Group 1: Company Advantages - The company has a complete industrial chain layout, allowing it to independently produce active pharmaceutical ingredients and key excipients, ensuring product quality while effectively controlling costs [2] - A full-channel coverage system has been established, particularly in the outpatient market, which has become a new engine for revenue growth [2] - Continuous high investment in R&D to innovate and expand the product line, with a focus on strengthening the "JiuYue" brand in the transdermal drug delivery field [2] Group 2: Product Expectations and Market Strategy - The ketoprofen gel patch was approved for market in 2023 and has entered the national medical insurance directory, being the first generic product in the domestic market [3] - The company is optimistic about the market prospects for the ketoprofen gel patch and has developed new sales strategies focusing on outpatient market resources and internal sales team assessments [3] Group 3: Financial Projections - The company expects a revenue growth of 10-20% year-on-year for 2025, with a similar growth forecast for net profit excluding non-recurring items [4] - There are risks associated with achieving these targets due to market conditions, operational environment, and industry policies, which may introduce significant uncertainties [4] Group 4: Product Development Progress - The indomethacin gel patch is currently undergoing supplementary data review, while the pepper and musk gel patch has completed supplementary research and is awaiting registration application [5] - Differences between the loxoprofen sodium gel patch and the anti-inflammatory plaster include active ingredients, indications, and prescription attributes, with loxoprofen being a prescription drug for musculoskeletal pain [6]

根据市场公开信息及6月11日披露的机构调研信息，知名私募正圆投资近期对2家上市公司进行了调研， 相关名单如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 调研纪要：四创电子2024年实现营收16.03亿元，净利润-24,588万元。公司聚焦低空飞行保障和低空安 全防控，布局低空软件、系统级产品及装备，构建四大应用场景。未来将做强'一核两翼新动能'产业， 扩大雷达产品谱系，拓展国防军工等领域，融合低空经济。2025年营业收入预算力争实现20亿元，增长 集中在感知基础和感知产品领域。华耀电子电源应用于多个领域，包括机载预警、火控等。公司积极开 拓各地聚变项目，包括上海、成都等地。多功能机动反无车提供目标防护与指挥通信解决方案。公司在 合肥积极推进低空经济项目，未来将拓展至其他地区。 机构简介： 深圳正圆投资2015年成立于深圳前海自贸区，并于当年获得私募证券投资基金牌照。正圆拥有专业的投 研团队，丰富的投资经验，完善的风险管理制度。 立足于中国经济结构转型升级，服务于中国实体经 济发展。依赖团队专业的投研能力，致力于成为社会资本与优 ...

Group 1: Company Performance and Market Outlook - The overall business operation in Q2 2025 is stable, with sales proceeding as planned [2] - The company is optimistic about the market prospects for its pain relief patch, anticipating growth in the chronic pain patient demographic due to an aging society [2] - The company expects a revenue growth of 10-20% year-on-year for 2025, with a similar increase in net profit [7][8] Group 2: Product Strategy and Innovation - The sales channels for the pain relief patch primarily focus on OTC channels, with strategies to enhance sales through resource sharing and product diversification [2] - The company is developing a new innovative drug, a traditional Chinese medicine patch, and has entered into a technology transfer agreement for antimicrobial peptides [5] - R&D investment for 2024 is planned at 261 million CNY, representing 8.91% of revenue, with a commitment to maintain this investment ratio for sustained innovation [6] Group 3: Pricing and Competitive Landscape - The trend of price reduction in pharmaceuticals is expected to continue due to centralized procurement policies, necessitating companies to optimize cost structures and enhance innovation [3] - The procurement process for the Guangdong alliance has progressed, with the deadline for submissions already closed [4] Group 4: Future Plans and Employee Engagement - The company plans to introduce an employee stock incentive plan to align interests and motivate staff, contingent on market conditions and strategic needs [8] - Current production capacity is sufficient, with plans to enhance capacity through new production lines as needed, while long-term capacity planning will be based on business development [8] Group 5: Market Expansion - The company is actively expanding its presence in the outpatient market while strengthening its hospital sales, with a new sales strategy aimed at enhancing the "Jiu Yue" brand in the transdermal drug delivery sector [8]