Ge Long Hui·2026-01-20 06:05Group 1 - Core viewpoint: Kanghong Pharmaceutical is a leading enterprise in the domestic ophthalmic innovative drug sector, with a product portfolio covering various therapeutic areas including ophthalmology, psychiatry/neuroscience, digestion, respiration, hypertension, and diabetes [1] - The company has over 25 marketed drugs, with 11 being exclusive products, 20 included in the national medical insurance catalog, and 10 in the national essential drug catalog [1] - The core product, Conbercept injection, has been approved for four major retinal diseases since its launch in 2013 [1] Group 2 - The company has 13 research pipelines in clinical stages, with rapid progress in KH110 (Phase III), KH109 (Phase III), and KH631 (Phase II) [1] - Financial performance is stable, with revenue of 3.624 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.23%, and a net profit attributable to the parent company of 1.033 billion yuan, up 6.08% year-on-year [1] - The comprehensive gross margin remains around 90%, with good cost control leading to a steady increase in net profit margin to 29% [1] Group 3 - The company is proactively positioning itself in the field of gene therapy for ophthalmology, with KH631 in Phase II clinical trials and KH658 in Phase I, leading the research progress domestically [1] - The initial coverage of the company has been rated as "Buy" [1]