（文章来源：证券日报） 证券日报网讯 12月17日，亿帆医药在互动平台回答投资者提问时表示，公司产品复方银花解毒颗粒功 能主治疏风解表，清热解毒。该品种组方来源于国家卫健委公布的"新型冠状病毒感染的肺炎诊疗方 案"推荐方"银翘散"。2003年被安徽省药品监督管理局推荐为"防非典药物"；2019年经中国药科大学研 究表明，复方银花解毒颗粒对多种流感病毒、副流感病毒、呼吸合胞体病毒等各种病毒有明显的抑制和 杀灭作用。 ...

Core Viewpoint - The demand for influenza medications has surged, with the Chinese influenza drug market fluctuating around 10 billion RMB. Oseltamivir dominates the market, led by Dongyang Sunshine Pharmaceutical, while Roche's Xofluza is the leader in new influenza drugs [3][4]. Group 1: Market Dynamics - The search volume for "Oseltamivir" on JD.com increased nearly 500 times compared to the same period last year, indicating a significant rise in demand for generic drugs [5]. - After the patent protection for Roche's original drug Tamiflu expired, Dongyang Sunshine Pharmaceutical took control of the market, generating 5.54 billion RMB in revenue from its Oseltamivir product, accounting for nearly 90% of its total revenue in 2023 [6]. - National centralized procurement policies have disrupted the existing market structure for Oseltamivir, leading to a significant price drop and increased competition from other generic manufacturers, resulting in Dongyang Sunshine's sales halving to 2.58 billion RMB in 2024 [7][8]. Group 2: Competitive Landscape - Dongyang Sunshine failed to win bids in the 11th batch of national drug procurement, which will inevitably shrink its market presence in hospitals [8]. - The overall market for antiviral drugs in China is projected to decrease from 11 billion RMB in 2023 to 8 billion RMB in 2024, with Oseltamivir accounting for about 80% of this market [8]. - The market for traditional Chinese medicine is also growing, with sales of common cold and flu medications increasing significantly, further impacting Dongyang Sunshine's market share [9]. Group 3: New Drug Developments - There is a strong consumer demand for new antiviral drugs, with purchases of Marboxil showing a remarkable increase of over 600% in a two-week period [11]. - Roche's Xofluza remains the dominant player in the innovative drug market for influenza, with a significant supply increase expected in 2024 [11][12]. - Several domestic pharmaceutical companies have received approvals for new influenza drugs in 2023, with more expected to enter the market in 2025, potentially impacting the market share of Oseltamivir [12][13]. Group 4: Future Outlook - The market share of Oseltamivir is gradually being replaced by PA proteinase inhibitors, indicating a shift in treatment preferences [14]. - Despite the anticipated rise of new antiviral drugs, Oseltamivir is expected to maintain a certain market share due to varying clinical needs and payment capabilities across different demographics in China [14].

Core Insights - The demand for influenza medications has surged, with the Chinese influenza drug market fluctuating around 100 billion RMB. Oseltamivir dominates the market, with East Sunshine Pharmaceutical as the leader, while Roche's Xofluza leads in new drug offerings [1][3]. Market Dynamics - In 2023, the Chinese antiviral drug market is estimated at 110 billion RMB, expected to decline to 80 billion RMB in 2024 due to a decrease in influenza cases, with oseltamivir accounting for approximately 80% of the market [4]. - East Sunshine Pharmaceutical's oseltamivir product, Kewai, generated 5.54 billion RMB in revenue in 2023, representing nearly 90% of its total revenue, capturing about 60% of the oseltamivir market share [3][4]. Competitive Landscape - The introduction of national centralized procurement policies has significantly impacted the market dynamics for oseltamivir, leading to a sharp price drop and increased competition from other generic manufacturers, resulting in East Sunshine's sales plummeting to 2.58 billion RMB in 2024 [3][4]. - As of August 2025, there are 118 approved oseltamivir products from 69 companies, indicating a highly competitive environment [5]. Emerging Trends - The market for traditional Chinese medicine is also growing, with sales of cold and flu medications increasing significantly, indicating a shift in consumer preferences [6]. - New antiviral drugs, particularly PA proteinase inhibitors like Marbofloxacin, are gaining traction, with a reported 600% increase in purchases during a recent two-week period [8][9]. Future Outlook - Roche's Xofluza is expected to maintain its leading position in the innovative drug market, with a threefold increase in supply anticipated for the current year [10]. - The entry of domestic new drugs is expected to challenge the market share of oseltamivir, particularly affecting generic versions [12][13].

Core Viewpoint - The company, Yifan Pharmaceutical, has reported an increase in sales of its compound Lonicerae Flos and Forsythiae Fructus granules due to a rise in cold patients as winter approaches [1] Company Summary - Yifan Pharmaceutical confirmed that the sales of its compound Lonicerae Flos and Forsythiae Fructus granules have seen a notable increase recently [1]

Core Insights - In the first half of 2025, the company achieved total revenue of 2.635 billion yuan, a year-on-year increase of 0.11%, and a net profit attributable to shareholders of 304 million yuan, up 19.91% [1] - The sales revenue of innovative drugs saw a significant increase of 169.57%, contributing to a substantial rise in the company's non-net profit margin [1][2] Financial Performance - The company's operating cash flow net amount reached 286 million yuan, reflecting a remarkable growth of 98.99% year-on-year [1] - The revenue from proprietary (including imported) pharmaceutical products grew by 7.22%, indicating an optimization of the revenue structure and an increase in profit margins [2] Innovative Drug Development - The company has successfully launched key innovative products in 34 countries or regions, with the innovative drug Yilishu entering the U.S. market at a terminal price of $4,600 per unit [2][3] - Yilishu has been approved for sale in 34 countries, with commercial cooperation established in over 40 countries, including the U.S., Germany, and Brazil [3] Research and Development - The company is advancing multiple indications for the investigational project F-652 and has completed preclinical research for the N-3C01 project, which targets bladder cancer and solid tumors [4] - The focus remains on developing long-acting fusion proteins and bispecific/multispecific antibody new drugs [4] Business Development Initiatives - The establishment of a global business development center aims to enhance the management of high-value assets and facilitate international collaborations [5] - The company has signed several cooperation agreements for the sales of various drugs in regions such as Colombia, Mexico, and the Philippines, indicating a proactive approach to market expansion [6]

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 5.16 billion yuan, a year-on-year growth of 26.84%, and a net profit of 386 million yuan, up 170.04% [1] - The company continues to optimize its product structure and has effectively controlled expenses, with a notable improvement in expense ratios [1] Financial Performance - In 2024, the company achieved a total revenue of 5.16 billion yuan, with pharmaceutical-related revenue accounting for 4.26 billion yuan, representing over 80% of total revenue [1] - The proprietary pharmaceutical products generated 3.664 billion yuan, a year-on-year increase of 50.64%, and accounted for 71.02% of total revenue, an increase of 11.23 percentage points from the previous year [1] - For Q1 2025, the company reported revenue of 1.327 billion yuan, a slight increase of 0.05%, and a net profit of 153 million yuan, up 4.83% [1] Product Development and Innovation - The innovative drug Yilishu has received approvals from multiple regulatory bodies and has been launched in 34 countries, with over 270,000 units shipped [2] - In Q1 2025, revenue from innovative drug products increased by 327.73%, with Yilishu shipments growing by 293.64% [2] - The company is advancing several clinical trials, including F-652 for alcohol-related liver disease and a pediatric flu treatment [2] Investment Outlook - The company is expected to continue its growth trajectory, with projected revenues of 6.183 billion yuan, 7.108 billion yuan, and 7.683 billion yuan for 2025-2027, representing year-on-year growth rates of 19.83%, 14.96%, and 8.08% respectively [3] - Net profits for the same period are forecasted to be 614 million yuan, 712 million yuan, and 853 million yuan, with corresponding EPS of 0.50, 0.59, and 0.70 yuan [3] - The current stock price corresponds to PE ratios of 22.81, 19.68, and 16.43 for 2025-2027 [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a significant revenue growth of 26.84% year-on-year in 2024, reaching 5.16 billion yuan, and a net profit of 386 million yuan, marking a 170.04% increase [1][2] - The revenue structure continues to optimize, with pharmaceutical-related revenue accounting for 82.56% of total revenue in 2024, up from 76.15% in 2023 [2] - The company has shown strong performance in its innovative drug pipeline, with Q1 2025 seeing a remarkable growth of 327.73% in innovative drug products [3][4] Financial Performance - In Q4 2024, the company reported a revenue of 1.30 billion yuan, a year-on-year increase of 14.39%, and a net profit of 20 million yuan, up 102.81% [1] - For Q1 2025, the company achieved a revenue of 1.33 billion yuan, a slight increase of 0.05% year-on-year, and a net profit of 153 million yuan, reflecting a 4.83% growth [1] - The overall gross margin for 2024 was 47.42%, slightly down from 47.84% in 2023, attributed to lower margins from newly introduced products and price adjustments [3] Revenue and Profit Forecast - The company is expected to continue its growth trajectory, with projected net profits of 704 million yuan, 888 million yuan, and 1.09 billion yuan for 2025, 2026, and 2027 respectively, representing growth rates of 82.5%, 26.1%, and 22.9% [4][5] - The estimated P/E ratios for 2025, 2026, and 2027 are 20X, 16X, and 13X respectively, indicating a favorable valuation outlook [4] R&D Progress - The company is advancing its R&D efforts, including ongoing clinical trials for various products and achieving consensus with regulatory bodies on clinical trial designs [4]