Group 1 - The company, Jiutian Pharmaceutical, stated that its current R&D progress is in line with expectations [1] - The company aims to continuously develop the "JiuYue" patch brand, leveraging first-mover advantage, channel advantage, and cost advantage [1] - The company is committed to deepening its influence in the transdermal drug delivery field and further solidifying its leading position in the industry [1]

Group 1: Company Overview and Strategy - The company has a complete industrial chain layout, enabling self-production of active pharmaceutical ingredients and key excipients, ensuring product quality while effectively controlling costs [2][5] - The company plans to increase investment in the outpatient market, which has become a new growth engine for performance [2] - The company maintains high investment in R&D to continuously innovate and expand its product line, particularly focusing on the "JiuYue" brand in the transdermal drug delivery field [2][3] Group 2: Market Response and Pricing Strategy - The company will actively respond to the impact of competitor product approvals by optimizing cost structures and enhancing innovation capabilities [2][4] - With the nationwide implementation of centralized drug procurement policies, drug prices are expected to decline, necessitating continuous strategic adjustments by pharmaceutical manufacturers [4] Group 3: Financial Projections - For 2025, the company expects a revenue growth of 10-20% year-on-year, with a similar increase in net profit after deducting non-recurring items [6][7] - The company's operational plans and sales forecasts are subject to market conditions and regulatory environments, indicating significant uncertainty [7] Group 4: M&A Strategy - The company will consider multiple directions for mergers and acquisitions, focusing on targets that align with its development strategy, enhance technological capabilities, and enrich its product pipeline [7]

九典制药：招商证券、鹏扬基金等多家机构于3月25 日调研我司 证券之星消息，2025年3月25日九典制药（300705）发布公告称招商证券、鹏扬基金、圆信永丰基金 于2025年3月25日调研我司。 具体内容如下： 问：公司如何看待竞品获批对公司的影响？ 答：对于竞品获批公司将积极应对。在成本端，凭借完整的产业链布局，公司能够自主生产原料药和 关键辅料，确保产品质量的同时有效控制成本。在销售端，公司已建立起全渠道覆盖体系，特别是院外市 场，已成为业绩增长的新引擎，公司计划继续加大投入，以期在市场中占据更大份额。在研发端，公司始 终保持对研发的高投入，不断推陈出新，拓宽产品线。同时，公司将持续打造"久悦"贴膏品牌，通过先发 优势、渠道优势及成本优势等，致力于在经皮给药领域深化影响力，进一步稳固行业领先地位。 问：洛索洛芬钠凝胶贴膏在广东联盟集采的接续情况是怎样的？ 问：公司氟比洛芬凝胶贴膏预计何时获批？ 答：公司预计氟比洛芬凝胶贴膏将于今年底获批。 答：截至目前，洛索洛芬钠凝胶贴膏在广东联盟集采的接续工作尚处于报量阶段，采购文件暂未正式 发布。未来公司将持续关注广东联盟及全国集采相关动态，积极参与投标及接续工作。 ...

Group 1: Company Strategy and Market Position - The company plans to actively respond to the impact of competitor product approvals by leveraging its complete industrial chain to control costs and ensure product quality [2] - A full-channel coverage system has been established, particularly in the outpatient market, which has become a new growth engine for performance [2] - Continuous high investment in R&D is maintained to innovate and expand the product line, with a focus on strengthening the "JiuYue" brand in the transdermal drug delivery sector [2] Group 2: Product Development and Market Expansion - The company is currently in the reporting phase for the procurement of the Loxoprofen Sodium Gel Patch in the Guangdong Alliance, with procurement documents not yet officially released [3] - Plans to enhance sales strategies for the Loxoprofen Sodium Gel Patch include increasing resource allocation to the outpatient market to boost market influence [4] - As of December 31, 2024, over 2,000 hospitals have been developed for the Ketoprofen Gel Patch, including more than 1,000 tier 2 and tier 3 hospitals [5] Group 3: Consumer Demographics and Product Approval - The primary consumer demographics for the Loxoprofen Sodium Gel Patch in retail pharmacies include patients with osteoarthritis, muscle pain, injuries, elderly individuals, laborers, and athletes [6] - The company anticipates that the Fluorobiprofen Gel Patch will be approved by the end of this year [7] Group 4: Share Buyback Progress - The company conducted its first share buyback on March 13, 2025, through centralized bidding, with details available in the recent announcement on the Giant Tide Information Network [8]

Market Overview - The transdermal patch industry is experiencing rapid growth due to factors such as an aging population facing chronic pain issues like arthritis and muscle pain, which increases market demand for patch products [2][3] - Public awareness of scientific medication and health management is rising, leading to a preference for convenient and safe external medications like transdermal patches [2][3] Company Advantages - The company benefits from a complete industrial chain, allowing for in-house production of active pharmaceutical ingredients and key excipients, ensuring product quality while controlling costs [3][8] - A comprehensive sales channel system has been established, particularly in the outpatient market, which is a new growth engine for performance [3] - Continuous high investment in R&D enables the company to innovate and expand its product line, enhancing its competitive edge [3][8] Product Strategy - The company is optimistic about the market prospects for its anti-inflammatory and analgesic patches, focusing on OTC channels and leveraging shared sales resources to boost sales [4] - The sales team consists of over 400 personnel, enhancing the company's market reach [5] Marketing and Promotion - Multi-channel collaboration strategies are employed for OTC promotion, integrating online and offline channels, including partnerships with pharmacies and e-commerce platforms [6][10] - The company emphasizes patient education and conducts health seminars to enhance consumer experience and trust [7] Future Directions - The company plans to focus on three key areas: expanding sales channels, particularly in outpatient markets, enhancing brand influence, and increasing R&D efforts for new product development [12][13] - Continuous optimization of production processes and cost control mechanisms will be prioritized to ensure efficient operations and good returns for shareholders [13] M&A Strategy - The company will consider various directions for mergers and acquisitions, focusing on targets that align with its strategic development, enhance market competitiveness, and enrich its product pipeline [11]