Group 1: Product Matrix and Market Position - The company has established a clear and advantageous external product matrix, with significant exclusive and medical insurance advantages in key varieties. Approved products include: Loxoprofen Sodium Gel Patch, Ketoprofen Gel Patch, Anti-inflammatory Pain Relief Patch, Lidocaine Gel Patch, Strong Waist and Bone Strengthening Patch, and Daiwen Moxibustion Patch [2] - The Ketoprofen Gel Patch is a key exclusive product with significant market competitiveness, while the Daiwen Moxibustion Patch holds both traditional Chinese medicine exclusivity and medical insurance exclusivity, showcasing distinct advantages [2] Group 2: Brand Development Strategies - The company has implemented a series of systematic and innovative measures to enhance brand influence and market recognition, including expanding into retail pharmacies and online platforms [3] - A brand upgrade event was held on December 6, 2025, introducing the "JiuDian Pain Relief Expert" symbol and the slogan "Change to JiuDian for Pain Relief Patches," aimed at addressing consumer pain points and enhancing brand communication and market competitiveness [3] Group 3: Sales and Procurement Expectations - The 11th batch of national centralized procurement results will be executed nationwide starting February 2026, with procurement cycles lasting until December 31, 2028 [3] - The company is optimistic about the market prospects for the Ketoprofen Gel Patch, which was approved for listing in 2023 and successfully entered the national medical insurance directory [3] Group 4: Innovation in Drug Development - The company is undergoing a comprehensive transformation towards innovative drug research and development, utilizing a strategy of multiple R&D centers and various drug forms [4] - Two innovation drug R&D centers are being established in central and Yangtze River Delta regions, leveraging local clinical resources and cost advantages [4] - The company is focusing on various tumor and chronic disease indications, employing small molecule drugs, peptide drugs, PDC, and ADC formats [4] Group 5: New Drug Advantages - The newly introduced small molecule pain relief innovative drug YJ2301 is designed to overcome limitations of existing neurogenic pain medications, such as limited efficacy and significant side effects [4] - Clinical pre-research data for YJ2301 shows superior pain relief effects and the potential to address issues like drowsiness and tolerance, providing a new solution for neurogenic pain management [4]

Group 1: Company Overview and Strategy - Hunan Jiutian Pharmaceutical Co., Ltd. is focusing on expanding its market presence through a multi-channel strategy and brand enhancement initiatives, including the launch of the "Jiutian Zhen Tong Xian Sheng" branding campaign on December 6, 2025 [2][3] - The company aims to strengthen its product pipeline by increasing R&D investments and introducing new products, while also leveraging its integrated supply chain to control costs and ensure product quality [3][4] Group 2: Product Specifics and Market Response - The company’s key product, Loxoprofen Sodium Gel Patch, has been selected in the 11th round of national drug centralized procurement at prices of ¥17.88 for 4 patches, ¥26.82 for 6 patches, and ¥35.76 for 8 patches, with a total planned selection of approximately 30.12 million patches [5] - Following the price reduction from centralized procurement, the company anticipates a potential increase in sales volume for Loxoprofen Sodium Gel Patch, contingent on market conditions post-implementation [5] Group 3: Mergers and Acquisitions - The company has acquired a 67% stake in Hunan Nona Pharmaceutical Technology Co., Ltd., which includes 67 drug licenses, enhancing its product offerings and market stability [3][4] - This acquisition is expected to fill potential sales gaps from the centralized procurement of Loxoprofen Sodium Gel Patch and diversify the product range with unique offerings like the Daiwen Moxibustion Patch [3] Group 4: Innovation and R&D Focus - The company is transitioning towards innovative drug development, establishing multiple R&D centers and focusing on various drug forms and cooperative models to expedite the development of new drugs [4][6] - Current R&D efforts are concentrated on oncology and chronic disease treatments, utilizing small molecules, peptides, and other advanced drug forms to build a robust pipeline [4][6] Group 5: Future Product Development - The JIJ02 gel is expected to complete Phase I clinical trials in the first half of 2026, with plans to initiate Phase II trials thereafter [7] - The company is optimistic about the market prospects for Ketoprofen Gel, which was approved in 2023 and included in the national medical insurance directory, and is implementing new sales strategies to enhance market penetration [7]

Core Insights - Hunan Jiutian Pharmaceutical Co., Ltd. successfully won the bid for its core product, Loxoprofen Sodium Gel Patch, in the 11th national drug centralized procurement, with a total bid quantity of approximately 30.12 million patches across 11 provinces [2][3] - The company is undergoing a transformation towards innovative drugs, focusing on oncology and chronic diseases, with multiple R&D centers established to leverage regional advantages [4][5] - Jiutian Pharmaceutical is implementing a multi-faceted strategy to address market changes post-bid, including expanding its sales channels and enhancing its product pipeline through investments and acquisitions [3][4] Group 1: Bidding and Market Expectations - Jiutian Pharmaceutical's Loxoprofen Sodium Gel Patch was successfully selected in the centralized procurement at prices of 17.88 yuan for 4 patches, 26.82 yuan for 6 patches, and 35.76 yuan for 8 patches, with a total of 30.12 million patches to be supplied [2] - The company anticipates a potential increase in sales volume due to the growing demand in the chronic pain treatment market, although short-term profit margins may be pressured due to procurement requirements [2] Group 2: Response Strategies to Procurement Challenges - The company plans to enhance its sales strategy by focusing on outpatient markets and accelerating brand development while also investing in new product launches and pipeline expansion through acquisitions [3] - Jiutian Pharmaceutical emphasizes its integrated supply chain advantage, combining formulations, active pharmaceutical ingredients, and excipients to strengthen cost control and ensure product quality [3] Group 3: Innovative Drug Transformation and R&D Pipeline - Jiutian Pharmaceutical is adopting a strategy of multiple R&D centers and various drug forms to accelerate its innovative drug development, particularly in oncology and chronic diseases [4] - The company is planning to initiate Phase II clinical trials for its key project, JIJ02 gel, in the first half of 2026, while also implementing a share repurchase plan to align interests with its core team [5]

Group 1: Product Performance and Market Strategy - The company’s Loxoprofen Sodium Gel Patch was selected in the 11th batch of national drug centralized procurement with prices set at ¥17.88 for 4 patches, ¥26.82 for 6 patches, and ¥35.76 for 8 patches, with a planned selection quantity of 30.122605 million patches [2] - The company anticipates a certain growth in sales for the Loxoprofen Sodium Gel Patch post-price reduction due to the ongoing growth in the chronic pain treatment market, with actual performance feedback expected after next year's procurement execution [2][3] - The company plans to expand its sales channels and enhance brand building in response to the centralized procurement, leveraging its established multi-channel coverage system [4] Group 2: Financial Impact and Adjustments - The centralized procurement is expected to lead to a phase adjustment in profit margins for the Loxoprofen Sodium Gel Patch, impacting short-term revenue and profit performance [3] - The company is facing pressure to meet its annual targets due to market challenges, prompting a focus on promoting new products and enhancing market penetration through education and optimized product positioning [9] Group 3: Innovation and R&D Initiatives - The company is transitioning towards innovative drug development, establishing multiple R&D centers and focusing on various drug forms and collaboration models [5] - The R&D team consists of over 40 experts with experience in drug design and clinical research, focusing on oncology and chronic disease treatments using small molecules, peptides, and other drug forms [5] - The JIJ02 gel is expected to complete Phase I clinical trials in the first half of next year, with Phase II trials to follow [6] Group 4: Corporate Governance and Employee Engagement - The company is implementing a share repurchase plan to support future equity incentive programs, aiming to align the interests of the company, shareholders, and core team members [7]

Group 1 - The company is focusing on a strategic transformation towards innovative drug development, with a core emphasis on chemical innovative drugs and a layout for traditional Chinese medicine innovative drugs [2] - In the pain management sector, the company is developing peptide and small molecule drugs, while in the oncology sector, it is concentrating on PDC drugs [2] - The company has received clinical trial approval for JIZM01 and JIZM02, and has submitted production applications for the pepper seven pain relief gel patch [2] Group 2 - The company is optimistic about the market prospects for its anti-inflammatory and pain relief patch, primarily targeting the OTC channel, and plans to enhance sales through resource sharing and product matrix expansion [3] - The JIJ02 gel is expected to complete Phase I clinical trials by mid-next year and initiate Phase II trials, with characteristics that make it superior to existing acne treatments [4] - The company plans to expand the indications for peptide drugs and focus on new project introductions, particularly in pain and pulmonary fibrosis areas [4] Group 3 - The company is currently in the bidding phase for the eleventh batch of national drug procurement for its Loxoprofen sodium gel patch, with submission of application materials and public pricing due by October 27 [5] - The company’s e-commerce strategy is centered around the "big health category," utilizing social e-commerce platforms like Xiaohongshu, Douyin, and Kuaishou for targeted marketing [6]

Group 1: Company Strategy and Focus - The company is fully transforming to focus on innovative drug research and development, with a core emphasis on chemical and traditional Chinese medicine innovations [2][3] - Key therapeutic areas include pain management, with a focus on peptide and small molecule drugs, and oncology, specifically PDC drug development [2] - The company employs a dual approach of independent research and project acquisition to enhance its innovation capabilities and accelerate the commercialization of results [3] Group 2: Product Development and Market Outlook - The company has submitted production applications for its traditional Chinese medicine product, Jiao Qi Pain Relief Gel, which is currently under review [2] - The JIJ02 gel is expected to complete Phase I clinical trials in the first half of next year and will initiate Phase II trials thereafter [5] - The company is optimistic about the market potential for its anti-inflammatory pain relief patch, particularly due to the increasing prevalence of chronic pain among the aging population [4] Group 3: Market Strategy and Sales Channels - The sales strategy for the anti-inflammatory pain relief patch primarily targets OTC channels, with plans to enhance sales through resource sharing and product diversification [4] - The company is currently in the bidding phase for the 11th batch of national drug procurement, with submission of application materials and public pricing scheduled for October 27 [6] - The company plans to leverage e-commerce platforms like Xiaohongshu, Douyin, and Kuaishou to reach health-conscious consumers through content marketing and KOL collaborations [9]

Core Viewpoint - Tianfeng Securities report indicates that JiuDian Pharmaceutical achieved a net profit attributable to shareholders of 291 million yuan in the first half of 2025, representing a year-on-year increase of 2.57% [1] - The company is expected to benefit from the increasing demand for transdermal drug delivery and the aging population, which will support its external preparation segment [1] Financial Performance - In the second quarter of 2025, JiuDian Pharmaceutical reported a net profit of 166 million yuan, reflecting a year-on-year growth of 4.54% [1] - The performance growth in the first half of the year met expectations [1] Product Development - As of the first half of 2025, the company holds seven registered external preparation drug certificates and has over 20 external preparation products in development [1] - Key products include Loxoprofen Sodium Gel Patches, Ketoprofen Gel Patches, Anti-inflammatory Pain Relief Plasters, Lidocaine and Prilocaine Cream, and Clotrimazole Vaginal Tablets [1] Strategic Focus - The company is focusing on the innovation of chemical and traditional Chinese medicine drugs, with a core development direction in chemical drug innovation [1] - The primary research areas include pain management (focusing on peptide and small molecule drugs) and oncology (with a focus on PDC drug development) [1] Market Outlook - With the gradual launch of new products and external environmental drivers, the company is expected to maintain sustainable growth in its external preparation segment [1] - Based on changes in the competitive landscape for Loxoprofen Sodium Gel Patches, the profit forecast has been adjusted while maintaining a "Buy" rating [1]

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]

Group 1 - The core viewpoint of the article is that Jiutian Pharmaceutical (300705) is optimistic about the market prospects for its anti-inflammatory and analgesic plaster, primarily focusing on OTC channels for sales [1] - The company plans to enhance sales of the anti-inflammatory and analgesic plaster and other new products by concentrating on OTC channels, sharing sales resources, and enriching its product matrix [1] - The aging population is expected to lead to a continuous increase in the chronic pain patient demographic, which will further drive the market demand for transdermal drug delivery products [1]