湖南九典制药股份有限公司 投资者关系活动记录表 编号：2025-20 | | 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 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 其他 2025 年半年度业绩说明电话 | | | 会议 | | 参与单位名称及 | 平安证券、开源证券、华安证券、国盛证券、中信证券、东 | | 人员姓名 | 北证券、天风证券、华源证券等机构投资者代表及个人投资 | | | 者共 75 人 | | | 2025 年 8 月 24 日晚上 20:00-21:00 | | 时间 | 2025 年 8 月 25 日上午 10:00-11:00 | | 地点 | 公司会议室 | | | 董事、总经理：杨洋 | | 上市公司接待人 | 副总经理兼董事会秘书：曾蕾 | | 员姓名 | 财务总监：熊英 | | | 研究院院长：肖稳定 | | | 首先董事会秘书介绍了公司 2025 年半年度的经营情况： | | | 2025 年上半年公司实现营业收入 15.12 亿元，同比增长 | | | 10.67%；归属上市公司股 ...

据证券之星公开数据整理，近期九典制药（300705）发布2025年中报。根据财报显示，九典制药营收净 利润同比双双增长。截至本报告期末，公司营业总收入15.12亿元，同比上升10.67%，归母净利润2.91 亿元，同比上升2.57%。按单季度数据看，第二季度营业总收入8.16亿元，同比上升5.24%，第二季度归 母净利润1.66亿元，同比上升4.54%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率74.58%，同比增1.97%，净利率19.27%，同比减 7.32%，销售费用、管理费用、财务费用总计6.7亿元，三费占营收比44.29%，同比增1.71%，每股净资 产5.08元，同比增18.0%，每股经营性现金流0.55元，同比减35.8%，每股收益0.59元 经营活动产生的现金流量净额变动幅度为-33.99%,原因:支付其他与经营活动有关的现金增加。 投资活动产生的现金流量净额变动幅度为69.81%,原因:本期收回投资收到的现金增加。 证券之星价投圈财报分析工具显示： 业务评价：公司去年的ROIC为20.24%，资本回报率极强。去年的净利率为17.48%，算上全部成本后， 公司产品或服务的附加值高。从历 ...

Core Viewpoint - JiuDian Pharmaceutical (300705.SZ) has provided a positive earnings forecast for 2025, expecting a revenue growth of 10%-20% and a non-net profit growth of 10%-20% [2][4]. Financial Performance - From 2022 to 2024, JiuDian Pharmaceutical's revenue increased approximately 2.2 times, net profit increased about 8.3 times, and non-net profit grew around 9.2 times [2][8]. - In 2024, the company achieved a revenue of 2.931 billion yuan, a year-on-year increase of 8.85%, and a net profit of 512 million yuan, up 39.13% [4]. - For Q1 2025, the company reported a revenue of 696 million yuan, a year-on-year growth of 17.79%, and a net profit of 126 million yuan, a slight increase of 0.08% [5]. Research and Development - As of the end of 2024, the number of R&D personnel reached 492, accounting for 22.15% of the total workforce, reflecting a year-on-year growth of 4.9% [3][10]. - The company has maintained R&D expenditure at over 10% of revenue for several years, with R&D expenses in Q1 2025 reaching 63.11 million yuan, a year-on-year increase of 54.19% [11]. - JiuDian Pharmaceutical has a robust R&D team of over 400 members, primarily composed of PhD and master's degree holders, focusing on innovative drug development [9][10]. Product Portfolio - The company specializes in the research, production, and sales of pharmaceutical products, including drug formulations, raw materials, and plant extracts, with key products in various therapeutic areas [4]. - JiuDian Pharmaceutical has a diverse product range, including anti-inflammatory, anti-infection, and cardiovascular drugs, with leading products such as Loxoprofen Sodium Gel and Pantoprazole Sodium Enteric-Coated Tablets [4]. Shareholder Activity - The actual controller and chairman, Zhu Zhihong, has shown confidence in the company's future by increasing his shareholding, acquiring shares worth approximately 18.89 million yuan [12][13]. - The company has also been actively repurchasing shares, with a total of 6.1808 million shares repurchased, accounting for 1.24% of the total share capital [14]. Dividend Policy - Since its listing, JiuDian Pharmaceutical has distributed dividends nine times, with a total payout of 463 million yuan, including over 100 million yuan in dividends for the past two consecutive years [15].

Group 1: Market Competition and Product Strategy - The company acknowledges 11 competitors for the Loxoprofen Sodium Gel Patch, including its subsidiary, and plans to actively respond to competition by leveraging its complete industrial chain to control costs and ensure product quality [2] - The company has established a comprehensive channel coverage system, particularly in the outpatient market, which has become a new growth engine, with plans to increase investment for greater market share [2] - The company aims to enhance its "Jiuyue" brand through first-mover advantages, channel advantages, and cost advantages to solidify its leading position in the transdermal drug delivery field [2] Group 2: Financial Performance and Projections - For 2025, the company expects a revenue growth of 10-20% year-on-year, with a similar increase in net profit excluding non-recurring items, subject to market conditions and other uncertainties [3] - The company emphasizes the importance of risk awareness among investors regarding its operational plans and sales forecasts [3] Group 3: Strategic Initiatives for Growth - To achieve its annual goals, the company will focus on promoting new products, enhancing market penetration through education and product positioning, and increasing efforts in the outpatient market [4] - The company plans to deepen its presence in chain pharmacies and community clinics to tap into the growth potential of the outpatient market [4] - Brand building will be accelerated to enhance the recognition of core brands like "Jiuyue," driving market share expansion [4] Group 4: Product Sales Characteristics - The company reports that its product sales do not exhibit significant seasonality or cyclicality [5] Group 5: Innovation and Development - The company is developing a Class 1 innovative drug, the Pepper Seven Pain Relief Gel Patch, and has entered into a technology transfer agreement for antibacterial and anti-inflammatory peptides to support innovative drug development [6] - The company is actively recruiting talent for innovative drug research and development to strengthen its future capabilities [6] Group 6: Market Outlook for Specific Products - The sales channels for the anti-inflammatory pain relief patch will primarily focus on OTC channels, with strategies to enhance sales through resource sharing and product matrix expansion [7] - The company holds an optimistic view on the market prospects for the anti-inflammatory pain relief patch, anticipating growth in the chronic pain patient population due to societal aging, which will further drive demand for transdermal products [7]

Core Viewpoint - The company, Jiutian Pharmaceutical, is actively engaged in the research, development, and sales of pharmaceutical products, with a focus on expanding its product offerings and market presence through innovation and internationalization efforts [1][8]. Group 1: Product Development and Market Strategy - Jiutian Pharmaceutical is currently in the information reporting phase for the 11th batch of centralized procurement for its drug, Loxoprofen Sodium Gel Patch, and cannot estimate the price reduction at this stage [2]. - The company has six external preparations already on the market and expects to gain approval for additional products, including Indomethacin Gel Patch and Flurbiprofen Gel Patch, by 2025, with further products anticipated in 2026 [3]. - The company has developed a new sales strategy for Ketoprofen Gel Patch, which was approved in 2023 and has entered the national medical insurance directory, focusing on increasing resources for the outpatient market and enhancing internal sales team assessments [5]. Group 2: International Expansion and Innovation - Jiutian Pharmaceutical has made progress in exporting its formulations, having developed 46 international clients, with successful exports to Ecuador and preparations for registration in Costa Rica [4]. - The company is also focusing on innovation, with a new product, Pepper Seven Pain Relief Gel Patch, classified as a Class 1 innovative drug, and has entered into a technology transfer agreement for antimicrobial peptides to enhance its drug development capabilities [6]. Group 3: Financial Performance and R&D Investment - In the first quarter of 2025, Jiutian Pharmaceutical reported a main revenue of 696 million yuan, a year-on-year increase of 17.79%, and a net profit of 126 million yuan, reflecting a slight increase of 0.08% [8]. - The company plans to invest 261 million yuan in R&D in 2024, which represents 8.91% of its operating income, and aims to maintain this investment ratio to ensure continuous output and enhance its competitive edge [7]. Group 4: Earnings Forecast - Recent earnings forecasts indicate that Jiutian Pharmaceutical's net profit is expected to reach approximately 677 million yuan in 2025, with projections of 775 million yuan in 2026 and further growth anticipated in 2027 [11].

Group 1: Investor Relations Activity - The investor relations activity involved a meeting with representatives from Taikang Asset and China Post Securities, held on July 30, 2025 [2] - The meeting was led by the Deputy General Manager and Board Secretary, Zeng Lei, along with the Securities Affairs Representative, Gan Rong [2] Group 2: Product Development and Market Strategy - The company is currently in the information reporting stage for the collection of the eleventh batch of the drug Loxoprofen Sodium Gel Patch, with no specific price reduction estimates available yet [2] - The company has six external preparations already on the market and expects to gain approval for additional products, including Indomethacin Gel Patch and Flurbiprofen Gel Patch in 2025, and Ketoprofen Patch and others in 2026 [2][3] - The company has made progress in export development, with 46 clients engaged, including successful exports of Nitazoxanide Tablets to Ecuador and preparations for the registration of Ketoprofen Gel in Costa Rica [4] Group 3: Sales Expectations and Brand Strategy - The Ketoprofen Gel Patch was approved for market entry in 2023 and is included in the national medical insurance directory, with optimistic market prospects and a new sales strategy focusing on outpatient markets [5] - The company aims to strengthen its internal sales team assessments to enhance the "Jiu Yue" brand of patches [5] Group 4: Innovation and R&D Investment - The company is developing a Class 1 innovative drug, Pepper Seven Pain Relief Gel Patch, and has entered into a technology transfer agreement for antibacterial and anti-inflammatory peptides [6] - In 2024, the company plans to invest CNY 261 million in R&D, representing 8.91% of its revenue, with a commitment to maintain this investment ratio for sustained innovation and market competitiveness [7]

Group 1: Product Information - The price of Loxoprofen Sodium Gel Patch in local procurement is approximately [2] - The company believes that Loxoprofen Sodium Gel Patch and Ketoprofen Gel Patch complement each other in the market and do not compete directly [2] - Currently, the Loxoprofen Sodium Gel Patch is in the information submission phase for the 11th batch of centralized procurement [3] Group 2: R&D and Product Development - The company has six external preparations already on the market, including Loxoprofen Sodium Gel Patch and Ketoprofen Gel Patch [3] - Expected approvals in 2025 include Indomethacin Gel Patch and Flurbiprofen Gel Patch, while approvals in 2026 are anticipated for Ketoprofen Patch and others [3] Group 3: Marketing Strategy - The company focuses on continuous R&D investment to enrich its product matrix and leverage first-mover, scale, and cost advantages [3] Group 4: Financial Outlook - The company projects a revenue growth of 10-20% for 2025, with a similar expected increase in net profit [3] - There are risks associated with achieving these targets due to market conditions and industry policies, which may lead to uncertainties in forecasts [3]

Group 1: Company Overview and Strategy - The company has a complete industrial chain layout, enabling self-production of active pharmaceutical ingredients and key excipients, ensuring product quality while effectively controlling costs [2][5] - The company plans to increase investment in the outpatient market, which has become a new growth engine for performance [2] - The company maintains high investment in R&D to continuously innovate and expand its product line, particularly focusing on the "JiuYue" brand in the transdermal drug delivery field [2][3] Group 2: Market Response and Pricing Strategy - The company will actively respond to the impact of competitor product approvals by optimizing cost structures and enhancing innovation capabilities [2][4] - With the nationwide implementation of centralized drug procurement policies, drug prices are expected to decline, necessitating continuous strategic adjustments by pharmaceutical manufacturers [4] Group 3: Financial Projections - For 2025, the company expects a revenue growth of 10-20% year-on-year, with a similar increase in net profit after deducting non-recurring items [6][7] - The company's operational plans and sales forecasts are subject to market conditions and regulatory environments, indicating significant uncertainty [7] Group 4: M&A Strategy - The company will consider multiple directions for mergers and acquisitions, focusing on targets that align with its development strategy, enhance technological capabilities, and enrich its product pipeline [7]

Summary of Yangguang Nuohuo Conference Call Company Overview - Yangguang Nuohuo is transitioning to innovative drug research and development, focusing on 1.1 class new drugs such as STC007 (postoperative pain, uremic pruritus) and SPC008 (cancer cachexia) which are in clinical stages [2][3][4] - The company has established a comprehensive business ecosystem that includes research services, pipeline cultivation, and a refined industrial chain [3] Key Products and Clinical Trials - **STC007**: - Significant results from Phase II clinical trials for postoperative pain, with plans to initiate Phase III trials, aiming to be the world's first non-addictive opioid analgesic [2][4] - The second indication for STC007 (uremic pruritus) is in Phase II, expected to complete by the end of this year or early next year [6] - **SPC008**: - Currently in Phase I clinical trials for cancer cachexia, with expectations to complete by October 2023 [10][13] - **CAR-T Therapy**: - Collaboration with Yimiao Shenzhou on CAR-T therapies for systemic lupus erythematosus, with ZM001 in Phase I and SE Yaojiu expected to submit IND next year [2][11][15] Strategic Collaborations and Market Potential - Yangguang Nuohuo is negotiating product rights cooperation for STC007's pruritus indication with domestic pharmaceutical companies, focusing on teams strong in nephrology [2][8] - The company has partnered with Huawei to accelerate peptide drug development, enhancing its commercialization efforts [2][4] - The market potential for STC007 and FTC008 is viewed positively, with a focus on special formulations like microspheres and patches [3][4] Financial and Operational Plans - Yangguang Nuohuo is undergoing a major asset restructuring to acquire Jiangsu Langyan Group, aiming to integrate high-end formulations with innovative drug R&D, production, and sales [12][21] - The company anticipates stable growth in clinical CRO service orders due to the innovative drug boom and new policies favoring generic drugs [23] Future Outlook - The company is optimistic about its innovative transformation, with several projects entering late-stage clinical trials and achieving better-than-expected results [24] - Yangguang Nuohuo plans to continue updating its R&D milestones and business developments, with a strong focus on the commercialization of its products [24]

Core Insights - The "2024 Annual Top 100 Chinese Pharmaceutical Industry" list was released at the 42nd National Pharmaceutical Industry Information Annual Conference, highlighting the industry's key players and innovations [1] - China National Pharmaceutical Group's subsidiaries, Zhengda Tianqing Pharmaceutical and Beijing Tide Pharmaceutical, ranked 9th and 65th respectively, with both companies recognized as "Best Industrial Enterprises for R&D Product Lines" [1][2] Group 1: Company Performance - Zhengda Tianqing has been in the top 20 of the national pharmaceutical industry for 10 consecutive years, with a focus on "comprehensive innovation" strategy leading to significant advancements in oncology, liver disease, and respiratory treatment areas [2] - The company has 8 first-class innovative drugs approved for market, with nearly 80 ongoing research projects and approximately 20 innovative products expected to launch in the next three years [2] - At the recent ASCO conference, Zhengda Tianqing had 12 research projects selected for oral presentations, setting a new record for Chinese pharmaceutical companies, with its drug Anlotinib featured in 9 of those presentations [2] Group 2: Product Development - Beijing Tide Pharmaceutical is a leader in transdermal patches and surgical/pain relief fields, having developed four major technology platforms over the past decade [2] - The company has 5 patch products approved for market, with the Flurbiprofen gel patch being the top brand in the external analgesic market for several years [2] - Recently, the company launched two new products: the Torasemide patch for alleviating breathing difficulties and the Loxoprofen sodium gel patch for inflammation and pain relief, providing new options for domestic patients [2] Group 3: Industry Outlook - The restructuring of the industry ecosystem is accelerating, with both core companies demonstrating strong competitive vitality through continuous innovation investment [3] - The group aims to focus on core strengths and increase innovation efforts to transition into globally competitive innovative pharmaceutical enterprises [3]