WIT DYNE(SZ:000915) Dong Jian Yan Bao·2025-04-16 15:18Group 1: Report Overview - Reported industry: Chemical Pharmaceuticals [2] - Research object: Watertime [17] - Reception time: April 16, 2025 [17] - Listed company reception staff: President Yang Jie, Independent Director Du Ning, Financial Controller Tan Lifu, Board Secretary Fan Liming [17] Group 2: Core Views - The company's cooperation with China Resources Sanjiu on Vitamin D Drops (capsule type) allows for complementary advantages and resource sharing, promoting the popularization of vitamin D supplements [24][44] - In 2024 Q3, the company's performance decline was due to factors such as the slowdown in the pharmaceutical industry, inactive market terminal sales, and intensified pharmacy competition. The company responded by increasing marketing efforts and optimizing strategies [25][45] - The company is promoting the bankruptcy of Watertime Information, the dissolution and liquidation of Watertime Zhixin, and addressing the asset occupation issue of Yinan Watertime Wolong School [26] - The company aims to form multi - category flagship products, optimize channel layout, and build an honest, capable, efficient, and pragmatic corporate culture [26] - The company will adhere to its core marketing strategy, accelerate the layout of OTC and new retail channels, and expand sales through multiple measures to ensure stable performance growth [28][40] Group 3: Q&A Summaries Business and Strategy - The company's mission is to make thousands of Chinese children healthy and strong and become a leading enterprise in the field of children's health care and treatment. It focuses on the pharmaceutical main business, implements category extension and brand extension strategies, and expands the applicable age of Yikexin [34][41] - The company will actively manage its market value through measures such as standardized and transparent information disclosure, strengthening communication with investors, and implementing high - proportion dividends [34][35][42] - In 2025, the company will continue to improve the key technology platform for children's drugs, aiming for breakthroughs in children's respiratory and mental medications [35] Product - related - Yikexin has a market share of over 60%. The company will promote the "AD co - supplementation, 0 - 18 years old, one capsule per day" concept through various channels [34][37] - The company's product line is rich. In addition to Yikexin, products like Dain Tie, Dain Gai, and Xiao'er Ibuprofen Suppository have a broad market space and stable revenue growth [29] - The company's DHA products are designed for 0 - 12 - year - old children to promote eye and brain development, with different formulations to cover a wide range of customers [40] Market and Competition - The company will adhere to its core marketing strategy, strengthen brand promotion, and accelerate the layout of OTC and new retail channels to deal with the impact of competitors' centralized procurement [29][49] - The company's products are mainly sold through dealers, and it has established teams for hospitals, business, OTC, and new retail. The 2024 R & D investment was 97.1389 million yuan, accounting for 4.55% of revenue [47][48] Finance and Dividends - The company will maintain high - proportion dividends in the absence of major business investments and capital requirements, sharing development benefits with shareholders [38][39][47] Industry Outlook - The Chinese pharmaceutical industry is in a period of dual benefits from innovation and policy support, showing an expanding scale and rapid structural optimization. The children's pharmaceutical industry is moving towards precision and safety improvement [36]