【文/王力 编辑/周远方】 2025年末，全国流感疫情持续处于高流行水平。据国家疾控中心监测数据，当前主导毒株以甲型H3N2为主，该毒株传播力较强，且人群普遍易感。随着元 旦假期临近，春运序幕即将拉开，大规模人口流动将显著增加病毒传播机会，医疗系统和药品供应体系面临阶段性压力测试。 从终端市场反馈看，抗病毒药物和呼吸道对症药品需求集中释放。阿里健康平台数据显示，近两周流感相关药品购买人数环比增长超过500%；美团买药平 台清热解毒、止咳化痰类中成药订单量增幅突破100%；线下药店相关品类补货频率较平日提升2至3倍。与此同时，京东到家呼吸道病原检测订单量环比增 长66%，专业上门检测服务需求接近翻倍，反映出消费者对精准诊疗的认知提升。 面对这一公共卫生挑战，医药产业链各环节积极响应。从上游疫苗企业加速批签发，到中游制药企业扩大产能，再到下游流通企业保障配送时效，一条覆盖 预防、诊断、治疗的完整链条正在高效运转。值得关注的是，本轮疫情中化学药与中成药呈现协同发力的态势，市场格局较以往有所变化。 产业链协同响应，构建多层次供应保障 流感防控是一项系统工程，需要疫苗预防、快速诊断、药物治疗等多个环节的有效衔接。本轮疫 ...

入冬以来，呼吸道传染病进入高发时段，今年的流感以H3N2流感病毒为主，多地出现群体感染情况， 导致医疗机构门诊量激增，部分学校也因此暂时停课。中国疾控中心监测数据显示，12月1日至7日，门 急诊流感病毒检出阳性率已攀升至54.2%，流感疫情处于高流行水平。 在这一公共卫生挑战面前，中医"辨证施治"理念展现出独特优势。不同于单纯针对病原体的治疗方式， 中医更注重调节人体自身机能以抵御疾病，这种治疗逻辑不仅能发挥抗病毒的作用，更能增强机体免疫 力，尤其契合幼儿与青少年群体的用药需求，凭借副作用小、安全性高的特点获得广泛认可。中国工程 院院士、天津中医药大学名誉校长张伯礼曾明确表示，中医治疗流感的关键在于调节机体免疫，让身体 自主具备清除病毒的能力。在此背景下，以金振口服液为代表的创新型中药发挥了重要作用。 除金振口服液外，康缘药业的散寒化湿颗粒也在呼吸道疾病防治中扮演重要角色。该产品传承汉代麻杏 石甘汤、宋代神术散等五大经典名方，经仝小林院士团队改良而成，具备"散寒化湿、宣肺透邪"的复合 功效。 临床研究数据也验证了散寒化湿颗粒的显著疗效：《科学通报》发表的研究数据显示，在症状缓解上， 退热中位时间23.9小时， ...

Core Insights - The demand for traditional Chinese medicine (TCM) has significantly increased due to the rise in respiratory diseases during the autumn and winter flu season, with multiple pathogens like influenza and respiratory syncytial virus circulating [1] - Companies with reliable evidence-based data and clinically recognized TCM products are expected to benefit in the long term during the flu season [2] Group 1: Market Dynamics - The current flu activity in China is in a rapid upward phase, with sentinel hospitals reporting a continuous increase in flu-like cases [1] - The complexity of respiratory diseases this year, particularly in southern humid regions, has made multi-target, compound TCM more advantageous for managing various symptoms [1] Group 2: Company Performance - Kangyuan Pharmaceutical has seen a surge in demand for its respiratory products, leading to increased production to meet market supply pressures [2] - The company's oral liquid product, Jinzhen Oral Liquid, generated revenue of 1.359 billion yuan in the first three quarters of this year, accounting for 58% of its total revenue [2] Group 3: Product Development - Kangyuan's product line for respiratory and infectious diseases has formed a complete matrix covering prevention and treatment for various symptoms, including products like Hot Toxin Ning Injection and Jinzhen Oral Liquid [2][3] - The Hot Toxin Ning Injection has completed multiple RCT clinical studies, demonstrating its effectiveness in alleviating symptoms caused by viral infections [3] Group 4: Financial Performance - In the first half of 2025, Kangyuan reported revenue of 1.642 billion yuan and a net profit of 142 million yuan, with significant growth in various product categories [4] - The injection revenue reached 506 million yuan, while oral liquid revenue was 279 million yuan, indicating a robust performance across different dosage forms [4][5] Group 5: Strategic Outlook - The simultaneous growth of multiple dosage forms indicates a recovery in the usage of respiratory products during the winter disease season, enhancing the company's market adaptability [5] - Experts believe that TCM's multi-target advantages will continue to provide significant value in managing respiratory diseases in the future [5]

Core Viewpoint - Kangyuan Pharmaceutical (600557.SH) is actively responding to the increased demand for its respiratory and infectious disease products, particularly during the flu season, by ramping up production to meet market needs [1] Product Overview - The company's representative products in the respiratory and infectious disease line include: - **Re Du Ning Injection**: Used for treating symptoms of wind-heat colds and upper respiratory infections, showing significant efficacy in alleviating fever and respiratory symptoms [1] - **Jin Zhen Oral Solution**: A pediatric traditional Chinese medicine that effectively treats acute bronchitis in children and shows antiviral properties against influenza viruses, enhancing clinical cure rates when combined with Oseltamivir [1] - **Xing Bei Cough Granules**: Effective for cough relief and lung function improvement in cases of external cold and internal heat [1] - **San Han Hua Shi Granules**: Used for treating diseases caused by cold and dampness affecting the lungs [1] - **Yin Qiao Qing Re Tablets**: Treats common colds with wind-heat symptoms, providing multiple therapeutic effects [1] - **Wen Yang Jie Du Granules**: Aids in improving symptoms related to weakened Yang energy in patients, showing good clinical efficacy [1] Market Demand - The national influenza activity has significantly increased, entering a rapid rise phase, leading to a notable growth in demand for the company's core products in the anti-infection and respiratory sectors during the flu season [1]

Core Viewpoint - Kangyuan Pharmaceutical (600557.SH) is actively responding to the increased demand for its respiratory and infectious disease product line, particularly during the flu season, by ramping up production to meet market needs [1] Product Overview - The company's representative products in the respiratory and infectious disease category include Re Du Ning Injection, Jin Zhen Oral Solution, Xing Bei Cough Granules, San Han Hua Shi Granules, Yin Qiao Qing Re Tablets, and Wen Yang Jie Du Granules [1] - Re Du Ning Injection is indicated for clearing heat, dispelling wind, and detoxifying, showing significant efficacy in alleviating symptoms of viral infections, especially high fever, and improving respiratory symptoms [1] - Jin Zhen Oral Solution is a pediatric-specific traditional Chinese medicine that effectively treats acute bronchitis in children and has shown to inhibit various strains of the flu virus, improving clinical outcomes when combined with Oseltamivir [1] - Xing Bei Cough Granules are used for cough relief, while San Han Hua Shi Granules address cold and dampness-related respiratory issues [1] - Yin Qiao Qing Re Tablets are effective for treating common colds with wind-heat symptoms, and Wen Yang Jie Du Granules are beneficial for patients with weakened Yang energy, improving symptoms like cough and fever [1] Market Demand - The national flu activity has significantly increased and is currently in a rapid rising phase, leading to a notable surge in demand for the company's core products in the anti-infection and respiratory sectors [1] - The company is proactively adjusting its production to meet the growing market demand during the flu season [1]

三大指数小幅上涨，两市半日成交额超1.6万亿。金田股份5连板，济民健康4连板，一图看懂>> 申联牛物 3天3板 公司开展并购重组布局人用 域或设立并购基余投资收账 聚焦公司核心技术平台，包 核酸（mRNA）以及合成多 具有协同效应的生物医药标 福瑞股份 2天2板 国内肝病诊治领域龙头企业 精性脂肪性肝炎）治疗重大 期大到主要临床终点 博济医药 公司主要为国内外制药企业 品、医疗器械的研发与生产 式" CRO服务，CRO服务f 康缘药业 公司被国家及各省新冠防治 括：散寒化湿颗粒、金振C 粒、热毒宁注射液、藿香正 济民健康 4天4板 公司子公司博鳌国际医院拥 日本国厚生省认证的国际更 了包括细胞存储、国际标准 临床研究、干细胞与再生医 技术平台，医院自体脂肪干 量检定 立方制药 3天2板 公司此前收到国家药监局下 料药上市申请批准通知书》 体成分，有消炎止痒作用, 臭虫叮咬红肿等各种皮肤瘦 新天药业 3天3板 公司拟收购汇伦医药85.12 是小分子化学药，致力于有 心脑血管、妇科、男科等穷 益佰制药 主要涵盖抗肿瘤类、心血管 域,其中中药注射剂艾迪沼 品，与复方斑酱胶囊适用于 诚意药业 公司预计中报净利润同比增 ...

Core Insights - In 2024, the company expects a decline in both revenue and net profit, with projected figures of 3.898 billion and 392 million respectively, representing year-on-year decreases of 19.86% and 15.58% [1] - The first quarter of 2024 continues to show pressure on performance, with revenue of 878 million, down 35.38% year-on-year, and net profit of 83.41 million, down 38.37% [1] - The decline in first-quarter revenue is primarily attributed to a decrease in sales of the core injection product, Heat Toxicity Ning Injection [1][2] Product Performance - The core injection products have historically driven high growth, with Heat Toxicity Ning Injection sales exceeding 1 billion in 2013, but experiencing significant fluctuations due to policy changes [2] - The 2023 National Medical Insurance Directory allowed for increased sales of Heat Toxicity Ning Injection, reaching 6.077 million units, but sales fell to 4.195 million units in 2024, with inventory levels increasing by 759.11% [2] - Ginkgo Biloba Diterpene Amine Injection has also contributed to revenue growth, but its price dropped significantly after negotiations, limiting its growth potential [3] - The company’s oral liquid product, Jin Zhen Oral Liquid, has shown inconsistent sales performance, with year-on-year changes of 74.81%, -22.67%, and 5.13% from 2022 to 2024 [3] Financial Overview - In the first quarter, the injection product category generated approximately 340 million in revenue, down 36.86% year-on-year [4] - The overall revenue for the company in the first quarter was 867.22 million, with a total revenue decline of 35.79% [7] - The company reported a significant decline in operating cash flow, down 59.9% to 77 million in the first quarter, raising concerns about balancing cash flow health with long-term investments [9] New Product Developments - The company has received approvals for several new traditional Chinese medicine products, but their contribution to overall revenue remains limited, with a 10.34% decline in revenue from granules and powders in 2024 [6] - The company has not disclosed sales figures for the "Scattering Cold and Dampness Granules," a product related to COVID-19 treatment, despite investor inquiries [8]