【私募调研记录】汐泰投资调研健友股份

Group 1: Company Insights - The company, Jianyou Co., stated that the pharmaceutical industry is less affected by policies due to its essential nature and high regulatory barriers, despite facing a 20% tariff challenge [1] - Jianyou Co. has begun adjusting its raw material supply chain for affected products and is focusing on high-barrier, high-margin products to maintain its competitive edge [1] - The company plans to expand into markets in Europe, the Middle East, and Central and South America, aiming to become a global enterprise by 2030 [1] Group 2: Product Development and Market Performance - The company believes that the administrative order for product price reductions mainly impacts original research products, with limited effects on biosimilars or generics [1] - Progress on biosimilars is on track, with Liraglutide expected to receive FDA approval in April 2024, and sales of Adalimumab (Yusimry) exceeding 70 million yuan [1] - The pipeline includes collaborations with Tonghua Dongbao on insulin products and with Double Star Pharmaceutical on albumin-bound paclitaxel, both showing promising progress [1]