证券代码：000989 证券简称：九芝堂 九芝堂股份有限公司投资者关系活动记录表 Q4：公司生物药创新药研发进展如何？ 公司主要开展创新药抗凝一类新药 YB209 项目、创新型环 脂肽类抗生素 YB211 项目的研发以及干细胞项目的研发。根据 2025 年半年度报告披露，公司研发中心 YB209 项目完成免疫原 2 性研究的方法开发和验证，完成 I 期临床收尾、关闭实验中心； YB211 项目完成临床样品制备、2 段生殖毒性试验、PK-PD 启动， 完成临床 I 期试验并全面启动临床Ⅱ期试验，受试者入组等工 作。目前，YB211 项目受试者入组及临床试验观测等工作正积 极有序开展。 编号：2026001 投资者关系活 动类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称、 人员姓名、时间 2026 年 1 月 23 日：光大证券黄素青、民生加银刘浩、富国基 金黄致君、中意资产马成骥、兴全基金戴心、东吴基金吴佳歆 地点 九芝堂股份有限公司（北京） 上市公司接待 人员姓名 董事会秘书韩辰骁 投资者关系活 动主要内容介 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The China breast hyperplasia medication industry is experiencing diversified development, with both traditional Chinese medicine (TCM) and Western medicine collaborating to meet differentiated treatment needs. TCM is favored for its cost-effectiveness and long-term management characteristics, while Western medicine dominates in areas such as hormone regulation and pain control. The industry's growth is primarily driven by increased health awareness among women and the accelerated adoption of early screening and comprehensive health management models under policy guidance. The industry is expected to continue expanding due to policy support, technological innovation, and driven by segmented demand [2][3]. Summary by Sections Industry Overview - Breast hyperplasia is the most common benign breast disease, characterized by symptoms such as breast pain and nodules. The condition arises from abnormal development and degeneration of breast tissue, leading to structural disarray. The clinical manifestations include breast pain, nodular states, or lumps, with some patients experiencing nipple discharge. The pathogenesis is associated with excessive action of hormones such as estradiol, progesterone, and prolactin [3][10][11]. Market Size - The market for breast hyperplasia medication in China is projected to reach 35.98 billion yuan by 2024, with Western medicine accounting for 18.73 billion yuan and TCM for 17.24 billion yuan. By 2029, the market size is expected to grow to 43.27 billion yuan. The demand for TCM is primarily driven by long-term management needs of female patients, while Western medicine is favored for its rapid efficacy in hormone regulation and pain relief [30][31]. Industry Chain Analysis - The upstream analysis indicates that the supply of animal-based medicinal materials is stable, while the prices of root-based materials fluctuate significantly, impacting midstream production. The midstream sector is characterized by a low level of capital participation, with small enterprises relying on unique products to build competitive advantages. The downstream analysis shows a trend towards online sales channels, with a notable shift in treatment preferences among patients [37][41][46]. Competitive Landscape - The competitive landscape of the breast hyperplasia medication industry reveals that TCM products dominate the market, with a significant number of unique products held by non-listed companies. The report highlights that only 31% of manufacturers have a listed company background, indicating a low level of capital involvement in the industry [42][43]. Development Trends - The "Women’s Development Outline" promotes a multi-dimensional approach to the breast hyperplasia medication industry, emphasizing the importance of early screening and comprehensive health management. This policy framework is expected to enhance the accessibility and affordability of breast hyperplasia medications, driving demand for both TCM and Western medicine [34].