智通财经APP获悉，国元国际发布研报称，神威药业(02877)中药创新研发进展顺利，核心产品塞络通胶 囊（针对血管性痴呆的创新中药）已完成III期临床试验，预计2026年获批、2027年上市。目前受集采影 响，营收与毛利率承压，未来随着新药上市，产品结构将优化，业绩有望恢复增长。给予"买入"评级， 目标价10.04港元/股。 2025年前三季度营业额为人民币24.15亿元，同比减少16.3%。分品种：注射液产品：2025年前三季度营 业额为人民币7.86亿元，同比减少23.6%。软胶囊产品：营业额为人民币3.37亿元，同比减少13.7%。颗 粒剂产品：营业额为人民币3.91亿元，同比减少14.5%。中药配方颗粒产品：营业额为人民币7.26亿 元，同比减少11.8%。营收下降的主要原因是中药品种纳入集采的影响。2025年中期毛利率由去年同期 的75.3%下降至72.2%，主因是中药材采购成本上升及全国中成药集采带来的价格压力。净利率则由 30.0%提升至37.2%，主要得益于销售及分销成本同比下降20.7%，行政开支下降12.9%。经营活动现金 流净额为5.66亿元，同比增长0.4%，显示公司控费增效显著。公司 ...

创新中药头部企业以岭药业再有一款新药通过谈判，被纳入国家医保目录。 近日，国家医保局公布了《国家基本医疗保险、生育保险和工商保险药品目录(2025年)》，以岭药业独 家品种芪防鼻通片位列其中，成为新进目录的中成药。 以岭药业董事长吴相君在2025创新药高质量发展大会上发言时指出，治疗过敏性鼻炎的芪防鼻通片获批 纳入医保目录，成为以岭药业第5个通过国家医保谈判的创新中药。这既是对企业创新价值的认可，更 是企业沉甸甸的责任。以岭药业将充分发挥理论创新和研发生产优势，全力做好药品供应保障。 行业人士表示，今年医保调整，体现出医保部门对创新药"真支持创新、支持真创新、支持差异化创 新"的导向。 今年1月，以岭药业发布公告称，芪防鼻通片新药注册申请获正式批准，注册分类为中药1.1类创新药； 7月，芪防鼻通片通过澳门特别行政区政府药物监督管理局注册审批，成为首个在澳门获批注册的创新 中药。 芪防鼻通片治疗过敏性鼻炎(肺脾两虚证)有效性和安全性的多中心、随机、双盲、安慰剂平行对照的Ⅲ 期临床试验结果在国际SCI期刊《民族药理学》杂志刊发。研究显示，芪防鼻通片能显著改善过敏性鼻 炎患者的鼻部症状、眼部症状和全身症状。在鼻部症 ...

儿童用药的"良药不苦口"一直是业界的追求。玉森新药研发团队以患儿为中心，将中药口服液的口感 差、低载药量、产品稳定性差易出沉淀这三大核心难题作为攻关重点。通过技术创新，显著提高中药口 服液口感，提高儿童服药顺应性，减轻家长喂药负担，提高中药口服液载药量的同时保障产品有效期内 无沉淀。 消腺止鼾口服液从立项到工艺开发，全程由玉森新药自主完成，在完成关键技术攻关与成果积累后，与 四川现代中药创新技术有限公司共同推动成果产业化，实现了研发价值的高效转化。 苏州玉森新药开发有限公司(以下简称"玉森新药")在新药研发方面"双喜临门（603008）"。作为一家专 注于中药创新研发的高新技术企业，苏州玉森以临床价值为导向，致力于中药现代化研究和创新药物开 发。多年来，公司在儿科、呼吸科、心脑血管等领域积累了丰富的研发经验，形成从药物发现、临床前 研究到产业化开发的完整创新体系。 就在12月3日，由玉森新药立项并研发的创新中药——消腺止鼾口服液正式获得国家药品监督管理局的 临床试验批件，标志着国内腺样体肥大儿童患者将迎来首个具有明确中医理论支持、口感良好、质量稳 定的中药口服液，这一里程碑成果展现出玉森新药在新药研发领域深厚 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [6][12]. Core Views - The recent approval of a new indication for the innovative drug Puyouke for acute ischemic stroke treatment validates the company's R&D capabilities and enhances its market competitiveness [2][12]. - The approval of the new indication is expected to expand the sales potential of Puyouke, which is a first-class biological innovative drug supported by national major drug creation projects [12]. - The report forecasts earnings per share (EPS) for 2025-2027 to be 0.77, 0.83, and 0.89 yuan respectively, with a target price set at 19.25 yuan based on a price-to-earnings (PE) ratio of 25X for 2025 [12][13]. Financial Summary - Total revenue is projected to be 8,674 million yuan in 2023, with a slight decrease to 8,498 million yuan in 2024, followed by a recovery to 8,649 million yuan in 2025, and further growth to 9,071 million yuan in 2026 and 9,548 million yuan in 2027 [4][13]. - Net profit attributable to the parent company is expected to rise significantly from 1,071 million yuan in 2023 to 1,325 million yuan in 2027, reflecting a growth rate of 505.3% in 2023 followed by a decline of 10.8% in 2024, and then a steady increase in subsequent years [4][13]. - The company’s return on equity (ROE) is projected to improve from 8.7% in 2023 to 9.6% in 2027, indicating enhanced profitability [4][13]. Market Data - The company's stock has a 52-week price range of 13.61 to 17.41 yuan, with a total market capitalization of 24,187 million yuan [7][12]. - The current stock price is 16.19 yuan, which is below the target price of 19.25 yuan, suggesting potential upside for investors [12][13].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [7][9]. Core Insights - The company achieved a revenue of 4.04 billion yuan in the first half of 2025, reflecting a year-on-year decrease of 12.26%, while the net profit attributable to shareholders increased by 26.03% to 669 million yuan [4]. - The company is in a recovery phase, with projected revenues for 2025 and 2026 adjusted to 87.95 billion yuan and 98.65 billion yuan, respectively, down from previous estimates [9]. - The gross profit margin improved to 59.48% in the first half of 2025, up by 6.11 percentage points year-on-year, indicating effective cost control [8]. Financial Performance Summary - The company reported a net profit margin of 16.47% in the first half of 2025, an increase of 5.03 percentage points year-on-year [8]. - The revenue forecast for 2025 is set at 87.95 billion yuan, with a net profit forecast of 12.70 billion yuan, reflecting a significant recovery from previous years [9]. - The company’s earnings per share (EPS) is projected to be 0.76 yuan in 2025, with a price-to-earnings (P/E) ratio of 21.3 times [7][9]. R&D and Product Development - The company continues to advance its innovation in traditional Chinese medicine and biopharmaceuticals, with several new drug applications currently under review [8]. - As of the first half of 2025, four innovative drug candidates have entered clinical stages, showcasing the company's commitment to R&D [6][8].

Report 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].

Group 1 - The company held an investor relations event with 10 institutions, including Morgan Stanley Fund and Caitong Fund, on August 26, 2025, in Shanghai [1] - The company is advancing multiple research pipelines in important therapeutic areas, including oncology, cardiovascular, gynecology, and urology, with significant progress in clinical trials and drug development [2] - The company has made substantial investments in Huilun Pharmaceutical, focusing on major diseases and critical care, with nearly 20 innovative drug research pipelines expected to enter clinical phases by the end of the year [3] Group 2 - The company has not been affected by centralized procurement due to its unique patented products and is increasing investment in the OTC market while enhancing brand building [4] - The company experienced a decline in operating performance in the first half of 2025 due to rising raw material prices and changes in the pharmaceutical industry, but anticipates a return to stable growth as raw material prices decrease [4] - The company emphasizes the importance of traditional Chinese medicine innovation in the pharmaceutical industry and has established a comprehensive R&D platform to ensure balanced strategic development and shareholder returns [5]

R&D Pipeline and Innovations - The company has three ongoing 1.1 class clinical phase III projects and has made breakthroughs in other important therapeutic areas, including oncology, cardiovascular, gynecology, and urology [2][3]. - In the oncology field, a modified new drug for auxiliary treatment has been submitted for IND approval in July 2025 [2]. - The company is advancing a 1.1 class innovative drug for treating benign prostatic hyperplasia and related symptoms [2]. Product Development and Clinical Research - The company has achieved significant results in the secondary development of existing products, such as Kun Tai capsules, which have shown efficacy in alleviating perimenopausal syndrome and improving reproductive health [3]. - The company’s product Kushi Gel has been rated as A-level clinical value, demonstrating its effectiveness in maintaining vaginal microecological balance [3]. - The company is conducting a multi-center, randomized, double-blind clinical trial for Ning Mi Tai capsules, approved by the National Medical Products Administration [3]. Investment in Subsidiaries - The company has increased its investment in Huilun Pharmaceutical, recognizing its innovative capabilities and complete commercialization experience [4][5]. - Huilun Pharmaceutical has nearly 20 small molecule drug innovation projects, with over ten expected to enter clinical phases by the end of 2025 [4]. Market Strategy and Challenges - The company’s main products are currently not affected by centralized procurement policies due to their unique patent status [7]. - The company plans to enhance its OTC market presence and brand building to mitigate the impact of market fluctuations [7]. - Rising raw material costs and industry policy changes have led to a temporary decline in revenue, prompting the company to adjust its marketing strategies and strengthen cost control [8][9]. Future Outlook and R&D Focus - The company emphasizes the importance of traditional Chinese medicine (TCM) innovation, aligning with national policy support and market demand for chronic disease treatment [10]. - A balanced approach to short-term and long-term R&D investments is crucial for sustainable growth and shareholder returns [11].

Group 1: R&D Investment and Strategy - The company increased R&D investment to CNY 59.6174 million in 2024, a year-on-year growth of 5.31%, accounting for 6.95% of revenue [2] - The company aims to enhance innovation capabilities through increased R&D budget and resource allocation, focusing on long-term pharmaceutical logic [2] - Multiple 1.1 category traditional Chinese medicine (TCM) innovative drugs are in preclinical research, with clinical applications expected in the next three years [2] Group 2: Revenue Growth Points - The company focuses on clinical value and has established a comprehensive R&D platform covering the entire lifecycle of TCM products [3] - Key growth strategies include upgrading existing products, developing new indications, and enhancing market capabilities through improved sales channels [3] - The company aims to strengthen its market presence in the gynecology and urology sectors, leveraging its innovative TCM products [3] Group 3: Industry Performance and Competitive Advantages - The TCM industry faces short-term fluctuations due to supply-demand imbalances and rising raw material costs [4] - The company has established competitive advantages through unique product offerings, resource and cost leadership, and a focus on quality management [5] - The company emphasizes continuous R&D investment and has a rich pipeline of innovative TCM products [5] Group 4: Financial Performance and Cost Management - The company experienced a decline in performance in 2024 due to rising raw material costs and increased R&D and financial expenses [7] - Cost control will be a priority in 2025, focusing on reducing costs and managing expenses effectively [7] - Marketing and management expenses showed a noticeable decrease, but direct costs continue to rise [7] Group 5: Future Development Strategy - The company aims to enhance its R&D capabilities and product competitiveness while focusing on cost management [9] - Plans include expanding the TCM product matrix and improving the efficiency of existing products [10] - The company will establish a quality standard system for TCM materials to enhance business channels and extend the industrial chain [12] Group 6: Shareholder Returns and Market Position - The company has a history of cash dividends, with a total of CNY 137 million in cash dividends and share buybacks in 2024, representing 262.30% of net profit [13] - A shareholder return plan for 2024-2026 has been proposed to ensure stable and continuous returns [19] - The company is committed to improving operational management and enhancing product competitiveness to boost investor confidence [21]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The Chinese traditional medicine sector is expected to experience a relative recovery in 2025, with opportunities in key lines and individual stocks [4][12] - The overall market demand is gradually recovering due to the end of the pandemic and the impact of influenza, leading to a high base and inventory digestion pressure in 2024 [4][12] - The State Council's March 2025 document supports the quality improvement of traditional Chinese medicine, which is expected to stimulate innovation and commercialization of high-quality products [5][13] Summary by Sections Industry Trends - In April 2025, the pharmaceutical and biotechnology sector rose by 1.16%, outperforming the CSI 300 index by 0.77 percentage points [6][15] - The medical research outsourcing sector saw the largest increase of 6.34%, while the vaccine sector experienced the largest decline of 3.78% [20][21] Investment Opportunities - Four main investment lines are identified: 1. Innovative R&D-focused companies with strong capabilities, benefiting from accelerated approvals and optimized procurement, recommended stocks include Fangsheng Pharmaceutical, Yuyuan Pharmaceutical, Tianshili, and Yiling Pharmaceutical [5][14] 2. State-owned enterprises undergoing operational efficiency improvements, recommended stocks include Dong'e Ejiao, Jiangzhong Pharmaceutical, and Kunming Pharmaceutical [5][14] 3. Companies with strong brand power and relatively scarce products, recommended stocks include Zoli Pharmaceutical and Lingrui Pharmaceutical [5][14] 4. Companies experiencing turnaround and valuation recovery, recommended stock includes Jichuan Pharmaceutical [5][14] Market Performance - The traditional Chinese medicine sector has faced pressure since the pandemic, but the situation is expected to improve in 2025 as macro disturbances ease [4][12] - The price index of traditional Chinese medicine materials has been declining since mid-July 2024, which is expected to alleviate the gross margin pressure on companies in 2025 [5][12]