Summary of Conference Call for Jianyou Co., Ltd. Industry Overview - **Heparin API Market**: The non-compliant market is expected to recover by 5%-10% in 2025, with the compliant market price around 40,000 yuan. The global reduction in heparin formulation usage and inventory impacts sales, but impairment reversal measures may mitigate gross profit losses in the API segment [2][3][18]. Core Insights and Arguments - **European Market Strategy**: The company is accelerating its European market expansion, aiming to complete 40 product approvals within two years. It anticipates generating annual revenue of $150 million to $200 million by 2027-2028, utilizing a self-built sales team and local partnerships [2][5]. - **Gross Margin by Product Type**: Heparin formulations have a low gross margin of about 30%, while non-heparin small molecule drugs have a gross margin of approximately 50%. Large molecule biopharmaceuticals can achieve gross margins of 80%-90%, indicating significant differences across product types [2][6]. - **Sales Targets for Large Molecule Drugs**: The company has set sales targets for its large molecule segment at $100 million, $300 million, and $500 million for 2025, 2026, and 2027, respectively. Sales of adalimumab and liraglutide are expected to exceed $120 million in 2025, with the overall large molecule segment potentially reaching $200 million [2][7]. - **Product Selection Strategy**: The company prioritizes products for hospital management and chain pharmacies, focusing on biopharmaceuticals, particularly non-oncological, autoimmune, or monoclonal antibody products, while actively promoting innovative clinical research [2][9]. - **Upcoming Product Launches**: Three insulin products are expected to gradually launch in the second half of 2026, with at least one to two self-developed biosimilar products launched annually starting in 2026 [2][10]. Additional Important Insights - **Impact of Tariffs**: The 20% tariff on Chinese pharmaceutical products will affect gross margins, potentially reducing net profit by approximately $10 million in 2025. The company is negotiating with Sanofi to share tariff burdens [2][13]. - **Currency Fluctuations**: The company faces significant financial exposure due to currency fluctuations in 2025, with plans for observation and hedging operations, particularly with the euro [2][14]. - **Production Line Plans**: From 2025 to 2027, the company plans to build two to three production lines annually, with construction costs not exceeding $20 million per year [2][16]. - **Liraglutide Orders and Pricing**: Since its launch in April, liraglutide has received approximately 750,000 orders, with a net price of about $60 per unit and terminal prices ranging from $80 to $100 [2][17]. - **2025 Performance Guidance**: The company expects 2025 revenue to be around $1 billion to $1.1 billion, with a net gross profit increase of approximately $32.5 million, despite a reduction in gross profit from the API segment [2][23].

根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的转发。若您不是华创证券客户中的金融机构专业投资者，请勿订 阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 高端注射剂平台建成，健友股份 3.0 To 2030 。 健友股份的前身健友生化厂于 1991 年成立，在创立以来三十余年的时间，公司始终保持 着前瞻的战略眼光和高效的执行力。目前健友股份产品管线丰富，业务涵盖无菌注射剂、肝素原料药、 CDMO 及生物药创新，立足中 美，拓展全球。回顾公司的发展历程，我们认为公司的成长模式和核心竞争力均已得到了较为充分的验证，并展现出广阔的成长空间。 原料药制剂一体化：肝素价稳筑基，制剂蓄势待发 。 健友股份作为国内肝素原料药及制剂一体化的龙头企业，凭借其在肝素产业链上的 完整布局，奠定了公司发展的坚实基础。公司不仅在肝素原料药领域占据重要地位，也通过制剂一体化战略，形成了从研发、生产到销 售的完整产业链条。 制剂出口 1 ：依诺肝素开篇，高端注射剂接力。 公司以依诺肝素制剂全球化突破为起点 ...

Core Viewpoint - The article emphasizes the growth potential and strategic positioning of Jianyou Co., highlighting its comprehensive capabilities in high-end injectable drugs and the integration of raw materials and formulations, particularly in the heparin sector, as well as its expansion into biosimilars and innovative drugs. Group 1: High-End Injectable Drug Platform - Jianyou Co. has established a high-end injectable drug platform, showcasing a rich product pipeline that includes sterile injectables, heparin raw materials, CDMO, and biopharmaceutical innovations, with a focus on expanding globally from a strong base in China and the U.S. [2][6] - The company has a solid foundation in the heparin industry, being a leading player in the integrated raw material and formulation sector, which supports its growth trajectory [16][20]. Group 2: Export of Formulations - The company has successfully launched its enoxaparin formulations globally since 2019, becoming a key driver of overseas revenue growth, leveraging FDA/EMA certifications to access emerging markets [29][30]. - As of the end of 2024, Jianyou Co. has obtained 82 approved ANDA products in the U.S., with plans to accelerate penetration into Europe and emerging markets [29][35]. Group 3: Biosimilars and Innovative Drugs - Jianyou Co. is transitioning towards biosimilars and innovative drugs, capitalizing on its manufacturing expertise to explore broader market opportunities, particularly in the U.S. biosimilar market, which is projected to exceed $40 billion by 2027 [4][53]. - The company has made strategic acquisitions, such as the purchase of Coherus' adalimumab biosimilar, to enhance its market position in the U.S. [62]. Group 4: Financial Performance and Projections - For the first three quarters of 2024, the company reported revenues of 3.088 billion yuan, with a net profit of 606 million yuan, reflecting a year-on-year decline of 27.83% [10]. - The projected net profits for 2024-2026 are 816 million, 1.108 billion, and 1.478 billion yuan, respectively, indicating a recovery and growth trajectory [4][10]. Group 5: Market Position and Competitive Landscape - The U.S. injectable generic drug market is characterized by high barriers to entry, with significant growth potential, as evidenced by the market size of $15-20 billion and a projected CAGR in the high single digits [37][49]. - Jianyou Co. is positioned to compete effectively against established players like Hikma, with a focus on leveraging its integrated manufacturing and cost advantages to enhance profitability [49][50].