华森制药分析师会议-20250626

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The company's key Chinese patent medicines have strong market potential and are in the growth stage. The company is actively promoting the renewal of Chinese patent medicine protection, academic system construction, and market access work, and the Chinese patent medicine sector remains the ballast for the company's performance [22]. - Through the integration with Aorui Pharmaceutical, the company has enhanced its R & D capabilities in small - molecule innovative drugs, with 7 self - initiated Class 1.1 innovative drug R & D projects in progress, covering tumor and autoimmune disease fields [24]. - In the context of centralized procurement, the company adheres to the strategy of diversified development in advantageous fields, expands product pipelines and market channels, and actively seeks new performance growth points [27]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Huasen Pharmaceutical, belonging to the Chinese medicine industry. The reception time was June 26, 2025, and the listed company's reception staff included the securities affairs representative Zhou Zhiru, and securities affairs specialists Xu Jun and Long Jie [17]. 3.2. Detailed Research Institutions - The reception object is Shanghai Qianpu, a type of investment company. The relevant institutional personnel include General Manager and Fund Manager Chen Shi, and Researcher Wu Shunyu [20]. 3.3. Research Institution Proportion No information provided in the given content. 3.4. Main Content Data - Chinese Patent Medicine Business - The company's five key Chinese patent medicines are in the growth stage. In 2024, two products were approved as the first national second - level protected Chinese patent medicine varieties, delaying the protection period by 7 years. In Q1 2025, the revenue of the five key Chinese patent medicines increased by 24.49% year - on - year, and from the beginning of the year to the reporting date, it increased by 31.44%. Among them, the revenue of Ganju Bingmei Tablets increased by 38.84% during the reporting period and 54.36% from the beginning of the year to the reporting date [22]. - The company's sales terminal is still mainly public hospitals, with about 70% in the in - hospital market. It drives the coordinated development of multiple channels and plans to increase the proportion of the out - of - hospital market [23]. - The company attaches great importance to building the academic system of key varieties, and the five key Chinese patent medicines have received 32 recommendations from authoritative materials, indicating high recognition [23]. - Innovative Drug R & D - In May 2025, Huasen Yinuo increased its stake in and controlled Aorui Pharmaceutical, and now has 7 self - initiated Class 1.1 innovative drug R & D projects, with the most advanced project, Injectable Hydrochloride ORIC - 1940, in the clinical Ia/Ib phase [24]. - The company plans to submit IND applications for two other projects before the end of this year and in the first quarter of next year [25]. - Special Medical Food - The company has 4 self - developed special medical food projects. The TY005 project has obtained relevant certificates, and the production line will gradually release production capacity. The company is exploring digital marketing and multi - channel promotion [25]. - Overseas Market - The company's fifth - phase production base passed the US FDA's cGMP on - site inspection in May 2023. Four key Chinese patent medicines obtained registration approvals in Singapore from 2024 to 2025, marking a key milestone for product exports [27]. - Response to Centralized Procurement - The company's strategy is to explore diversified development in advantageous fields. In the R & D end, it focuses on product listing and has built a "333" pipeline pattern. In market expansion, it develops multiple channels. In product layout, it actively arranges special medical food and other varieties [27]. - ORIC - 1940 Research Progress - It is expected that a certain amount of Ib - phase data will be generated next year, and the specific data reading date depends on the patient enrollment speed. ORIC - 1940 shows good safety in pre - clinical studies and is expected to be a new treatment option for HLH [28]. - Advantages of ORIC - 1940 in HLH Treatment - ORIC - 1940 can inhibit necroptosis and pan - apoptosis, reduce DAMPs levels, which is a differentiated molecular mechanism compared with other therapies and provides a new treatment option for HLH [29].