证券代码：002004 证券简称：华邦健康 华邦生命健康股份有限公司投资者关系活动记录表 编号：20250826 | □ 投资者关系活动 | 特定对象调研 □ 分析师会议 | | | --- | --- | --- | | □ | 媒体采访 业绩说明会  | | | 类别 □ | 新闻发布会 □ 路演活动 | | | □ | 现场参观 其他 □ | | | 参与单位名称及 | 通过全景网"投资者关系互动平台"（网址：http://ir.p5w.net） | | | 人员姓名 | 参与公司 年半年度业绩网上说明会的投资者 2025 | | | 时间 | 年 8 月 26 日（周二）下午 15:00~17:00 | 2025 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | | | 1、董事、总经理张海安 | | | 上市公司接待人 | 2、董事会秘书胡菁菁 | | | 员姓名 | 3、财务总监王剑 | | | | 4、独立董事刘忠海 1、董秘您好，看到上半年华邦的业绩是超出预期的，希望下半 | | | | 年能继续保持。请问公司战略有没有变化？ | | | | 投 ...

Core Viewpoint - The launch of the domestically produced calcipotriene and betamethasone ointment by Chongqing Huabang Pharmaceutical on JD Health marks a significant advancement in psoriasis treatment options for patients in China, providing a more accessible and effective solution [1][2] Group 1: Product Overview - The calcipotriene and betamethasone ointment is the first generic version in China, equivalent to the original product, enhancing treatment options for psoriasis patients [1] - The ointment combines calcipotriene, which inhibits abnormal proliferation of keratinocytes and promotes normal differentiation, with betamethasone, known for its strong anti-inflammatory and immunosuppressive effects [1] Group 2: Market Impact - The product's launch on JD Health signifies an important upgrade in the collaboration between Huabang Pharmaceutical and JD Health, leveraging JD Health's extensive user base and comprehensive healthcare service system [2] - JD Health's capabilities in online consultation, drug delivery, and health management will enhance the market coverage and user reach of the new ointment, benefiting more patients [2]

Investment Rating - The report indicates a positive investment outlook for the psoriasis treatment market, particularly highlighting the significance of the approval of the first generic version of calcipotriene and betamethasone ointment by Huabang Pharmaceutical, which is expected to disrupt the market dynamics and increase competition [6][14]. Core Insights - Psoriasis is a chronic, systemic inflammatory skin disease affecting 2-3% of the global population, often accompanied by comorbidities such as arthritis, diabetes, and hypertension, leading to a significant impact on patients' quality of life [5][6]. - The approval of Huabang Pharmaceutical's calcipotriene and betamethasone ointment marks a milestone in the domestic pharmaceutical industry, breaking the technical barriers and filling a gap in the market for domestic generic drugs [6][14]. - The report emphasizes the shift from reliance on original branded drugs to high-quality, cost-effective generic alternatives, with expectations that generics will capture over 50% of the market share within three years due to pricing advantages [6][14]. Summary by Sections Market Overview - Psoriasis treatment options include topical medications, systemic therapies, and phototherapy, with a significant portion of patients experiencing comorbid conditions [3][5]. - The market is characterized by a long treatment duration and high recurrence rates, necessitating effective management strategies [5]. Product Development - Huabang Pharmaceutical's calcipotriene and betamethasone ointment is a combination formulation that effectively inhibits keratinocyte proliferation and provides anti-inflammatory effects [13][16]. - The company has successfully navigated various technical challenges in the development process, demonstrating a transition from "copying" to "leading" in technology within the generic drug sector [14][16]. Competitive Landscape - The report outlines Huabang Pharmaceutical's extensive product portfolio in dermatology, covering various skin conditions and establishing a comprehensive treatment line for psoriasis [18][19]. - The introduction of new small molecule targeted therapies and innovative biologics is expected to challenge the dominance of existing biologics in the market [31][33]. Future Trends - The market is anticipated to undergo significant changes driven by technological innovations, policy support, and evolving patient needs, with a focus on personalized medicine and combination therapies [31][33]. - The report highlights the increasing importance of accessibility and affordability in treatment options, particularly in light of recent policy changes that expand insurance coverage for innovative drugs [35][36].

Group 1 - The core viewpoint of the articles highlights the resilience and growth of the company, with a revenue of 11.665 billion yuan in 2024, maintaining over 10 billion yuan for seven consecutive years, despite intensified industry competition [2] - In the first quarter of 2025, the company achieved a nearly 20% year-on-year increase in net profit attributable to shareholders, with a gross profit margin improvement to 37.12%, indicating significant enhancement in profitability [2] - The company has made notable advancements in its pharmaceutical segment, including the approval of the first domestic generic product for psoriasis treatment, marking a significant breakthrough in the field [2] Group 2 - The medical business segment is still in the development phase, with revenue from Songshan Hospital reaching 678 million yuan in 2024, and other hospitals generating a combined revenue of 351 million yuan, showing a stable upward trend [3] - The tourism segment leverages core resources from listed company Lijiang Co. and NEEQ-listed Qinling Tourism, with operations across five major 5A scenic areas, focusing on enhancing visitor service quality and increasing tourist reception [3] - The company plans to continue executing its "big health" development strategy, concentrating on pharmaceuticals and medical services, while enhancing its full industry chain development model [3]