Core Viewpoint - The company, Renhe Pharmaceutical, confirmed the availability of several influenza treatment medications and emphasized its commitment to ensuring stable production and supply to meet market demand [2]. Product Information - The company currently sells influenza treatment medications including Oseltamivir Phosphate Capsules, Ibuprofen Sustained-Release Capsules, Amoxicillin Capsules, Compound Aminophenol and Amantadine Capsules, Strong Loquat Capsules, and Pediatric Acetaminophen Granules [2]. - In addition to these, the company offers various medications for symptoms related to influenza-like illnesses, providing consumers with multiple options for symptomatic relief [2]. Supply Assurance - The company has prioritized the supply of these influenza-related medications to ensure they meet market demand effectively [2].

Core Viewpoint - The company has received approval from the National Medical Products Administration for the addition of a 45mg specification of Oseltamivir Phosphate capsules, expanding its product offerings in the antiviral market [1][2]. Company Summary - The company's wholly-owned subsidiary, Guangzhou Yipinhong Pharmaceutical Co., Ltd., has been granted a drug supplement application approval for Oseltamivir Phosphate capsules, allowing for a new 45mg specification alongside the existing 75mg [1]. - The approved indications for Oseltamivir Phosphate capsules include treatment for influenza A and B in adults and children aged one year and older, with a recommendation for use within 48 hours of symptom onset [1]. - The company has made changes to the excipient quantities, packaging materials, and registration standards as part of the approval process, with a validity period of 12 months for the new production process and quality standards [1]. Industry Summary - Oseltamivir Phosphate is a neuraminidase inhibitor recommended by the World Health Organization (WHO) and is a first-line antiviral drug for influenza as per the 2025 edition of the Influenza Diagnosis and Treatment Plan [2]. - The drug is classified as a Category B product under the national medical insurance scheme and is included in the 2018 version of the essential drug list in China [2]. - According to data from Minet, the sales revenue of Oseltamivir in Chinese urban public hospitals and county-level public hospitals is projected to be approximately 322.571 million RMB in 2024 [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is under pressure in the short term, but the innovation pipeline is gradually entering a harvest period [8] - The company achieved a revenue of 2.749 billion yuan in H1 2025, a year-on-year decline of 31.87%, and a net profit attributable to shareholders of 724 million yuan, down 45.87% [8] - The decline in performance is primarily due to changes in terminal demand and the impact of centralized procurement policies [8] - The company is actively responding to industry changes, maintaining healthy inventory levels and price controls [8] - The sales of respiratory products are expected to gradually recover as consumer purchasing behavior normalizes [8] - The company has completed the listing application for a new pediatric constipation drug, which is expected to be the first of its kind in the market [8] - The company has received approval for a new drug for influenza treatment, which has the potential to become a major product in the market [8] - The profit forecast for 2025-2026 has been adjusted downwards due to the overall market environment, with net profits expected to be 1.58 billion yuan and 1.78 billion yuan respectively [8] Financial Summary - Total revenue for 2023 is projected at 9.655 billion yuan, with a year-on-year growth of 7.32% [1] - The net profit attributable to shareholders for 2023 is projected at 2.823 billion yuan, with a year-on-year growth of 30.04% [1] - The earnings per share (EPS) for 2023 is estimated at 3.07 yuan [1] - The price-to-earnings (P/E) ratio for the current price and latest diluted EPS is 8.63 [1] - The company's total assets are projected to reach 18.459 billion yuan by 2024 [9] - The company's total liabilities are projected to be 3.733 billion yuan by 2024 [9]

Core Viewpoint - Jincheng Pharmaceutical's subsidiary, Beijing Jincheng Tail Pharmaceutical Co., Ltd., has received the CEP certificate for Oseltamivir phosphate, indicating compliance with European Pharmacopoeia standards, which allows for sales in the European market [1] Company Summary - The CEP certificate enhances Jincheng Tail's product portfolio and supports its expansion into overseas markets, thereby increasing its competitiveness in the active pharmaceutical ingredient (API) market [1] - Oseltamivir phosphate is a selective neuraminidase inhibitor for influenza treatment, developed by Roche, and is available in various formulations including capsules, granules, and dry suspensions [1] Industry Summary - According to IMS data, the global sales of Oseltamivir formulations were $874 million in 2023, with an API consumption of 69.99 tons, projected to increase to $1.017 billion in 2024 with an API consumption of 92.31 tons [1]