Hunan Jiudian Pharmaceutical (SZ:300705) Xin Lang Zheng Quan·2025-10-22 09:46Core Viewpoint - Hunan Jiutian Pharmaceutical Co., Ltd. is focusing on the transformation towards innovative drug development, with a significant increase in R&D investment and a stable operational performance in Q3 2025, despite challenges in the broader pharmaceutical industry [2][3]. Group 1: Q3 Operational Performance - The overall operational status in Q3 2025 remained stable, with market demand relatively consistent and sales progressing as planned [2]. - The pharmaceutical manufacturing industry saw a revenue of 12,275.2 billion yuan in the first half of 2025, a year-on-year decrease of 1.2%, and a profit total of 1,766.9 billion yuan, down 2.8% year-on-year [2]. - Despite industry pressures, the sales of medicated plaster in the terminal market showed a yearly increase, with sales expected to exceed 7 billion yuan in 2024, a growth of approximately 10%, and over 4 billion yuan in the first half of 2025, a growth of about 15% [2]. Group 2: Focus on Innovative Drug Transformation - The company is fully transitioning to focus on innovative drug R&D, with chemical innovative drugs as the core direction and some involvement in traditional Chinese medicine [3]. - Key therapeutic areas include pain management, focusing on polypeptide and small molecule drugs, and oncology, concentrating on PDC drug development [3]. - The company plans to invest between 250 million to 300 million yuan in R&D for 2025, indicating a strong commitment to its innovative transformation [3]. Group 3: Competitive Advantages and Market Strategies - The external pain relief market is expected to grow due to increasing health demands and an aging population, providing significant development space [4]. - The company aims to enhance product strength and brand influence in the gel plaster sector, optimizing product structure to meet diverse health needs [4]. - Specific product strategies include leveraging the advantages of JIJ02 gel for acne treatment and expanding indications in the polypeptide drug field, focusing on pain and pulmonary fibrosis [4]. - To address the impact of centralized procurement on key products like Loxoprofen Sodium Gel, the company plans to enhance sales through a comprehensive channel coverage system, increase R&D investment for new product launches, and strengthen cost control through an integrated supply chain [4].