克拉霉素用于治疗对克拉霉素敏感的病原体所引起的感染。有关统计数据显示，2024年中国公立医疗机 构克拉霉素销售额约人民币11.23亿元。 本品作为血管紧张素II拮抗剂的复方药物，属于《国家基本医疗保险、工伤保险和生育保险药品目录 (2025年)》乙类品种。据相关数据库统计显示，2024年中国公立医疗机构沙库巴曲缬沙坦钠片销售额约 49亿元，全球销售额约85.45亿美元。 米诺地尔作为一种周围血管舒张药，局部长期使用时，可刺激男性型脱发和斑秃患者的毛发生长，其中 5%(60ml：3g)规格仅限男性使用。本品为非处方药，据相关数据显示，2024年中国公立医疗机构销售 额达23.6亿元。 近日，新华制药（000756）沙库巴曲缬沙坦钠片、米诺地尔搽剂[2%(60ml：1.2g)，5%(60ml：3.0g)]， 子公司新达制药克拉霉素干混悬剂同时取得国家药品监督管理局下发的《药品注册证书》，批准上市生 产。 据了解，沙库巴曲缬沙坦钠片由诺华开发，最早于2015年在美国获批上市，是全球首款心衰治疗领域的 突破性创新药，2017年正式进入中国市场，被《心衰指南》推荐为能显著降低心衰患者死亡率的首选药 物，并被《2023年 ...

Core Viewpoint - Dongyangguang Pharmaceutical is planning to absorb and merge Dongyangguang Changjiang Pharmaceutical and list on the Hong Kong Stock Exchange, with a focus on maintaining its competitive edge in the antiviral drug market, particularly oseltamivir [1][4][10]. Group 1: Company Overview - Dongyangguang Pharmaceutical is a comprehensive pharmaceutical company engaged in the research, production, and commercialization of drugs, focusing on infection, chronic diseases, and oncology [4]. - The company has submitted its application for listing on the Hong Kong Stock Exchange and aims to complete the merger with Dongyangguang Changjiang Pharmaceutical, which will lead to the latter's delisting [1][4]. Group 2: Financial Performance - The revenue and net profit of Dongyangguang Pharmaceutical have shown significant fluctuations from 2022 to 2024, with revenues of approximately 3.814 billion, 6.386 billion, and 4.019 billion yuan, and net profits of -1.416 billion, 1.014 billion, and 24.803 million yuan respectively [10]. - The sales revenue from oseltamivir (including the best-selling product Kewai) accounted for 81.2%, 86.9%, and 64.2% of annual revenue from 2022 to 2024 [7]. Group 3: Market Position and Competition - The company faces intense competition in the antiviral drug market, with over 120 pharmaceutical companies producing flu medications and more than 70 companies manufacturing oseltamivir [9]. - The market for antiviral drugs in China is projected to reach 6.7 billion yuan by 2024, with oseltamivir expected to generate sales of 4.7 billion yuan, representing 70.3% of the market share [9]. Group 4: Product Dependency and Risks - Dongyangguang Pharmaceutical is heavily reliant on oseltamivir, which poses risks as the market becomes more competitive following the expiration of key patents [8][11]. - The company has seen a gradual increase in revenue from chronic disease treatments, with sales from these products rising from 517 million to 1.068 billion yuan from 2022 to 2024, indicating a potential diversification strategy [11].

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [1] Core Views - The report highlights that the operating turning point for Guobang Pharmaceutical is evident, with the animal health business expected to contribute significantly to performance elasticity [5][13] - The pharmaceutical raw materials sector is maintaining a high level of prosperity due to upstream intermediate supply constraints and sustained post-pandemic demand [6][27] - The animal health raw materials sector is nearing the end of a market clearing phase, with prices for strong antibiotics showing a continuous recovery [7][42] Summary by Sections Guobang Pharmaceutical - Guobang Pharmaceutical has shown steady revenue growth, increasing from 4.206 billion in 2020 to 5.891 billion in 2024, with profits stabilizing around 800 million [13][14] - The gross margin for animal health raw materials has decreased significantly, reaching a historical low of 18.9% in 2024, while the gross margin for pharmaceutical raw materials has improved to 28.4% [17][19] - The company is experiencing a recovery in profitability, with gross margin, net margin, and ROE showing signs of improvement in 2024 [19][25] Pharmaceutical Raw Materials - The pharmaceutical raw materials segment, particularly macrolide antibiotics, is expected to maintain high profitability due to limited upstream supply and stable demand growth [6][27] - Key products include Azithromycin, Clarithromycin, and Roxithromycin, with the core raw material being thiocyanate erythromycin, which is crucial for production [27][30] Animal Health Raw Materials - The animal health raw materials market is stabilizing, with strong antibiotic prices recovering after a prolonged decline [7][42] - The market for strong antibiotics has shifted from over ten competitors to about three major players, with Guobang Pharmaceutical holding a significant market share [7][49] - The price of Florfenicol has dropped significantly from 500 RMB/kg in 2022 to around 180 RMB/kg in 2024, but is now showing signs of stabilization [7][50] Market Performance - In May, the pharmaceutical and biotechnology sector rose by 1.78%, outperforming the CSI 300 index by 1.96 percentage points, ranking first among 31 sub-industries [55][60] - The other biopharmaceutical sub-sector showed the highest growth, while the hospital sector experienced the largest decline [60][61]