以下文章来源于21新健康 ，作者李佳英 21新健康 . 21世纪传媒 · 公众号矩阵成员。 编 辑丨季媛媛 图 源丨图虫 原料药领域又现垄断案。 近日，联环药业称收到天津市场监管委员会的《行政处罚决定书》， 因操纵地塞米松磷酸钠 原料药价格，被罚没6103.82万元，占其2024年净利润的72.53% 。而就在近期，津药药业、 仙琚制药也因同一垄断行为被重罚， 三家企业罚没总额高达3.26亿元 。 涉事药企表示将立即组织整改，终止相关不当行为，并积极主动向客户寄送《调价通知函》 。 这场风暴涉及的地塞米松，曾被列入《新型冠状病毒感染的肺炎诊疗方案》。然而，根据公开 信息， 其价格曾从0.35元/支暴涨至98.76元/支，涨幅高达282倍 。 相 关 处 罚 决 定 书 披 露 了 背 后 的 垄 断 手 法 ： 多 家 药 企 及 相 关 人 员 不 仅 达 成 " 停 止 价 格竞争、共同涨价"的口头协议，还通过商业公司"兜底采购"确保垄断实施。 "津药药业、联环药业、西安国康瑞金和仙琚制药这四家企业的行为属于典型的串通涨价。"北 京市京都律师事务所反垄断部主管合伙人、耀时跨境合规研究院研究员金毅向21世纪 ...

Group 1 - The event "China-Africa Traditional Medicine Trade Cooperation" was held in Changsha, focusing on building a new ecosystem for collaborative development in traditional medicine between China and Africa [1] - Traditional Chinese medicine (TCM) has been shared with 196 countries and regions, gaining acceptance for its unique advantages in disease prevention, treatment, and rehabilitation [1] - China has signed memorandums of understanding for traditional medicine cooperation with 10 countries, including Algeria and Ghana, and established TCM centers in Zimbabwe, Comoros, Morocco, and Mauritius [1] Group 2 - The Chinese government emphasizes the importance of traditional medicine cooperation with Africa, integrating it into the agenda of the 2024 China-Africa Cooperation Forum [1] - The event is a significant step in implementing the outcomes of the China-Africa Cooperation Forum, aimed at enhancing traditional medicine collaboration [1] - Zimbabwe's Minister of Health expressed the desire to collaborate with Chinese enterprises and research institutions to improve the production capacity of traditional medicine in Zimbabwe [2]

证券代码：301246 证券简称：宏源药业 答：您好，公司固态硫化物电解质已完成公斤级实验，正处 于工艺优化的开发阶段，没有量产供货。感谢您的关注！ 5、董秘，请问公司在固态电池方面，有何布局，目前进展如何？ 答：您好，公司固态硫化物电解质已完成公斤级实验，正处 于工艺优化的开发阶段，后续的相关进展或变化，公司将严格按 照相关规定及时履行披露义务。 感谢您的关注！ 湖北省宏源药业科技股份有限公司 投资者关系活动记录表 编号：2025-002 | | | □特定对象调研□分析师会议 | | --- | --- | --- | | 投资者关系活动 | □媒体采访□业绩说明会 | | | 类别 | □新闻发布会□路演活动 | | | | □现场参观 | | | | 年湖北辖区上市公司投资者网上集体接待日活动）  其他（2025 | | | 参与单位名称及 | 线上参与"2025 年湖北辖区上市公司投资者网上集体接待日活 | | | 人员姓名 | 动"的全体投资者 | | | 时间 | 2025 年 6 月 12 日 (周四) 下午 14:30~16:50 | | | 地点 | 全景网"投资者关系互动平台"（htt ...

主题一 医药板块经过4年调整，疫情受益高基数、医保局控费超预期、医疗反腐冲击等负面预期 逐步消化，机构相对低配。与此同时，中国医药产业经过持续创新转型，在全球市场的认 可度和影响力快速提升。 公司2024率先启动学术营销模式转型，推进"潘医生工程"，虽然短期内面临转型压力， 但增强了核心产品的放量潜力。 公司深化精细化分层分线销售，根据产品特性和治疗领域差异划分销售线，对金振口服 液、杏贝止咳颗粒等品种实施专人专做；逐步强化OTC布局，提升终端覆盖率，实现多业 态并举，20 2 4年公司销售费用支出15.35亿元，同比下降20. 7%。 此外，公司研发管线价值得到体现， 2024年收购中新医药完善生物药领域的研发布局， 自身在中药、化学药和生物药领域也有多个品种陆续进入临床或者获批上市阶段。 梁 广 楷 预 计 20 2 5 - 2027 年 将 实 现 归 母 净 利 润 4.4/ 5.3/ 6.3 亿 元 ， 同 比 增 长 1 3 .0%20.2%/ 1 8 . 4%，对应PE为21/ 17/ 15倍。 该公司是 ...

Core Viewpoints - The Chinese medicine industry is expected to see a performance turning point, with significant improvements in revenue and profit growth anticipated in Q2 2025 compared to Q1 2025, and continued growth in H2 2025 [3][7] - The industry exhibits characteristics similar to the banking sector, including high cash reserves, substantial dividends, and low profit volatility, with minimal impact from overseas situations [3][7] Key Indicators Tracking - Influenza data has stabilized, reducing revenue growth pressure on companies [11] - The price index of Chinese medicinal materials has declined, which is expected to alleviate gross margin pressure [13] - Institutional holdings are low, with the proportion of fund holdings in the Chinese medicine sector dropping to 0.46% as of Q1 2025, indicating potential for increased investment interest under favorable tariff policies in the U.S. [18] - The sector's valuation is slightly above the average level since 2021, with a TTM price-to-earnings ratio of 27.78x as of June 12, 2025 [21] Investment Recommendations - Companies with stable and rapid profit growth and new consumption logic include Dong'e Ejiao and Lingrui Pharmaceutical, with a focus on Mayinglong [30] - High-barrier, large-cap state-owned enterprises with light institutional positions include Tianshili, Yunnan Baiyao, Tongrentang, and Pianzaihuang [30][6] Mid-Year Performance Outlook - The report provides a forecast for the first half of 2025, indicating expected year-on-year growth rates for various companies, with Dong'e Ejiao projected to grow by approximately 20% in Q2 2025 [34]

6月1 2日下午，为深入贯彻落实习近平总书记在民营企业座谈会上的重要讲话精神和党中央关 于"因地制宜发展新质生产力、加快建设现代化产业体系"的决策部署，根据北京市壮大战略性 新兴产业、培育未来产业的工作要求，北京市工商联举办支持服务首都战略性新兴产业和未来 产业高质量发展大会。全国工商联副主席安立佳，北京市政协副主席、市工商联主席燕瑛等领 导出席大会并发表讲话，北京市委统战部副部长、市工商联党组书记严卫群主持会议。 图为全国工商联副主席安立佳 图为北京市政协副主席、市工商联主席燕 瑛 会上，北京市工商联通报支持服务首都战略性新兴产业和未来产业工作情况，宣布关于成立 4+1专委会（人工智能、医药健康、具身智能、新能源新材料四个产业专委会和投融资专委 会）的决定，任命主任、副主任，并为主任、副主任颁牌。 图 为 北京市委统战部副部长、市工商联党组书记 严 卫 群 | 主任 | | 北京市工商联投融资 | | | --- | --- | --- | --- | | 张膏糕 | 北京市工商业联合会党组成员、副主席 | 解 骑 唐劲草 | 中国民生银行北京分行行长助理 | | 副主任 | | 邓艳芳 | 北京清控水木投 ...

Market Overview - The Hong Kong stock market experienced a collective decline on June 12, with the Hang Seng Index falling by 1.36%, the Hang Seng China Enterprises Index down by 1.53%, and the Hang Seng Tech Index decreasing by 2.2% [1] - Various sectors, including short video, cloud computing, and tech stocks, saw significant drops, with Kuaishou-W down 5.87% and Alibaba-W down 3.21% [1] Sector Performance - The consumer sector faced pressure, with notable declines in beer, sports goods, and airline stocks. Budweiser APAC dropped 6.39%, while Meituan-W fell by 1.95% [1] - The automotive industry, including lithium batteries and smart driving concepts, also saw a downturn, with China Graphite down 12.36% and Xpeng Motors-W down 6.66% [2] - Chip and robotics stocks experienced declines, with Horizon Robotics-W down 3.9% and SMIC down 2.04% [2] Gainers - Pharmaceutical stocks showed resilience, with China Biologic Products rising by 19.29% due to anticipated significant business developments [3] - Other biopharmaceutical companies like Junshi Biosciences and Zai Lab also saw substantial gains, with increases of 12.35% and 8.65% respectively [3] Gold and Precious Metals - Gold and precious metals stocks rose, driven by global gold purchasing trends and rising gold prices. Zijin Mining increased by 4.93% [4] - The global demand for gold as a reserve asset has surged, with central banks increasing their gold holdings amid geopolitical tensions [4] Notable Stocks - Cloudfin Financial, associated with Ant Group, surged by 54.24% following reports of plans to apply for stablecoin licenses in Singapore and Hong Kong [4] - Jiuyuan Gene saw a remarkable increase of 43.73%, marking its fourth consecutive day of gains [5]

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company has transitioned from a capital investment phase to a harvest phase, with an expected compound annual growth rate (CAGR) of approximately 164% for net profit attributable to the parent company from 2024 to 2027 [7][28] - The company has achieved a significant market penetration, covering 98.9% of counties and 91.2% of townships in China, with a cash conversion cycle of -31 days, indicating strong cash flow [7][10] - The company is focusing on enhancing buyer experience and deepening channel coverage to solidify its competitive edge [12][16] Summary by Sections Financial Performance - Total revenue is projected to grow from 17.9 billion in 2024 to 26.7 billion in 2027, with year-on-year growth rates of 5%, 16%, 13%, and 14% respectively [6] - Net profit attributable to the parent company is expected to increase from 30 million in 2024 to 550 million in 2027, with growth rates of 101%, 395%, 116%, and 71% respectively [6][28] - The gross margin is forecasted to improve from 10.13% in 2024 to 11.82% in 2027 [6] Market Position and Strategy - The company has established itself as the largest digital pharmaceutical trading and service network in China, with a focus on the outpatient pharmaceutical B2B market [16] - The company has a strong user base with 43.3 million monthly active buyers and a high retention rate, indicating strong customer loyalty [10][12] - The company is leveraging its digital capabilities to enhance operational efficiency and customer experience, which is expected to drive future growth [16][28] Business Model and Growth Drivers - The company’s business model is characterized by a fast cash turnover and strong cash flow, with cash and cash equivalents accounting for approximately 52% of total assets [11][34] - The company is expanding its product offerings and exploring new business lines, such as AI applications and health insurance, to diversify revenue streams [11][12] - The company’s strategic partnerships and innovative service offerings are expected to enhance its market competitiveness and profitability [7][10]

Core Viewpoint - The Hong Kong stock market is experiencing an unprecedented capital boom in the biotechnology sector, with multiple pharmaceutical companies rushing to list, making it a strategic high ground for industry capitalization [1][2]. Group 1: Industry Capitalization Process - The IPO wave is intensifying, with three biopharmaceutical companies—Hengrui Medicine, Mirui, and PegBio—successfully listing on the Hong Kong stock exchange between May 23 and 27, 2023 [2]. - Hengrui Medicine's total market capitalization has surpassed 360 billion yuan, establishing it as an industry benchmark [2]. - Numerous companies, including AI drug leader Insilico Medicine and immunotherapy firm Kewen Pharma, are currently advancing their IPO processes in Hong Kong [2]. Group 2: Policy and Capital Drivers - Recent policy relaxations have facilitated the listing of unprofitable biotech companies on the Hong Kong stock exchange, a first among major global capital markets [3]. - A fast-track listing channel for A-share companies with a market value of over 10 billion yuan will be introduced in October 2024, significantly improving listing efficiency [3]. - The tightening of A-share IPO reviews and geopolitical uncertainties affecting the U.S. market have made Hong Kong a more attractive financing destination due to its high degree of internationalization and capital flow freedom [3]. Group 3: Globalization Strategy - The surge in Hong Kong listings reflects a deepening globalization strategy within China's biopharmaceutical industry [4]. - The Hong Kong market serves as an international capital hub, providing a platform for direct dialogue between pharmaceutical companies and international investors, with foreign ownership in the healthcare sector reaching 34% in Q1 2025 [4]. - Listing in Hong Kong helps companies establish international market recognition, facilitating overseas clinical trials and patent negotiations, as evidenced by Junshi Biosciences' record overseas licensing deal for its PD-1 antibody [4]. Conclusion - The continuous policy iterations by the Hong Kong Stock Exchange have aligned with the capital needs of the industry, enabling pharmaceutical companies to expand their global resource allocation and participate in international competition [5]. - The current influx of companies into the Hong Kong market represents not only an expansion of financing channels but also a strategic pivot for Chinese innovative pharmaceutical firms aiming to secure a position in the global biopharmaceutical landscape [5].

Core Insights - The article highlights the importance of patents in measuring the innovation capability of companies in the pharmaceutical sector, specifically focusing on Funo Pharmaceutical's eight invention patents that cover critical areas such as drug preparation methods and new drug components [2][4]. Group 1: Patent and Innovation - Funo Pharmaceutical has developed eight invention patents, including methods for preparing Sulfate Polymyxin B and fermentation processes for Sulfate Neomycin, leading to the creation of the Chinese version of the Triple Antibiotic Ointment [2][4]. - The patented formulation has demonstrated a 34% increase in wound healing speed, showcasing the company's technological advantages in core ingredient purification and production [2][4]. Group 2: Market Position and Sales - Funo Pharmaceutical's compound Polymyxin B ointment has maintained the top sales position in China's hospital and outpatient antibiotic market for nine consecutive years, with annual sales exceeding 440 million yuan, which translates to an average of one unit sold every two seconds [4][5]. - The company has established three major R&D platforms in collaboration with top institutions, enhancing its competitive edge in the skin topical medication market [4]. Group 3: Brand Strategy and Consumer Engagement - Funo Pharmaceutical employs a dual-track strategy to enhance product strength and brand development, focusing on the efficacy of its core product, Funo Ointment, which combines three antibiotics for rapid bacterial elimination and wound healing [5][7]. - The company actively engages in brand communication to address public misconceptions about wound treatment, launching initiatives like the "Wound Healing Week" to raise awareness and promote its product's benefits [7][9]. Group 4: Recognition and Achievements - Funo Pharmaceutical has received numerous certifications and honors, including recognition as a top growth technology company and various provincial accolades, reflecting its technological depth and industry acknowledgment [7][9].