投资者关系活动记录表 编号：2025-23 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 其他 | | 参与单位名称及 人员姓名 | 华夏基金、开源证券机构投资者代表共 2 人 | | 时间 2025 | 年 9 月 29 日下午 3:30-4:30 | | 地点 | 公司会议室 | | 上市公司接待人 | 副总经理兼董事会秘书：曾蕾 | | 员姓名 | 证券事务代表：甘荣 | | | 主要采用解答投资者提问的方式进行，主要问题回复如下： | | | 1、创新药转型的战略布局如何？ | | | 回复：公司目前全面转型聚焦创新药研发，在化药与中 | | | 药创新药领域均有布局，其中以化药创新药为核心发展方向。 | | | 在适应症上，公司重点聚焦两大领域：一是疼痛领域，主要 | | | 研发多肽药物与小分子药物；二是肿瘤领域，专注于 PDC 药 | | 投资者关系活动 | 物研发。中药创新药目前有椒七止痛凝胶贴膏已申报生产并 | | 主要内容介绍 | 受理，JIZM0 ...

Core Viewpoint - The company, Panlong Pharmaceutical, has received a notice from the National Medical Products Administration regarding the acceptance of its application for the marketing authorization of the generic drug, Loxoprofen Sodium Gel Patch, which is intended for treating osteoarthritis, muscle pain, and swelling or pain after injuries [1] Group 1 - The product is a gel patch with significant anti-inflammatory and analgesic effects [1] - The acceptance number for the application is CYHS2503515, and it is classified as a Class 4 chemical drug [1] - The company will fulfill its information disclosure obligations in accordance with relevant regulations regarding subsequent developments [1] Group 2 - This matter is not expected to have a significant impact on the company's business operations in the short term [1]

盘龙药业公告，近日公司在研产品洛索洛芬钠凝胶贴膏收到国家药品监督管理局下发的仿制药上市许可 申请《受理通知书》。洛索洛芬钠凝胶贴膏为治疗骨关节炎、肌肉痛、外伤后的肿胀或疼痛的凝胶贴 膏，规格为每贴含洛索洛芬钠100mg（以C15H17NaO3计）。根据相关规定，上述药品在获国家药品监 督管理局仿制药注册上市许可申请受理后将转入国家药品监督管理局药品审评中心进行审评审批，完成 时间和审批结果均具有不确定性。 ...

天风证券研报指出，九典制药2025H1实现归母净利润2.91亿元（YoY+2.57%），2025年单二季度实现归 母净利润1.66亿元（YoY+4.54%），上半年业绩增速符合预期。截至2025年上半年，公司已拥有7款外 用制剂药品注册证书，在研外用制剂产品超20个，主要产品包括洛索洛芬钠凝胶贴膏、酮洛芬凝胶贴 膏、消炎解痛巴布膏、利丙双卡因乳膏、克霉唑阴道片等。随着未来新品逐渐上市销售，叠加老龄化日 益严重、经皮给药市场需求增加的外部环境驱动，公司在外用制剂板块有望持久续航。公司布局化药与 中药创新药，其中以化药创新药为核心发展方向，重点聚焦疼痛领域（主要研发多肽药物与小分子药 物）与肿瘤领域（专注PDC药物研发）。基于洛索洛芬钠凝胶贴膏竞争格局变化，调整盈利预测，维 持"买入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Viewpoints - The company has demonstrated stable operations with a focus on expanding its topical formulation pipeline and accelerating its transformation into innovative drugs [1] - The revenue for the first half of 2025 reached 1.512 billion yuan, representing a year-on-year increase of 10.67%, while the net profit attributable to the parent company was 291 million yuan, up 2.57% year-on-year [1] - The company expects revenue growth of 10-20% and a similar increase in net profit for the full year of 2025 [1] - The gross margin for the first half of 2025 was 74.58%, with a net margin of 19.27% [1] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 1.512 billion yuan (YoY +10.67%) and a net profit of 291 million yuan (YoY +2.57%) [1] - The second quarter of 2025 saw a revenue of 816 million yuan (YoY +5.24%) and a net profit of 166 million yuan (YoY +4.54%) [1] - The company maintains a stable expense ratio, with a sales expense ratio of 40.37% and a research and development expense ratio of 8.26% [1] Product Development - As of the first half of 2025, the company holds 7 registered topical formulation products and has over 20 products under development [2] - The topical formulation segment achieved sales revenue of 836 million yuan (YoY +16.96%), driven by the growth of key products [2] - The company anticipates continued growth in its topical formulation pipeline with several products expected to be approved in 2025-2026 [2] Innovation and R&D - The company is transitioning towards innovative drug development, focusing on chemical and traditional Chinese medicine innovations, particularly in pain and oncology [3] - The acquisition of the antibacterial peptide new drug JIJ02 gel for 90 million yuan is a significant step in expanding its innovative drug pipeline [3] - JIJ02 gel is currently in Phase I clinical trials, targeting common acne, and is expected to complete Phase I and initiate Phase II trials by mid-2026 [3] Profit Forecast - The revenue forecast for 2025-2027 is adjusted to 3.281 billion yuan, 3.469 billion yuan, and 3.808 billion yuan respectively, with net profits of 588 million yuan, 628 million yuan, and 729 million yuan [4] - The company maintains a price-to-earnings ratio of 15, 14, and 12 times for the years 2025-2027 [4]

Core Viewpoint - The implementation of the "loan + equity option" model by Jiangsu rural commercial banks is enhancing financial support for technology-driven enterprises, facilitating their growth and innovation [1][2][8]. Group 1: Policy and Financial Innovations - The "loan + equity option" model is a breakthrough for Jiangsu rural commercial banks, allowing them to provide comprehensive financial support throughout the lifecycle of technology enterprises [1][2]. - As of the end of August, nine rural commercial banks in Jiangsu have signed 17 "loan + equity option" agreements, with seven banks completing 13 standardized filings at the Jiangsu Equity Exchange Center, accounting for 65% of the total filings during the same period [1][2]. Group 2: Case Studies of Successful Implementation - Suzhou Rural Commercial Bank executed the first "loan + equity option" agreement in Jiangsu, providing a credit loan of 4 million yuan to a company under the Chinese Academy of Sciences, along with an equity option to purchase 2 million yuan worth of shares [3]. - Reed (Suzhou) Electronic Technology Co., Ltd. utilized the "loan + equity option" model to secure 500,000 yuan in equity rights, which facilitated their external financing and share buyback, allowing the bank to exit the investment [3][4]. - Leming Pharmaceutical (Suzhou) Co., Ltd. received 200,000 yuan in "talent loans" and secured an equity option for 500,000 yuan, which helped them bridge the funding gap during their product development phase [5][6]. Group 3: Broader Industry Impact - The "loan + equity option" model is not only aiding individual companies but also driving innovation in the financial services sector, allowing banks to transition from mere fund providers to comprehensive service providers for enterprises [9][10]. - Jiangsu rural commercial banks are actively building networks with venture capital (VC), private equity (PE), and other financial institutions to enhance their service offerings and project selection capabilities [10][11].

Group 1 - The company conducted a specific investor research activity on September 12, 2025, with representatives from Yige Private Equity Fund and Yongxing Securities [1] - The expected price drop for the Loxoprofen Sodium Gel Patch in the upcoming collective procurement is currently unestimated due to the absence of formal rules for the 11th batch [1] - The company plans to invest between 250 million to 300 million yuan in R&D for the year 2025, with projected revenue growth of 10-20% and net profit growth of 10-20% year-on-year [1] Group 2 - The company aims to achieve its annual targets by focusing on promoting new products, enhancing market education, and optimizing product positioning [1] - The JIJ02 gel is expected to complete Phase I clinical trials in the first half of next year and initiate Phase II trials [1] - The company holds an optimistic view on the market prospects for the anti-inflammatory pain relief patch, anticipating increased demand due to the aging population and the growing chronic pain patient demographic [1] Group 3 - The Loxoprofen Sodium Gel Patch and Ketoprofen Gel Patch are both external non-steroidal anti-inflammatory drugs, but they differ in active ingredients and mechanisms of action [1] - The Loxoprofen Sodium Gel Patch has a higher drug loading capacity and broader indications, while the Ketoprofen Gel Patch offers better drug permeability and a more comprehensive mechanism of action [1]

Group 1: Company Overview and Financial Projections - The company, Hunan Jiutian Pharmaceutical Co., Ltd., is involved in the integrated development of formulations, raw materials, and pharmaceutical excipients [1] - R&D expenses for 2025 are projected to be between CNY 250 million and CNY 300 million [2] - Expected revenue growth for 2025 is projected at 10-20%, with non-recurring net profit also expected to grow by 10-20% [2] Group 2: Market Strategy and Product Development - The company plans to enhance market penetration of new products through market education and optimized product positioning [3] - There will be a focus on promoting the OTC channel and expanding the product matrix to boost sales of the anti-inflammatory plaster [5][6] - The JIJ02 gel is expected to complete Phase I clinical trials in the first half of next year and initiate Phase II trials [4] Group 3: Product Comparison and Market Outlook - The difference between Loxoprofen Sodium Gel and Ketoprofen Gel lies in their active ingredients and mechanisms of action, with Loxoprofen being more suitable for a wider range of conditions [6] - The aging population is expected to increase the demand for transdermal drug delivery products, positively impacting market growth [6]

Core Viewpoint - Panlong Pharmaceutical (002864.SZ) reported a strong performance for the first half of 2025, achieving revenue growth and profit increase, driven by its "one body, two wings, three depths" strategy, with significant contributions from its core product, Panlong Seven Tablets, and a remarkable growth in traditional Chinese medicine (TCM) decoction pieces [3][4][5]. Financial Performance - In the first half of 2025, Panlong Pharmaceutical achieved revenue of 574 million yuan, a year-on-year increase of 26.06%, and a net profit attributable to shareholders of 60.14 million yuan, up 0.81% [4]. - The company’s self-produced TCM contributed 319 million yuan in revenue, a growth of 2.29%, accounting for 55.5% of total revenue, with a gross margin of 87.26% [5]. - The TCM decoction pieces saw a staggering revenue increase of 380.89%, reaching 123 million yuan, marking it as the fastest-growing product in the first half of the year [5]. Product and Market Strategy - Panlong Seven Tablets maintained a strong market position with a market share of 7.73% in the TCM market for musculoskeletal diseases [7]. - The company has transformed its marketing system, covering over 5,000 medical institutions and tens of thousands of retail terminals, establishing a dual-driven model of "medical + retail" [5][6]. - The company is embracing the "Internet + medicine" trend, enhancing brand communication through digital platforms, which has significantly increased product search volume [8]. Research and Development - R&D investment reached 15.85 million yuan in the first half of 2025, an increase of 11.18%, focusing on innovative TCM and chemical generic drugs [9]. - The number of registered TCM formula granules increased to 310, indicating a robust pipeline for future growth [9][10]. - The company has established a strong R&D platform, with 79 patents held, including 36 authorized invention patents [10]. Investment and Growth Strategy - Panlong Pharmaceutical is actively engaging in investment activities to support its product development goals, with significant progress in its industrial fund investments [11][12]. - The company is focusing on integrating its core business with investment projects to enhance resource synergy and efficiency [12][13]. - A new TCM innovation drug R&D platform has been established in the Guangdong-Hong Kong-Macao Greater Bay Area, targeting the development of TCM for chronic orthopedic diseases [13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth, with a 10.67% year-on-year increase in revenue for the first half of 2025, reaching 1.512 billion yuan, and a net profit of 291 million yuan, up 2.57% year-on-year [5] - The company is actively enhancing its innovation pipeline, including the acquisition of the antibacterial peptide new drug JIJ02 gel for 90 million yuan, which is currently in clinical phase I and aims to treat common acne [6] - The company is undergoing a product structure adjustment, leading to revised profit forecasts for 2025-2027, with expected net profits of 570 million, 642 million, and 731 million yuan respectively [5] Financial Summary - For the first half of 2025, the gross margin was 74.58%, an increase of 1.44 percentage points, while the net margin was 19.27%, a decrease of 1.53 percentage points [5] - The company’s revenue from drug formulations in the first half of 2025 was 1.247 billion yuan, reflecting a 14.86% increase, with strong sales of products like Loxoprofen sodium gel patches [5] - The projected earnings per share (EPS) for 2025-2027 are 1.14, 1.28, and 1.46 yuan per share, with corresponding price-to-earnings (P/E) ratios of 16.2, 14.4, and 12.6 times [5][8]