【私募调研记录】谦璞投资调研华森制药

Group 1 - Qianpu Investment recently conducted research on Huason Pharmaceutical, focusing on the re-development plans for key traditional Chinese medicine products [1] - Huason Pharmaceutical's major products, including Bawei Qilong Granules and Liuwai Anshen Capsules, are expected to receive national secondary protection status in 2024 [1] - The company primarily sells through public hospitals, with hospital sales accounting for approximately 70% of its market [1] - Huason Yinnuo has seven Class 1 innovative drug projects in development, with ORIC-1940 currently in clinical Ia/Ib phase studies [1] - The company has received a special medical food registration certificate for the TY005 project, and the production line for special medical foods will gradually release capacity [1] - A decrease in R&D investment is attributed to reduced capitalization project amounts and lower expenditures on development-stage projects compared to previous years [1] - The company has obtained registration approval for key traditional Chinese medicine products in Singapore, marking an important milestone for overseas product exports [1] - Huason Pharmaceutical is actively addressing price reduction risks from centralized procurement through a diversified development strategy, including the layout of special medical foods with strong consumer attributes [1] - The company anticipates generating a certain amount of Ib phase data next year, with ORIC-1940 showing good safety in preclinical studies [1] - ORIC-1940, as a RIPK1 inhibitor, can suppress necroptosis and apoptosis, reducing DMPs levels [1]