinical symptoms and the activity level of patients [1] - The medication is convenient to use and demonstrates good safety for patients [1] Group 2: Clinical Promotion - The positive results from the clinical trial suggest that the Pepper Seven Pain Relief Gel Patch is worthy of clinical promotion [1]

Core Viewpoint - The announcement from JiuDian Pharmaceutical indicates that the Phase III clinical trial report for the Pepper Seven Pain Relief Gel Patch shows significant efficacy in alleviating pain caused by knee osteoarthritis, with faster onset of pain relief compared to the placebo group [1] Summary by Relevant Categories Clinical Trial Results - The clinical trial results demonstrate that the treatment group showed significant differences in VAS pain score changes, pain relief rates, WOMAC total score changes, and overall effective rate of traditional Chinese medicine symptoms compared to the placebo group after 1 and 2 weeks of treatment [1] - The treatment group experienced a quicker onset of pain relief [1] Safety Profile - The drug exhibited a good safety profile, with only mild adverse reactions such as itching and skin burning sensation reported, and no serious adverse reactions occurred [1] Future Plans - The company plans to continue advancing the registration application for the drug, which will be available for market sale upon approval [1]

| 证券代码：300705 | 证券简称：九典制药 | | | --- | --- | --- | | 债券代码：123223 | 债券简称：九典转02 | 公告编号：2025-063 | 湖南九典制药股份有限公司 关于公司取得临床试验总结报告的提示性公告 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。 湖南九典制药股份有限公司（以下简称"公司"）近日取得椒七止痛凝胶贴 膏Ⅲ期临床试验总结报告。根据《深圳证券交易所上市公司自律监管指引第4号 ——创业板行业信息披露（2023年修订）》的相关要求，现将相关情况公告如下： 一、药物的基本情况 药物名称：椒七止痛凝胶贴膏（曾用名：椒七麝凝胶贴膏） 注册分类：中药1.1类 剂型：贴膏剂 功能主治：温经散寒，活血止痛 研究分期：Ⅲ期临床试验 二、临床试验结论 （1）疗效结论：椒七止痛凝胶贴膏能有效改善膝骨关节炎引起的疼痛，试 验组用药 2 周及 1 周后在目标侧膝关节 VAS 疼痛评分较基线变化值、止痛有效率、 WOMAC 总评分较基线变化值、中医证候总有效率方面均优于安慰剂组且有统计差 异，试验期间试验组的疼痛减轻起效 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth, with a 10.67% year-on-year increase in revenue for the first half of 2025, reaching 1.512 billion yuan, and a net profit of 291 million yuan, up 2.57% year-on-year [5] - The company is actively enhancing its innovation pipeline, including the acquisition of the antibacterial peptide new drug JIJ02 gel for 90 million yuan, which is currently in clinical phase I and aims to treat common acne [6] - The company is undergoing a product structure adjustment, leading to revised profit forecasts for 2025-2027, with expected net profits of 570 million, 642 million, and 731 million yuan respectively [5] Financial Summary - For the first half of 2025, the gross margin was 74.58%, an increase of 1.44 percentage points, while the net margin was 19.27%, a decrease of 1.53 percentage points [5] - The company’s revenue from drug formulations in the first half of 2025 was 1.247 billion yuan, reflecting a 14.86% increase, with strong sales of products like Loxoprofen sodium gel patches [5] - The projected earnings per share (EPS) for 2025-2027 are 1.14, 1.28, and 1.46 yuan per share, with corresponding price-to-earnings (P/E) ratios of 16.2, 14.4, and 12.6 times [5][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance meets expectations, with a focus on acquiring an antibacterial peptide new drug to accelerate its innovation transformation [5] - The company reported a revenue of 1.512 billion yuan in the first half of 2025, a year-on-year increase of 10.67%, and a net profit attributable to shareholders of 291 million yuan, up 2.57% year-on-year [7] - The company is enhancing its innovative drug pipeline by acquiring the antibacterial peptide new drug JIJ02 gel, which is currently in clinical phase I [7] Financial Summary - Revenue forecast for 2023 to 2027 is as follows: 2,693 million yuan (2023), 2,931 million yuan (2024), 3,288 million yuan (2025E), 3,606 million yuan (2026E), and 3,945 million yuan (2027E) with corresponding growth rates of 15.75%, 8.85%, 12.19%, 9.67%, and 9.41% [6] - Net profit attributable to shareholders is projected to be 368 million yuan (2023), 512 million yuan (2024), 572 million yuan (2025E), 607 million yuan (2026E), and 687 million yuan (2027E) with growth rates of 36.54%, 39.13%, 11.55%, 6.16%, and 13.25% respectively [6] - Earnings per share (EPS) is expected to be 0.74 yuan (2023), 1.02 yuan (2024), 1.14 yuan (2025E), 1.21 yuan (2026E), and 1.37 yuan (2027E) [6]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.512 billion yuan, a year-on-year increase of 10.67% [2] - Net profit attributable to shareholders was 291 million yuan, up 2.57% year-on-year [2] - Deducting non-recurring gains and losses, the net profit was 283 million yuan, reflecting a growth of 10.74% [2] Business Segments - The external preparation segment generated sales of 836 million yuan, a growth of 16.96%, driven by the increasing volume of Loxoprofen Sodium Gel and Ketoprofen Gel [3] - The oral preparation segment reported sales of 411 million yuan, a year-on-year increase of 10.80%, primarily due to the rapid growth of Dapagliflozin tablets [3] - The raw materials and plant extracts segment achieved sales of 255 million yuan, remaining stable compared to the previous year [3] Innovation and R&D - The newly introduced innovative drug JIJ02 Gel has broad-spectrum antibacterial properties and low resistance potential, expected to enhance treatment efficacy [4] - The company is focusing on innovative drug development in both chemical and traditional medicine, with a particular emphasis on pain and oncology [4] - R&D expenses for 2025 are projected to be between 250 million and 300 million yuan, with revenue growth expected to be between 10-20% [4] Market Strategy - The company plans to enhance the market presence of its products through strategic acquisitions and the introduction of quality products [8] - The sales strategy for Loxoprofen Sodium Gel is being adjusted to increase resources for the external market and strengthen internal sales team assessments [6] - The company is actively pursuing overseas patent applications for JIJ02 Gel, which has been fully transferred without retained backend shares [8] Future Outlook - The company anticipates the approval of several new products in 2025, including Indomethacin Gel and Fluorobufen Gel [7] - The market expansion for the anti-inflammatory pain relief patch is progressing as planned, with expectations for increased sales over time [4]

（编辑 袁冠琳） 证券日报网讯 九典制药8月25日在互动平台回答投资者提问时表示，公司通过产业链协同与工艺优化， 持续提升成本管控能力。在市场竞争激烈的环境下，公司产品生产成本受市场波动影响较小，自产原料 药也更好地保障了产品质量的稳定性。公司目前的研发进展符合预期，后续公司将依据阶段性进展及时 履行信息披露义务。 ...

Core Viewpoint - The company has accumulated several core technologies in the gel patch field, including matrix formulation and process control, which lay the foundation for continuously enriching its product pipeline [1] Group 1 - The company plans to leverage its technological platform advantages to actively expand its product varieties and indications [1] - The company believes that technological innovation will effectively support the continuous enhancement of its market competitiveness [1] Group 2 - The production and sales of pharmaceuticals are subject to various factors such as industry policies, bidding processes, and changes in the market environment, leading to uncertainties [1]

Financial Performance - Company reported a total revenue of 1.512 billion yuan for the first half of 2025, representing a year-on-year increase of 10.67% [1] - Net profit attributable to shareholders reached 291 million yuan, up 2.57% year-on-year [1] - Gross margin improved to 74.58%, an increase of 1.97% compared to the previous year [1] - Net margin decreased to 19.27%, down 7.32% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 670 million yuan, accounting for 44.29% of revenue, an increase of 1.71% year-on-year [1] Cash Flow and Financial Ratios - Operating cash flow per share decreased to 0.55 yuan, down 35.8% year-on-year [1] - The company’s return on invested capital (ROIC) was 20.24%, indicating strong capital returns [2] - Historical median ROIC since listing is 17.42%, with the lowest recorded ROIC in 2019 at 6.92% [2] Market Position and Strategy - Company is actively responding to market competition for its product, Loxoprofen Sodium Gel Patch, which has 11 competitors [3] - The company has established a comprehensive sales channel, particularly in the outpatient market, which is a new growth driver [3] - Continuous investment in research and development is emphasized to expand the product line and maintain industry leadership [3]