（编辑 袁冠琳） 证券日报网讯 12月17日，康缘药业在互动平台回答投资者提问时表示，龙七胶囊已经按照补充材料要 求启动相关临床试验，对于临床试验进展、审评审批结果等关键信息，公司会按照相关法律法规的要求 及时履行信息披露义务。公司积极服务于人口老龄化国家宏观经济战略，立足中医药优势领域，围绕老 年人健康需求，在心脑血管疾病、骨伤科疾病等老龄化相关疾病治疗领域拥有核心产品，如银杏二萜内 酯葡胺注射液、天舒胶囊/片、通塞脉胶囊/片、复方南星止痛膏、腰痹通胶囊、筋骨止痛凝胶。同时在 阿尔茨海默症、睡眠障碍、慢性阻塞性肺疾病等老龄化相关疾病治疗领域进行研发布局，相关品种已进 入临床阶段。 ...

Core Insights - Kangyuan Pharmaceutical reported a significant decline in both revenue and net profit for the first three quarters of 2025, with revenue at 2.00 billion yuan, down 35.63% year-on-year [1] - The company faced challenges due to a complex external environment and changes in pharmaceutical industry policies, leading to a strategic adjustment in sales and increased academic promotion efforts [1] Revenue Performance - For the first three quarters of 2025, the company's total revenue was 2.343 billion yuan, a decrease of 24.59% year-on-year [1] - In Q3 2025, revenue was 701 million yuan, down 17.42% year-on-year [1] - Injection products saw a revenue drop of 31.23% to 770 million yuan, while oral products decreased by 24.24% to 1.359 billion yuan; however, external products grew by 10.38% to 186 million yuan [2] Profitability - The net profit attributable to the parent company for the first three quarters was 200 million yuan, a decline of 35.63% year-on-year [1] - In Q3 2025, the net profit was 57.27 million yuan, down 20.88% year-on-year [1] Product Performance - Sales of core products such as Heat Toxicity Ning Injection and Jin Zhen Oral Liquid declined due to fluctuations in terminal market demand [1] - The company is focusing on a specialized and academic transformation, with stable sales growth in orthopedic products like Compound Naxing Pain Relief Plaster and Waist Pain Relief Capsules [1] - The introduction of specialized agents for kidney disease has led to steady sales growth for Can Wu Yi Shen Pian [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the third quarter of 2025 due to external market conditions and changes in the pharmaceutical industry policy, despite efforts to adjust sales strategies and enhance academic promotion [7][13]. Financial Performance - The company's revenue from injection products decreased by 31.23% compared to the same period last year, while the cost of sales for these products fell by 34.10%, primarily due to a decline in sales of the core product, Heat Poisoning Ning Injection [13]. Business Strategy - The company is focusing on a specialized and academic transformation, implementing line management for the marketing team, which has led to stable sales growth in orthopedic products such as Compound Nanshing Pain Relief Plaster and Waist Pain Relief Capsules [7]. - The company is enhancing customer maintenance and development through a professional academic promotion team, aiming to effectively communicate clinical research results to target doctors and healthcare professionals [7]. Market Expansion - The company is diversifying its channels in the external market, with a focus on restoring terminal sales of key products and strengthening comprehensive evaluations and graded management of agents [8]. - In the new retail sector, the company is integrating O2O, B2C self-operated, and third-party channel resources to enhance brand strength and sales through various promotional activities [8]. R&D Innovations - The company has made progress in R&D, with several new drugs approved for market, including a Class 1 new drug for treating pelvic inflammatory disease and a Class 1 innovative drug for treating atopic dermatitis [8]. - Ongoing clinical trials for innovative drugs targeting obesity and type 2 diabetes are progressing as planned, with the aim of entering Phase III clinical trials in the third quarter of 2026 [9].

Core Viewpoint - The conference hosted by Kangyuan Pharmaceutical focused on the theme of "Innovating Traditional Chinese Medicine to Empower New Retail," highlighting the transformation in the pharmaceutical industry from "incremental competition" to "value co-creation" [1] Group 1: Company Strategy - Kangyuan plans to invest 30 million yuan to focus on key products such as Jinzhen Oral Liquid and Compound Nanshing Pain Relief Plaster, aiming for extensive exposure through platforms like Douyin and Xiaohongshu [1] - The company aims to establish a closed-loop marketing model that includes "precise promotion → platform traffic → store fulfillment" [1] - Kangyuan has 59 exclusive innovative drugs, 26 exclusive medical insurance drugs, and 7 exclusive essential drugs, covering various fields such as anti-infection, gynecology, orthopedics, and cardiovascular health [3] Group 2: Market Trends - The O2O market is experiencing three major trends: accelerated integration of online and offline channels, increased demand for professional pharmaceutical services, and significant growth in innovative traditional Chinese medicine products [3] - Consumers are seeking seamless purchasing experiences that combine online and offline options [3] - There is a notable rise in demand for specialized pharmaceutical services, including medication consultation and disease management [3] Group 3: Partnership and Collaboration - Kangyuan introduced a "Joint Venture Cooperation Plan," committing 30 million yuan to support partners in digital marketing activities on mainstream online platforms [4] - The company aims to create tangible economic benefits for partners through targeted advertising and personalized promotional strategies [4] - Feedback from national chain pharmacy representatives indicates confidence in Kangyuan's products and the potential for mutually beneficial partnerships [6] Group 4: Expert Insights - Industry experts highlight the significance of Kangyuan's strategic layout, which aims to build a multi-channel marketing network and enhance brand youthfulness [6] - The strategy is expected to drive data-driven precise marketing and improve user experience [6] - The initiative also aims to promote the new dissemination of traditional Chinese medicine culture in modern society [6]