证券日报网讯 1月9日，特一药业在互动平台回答投资者提问时表示，公司核心产品止咳宝片具备显著 的竞争壁垒：一是工艺技术优势。公司采用先进提取工艺与定量测定技术，保障药品质量稳定可控。并 围绕止咳宝片，就中药组合物、制备方法、成分检测等方面申请多项发明专利，且均已获得发明专利证 书，形成了完善的专利保护体系。二是品牌优势。止咳宝片具有百年历史，市场认可度高，拥有忠实用 户群体。三是疗效优势，临床验证止咳宝片对虚寒型和痰湿型咳喘治疗效果最好，总有效率分别是 100%及95%，毒副作用低、见效快。目前，公司正以止咳宝片为核心构建"1+N"产品矩阵，持续丰富产 品线，进一步巩固和提升公司核心竞争力。 （文章来源：证券日报） ...

证券日报网讯 1月9日，特一药业在互动平台回答投资者提问时表示，公司核心产品止咳宝片具有百年 历史，具有"宣肺祛痰、止咳平喘"之功效。 （文章来源：证券日报） ...

证券日报网讯12月26日，特一药业（002728）在互动平台回答投资者提问时表示，公司在药物创新研究 方面，持续推行中成药和化学药研发双向并举进行：在中成药方面：加强对现有中成药的传承和开发， 通过临床研究或真实世界研究，对特色中成药产品进行二次开发，推动公司特色中药品种(含止咳宝 片、皮肤病血毒丸、降糖舒丸等)成长为中成药大品种，以创新促质量提升，提高"特一"品牌影响力， 进而提升产品的市场竞争力；同时，积极抓住中药产业发展的机会，加强与相关院所合作，开发中药创 新药；在化学药方面：开展"原料药+制剂"一体化创新研究，对重大疾病治疗药物进行前沿化调研， 以"原料药+制剂"关联的模式开展制剂和原料的研发，提高协同效应。 ...

证券日报网讯12月22日，特一药业（002728）在互动平台回答投资者提问时表示，公司在药物创新研究 方面，持续推行中成药和化学药研发双向并举进行。在中成药方面：加强对现有中成药的传承和开发， 通过临床研究或真实世界研究，对特色中成药产品进行二次开发，推动公司特色中药品种(含止咳宝 片、皮肤病血毒丸、降糖舒丸等)成长为中成药大品种，以创新促质量提升，提高"特一"品牌影响力， 进而提升产品的市场竞争力；同时，积极抓住中药产业发展的机会，加强与相关院所合作，开发中药创 新药；在化学药方面：开展"原料药+制剂"一体化创新研究，对重大疾病治疗药物进行前沿化调研， 以"原料药+制剂"关联的模式开展制剂和原料的研发，提高协同效应。 ...

Company Insights - Haike New Source has signed a three-year supply agreement with Kunlun New Materials to supply electrolyte solvents from 2026 to 2028, with specific quantities based on orders [8] - The company is currently in a full production and sales state for its main products, which include lithium-ion battery electrolyte solvents, additives, and high-end propylene glycol [8][9] - Haike New Source has a leading global market share in lithium battery electrolyte solvents and is continuously investing in the research and development of cutting-edge materials such as solid-state electrolytes and lithium supplementation agents, with some products already in pilot testing [9] Industry Insights - Lithium carbonate prices have increased by over 60% in the past six months, driven by supply-demand mismatches and inventory depletion, with recent main contract prices breaking through 100,000 yuan/ton, reaching a new high since June 2024 [7][11] - The 2025 China International Lithium Industry Conference revealed that global lithium demand is expected to reach 2 million tons of lithium carbonate equivalent by 2026, reinforcing the industry's growth expectations due to a tight supply-demand balance [7][11] Company Performance - Te Yi Pharmaceutical reported a revenue of 692 million yuan for the first three quarters, a year-on-year increase of 51.86%, and a net profit of 65.52 million yuan, up 985.18% year-on-year, with its core product, cough syrup, recovering to 64% of the same period last year [15][16] - The company has seen a significant increase in demand for its cough syrup during the flu season, with a total effectiveness rate of 93% for treating flu-related coughs [16]

Core Viewpoint - The company reported that its core product, Zhi Ke Bao tablets, achieved sales of 104 million tablets in Q3 2025, generating revenue of 69.62 million yuan, indicating a recovery in sales and revenue compared to the same period in 2023 [1] Sales Performance - The sales volume of Zhi Ke Bao tablets in Q3 2025 has recovered to 65.06% of the sales volume in the same period of 2023 [1] - The revenue from Zhi Ke Bao tablets in Q3 2025 has recovered to 96.69% of the revenue in the same period of 2023 [1] Future Plans - The company aims to continue enhancing its self-operated system and plans to achieve an annual sales target of 100 million boxes of Zhi Ke Bao tablets within approximately 3-5 years after the completion of its marketing system reform [1]

Financial Performance - The company's net profit for the first three quarters of 2025 increased nearly 10 times compared to the previous year, with revenue growth exceeding 51% [2] - The sales volume of the core product, cough tablets, reached 64% of the same period in 2023, while revenue recovered to 96.69% of the same period [4] Marketing and Sales Strategy - The company transitioned from a pure agency model to a hybrid model of self-operated and promotional services, which initially caused a temporary decline in performance but has since shown recovery [3] - The marketing reform initiated in 2024 has begun to yield results, contributing significantly to the performance growth in 2025 [3] Product Performance - In Q3 2025, cough tablets sold 104 million pieces, generating revenue of 69.62 million yuan [4] - The cough tablets have a clinical effectiveness rate of 73% and a total effectiveness rate of 93%, demonstrating significant therapeutic advantages [10] Market Potential - The aging population in China is projected to increase by 13 million people aged 60 and above in 2024, expanding the patient base for respiratory diseases [4] - The company has identified ample market expansion opportunities due to the previous regional agency sales model, which left many markets untapped [4] Online Sales Strategy - The company has successfully launched the brain-quieting capsules online, achieving sales of over 13 million yuan by Q3 2025 [6] - Future plans include enhancing online exposure through content marketing and expanding presence on platforms like Douyin and Xiaohongshu [6] New Product Development - The company has established an independent marketing team to promote skin disease blood detox pills and blood sugar comfort pills, leveraging existing channels from cough tablets for market entry [8] - The skin disease blood detox pill and blood sugar comfort pill are positioned as strategic products with significant market potential, supported by favorable policies and clinical research [12] Overall Strategy - The company aims to achieve annual sales of 100 million boxes of cough tablets within 3-5 years post-marketing reform [4] - The "1+N" product development strategy focuses on enhancing the core product while nurturing a portfolio of complementary products to drive long-term growth [13]

Core Viewpoint - The report from Huazhong Securities indicates that Te Yi Pharmaceutical's net profit attributable to shareholders for the first three quarters of 2025 reached 0.65 billion yuan, representing a year-on-year increase of 985.18% [1] Financial Performance - The company has shown a rapid recovery in performance, with significant improvements in profitability due to marketing reforms [1] - The sales volume of the core product, cough tablets, for the first three quarters of 2025 was 4.35 billion pieces, which is 64% of the sales volume in the same period of 2023, exceeding initial expectations [1] Marketing Strategy - The company is focusing on cough tablets as a major product for marketing promotion and brand building [1] - Following the completion of the marketing system reform, the company aims to achieve an annual sales target of 100 million boxes of cough tablets within approximately 3-5 years, while also increasing pharmacy channel coverage to around 40% [1] Investment Rating - The investment rating is maintained at "Buy" [1]

Core Viewpoint - The report from Huazhong Securities indicates that Te Yi Pharmaceutical's net profit attributable to shareholders for the first three quarters of 2025 reached 0.65 billion yuan, representing a year-on-year increase of 985.18%, highlighting a rapid recovery in performance and significant improvement in profitability [1] Group 1: Financial Performance - Te Yi Pharmaceutical's net profit for the first three quarters of 2025 is 0.65 billion yuan, showing a remarkable year-on-year growth of 985.18% [1] - The company's performance is recovering quickly, with the results of marketing reforms becoming evident [1] Group 2: Product Sales and Marketing Strategy - The sales of the core product, cough tablets, have stabilized, with sales volume for the first three quarters of 2025 reaching 4.35 billion tablets, which is 64% of the sales volume in the same period of 2023, exceeding initial expectations [1] - The company is focusing on cough tablets as a major product for marketing and brand development, aiming to achieve an annual sales target of 100 million boxes within 3-5 years after completing the marketing system reform [1] - The company plans to increase the coverage rate of pharmacy channels to approximately 40% [1] Group 3: Investment Rating - The investment rating is maintained at "Buy" [1]

Core Insights - The company reported a significant recovery in performance for the first three quarters of 2025, with revenue reaching 692 million yuan, a year-on-year increase of 51.86%, and net profit attributable to shareholders of 65 million yuan, up 985.18% [1][2] Financial Performance - For the first three quarters of 2025, the company's overall gross margin was approximately 56.94%, an increase of 18.1 percentage points year-on-year [2] - The operating cash flow for the company was 191 million yuan, reflecting a substantial year-on-year growth of 599.53% [2] - In Q3 2025 alone, the company achieved revenue of 201 million yuan, a year-on-year increase of 41.49%, and net profit attributable to shareholders of 27 million yuan, up 719.47% [2] Marketing and Sales - The sales of the core product, "Cough Relief Tablets," reached 435 million pieces in the first three quarters of 2025, which is 64% of the sales volume from the same period in 2023, exceeding initial expectations [3] - The company has completed its marketing system reform and is focusing on brand building for "Cough Relief Tablets," aiming to achieve an annual sales target of 100 million boxes within 3-5 years [3] Future Projections - Revenue projections for the company from 2025 to 2027 are estimated at 1.038 billion yuan, 1.198 billion yuan, and 1.391 billion yuan, representing year-on-year growth rates of 50.9%, 15.4%, and 16.2% respectively [4] - Net profit attributable to shareholders is projected to be 109 million yuan, 201 million yuan, and 287 million yuan for the same years, with growth rates of 430.3%, 84.6%, and 42.9% respectively [4] - The corresponding price-to-earnings (PE) ratios are expected to be 67X, 36X, and 25X for the years 2025, 2026, and 2027 [4]