Xintian Pharma(SZ:002873) Dong Jian Yan Bao·2025-08-26 14:54Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The company has made progress in R & D pipelines, including in the fields of oncology, cardiovascular and cerebrovascular diseases, gynecology and pain, and urinary system diseases [19]. - The company has achieved breakthroughs in the secondary development of listed products, such as the multiple effects of Kuntai Capsules, the high - level evaluation of Kushen Gel and Ningmitai Capsules [20][21]. - The company increased investment in Huilun Pharmaceutical due to its innovation ability, R & D achievements, and commercialization capabilities [22][23]. - The company's main products are currently not affected by the centralized procurement policy, and it will take measures to deal with potential impacts [24]. - The company's short - term business performance decline is affected by raw material price increases, R & D investment, etc., and it will take corresponding measures to deal with it [25][26]. - The company believes that traditional Chinese medicine innovation is an important part of the development of the pharmaceutical industry and will balance short - and long - term R & D investment [26][28]. 3. Summary According to the Directory 3.1 Research Basic Situation - Research object: Xintian Pharmaceutical - Industry: Traditional Chinese medicine - Reception time: August 26, 2025 - Reception personnel: Wang Guangping (Director, Deputy General Manager, Secretary of the Board of Directors), Liang Yongsong (Securities Manager) [16] 3.2 Detailed Research Institutions - Fund management companies: Morgan Stanley Fund, Caitong Fund, Guohai Franklin Fund, Morgan Fund, Zhongou Fund - Other types: Xianghe Investment, Ruiyi Investment - Securities companies: Orient Securities Self - operation, Hua'an Securities, Zhongyou Securities [17] 3.3 Research Institution Proportion No relevant information provided. 3.4 Main Content Data - R & D pipelines: In the oncology field, a 2.3 - class improved new drug submitted an IND application in July 2025; in the cardiovascular and cerebrovascular field, two 1.1 - class traditional Chinese medicine innovative drugs are in the process of process research; in the gynecology and pain field, classic famous prescriptions are preparing for NDA application; in the urinary system diseases field, a 1.1 - class traditional Chinese medicine innovative drug project is being advanced [19]. - Secondary development of listed products: Kuntai Capsules have multiple effects on perimenopausal syndrome and reproductive health; Kushen Gel was rated as Class A in clinical value and won a science and technology progress award; Ningmitai Capsules were certified as Class A in clinical comprehensive evaluation and are undergoing a multi - center clinical trial [20][21]. - Investment in Huilun Pharmaceutical: Huilun Pharmaceutical has a strong R & D system and commercialization experience. The company increased its investment in Huilun Pharmaceutical by 40 million yuan in August 2025 [22][23]. - Centralized procurement policy: The company's main products are currently not affected by the centralized procurement policy. It will increase OTC market investment and control costs [24]. - Business performance: The decline in business performance is affected by raw material price increases and R & D investment. The company will adjust marketing strategies and manage raw material procurement [25][26]. - Innovation drug strategy: Traditional Chinese medicine innovation is an important part of the company's development. The company will balance short - and long - term R & D investment [26][28].