调研速递|盘龙药业接受线上投资者调研 聚焦业务增长与战略布局要点

Core Viewpoint - The company held an online roadshow on September 10, 2025, to engage with investors regarding its traditional Chinese medicine (TCM) formula granules, innovative drug research and development, and various business segments [1] Business Growth and Strategic Layout - The company completed the construction of an intelligent production line for TCM formula granules by the end of 2024, establishing a business development center and a professional team, with 310 varieties developed and registered for market in 18 provinces, indicating the business is in its early stages and expanding from Shaanxi province [1] Innovative Drug Research and Development - In the first half of 2025, the company accelerated its innovative drug research, with the modified TCM new drug PL-JT004 entering the CDE clinical acceptance stage, and chemical generic drugs PL-JT001 completing BE testing and awaiting production reporting [2] - The company aims to cultivate major products through a gradient pipeline layout, with various innovative drugs progressing through preclinical and Phase II work [2] Business Segment Development - Revenue from TCM decoction pieces increased by 380.89% year-on-year in the first half of 2025, with its revenue share rising from 5.62% to 21.42%, although the gross margin fell by 8.46% to 3.49% [2] - The health products and daily chemicals segment saw a revenue increase of 47.49%, but its revenue share remains low at 0.14%, indicating rapid growth but small scale [2] - The chemical drug layout focuses on the fields of "rheumatism and bone diseases, chronic pain," targeting generic drugs with proven efficacy, expired patents, and significant market potential [2] Market Expansion and Management - The company employs a "professional academic promotion model" for grassroots markets, covering over 5,000 medical institutions, 30,000 retail pharmacies, and 20,000 grassroots medical units [3] - The company is enhancing its digital marketing capabilities through a self-developed intelligent marketing platform and partnerships with major e-commerce platforms [3] - Operating cash flow decreased by 43.66% year-on-year due to increased inventory procurement, while accounts receivable grew due to the low gross margin of TCM decoction pieces [3] - The company is addressing the risk of rising raw material prices by forming a procurement team and leveraging local TCM resources to establish a full industry chain [3]