Zheng Quan Ri Bao Zhi Sheng·2026-01-22 11:16Core Viewpoint - The company adopts a "dual-track" strategy for its international expansion, focusing on both licensing out innovative products to mature markets and direct exports to emerging markets to establish a global sales network [1] Group 1: Licensing Strategy - The company is currently focusing on overseas rights cooperation for its core product, Lecanemab, in the self-immune field, which has attracted attention from multiple overseas pharmaceutical companies due to its clinical efficacy and low dosing frequency [1] - The partnership with XinKang allows for shared overseas rights, enhancing the product's market potential [1] Group 2: Export Strategy - The company has systematically laid out its export strategy since 2022, prioritizing Southeast Asia and South America as key emerging markets [1] - The decision is based on three core considerations: 1. Regional driving effect, using Vietnam and Brazil as pivotal points to accelerate market expansion due to their robust drug regulatory systems [1] 2. Registration synergy, as Southeast Asian countries generally recognize or can reference Chinese clinical research data, speeding up the approval process [1] 3. Market growth potential, with Vietnam's pharmaceutical market maintaining double-digit growth and Brazil being the largest pharmaceutical market in Latin America [1] Group 3: Implementation Measures - In Southeast Asia, the company is building a localized production and sales platform through the acquisition of the Vietnamese listed company IMP [1] - In South America, the focus is on Brazil, actively promoting product registration and channel development, leveraging its efficient review process to accelerate product entry [1] - The company expects that through 2-3 years of strategic layout and cultivation, its overseas formulation business will gradually scale up and contribute positively to financial performance in the future [1]