同和药业研发管线推进与原料药审批获进展

Group 1: Company Project Progress - The company has over 30 research and development projects, with global patent expirations concentrated between 2028 and 2033. Some products, such as Vabigatran and Rosuvastatin, are already in the registration submission stage [2] - The company plans to continuously add new product projects each year to create a tiered product structure. Additionally, its affiliate, Boya Biotech, focuses on high-difficulty specialty formulations, which may lead to business synergies [2] Group 2: Business Development - On February 4, 2026, the company announced that the raw material for Edoxaban passed the approval of the National Medical Products Administration (NMPA), which is expected to boost sales in the domestic market and synchronize with international market expansion [3] - The company is implementing a "first generic, one supply" strategy, with approved new products like Vildagliptin and Agomelatine set to join the domestic sales lineup and actively expand into emerging markets [3] Group 3: Business Status - Currently, domestic business revenue accounts for approximately 20% of total revenue. The company plans to bind with leading generic drug companies as main suppliers, with an average of 3-5 core customers per product, to further expand its domestic market share [4] - Seventeen technically mature new products are capable of global supply, and the company will rely on the early layout of the supply chain for products with upcoming patent expirations [4] Group 4: Company Situation - The company has recently obtained several invention patents, such as methods for catalyst regeneration, but has not disclosed specific timelines for industrialization [5] - As of the end of January 2026, there was a net outflow of main funds, but market sentiment changes should be observed in conjunction with subsequent performance and order fulfillment [5]