2025年，武汉创新药迎来历史性突破：3个一类创新药同获"国药准字"。这份沉甸甸的成绩单，不仅是一串闪亮的数字，更是一段长达 二十年的坚守故事，一幅"政、产、学、研、医"深度融合的发展画卷，一套精准赋能产业发展的服务体系。 "二十年磨一药" 创新成果的背后是漫长坚守 所有颠覆性创新，无不始于漫长而孤寂的求索。 产业蓬勃的根基靠优厚土壤 在光谷生物城，71岁的武汉大学教授、武汉禾元生物科技股份有限公司董事长杨代常感慨，带领团队将"稻米造血"的科幻设想变为现 实，走了整整20年。 杨代常2005年归国组建4人团队，6年后在实验室首次从稻米中提取出人白蛋白。从一开始每千克稻米提取2.75克人白蛋白到如今最高 30克人白蛋白，从纯度由99.9%提至99.9999%而迭代37套方案……20年间，一次次试错，一步步解决。 公司曾多次因资金问题面临难题，"科研以外的时间，我都在'找钱'"，杨代常的感慨道出了源头创新者的普遍艰辛。 正是这份"二十年磨一药"的定力，最终催生了全球首个植物源重组人血清白蛋白，破解了我国血液制品战略安全的核心难题。 需要耐心与匠心的，还有传统中药的现代化创新。健民药业集团股份有限公司研发的"小儿牛 ...

近日，国家药品监督管理局公布了2025年上市的创新药，武汉市3个一类创新药获批上 市。1月12日，长江日报记者从省药品监督管理局获悉，3个一类创新药获批上市数量创武汉 历史最佳成绩，标志着武汉在药品原始创新与研发领域居全国前列。 创新药是指境内外均未上市，含新的结构、有药理作用，且具临床价值的药品，强 调"从0到1"的原始创新，需提供完整临床试验数据证明安全有效。一类创新药为最高等级。 武汉生物制品研究所有限责任公司研制的"口服六价重配轮状病毒减毒活疫苗"上月在汉 完成首剂接种，这是全球首款六价轮状病毒疫苗，可一次性预防6种轮状病毒导致的腹泻， 打破了国外企业长期垄断格局，为全球儿童健康贡献"中国方案"。 编辑：宗夏 2025年，武汉获批的3个一类创新药，均为"全球首创"或"填补空白"的重磅产品。 全球首个植物源重组人血清白蛋白——武汉禾元生物科技股份有限公司研制的"重组人 白蛋白注射液（水稻）"率先出圈。这款药借助基因工程技术，让水稻合成与人体高度一致 的白蛋白，将稻米变成等同于供应血浆的"血库"。目前，该药已在全国多家医院投入使用。 健民药业集团股份有限公司的"小儿牛黄退热贴膏"，是近20年来国内唯一获批 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to experience rapid growth in industrial revenue in the first half of 2025, with new pediatric drugs anticipated to gain market traction [5] - The company's revenue for the first half of 2025 was 1.805 billion yuan, a year-on-year decrease of 10.20%, while the net profit attributable to the parent company was 221 million yuan, down 7.83% [7] - The pharmaceutical industrial segment showed strong performance with a revenue increase of 23.07%, while the pharmaceutical commercial segment saw a decline of 37.82% due to restructuring efforts [7] - The company is focusing on a dual-brand strategy with "Longmu" for pediatric drugs and "Jianmin" for chronic disease and family medicine, which is expected to drive growth in the OTC product line [7] - The company is accelerating the commercialization of innovative traditional Chinese medicine, with significant new product launches and increased R&D investment [7] Summary by Sections Financial Performance - For 2023, the projected revenue is 4.213 billion yuan, with a year-on-year growth rate of 15.72%. However, a decline is expected in 2024 and 2025, with revenues of 3.505 billion yuan and 3.205 billion yuan respectively [6] - The net profit attributable to the parent company is forecasted to be 521 million yuan in 2023, with a significant drop in 2024 to 362 million yuan, followed by a recovery to 448 million yuan in 2025 [6] - The earnings per share (EPS) is expected to be 3.40 yuan in 2023, decreasing to 2.36 yuan in 2024, and then recovering to 2.92 yuan in 2025 [6] Business Strategy - The company is implementing a brand strategy that focuses on enhancing the market share and influence of its pediatric drug line and OTC products [7] - The innovative traditional Chinese medicine products are expected to gain traction, with new approvals and increased market coverage [7] Future Outlook - The company anticipates net profits of 448 million yuan in 2025, 514 million yuan in 2026, and 586 million yuan in 2027, with respective growth rates of 24%, 15%, and 14% [7] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 14X for 2025, indicating a favorable valuation for potential investors [7]

Group 1: Report Overview - The report is about a research on Jianmin Group in the traditional Chinese medicine industry, with a research date of July 1, 2025 [1][2] Group 2: Research Basic Information - The research object is Jianmin Group, belonging to the traditional Chinese medicine industry, and the reception time was on July 1, 2025. The company's reception personnel included the company's director and president Wang Jun, board secretary Zhou Jie, securities affairs representative Cao Hong, and securities affairs assistant Wang Miao [17] Group 3: Detailed Research Institutions - The research institution is Liuhe Investment, a fund management company [20] Group 4: Main Content Product Sales - In 2025, the company optimized its marketing assessment system, advancing from "net sales assessment" to "net sales + profit". It overcame factors like consumption decline and reduced pharmacy foot - traffic in Q1 and achieved growth in pharmaceutical industry sales revenue. Longmu Zhuanggu Granules saw increased sales revenue and improved sales structure, while Biantong Capsules and Jianpi Shengxue Granules maintained good momentum. Hospital - line product sales were stable, and new product sales grew [22] Emerging Business - The company's traditional Chinese medicine diagnosis and treatment and big - health business are emerging. The traditional Chinese medicine diagnosis and treatment business developed healthily, with one new clinic opened in H1 and a total of four clinics in operation in Hanyang, Hankou, Wuchang, and Optics Valley. The big - health business focused on children's healthy growth, increasing core variety cultivation and differentiated product development [23] Innovative Traditional Chinese Medicine Sales - Since 2021, the company has successively obtained approvals for three innovative drugs. In 2025, it accelerated the commercialization of new products like Xiao'er Zibei Xuanfei Syrup and Qirui Weishu Capsules, with smooth market development. Xiao'er Niuhuang Tuire Plaster was newly approved, and its listing preparations are on schedule and will participate in this year's medical insurance negotiation. The company also increased R & D investment, advanced new drug projects, and optimized its product pipeline [24][25] Future Development Plan - The company will continue to focus on the core business of traditional Chinese patent medicine manufacturing, accelerate the incubation of emerging businesses, and achieve the "1 + N" strategic goal. Specific strategic measures are detailed in the company's "2024 Annual Report" and "June 2025 Investor Relations Activity Record" [26] Advertising and Marketing - As an OTC brand pharmaceutical company, it will strengthen brand power, create "Longmu" children's medicine brand and "Jianmin" chronic disease/family - essential medicine brand. It uses multiple advertising channels such as long - form videos, short - form videos, variety shows, CCTV, and elevator media, with advertising volume similar to last year [27] Marketing System Reform - In 2024, the company carried out a comprehensive marketing system reform. In 2025, it added profit contribution assessment on the basis of net sales assessment. It optimized the organizational structure, promoted digital construction, and reduced terminal inventory. As of the end of 2024, the channel inventory of Longmu Zhuanggu Granules on the OTC line and major products on the prescription line had basically returned to a reasonable level [28] Impact of Chinese Herbal Medicine Price - The overall decline in Chinese herbal medicine prices is beneficial for the company's cost reduction and profit improvement. The company's manufacturing center uses multiple procurement models and strengthens cooperation with upstream suppliers to ensure stable raw material supply [29][30]

Core Viewpoint - The implementation of the Traditional Chinese Medicine (TCM) Law has significantly advanced the development of TCM in China, with over 1.6 billion TCM treatments recorded in 2024, reflecting its growing importance in the healthcare system [1][3][7] Group 1: Policy and Legal Framework - The TCM Law, enacted on July 1, 2017, serves as a comprehensive legal foundation for the reform and development of TCM, guiding a series of supporting regulations and policies [1][2] - The Chinese government has issued multiple policies to enhance TCM quality and promote its high-quality development, integrating TCM into the broader Healthy China initiative [1][2] Group 2: Achievements in TCM Development - TCM hospitals and clinics have achieved full coverage in cities and communities, with the number of licensed TCM practitioners reaching 971,000 [2] - The quality of TCM products has improved, with the overall pass rate for TCM decoction pieces reaching approximately 97% and the pass rate for proprietary Chinese medicines maintaining above 99% [2] Group 3: Accessibility and Service Expansion - TCM services have become more accessible, with community health centers in Wuhan fully equipped with TCM facilities, leading to a significant increase in TCM treatment volumes [3] - The total number of TCM treatments in 2024 exceeded 1.6 billion, showing a marked increase compared to 2023 [3] Group 4: Innovation and Product Development - Since the reform of the TCM approval system in 2021, 53 new TCM products have been approved, including 25 classic formulations, indicating a boost in innovation [4] - The number of pediatric TCM products has also increased, providing new options for children's medication [4] Group 5: Cultural Integration and Global Outreach - TCM culture is gaining popularity, with traditional health concepts and products becoming widely accepted and integrated into modern lifestyles [5] - Efforts are being made to promote TCM internationally, including collaborations with the World Health Organization and the establishment of international standards for TCM practices [6]

Core Viewpoint - The approval of innovative traditional Chinese medicine (TCM) products, such as the pediatric fever-reducing patch, reflects the accelerated modernization and industrialization of TCM, driven by policy guidance, scientific breakthroughs, and clinical demand [1][2]. Group 1: Recent Developments in TCM - Since 2021, 52 new TCM products have been approved, with a notable increase in the number of innovative drugs, indicating a rapid pace of TCM new drug approvals [1][3]. - The approval of TCM new drugs is supported by the "14th Five-Year Plan for TCM Development," which emphasizes the development of new drugs based on ancient classic formulas and effective components [1][3]. Group 2: Research and Development Trends - A significant characteristic of recent TCM drug approvals is the focus on ancient classic formulas, with 23 out of the 52 new drugs being based on these traditional formulations [3]. - The integration of big data, artificial intelligence, and genomics into TCM research has enhanced precision and efficiency, while collaboration among experts from various fields has provided comprehensive solutions for TCM development [3]. Group 3: Market Demand and Future Outlook - Growing public interest in health and traditional culture has led to increased market demand for TCM, prompting higher investment and research enthusiasm from companies in this sector [2]. - The acceleration of TCM new drug approvals is reshaping treatment models and providing multiple benefits to patients, particularly in challenging diseases like cancer [4]. - The government aims to enhance TCM quality and promote high-quality development in the industry by focusing on significant chronic diseases and optimizing the approval process for innovative TCM drugs [4].