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。 ...

智通财经APP讯，金城医药(300233.SZ)发布公告，公司之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》。 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。目前国内有22家企业克立硼罗原料药登记状态为A。根据IMS数据信息， 2022年到2024年克立硼罗制剂全球销售额分别是2.24亿美元、2.06亿美元、1.96亿美元，原料药消耗量 分别是706.68公斤、963.57公斤、1118.43公斤。 ...

智通财经APP讯，金城医药(300233.SZ)发布公告，公司之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》。 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。目前国内有22家企业克立硼罗原料药登记状态为A。根据IMS数据信息， 2022年到2024年克立硼罗制剂全球销售额分别是2.24亿美元、2.06亿美元、1.96亿美元，原料药消耗量 分别是706.68公斤、963.57公斤、1118.43公斤。 ...

更为争议的是，美国政府还计划通过贸易谈判对其他国家施压，提高药品关税。尽管美国向韩国承诺 了"最惠国待遇"，但对于具体的关税税率尚未明确，这加剧了全球药品市场的动荡和不确定性。 最近，特朗普与辉瑞公司首席执行官进行了会谈，宣布双方达成了一项三方协议，涵盖药价下降、本土 投资和关税豁免等内容，此消息引发了全球广泛关注。 这项协议的达成，实际上是特朗普政府数月来不断施压的结果。早在7月31日，特朗普便向包括辉瑞在 内的17家全球制药公司发出公开信，要求他们在60天内采取行动，将美国药品价格降低到与发达国家相 当的水平。此举并非空穴来风，因为根据美国公共政策研究机构兰德公司2019年的报告，美国的药品价 格是经济合作与发展组织（OECD）32个成员国平均价格的2.78倍。特朗普更是直言"美国药价是世界平 均水平的三倍"。 根据这项新协议，辉瑞同意以"最惠国价格"向美国医疗补助计划提供所有药品及未来新药。这些价格将 参考包括加拿大、法国等8个发达国家的最低水平来制定。同时，辉瑞还将通过2024年推出 的"TrumpRx"政府运营平台直接向美国消费者销售药物，其中某些药品如治疗特应性皮炎的克立硼罗， 消费者可享受最高8 ...

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].