张玮航 国联民生证券医药分析师: 各位投资者，大家这个上午好。那个开年第一天，大家开工大吉。那首先感谢大家来参加 我们国联民生。医药团队的这个电话会，今天是那个北海康成的这个近期情况的更新的电 话会议。我是那个，就是国内民生的研究员张金阳，在线跟我一起主持的还有我们团队的 胡若冰胡博，还有那个郭王洋。那节前，我们团队也组织了在康城的这个电话会，当时是 从这个罕见病行业的角度，这个当时这个邀请了薛总和百洋的这个副总来跟大家做了一个 沟通。那今天，这个电话会的主要的这个内容，是盖康城其实在春节期间，我们看到了一 个公告，这个配收了这个 8400 万股的这个股份给这个药明生物子公司，募集了 2 亿港元。 这个公告里面这个说这 2 亿港元的 12%用于商业化这个产品的运营。28%用于这个管线 的这个研发开支，60%用于这个结算集团的贸易应付款，那也，这个另外也补充公告了这 个售出现有股票的这个单位，其中一名服务供应商向本集团提供发展这个策略咨询，而另 一名的这个服务供应商就是，就要药物监管审批事宜，向本集团提供这个监管咨询，这些 相关的公告内容，我相信大家也看到了。那我们今天，针对这件事，也是很荣幸的再次请 到了这个 ...

Summary of Beihai Kangcheng Conference Call Company Overview - **Company**: Beihai Kangcheng - **Focus**: Rare disease sector, with five products launched including Haier Si, Mai Rui Bei, and Wei La Gan En Zhi Bei Ta, covering mainland China, Taiwan, and Hong Kong-Macau regions [2][5][10] Strategic Partnerships - **Collaboration with Baiyang Pharmaceutical**: - Baiyang's exclusive CFO has joined and acquired nearly 15% equity, indicating a new development phase for the company [2][4] - This partnership is expected to influence future adjustments in medical insurance and commercial insurance directories [2][4][7] Product Development and Market Position - **Haier Si**: - The only enzyme replacement therapy globally for Mucopolysaccharidosis Type II, included in the initial selection list for innovative drug insurance payment [2][10] - Significant market potential with a high incidence rate in East Asian populations [10] - **Ge Rui Ning**: - First domestically developed enzyme replacement therapy for Gaucher disease types I and III, aiming to reduce annual treatment costs by at least 50% [2][12][13] - Plans for large-scale promotion starting in early 2026 and discussions for international market entry [2][17] - **CAN204**: - A gene therapy for Duchenne Muscular Dystrophy (DMD) that has passed animal testing and is in talks for international collaboration [2][21][22] Financial Goals and Projections - **Sales Targets**: - Aiming for sales of 200 million, 500 million, and even 1 billion RMB, with expectations of positive cash flow by 2026 [3][23][25] - **Commercialization Outlook**: - No specific sales forecasts for 2025 and 2026 yet, but significant growth is anticipated if innovative drug insurance payments are implemented [20] Market Trends and Global Strategy - **International Market Entry**: - The trend of Chinese innovative drugs entering global markets is irreversible, with a focus on rare diseases [6][9] - Plans to leverage partnerships for regulatory navigation and market entry [14][17] Research and Development - **R&D Focus**: - Continuous innovation in rare disease treatments, with a strategy to develop products with global market potential [9][21] - Emphasis on patient education, diagnostic technology, and updating treatment guidelines [18][19] Future Plans - **Ecosystem Development**: - Building a rare disease ecosystem in collaboration with CROs and CDMOs, and leveraging genetic testing technologies [24][26] - **Financial Management**: - Aiming for cash flow positivity by 2026, with a focus on balancing funding for new projects and operational sustainability [25][26] Conclusion - Beihai Kangcheng is positioned to capitalize on its strategic partnerships and innovative product pipeline in the rare disease sector, with ambitious sales targets and a clear path towards international market expansion and financial sustainability [2][3][6][17][25]