研发投入超15%：康缘药业的攻守之道

Core Insights - Innovation has become the core driving force for the development of companies in the pharmaceutical industry in China, as highlighted by Kangyuan Pharmaceutical's recent semi-annual report for 2025, which shows a revenue of 1.642 billion yuan and a research and development (R&D) investment ratio of 15.02% [1][2] - The company has achieved significant results in innovative R&D, with the approval of a new traditional Chinese medicine product, Yunu Jian granules, and five new drugs entering clinical research, including the world's first peptide inhibitor targeting the CCR8 receptor, KYS2301 gel [1][5] Financial Performance - In the first half of 2025, Kangyuan Pharmaceutical reported a revenue of 1.642 billion yuan, maintaining a high R&D investment ratio of 15.02%, which has shown a steady upward trend over the past three years [2][6] - The R&D team has grown to 782 members, indicating strong talent reserves and investment intensity within the industry [2] R&D Pipeline - The company has a diverse product pipeline with 28 products in preclinical stages, 15 in Phase I, 12 in Phase II, and 8 in Phase III, covering multiple therapeutic areas [2] - Kangyuan Pharmaceutical emphasizes the deep development and value re-engineering of existing products, exploring new indications and upgrading technologies to extend product life cycles [2][6] Strategic Framework - The company has established a unique "industry-university-research-application" integrated R&D system, collaborating closely with top institutions like Nanjing University of Chinese Medicine and the Shanghai Institute of Materia Medica [3] - Kangyuan Pharmaceutical has set up a national key laboratory for the control and intelligent manufacturing of traditional Chinese medicine, addressing key technical challenges in the pharmaceutical process [3] Innovation Achievements - Kangyuan Pharmaceutical leads in the field of traditional Chinese medicine innovation, with 58 new traditional Chinese medicine products, 47 of which are unique varieties [5] - The KYS2301 gel, a global first CCR8 peptide inhibitor, has received clinical trial approval and is intended for the treatment of atopic dermatitis [5] Market Strategy - The company adopts a dual strategy of focusing on traditional Chinese medicine while expanding into chemical and biological drugs, particularly in gynecology, respiratory, and cardiovascular disease areas [6][7] - Kangyuan Pharmaceutical is advancing its internationalization efforts through a dual filing strategy in China and the U.S., marking progress in its global market expansion [6][7] Future Outlook - The years 2025-2026 are expected to be crucial for the company, with key milestones such as the reading of Phase II clinical data for ZX2021 and the potential launch of its first biological drug [7] - The company is also enhancing its smart manufacturing capabilities through digital extraction factories and intelligent formulation workshops to improve cost efficiency and product quality [7]