研报掘金丨中邮证券：予奥锐特“买入”评级，奥舒桐顺利获批，产品结构进一步完善

Core Insights - The core viewpoint of the article highlights the successful approval of Aoshutong® (a combination of estradiol tablets and dydrogesterone tablets) by the National Medical Products Administration in November 2025, marking the second product approval in the women's health sector for the company following the approval of Aoxintong® dydrogesterone tablets in 2023 [1] Group 1: Product Approvals - Aoshutong® received its drug registration certificate in November 2025, expanding the company's product offerings in women's health [1] - Aoxintong® dydrogesterone tablets were approved in 2023, indicating a growing portfolio in the same therapeutic area [1] Group 2: Sales and Distribution - The company has been enhancing its national distribution network and strengthening its expert system, which has led to the addition of 1,754 new hospitals (including community clinics) for Aoxintong® in the first half of 2025, generating sales revenue of 95.6852 million yuan [1] - The successful approval of Aoshutong® is expected to bring additional growth to the company's formulation business [1] Group 3: Future Prospects - The company is proactively developing new products in the fields of peptides and oligonucleotides, with rapid growth in new products since 2025 [1] - The company is recognized as a leading supplier of high-quality specialty raw materials, particularly in the domestic market for peptide and oligonucleotide raw materials [1]