YILING PHARMACEUTICAL(SZ:002603) Di Yi Cai Jing·2025-04-29 03:21Core Viewpoint - Yiling Pharmaceutical reported a net loss for 2024 due to revenue reduction from expiring respiratory products and increased inventory impairment, but maintains high R&D investment levels, with over 900 million yuan allocated, representing 13.94% of revenue, which is leading in the industry [1][5]. R&D Investment - Yiling Pharmaceutical has a strong R&D capability based on its unique theory of network disease, which has led to a nearly 25-fold increase in R&D investment since 2008 [2]. - The company continues to maintain high R&D investment levels, with 900 million yuan in 2024, ranking among the top in the industry [5]. Product Development and Pipeline - The company has 17 patented new drugs, with 11 included in the national medical insurance directory and 5 in the national essential drug list [5]. - Yiling Pharmaceutical has ongoing registration applications for two innovative traditional Chinese medicine products and three chemical drug products, enhancing its product pipeline [6]. Market Performance - Yiling Pharmaceutical's respiratory and cardiovascular products lead their respective markets, with Lianhua Qingwen capturing 24.36% of the cold medicine market in public healthcare [7]. - The company’s core cardiovascular products hold a combined market share of 17.69% in the public healthcare sector [7]. New Growth Areas - The company is expanding into the health and wellness sector, with products targeting blood lipid regulation, sleep improvement, and blood sugar control [8]. - Yiling Pharmaceutical's OTC product Baizi Bujin Capsule is highlighted as a potential new pillar product, supported by extensive evidence from clinical studies [8].