华森制药分析师会议-20250609

Group 1: Research Basic Information - The research object is Huasen Pharmaceutical, belonging to the traditional Chinese medicine industry, and the reception time is June 9, 2025. The listed company's reception staff includes Zhou Zhiru, the representative of the securities affairs, and Long Jie, the commissioner of the securities affairs [17] Group 2: Detailed Research Institutions - The research institutions include Zhonggeng Fund (a fund management company) with researcher Li Niuniu, and Guojin Medicine (others) with researcher Wang Benben [18] Group 3: Proportion of Research Institutions - Fund management companies account for 50%, and others account for 50%, with 1 fund management company and 1 other institution [19] Group 4: Core Views - The five key Chinese patent medicines of the company maintained a good growth momentum in 2024 and Q1 2025, and the company focuses on their technology market promotion and access work, especially in non - grade public hospital channels [23] - The company's current sales terminal is mainly public hospitals, accounting for about 70%. It will actively layout the out - of - hospital market to increase its proportion [24] - In May 2025, Huasen Yinuo increased its stake in and controlled Aorui Pharmaceutical, integrating its R & D pipeline, team, and equipment. It now has 7 self - initiated Class 1.1 innovative drug R & D projects, with the most advanced one in clinical Ia/Ib phase [25] - The company's short - and medium - term R & D strategy focuses on product listing, and it has built a "333" pipeline pattern and multiple innovative drug R & D platforms [25][26]