研报掘金丨国海证券：首予亚宝药业“增持”评级，儿科领域巩固优势，同时布局创新药研发

Core Viewpoint - Guohai Securities report highlights Yabao Pharmaceutical's strategy of strengthening brand promotion and expanding market presence with its product Dinggui Er Qi Tie, which focuses on "external treatment for diarrhea" [1] Group 1: Market Position and Strategy - Dinggui Er Qi Tie has achieved a market share of 19% in prefecture-level cities, an increase of 3 percentage points year-on-year, leading the children's diarrhea treatment market [1] - The company is implementing a "key 43 cities offensive strategy" to consolidate its advantageous markets and explore potential markets [1] Group 2: Product Development and Innovation - Yabao Pharmaceutical is actively cultivating pediatric new products through the "Dinggui Golden Seed Plan," with the "Dinggui" series pediatric new products covering over 12,000 terminals and more than 890 small and medium-sized chain stores by 2024 [1] - The company is also focusing on innovative drug and traditional Chinese medicine new drug research and development, with several innovative drug projects making progress [1] Group 3: Clinical Trials and Future Prospects - The SY-005 project for treating sepsis is currently in Phase II clinical trials, with a new indication for post-operative neurological dysfunction in glioma expected to receive clinical trial approval by August 2025 [1] - The company is viewed positively for its brand advantage and product reserves in the pediatric drug field, as well as the potential second growth curve from its innovative drug layout, leading to an "accumulate" rating [1]