四季度需求回暖，康缘药业回应称10亿级大单品金振口服液增长韧性凸显

Core Viewpoint - The company, Kangyuan Pharmaceutical, is experiencing significant demand growth for its respiratory and infection disease product line, particularly during the flu season, driven by the effectiveness of its products in treating flu symptoms [1][3][6]. Product Performance - The product "Re Du Ning Injection" is effective in alleviating symptoms of viral infections, particularly high fever, and has shown a high overall efficacy rate in clinical studies [3]. - "Jin Zhen Oral Solution," a pediatric medicine, effectively inhibits flu viruses H1N1 and H3N2, and has been shown to improve clinical cure rates when used in conjunction with Oseltamivir [3][4]. - The company’s products are gaining recognition, with "Jin Zhen Oral Solution" being included in multiple national treatment guidelines and achieving sales exceeding 1 billion yuan [4][6]. Market Dynamics - The flu activity in the country has significantly increased, entering a rapid growth phase, which is expected to boost demand for the company's core products [3]. - Kangyuan Pharmaceutical has maintained the top market share in the pediatric traditional Chinese medicine market from 2022 to 2024, with "Jin Zhen Oral Solution" sales projected to exceed 1 billion yuan in 2024 [6]. Financial Performance - From 2018 to 2022, the sales volume of "Jin Zhen Oral Solution" increased from 79 million to 263 million units, representing a growth of 233%, with sales revenue rising from 76 million yuan to over 1 billion yuan [6]. - The company reported a compound annual growth rate (CAGR) of 15.5% in revenue and 29.4% in net profit from 2021 to 2023 [6]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 3.898 billion yuan, 4.289 billion yuan, and 4.728 billion yuan for 2025 to 2027, respectively [7].