格隆汇10月9日丨金城医药（维权）(300233.SZ)公布，全资子公司北京金城泰尔制药有限公司于近日收 到国家药品监督管理局下发的《化学原料药上市申请批准通知书》，化学原料药名称：克立硼罗。克立 硼罗是一种磷酸二酯酶4（PDE-4）抑制剂，其制剂克立硼罗软膏适用于3月龄及以上轻度至中度特应性 皮炎患者的局部外用治疗。 ...

Core Viewpoint - Jincheng Pharmaceutical's subsidiary, Beijing Jincheng Tail Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the marketing application of the chemical raw material drug, Clobetasol [1] Group 1: Company Information - Clobetasol is a phosphodiesterase 4 (PDE-4) inhibitor, indicated for topical treatment of mild to moderate atopic dermatitis in patients aged 3 months and older [1] - The company has 22 competitors in China with A registration status for Clobetasol raw materials [1] Group 2: Market Data - According to IMS data, the global sales figures for Clobetasol formulations are projected to be $224 million in 2022, $206 million in 2023, and $196 million in 2024 [1] - The consumption of Clobetasol raw materials is expected to be 706.68 kg in 2022, 963.57 kg in 2023, and 1118.43 kg in 2024 [1]

Core Viewpoint - Jincheng Pharmaceutical's subsidiary has received approval for the marketing application of Clobetasol, a PDE-4 inhibitor, for treating mild to moderate atopic dermatitis in patients aged 3 months and older [1] Group 1: Company Developments - Jincheng Pharmaceutical's wholly-owned subsidiary, Beijing Jincheng Tail Pharmaceutical Co., Ltd., has received the approval notice from the National Medical Products Administration for the marketing application of Clobetasol [1] - Clobetasol ointment is specifically indicated for local external treatment of atopic dermatitis [1] Group 2: Market Insights - There are currently 22 companies in China with A registration status for Clobetasol raw materials [1] - According to IMS data, the global sales figures for Clobetasol formulations are projected to be $224 million in 2022, $206 million in 2023, and $196 million in 2024 [1] - The consumption of Clobetasol raw materials is expected to be 706.68 kg in 2022, 963.57 kg in 2023, and 1118.43 kg in 2024 [1]

Core Points - Trump and Pfizer's CEO reached a tripartite agreement focusing on drug price reduction, domestic investment, and tariff exemptions, attracting global attention [1] - The agreement is a result of months of pressure from the Trump administration, which previously demanded 17 global pharmaceutical companies to lower drug prices to levels comparable to developed countries [1][2] - According to a RAND Corporation report, U.S. drug prices are 2.78 times higher than the average prices in 32 OECD member countries [1] Group 1 - Pfizer will provide all drugs and future new drugs to the U.S. Medicaid program at "most favored nation prices," referencing the lowest prices from eight developed countries [2] - The "TrumpRx" government-operated platform will allow direct sales to U.S. consumers, offering discounts up to 80% on certain drugs and 50% on most primary care medications [2] - Pfizer will invest $70 billion in U.S. manufacturing and receive a three-year exemption from drug tariffs, with Trump stating that no tariffs will be charged if factories are relocated to the U.S. [2] Group 2 - Concerns have arisen regarding potential global drug price increases as companies may raise prices in developing countries to offset losses in the U.S. market [3] - The U.S. government plans to pressure other countries through trade negotiations to increase drug tariffs, contributing to market volatility and uncertainty [3] - The unilateral U.S. drug tariff policy has faced criticism for its lack of clarity, making it difficult for companies to establish stable investment plans [3] Group 3 - The transfer of U.S. drug pricing issues to the global stage highlights the hegemonic logic of the "America First" policy, which may lead to detrimental outcomes for the U.S. in the global pharmaceutical market [4]

Group 1: Financial Performance Overview - The company achieved a sales revenue of 427.42 million CNY, a year-on-year increase of 11.88% [2] - Foreign sales amounted to 348.34 million CNY, growing by 6.66%, while domestic sales reached 79.09 million CNY, up by 42.59% [2] - New products generated sales of 195.19 million CNY, reflecting a growth of 7.16%, whereas mature products contributed 232.24 million CNY, increasing by 16.17% [2] - CMO/CDMO business saw a revenue decline of 19.05%, totaling 32.30 million CNY [2] - Net profit was reported at 58.49 million CNY, a decrease of 15.91%, with a net profit margin of 13.68%, down by 4.52 percentage points [2] Group 2: Cost and Profitability Analysis - Gross margin stood at 31.45%, down by 3.08 percentage points [2] - Sales expenses decreased by 8.92%, while management expenses increased by 1.04% [2] - R&D expenses rose by 20.14% due to an increase in R&D personnel [2] - The decline in gross margin was attributed to low prices of mature products and increased depreciation costs [3] Group 3: Market and Product Insights - Non-contract custom business revenue increased by 15.48%, while contract custom project revenue fell by 19.05% [2] - Sales of pharmaceutical raw materials rose by 20.06%, despite a gross margin decline of 3.70 percentage points [3] - Domestic sales saw a significant increase of 42.59%, with a gross margin improvement of 9.30 percentage points [3] - The company plans to enhance its domestic raw material market presence and increase the number of API registrations [4] Group 4: Future Growth Strategies - The company aims to continue launching new products, with a focus on becoming a leading supplier of generic drugs [4] - CMO/CDMO business is expected to grow significantly by 2027-2028, with new projects being actively pursued [6] - The second-phase construction of the second plant is ongoing, expected to contribute to production capacity by 2026 [6] - The company anticipates a total production capacity of 2 billion CNY in the next 3-5 years [10] Group 5: Investor Q&A Highlights - New products are projected to generate 195 million CNY in the first half of 2025, with 160 million CNY from high-end regulated markets [7] - The company is focusing on high-difficulty specialty formulations and will not pursue general solid oral formulations [10] - Future R&D investments will prioritize raw materials, CMO/CDMO, and specialty formulations [11]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [4][22]. Core Views - The company is entering a growth cycle driven by new product launches, despite facing profit pressure in 2024. The revenue for 2024 is projected at 759 million yuan, a 5.09% increase, with a net profit of 107 million yuan, reflecting a 0.57% growth [1][2]. - In Q1 2025, the company reported a revenue of 187 million yuan, down 9.47%, and a net profit of 21 million yuan, down 52.30% [1][2]. - The non-contract custom business saw a robust growth of 17.27% in 2024, reaching 676 million yuan, while the contract custom business declined by 43% due to early contract terminations by some clients [2][3]. Financial Summary - The total revenue for 2024 is 759 million yuan, with a projected growth rate of 5.1% for the following years, reaching 850 million yuan in 2025 and 982 million yuan in 2026 [3][9]. - The net profit for 2024 is 107 million yuan, with expected growth rates of 14.8% in 2025 and 21.2% in 2026, leading to 122 million yuan and 148 million yuan respectively [3][9]. - Earnings per share (EPS) is projected to increase from 0.25 yuan in 2024 to 0.29 yuan in 2025 and 0.35 yuan in 2026 [3][9]. - The target price for the stock is set at 10.55 yuan, with the current price at 7.09 yuan, indicating a potential upside [3][4].