KPC(600422) 证券之星·2025-03-31 00:08Group 1 - The core viewpoint is that Kun Pharmaceutical Group successfully won the bid for the national Chinese medicine procurement expansion renewal at the end of 2024, which will enhance the sales range of its products "Luo Tai" and "Li Xuan Wang" blood stasis soft capsules in hospitals, thereby increasing product coverage and driving external repurchase through initial hospital visits [1] - The company's gross margin in 2024 is expected to fluctuate due to changes in traditional Chinese medicine material costs and adjustments in revenue structure, while the injectable blood stasis product faces dual challenges of market expansion and intensified competition due to the procurement bid win [1] - Kun Pharmaceutical emphasizes long-term win-win strategies, integrating channel resources to improve product circulation efficiency, and is implementing channel reforms and brand building to optimize sales expense ratios [1] Group 2 - The company plans to increase brand investment for its core products to enhance terminal coverage, with a brand renewal expected in 2025 [1] - A cash dividend of 3 yuan per share is planned for 2024, with a continued focus on shareholder returns in the future [1]