康辰药业 20250630 摘要 康辰药业营销模式转型：自 2024 年 Q2 启动，由联盟转向自营，目前 60%市场已完成。转型初期对营收有影响，但 Q4 已恢复，预计 2025 年全年销售稳定，目标自营比例提升至 70%-80%。 创新药 KC1,036 研发进展：晚期食管鳞癌临床试验入组约 180 人，另 有晚期胸腺肿瘤完成二期入组，计划启动三期；儿童晚期尤文肉瘤入组 顺利。预计 2025 年有望输出胸腺肿瘤相关数据，2026 年底食管癌数 据或可用于申报。 创新药 KC1,086 研发进展：靶点为开特优，治疗乳腺癌，IND 申请已 提交，预计 2026 上半年出数据，下半年启动二期试验。分子设计优化， 半衰期短于辉瑞同类药物，有望提高疗效。 宠物版速领：补充材料已提交至农业部，等待审批。公司将按农业部流 程推进，预计审批通过后将进入市场，丰富公司产品线。 苏灵品种：2025 年销量目标增长 20%以上，收入增长不低于 10%，未 来五年内发展为 10 亿级别品种。销售费用率下降，利润影响较小。增 值税率上调至 13%的影响可控。 Q&A 康辰药业在 2025 年上半年的财务表现如何？ 2025 年第一 ...

Group 1: Event Overview - The fifth BEYOND International Technology Innovation Expo 2025 commenced in Macau, focusing on cutting-edge topics in the global health sector and featuring a "Founder Forum" [1] - The expo showcased innovative drugs and regenerative medicine, highlighting the rapid advancements in the Greater Bay Area [1][21] Group 2: Brain-Computer Interface (BCI) Technology - Brain Tiger Technology's CEO, Peng Lei, discussed significant breakthroughs in brain-computer interface technology, emphasizing its role in future human-AI interactions [3][5] - BCI technology integrates multiple disciplines, including microelectronics, medical devices, and neuroscience, with three main methods developed over the past 20 years: silicon-based hard electrodes, vascular electrodes, and flexible electrodes [5][7] - Successful implantation of a 256-channel flexible BCI device in a 19-year-old epilepsy patient allowed for control of various applications and devices through thought, demonstrating the technology's potential for both patients and the general public [7][8] Group 3: Cancer Treatment Innovations - Dr. Xiao Rongtai from the Mayo Clinic highlighted advancements in cancer treatment through cutting-edge research and patient-centered care, utilizing advanced imaging techniques like PET-MRI [11][13] - The clinic has successfully performed a larynx transplant using 3D printing technology, allowing a laryngeal cancer patient to regain speech immediately post-surgery, showcasing the potential of innovative technologies in cancer treatment [15] Group 4: Diabetes Management - Professor Zhao Jiajun emphasized the need for a comprehensive diabetes management system, advocating for early intervention and a shift from a treatment-focused to a prevention-oriented approach [16][20] - With over 100 million diabetes patients in China, there is a significant gap in awareness and treatment adherence, with less than half of patients receiving standard care [18][20] Group 5: Biopharmaceutical Industry Developments - The Hengqin Guangdong-Macao Deep Cooperation Zone showcased biopharmaceutical companies and their innovative products, reflecting the rapid development of the biopharmaceutical industry as a strategic pillar for regional economic growth [21][25] - Zhuhai Qiwei Biotechnology's innovative traditional Chinese medicine, QA108, is in phase III clinical trials for age-related macular degeneration, with plans for registration in both mainland China and Macau [23][25] - The "Organ Repair and Regeneration System" attracted attention from international scientists, indicating strong interest in gene editing and stem cell technologies [25]

Core Viewpoint - The implementation of the "Private Economy Promotion Law" is a significant milestone for the legal framework supporting the private economy in China, emphasizing the importance of technological innovation and providing legal protections for private enterprises [1]. Group 1: Private Economy Promotion Law - The "Private Economy Promotion Law" officially took effect on May 20, marking the first foundational law specifically addressing the development of the private economy in China [1]. - The law highlights the government's commitment to supporting the private economy, particularly in the realm of technological innovation, which is crucial for high-quality development [1]. - The law establishes a legal framework that protects the rights and interests of private economic organizations and their operators, ensuring equal access to resources and support from the state [1]. Group 2: Technological Innovation - The private economy is recognized as a vital force in technological innovation, accounting for over 90% of national high-tech enterprises and contributing more than 70% of technological innovation outcomes [1]. - The law dedicates a specific chapter to technological innovation, encouraging private economic organizations to actively participate in national technology projects and to lead major technological breakthroughs [1]. - It emphasizes the protection of original innovations and the application of new technologies within private enterprises, signaling a legal commitment to fostering innovation [1]. Group 3: Company Development - Yiling Pharmaceutical, established for over 30 years, has focused on technological innovation and the transformation of research outcomes, successfully undertaking several national research projects and earning multiple national awards for significant scientific achievements [2]. - The company plans to leverage the new law to enhance its focus on technological innovation and research, aiming to develop more traditional Chinese medicines tailored to the genetic and health characteristics of the Chinese population [2].