KPC(SH:600422) Ge Long Hui A P P·2025-12-12 05:38Core Viewpoint - The report indicates that Kunming Pharmaceutical Group is experiencing temporary performance pressure due to delayed implementation of centralized procurement and internal channel restructuring, but related businesses are expected to gradually recover with steady progress as the procurement of Xuesaitong series advances and new products are prepared for launch [1] Group 1: Business Performance - Kunming Pharmaceutical Group's performance is under pressure due to factors such as the delayed execution of centralized procurement and internal channel restructuring [1] - The Xuesaitong series procurement is gradually progressing, and the company is deepening its channel restructuring, which is expected to lead to a steady recovery in related businesses [1] Group 2: Strategic Initiatives - The integration of the 777 division with China Resources Shenghuo is accelerating, focusing on deep restructuring based on strategic consensus [1] - The company is enhancing the synergy between its two products, Xuesaitong soft capsules and Luotai Xuesaitong soft capsules, through value chain design and strengthening all-channel coverage [1] Group 3: Market Expansion - The company is accelerating its overseas expansion of Xuesaitong soft capsules, leveraging the opportunity presented by the 16th ASEAN Neurology Biennial Conference to enter the Indonesian market [1] - The company's Sanqi preparations have made a significant step in the ASEAN market [1] Group 4: R&D Progress - Ongoing projects are progressing steadily, including the Class 1 new drug KYAZ01-2011-020 for treating ischemic stroke, which is advancing to Phase II clinical trials [1] - Class 1 new drugs KYAH01-2018-111 for treating non-alcoholic fatty liver and KYAH01-2016-079 for treating solid tumors are currently in Phase I clinical trials [1] - A Class 2 modified new drug, 232, is in the preparatory stage for clinical research [1] - Other generic drug projects and product enhancement initiatives are actively progressing, with some at different stages such as supplementary research and submission of additional materials to the CDE [1]