Group 1 - The core viewpoint of the article highlights that Kanghong Pharmaceutical is a leading company in the ophthalmic drug sector, with its cancer drug research shaping a second growth curve [1] - The company's product, Conbercept, has been approved for multiple indications, including wet age-related macular degeneration, retinal vein occlusion secondary to macular edema, diabetic macular edema, and choroidal neovascularization, making its number of indications second only to Ranibizumab and more than Aflibercept, Faricimab, and Brolucizumab [1] - The minimum bid price for Conbercept is set at 3452.8 yuan, which is considered moderate, indicating strong comprehensive competitiveness in the market [1] Group 2 - The traditional Chinese medicine segment of the company is experiencing steady growth, and there is significant potential for new drugs targeting Alzheimer's disease [1] - The company is focusing on innovative cancer drugs, with the KH815 dual-load design expected to enhance molecular efficacy [1] - The report expresses optimism about the company's future development, initiating coverage with a "buy" rating, projecting a 2025 PE of 36X and a target price of 51.84 yuan per share [1]