11月22日，特一药业在接受媒体采访时表示，2025年第三季度，核心产品止咳宝片实现销售数量1.04亿 片，对应营业收入6962万元。与营销改革前的2023年同期相比，止咳宝片第三季度销量已恢复至同期的 65.06%，而营业收入则恢复至同期的96.69%。未来，公司将继续深化自营体系建设，并计划在营销体 系改革完成后3-5年左右时间内，力争达到止咳宝片年销售量1亿盒的目标。 ...

证券代码：002728 证券简称：特一药业 特一药业集团股份有限公司投资者关系活动记录表 编号：2025-009 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活 媒体采访 | 业绩说明会 | | 动类别 | 新闻发布会 路演活动 | | 现场参观 | | | 其他 | | | 活动参与人员 | 《消费者报道》 张德荣、黄祐芊 | | 上市公司接待 | 董事、财务总监、副总经理：陈习良 | | | 董事会秘书：许紫兰 | | 人员 | 证券事务代表：徐少华 | | 时间 2025 | 年 11 月 22 日 | | 地点 台山 | | | 形式 邮件 | | | | 一、前三季度净利润近乎 10 倍增长、营收同比增长超 51%，核心驱动力是否 | | | 与今年流感爆发带来的止咳宝片需求激增直接相关？该产品在三季度的销量、营 | | | 收占比具体表现如何？ | | | 回复：1、关于净利润增长的说明 | | | 尽管前三季度净利润同比 2024 年同期呈现大幅增长，但若与改革前的 2023 | | | 年同期相比，其恢复程度低于营收恢复程度。这主要是因为在销 ...

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]

要点 事件：公司发布 2025 年三季报，前三季度实现营业收入、归母净利润、扣非归 母净利润分别为 6.92/0.65/0.63 亿元，同比+51.86%/985%/2508%。经营性净 现金流 1.91 亿元，同比转正；EPS（基本）0.13 元。业绩略超市场预期。 点评： 营销改革顺利推进，止咳宝片销量超年初预期。25Q1-Q3 公司营收分别为 2.95/ 1.96/2.01 亿元，同比+79%/31%/41%，持续呈现恢复式增长。今年以来，公司 深化营销组织变革取得积极成效，止咳宝片实施分规格、分渠道销售管理，其中 36 片/盒、48 片/盒、600 片规格均由公司自营团队负责，分别覆盖全国头部连 锁药店、电商平台、第三终端市场，而 24 片/盒规格采用自营+推广服务商的模 式进行推广。25H1 止咳宝片的销量为 3.31 亿片，恢复至 2023 年同期的 61.29%。 25Q1-Q3 止咳宝片的销量实为 4.35 亿片，恢复至 2023 年同期的 64%，超过公 司年初预期，呈现较好的渠道渗透趋势。随着止咳宝片发货数量的显著回升，公 司盈利能力也实现了强劲修复，25Q1-Q3 年公司销售毛利率同比+ ...

Core Insights - The core viewpoint of the article highlights the strong recovery of the core product and the effectiveness of marketing reforms, as evidenced by the impressive Q3 financial results of Te Yi Pharmaceutical [1][3]. Financial Performance - In Q3 2025, the company achieved a revenue of 692 million yuan, representing a year-on-year increase of 51.86% [1][3]. - The net profit attributable to shareholders reached 65.22 million yuan, a staggering increase of 985.18% compared to the previous year [1][3]. - The non-recurring net profit was 62.81 million yuan, with a year-on-year growth of 2508.06% [1][3]. Business Recovery - Te Yi Pharmaceutical's main business includes the research, production, and sales of traditional Chinese medicine, chemical preparations, and raw materials [2]. - The company faced a significant decline in sales during 2020 due to the COVID-19 pandemic, but it has since focused on its core products, leading to a recovery and peak performance in 2023, with revenue surpassing 1 billion yuan for the first time [2]. - In 2024, the company experienced a downturn due to a deep transformation in its marketing model, which temporarily slowed down product shipments [2]. Product Performance - The core product, Zhi Ke Bao Pian, has seen a strong recovery in sales, with 331 million pieces sold in the first half of 2025, recovering to 61.29% of the same period in 2023 [4]. - By the end of Q3 2025, cumulative sales of Zhi Ke Bao Pian reached 435 million pieces, which is 64% of the sales in the same period of 2023 [4]. - The company aims to achieve an annual sales target of 1 billion boxes (approximately 3.6 billion pieces) for Zhi Ke Bao Pian within 3-5 years, while increasing the pharmacy channel coverage to around 40% [4]. Marketing Reforms - The company has completed a comprehensive upgrade of its marketing organizational structure, creating new departments to enhance operational efficiency [5]. - Since the reform, the number of frontline sales personnel has increased by over 100, with plans to continue recruiting talent to build a more dynamic and youthful team [5]. - In the first three quarters of 2025, sales expenses reached 236 million yuan, a year-on-year increase of 149.72%, with expectations to maintain a sales expense ratio of around 35% for the year [6].

Group 1: Product Strategy and Sales Performance - The company has implemented a refined channel management strategy for its core product, "Zhi Ke Bao Pian," focusing on different specifications and targeted marketing efforts [3][4][5]. - As of the end of Q3 2023, sales of "Zhi Ke Bao Pian" reached 435 million pieces, which is 64% of the sales volume from the same period last year, exceeding initial expectations [5]. - The company aims to achieve an annual sales target of 100 million boxes for "Zhi Ke Bao Pian" within 3-5 years, with a target channel coverage rate of approximately 40% [5]. Group 2: Online and Offline Sales Channels - The online sales team has expanded from 2 to 12 members, establishing a comprehensive operational system for B2C and O2O channels [6][7]. - In Q3 2025, "Zhi Ke Bao Pian" ranked first in the cough medicine category on JD.com and was among the top three in the "non-prescription cough medicine" category on Pinduoduo [6][7]. - The company plans to enhance its online presence while maintaining strong offline channel partnerships, focusing on synergistic marketing strategies [8]. Group 3: Marketing and Sales Expenses - Sales expenses for the first three quarters of 2025 totaled approximately 23.63 million yuan, showing significant growth compared to previous years due to increased investment in brand building and marketing strategies [11][12]. - The marketing promotion expenses saw the most substantial increase, reflecting a shift to a diversified advertising approach [12]. - The company anticipates maintaining a sales expense ratio of around 35% for the full year, with expectations for a gradual decrease in this ratio as sales scale increases [13]. Group 4: Future Product Development and Market Expansion - The company has developed a comprehensive product lineup in the respiratory system category, including cough and cold medications, with a focus on enhancing market penetration for "Zhi Ke Bao Pian" [9][10]. - The "Pifu Bing Xue Du Wan" product has seen stable sales of approximately 15 million yuan in Q3 2025, with plans for channel expansion and professional promotion in the third terminal market [14][15]. - The company is exploring potential mergers and acquisitions to enhance its competitive edge and support long-term growth, particularly in the context of the Chinese medicine industry [16].

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 692 million yuan, a year-on-year growth of 51.86% [1] - Net profit attributable to shareholders surged to 65.22 million yuan, marking an astonishing increase of 985.18% [1] - The net profit after excluding non-recurring gains and losses was 62.81 million yuan, reflecting a staggering growth of 2508.06% [1] Financial Performance - Basic earnings per share rose from 0.01 yuan to 0.13 yuan, an increase of 1200% [1] - Operating cash flow net amount reached 192 million yuan, up 599.53% year-on-year [1] Business Strategy - The company completed the establishment of its self-operated sales team in 2025, leading to a gradual recovery in sales of its core product, cough relief tablets [1] - Marketing reforms have shown significant results, contributing to the overall performance growth [1] Investment and Shareholder Confidence - The company invested heavily in brand building, with sales expenses amounting to 236 million yuan, a year-on-year increase of 149.72% [1] - The company actively promoted a share repurchase plan, having repurchased 13.73 million shares, accounting for 2.68% of the total share capital, with a total repurchase amount exceeding 100 million yuan [1]

Group 1 - TuoJing Life invested 68 million yuan to acquire a 9.2141% stake in HuiHe Bio, which has completed early clinical studies for its CC312 pipeline targeting autoimmune diseases [1] - HuiHe Bio's CC312 pipeline is in Phase I clinical trials and addresses unmet clinical needs in diseases like SLE, showing promising research potential [1] - The investment aligns with TuoJing Life's strategy to establish a comprehensive "diagnosis-treatment-monitoring" chain in the autoimmune disease sector [1] Group 2 - Boehringer Ingelheim's innovative therapy for pulmonary fibrosis, Namilus, has been approved in China, marking the first new drug for idiopathic pulmonary fibrosis (IPF) in a decade [2] - The approval signifies a breakthrough in the IPF treatment field, as it is the first drug to meet primary endpoints in Phase III trials in over ten years [2] - The synchronized global development and registration of Namilus highlight the strategic importance of the Chinese market in the global new drug development framework [2] Group 3 - TeYi Pharmaceutical reported a 51.86% year-on-year increase in revenue to 692 million yuan and a remarkable 985.18% increase in net profit to 65.2 million yuan for the first three quarters of 2025 [3] - The significant growth is attributed to a recovery in sales of core products following a marketing organizational transformation [3] - The upcoming respiratory disease season is expected to further enhance the company's profitability [3] Group 4 - LIZHU Group's revenue for the first three quarters of 2025 reached approximately 9.116 billion yuan, a slight increase of 0.38% year-on-year, with a net profit of about 1.754 billion yuan, up 4.86% [4] - In Q3 alone, the company achieved revenue of approximately 2.844 billion yuan, reflecting a 1.6% year-on-year growth, while net profit decreased by 5.73% [4] - New products approved in the first half of the year are expected to contribute to future revenue growth [4]