Core Viewpoint - The company, Pianzaihuang, has demonstrated resilience in its financial performance despite challenges, achieving a 2.59% year-on-year growth in net profit for Q1 2025, amounting to approximately 1 billion yuan, supported by innovation and brand marketing efforts [1] Financial Performance - In Q1 2024, the company experienced a nearly 27% growth due to price increases, but this growth has slowed as the price increase benefits diminish [1] - The net profit for Q1 2025 reached about 1 billion yuan, reflecting a 2.59% increase year-on-year [1] Brand and Marketing Strategy - The company showcased its brand value through a feature on CCTV-1, highlighting its historical significance and modern scientific backing [2] - The integration of traditional Chinese medicine with modern medical practices is a strategic focus, utilizing evidence-based medicine and modern technologies [2] AI Integration - The company plans to advance its AI strategy across four dimensions: strategic partnerships for a large model platform, interdisciplinary talent development, AI health robot deployment, and quality assurance through AI in production processes [3] - In Q1 2025, the company expanded its sales channels by signing 15 new doctors and opening 32 new traditional medicine centers [3] Research and Development - The company is committed to innovation, focusing on the development of new drugs and enhancing existing products, with 12 new drug candidates currently in the pipeline [4] - Recent approvals include a new drug for ovarian reserve function reduction and the acquisition of rights to another new drug [4] - Clinical studies are ongoing to evaluate the effectiveness of Pianzaihuang in treating primary liver cancer and chronic hepatitis B-related liver fibrosis [5]

Core Viewpoint - Pianzaihuang's acquisition of "Wenfei Dingchuan Granules" marks its entry into the respiratory market, with potential for becoming the first approved proprietary traditional Chinese medicine (TCM) in this field, indicating a significant market opportunity [1][2] Group 1: Acquisition Details - Pianzaihuang acquired all rights to the TCM "Wenfei Dingchuan Granules" for 13.58 million yuan, aiming to expand into the treatment of chronic obstructive pulmonary disease (COPD) [1][2] - The granules are designed to treat lung and kidney qi deficiency and phlegm obstruction in stable COPD patients, with no similar TCM products currently approved in China [2] Group 2: Market Potential and Challenges - The global burden of COPD results in over 3 million deaths annually, with predictions indicating that by 2030, China will see 1.0554 million deaths from COPD due to aging, smoking, and air pollution [2] - Despite the promising market outlook, Pianzaihuang faces intense competition from chemical and biological drugs in the COPD treatment space, necessitating proof of differentiated value for its TCM innovation [2][3] Group 3: R&D Investment Concerns - Pianzaihuang's R&D investment has decreased, with a 19.59% year-on-year decline in the first three quarters of 2024, raising concerns about its ability to sustain long-term innovation [1][6] - The company’s R&D expenses for the first half of 2024 were 116 million yuan, a slight decrease from previous years, positioning it lower than peers like Baiyunshan and Yiling [6] Group 4: Industry Trends and Future Outlook - The TCM innovation sector has seen a rise in IND applications, with a compound annual growth rate of 62.66% from 2020 to 2024, indicating a growing interest in TCM new drug development [7] - Pianzaihuang has invested nearly 500 million yuan in various health funds since 2024, suggesting a strategic shift towards integrating its operations within the broader health industry [8][9] - The company is also exploring acquisitions to enhance its growth potential, although some transactions have faced scrutiny regarding their strategic value [10]

Core Viewpoint - The company has signed a technology transfer contract with Shandong Kangzhonghong Pharmaceutical Technology Development Co., Ltd. for the acquisition of all rights to the traditional Chinese medicine "Wenfei Dingchuan Granules" for 13.58 million yuan, marking a significant step in the development of an innovative drug targeting chronic obstructive pulmonary disease (COPD) [1][2]. Group 1: Project Details - "Wenfei Dingchuan Granules" is designed to treat stable chronic obstructive pulmonary disease (COPD) with symptoms of lung and kidney qi deficiency and phlegm-stasis obstructing the lungs, and currently, there are no similar traditional Chinese medicine products approved for this indication in China [2][3]. - The technology transfer includes all intellectual property rights related to the granules, including the prescription, manufacturing methods, preclinical and clinical research data, and exclusive rights for production, development, and transfer [2]. Group 2: Clinical Research Progress - Following the technology transfer, the company is rapidly advancing the clinical research process, with a recent discussion meeting for the Phase II clinical trial plan held in Guangzhou, involving over 20 renowned medical institutions and experts in the respiratory field [3]. - The successful meeting is expected to ensure the scientific, rational, and feasible design of the clinical trial plan, laying a solid foundation for the project's smooth progress [3]. Group 3: R&D Pipeline - The company has been strengthening its R&D project layout, exploring innovation paths, and currently has multiple innovative drugs in clinical research, with several entering critical stages of development [4]. - As of now, the company has 18 new drug projects under research, including 5 traditional Chinese medicine innovative drugs and 4 chemical innovative drugs in clinical research [5]. - The acquisition of the "Wenfei Dingchuan Granules" project is seen as a further enhancement and improvement of the company's existing R&D pipeline, with plans to leverage traditional Chinese medicine theories and modern R&D technologies for continuous new product development [5].

Policy Developments - Shenzhen has issued measures to support the development of innovative drugs and medical devices, focusing on areas such as nucleic acid drugs, protein and peptide drugs, cell drugs, and small molecule innovative drugs, with a total of 32 specific measures proposed [1] Drug Approvals - Eli Lilly's application for the new drug imlunestrant, a selective estrogen receptor degrader for treating ER+ and HER2- advanced breast cancer, has been accepted by China's National Medical Products Administration [2] - Heng Rui Medicine's SHR0302 (aimatinib), a JAK1 inhibitor, has received approval for a new indication for treating moderate to severe atopic dermatitis in adults and adolescents aged 12 and above [3] Capital Market Activities - Kehua Bio has signed an investment cooperation agreement to establish a medical device and testing reagent production base and an innovation center in Xi'an, covering approximately 90 acres [4] - TianKang Bio plans to introduce external investors through a capital increase, with two investors subscribing to a total of RMB 27.5 million for new registered capital [6] Research and Development - Innovent Biologics has announced that its tumor pipeline products ICP-248, ICP-723, and ICP-B05 have been selected for presentation at the 2025 ASCO Annual Meeting [5] - Pian Zai Huang has signed a technology transfer contract worth RMB 13.58 million for a new traditional Chinese medicine, which aligns with the trend of innovation in the TCM industry [8] Financial Reports - Sunshine Nuohua reported a revenue of RMB 1.078 billion for 2024, a year-on-year increase of 15.7%, but a net profit of RMB 177 million, down 3.98% [9] - David Medical's revenue for 2024 was RMB 527.03 million, a decrease of 14.76%, with a net profit decline of 61.21% [10] - Bai O Tai reported a revenue of RMB 743 million for 2024, a 5.44% increase, but a net loss of RMB 510 million, compared to a loss of RMB 395 million in the previous year [11]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、交易概述 近期，漳州片仔癀药业股份有限公司（以下简称"公司"）与山东康众宏医药科技开发有限公司（以下简 称"康众宏"）签署《技术转让合同》（以下简称"《合同》"）。经双方友好协商，康众宏将其拥有的中 药1.1类新药"温肺定喘颗粒"的技术及其知识产权包括但不限于生产权、开发权、使用权、转让权等全 部权益转让给公司，转让费总计人民币1,358万元。 根据《公司章程》及公司相关制度的规定，《合同》的签署不需要提交公司董事会及股东大会审议。 《合同》的签订不构成关联交易，也不构成《上市公司重大资产重组管理办法》规定的重大资产重组， 无需经有关部门批准。 二、交易对方的基本情况 名称：山东康众宏医药科技开发有限公司 企业性质：有限责任公司(自然人投资或控股) 成立时间：2002年09月23日 注册资本：3,000万元 统一社会信用代码：91370102743379488P 地址：中国（山东）自由贸易试验区济南片区天辰大街1251号3号楼202 法定代表人：李诗标 经营范围：药品研究开发 ...

Core Viewpoint - The acquisition of the traditional Chinese medicine "Wenfei Dingchuan Granules" by the company represents a strategic move into the innovative drug development sector, potentially enhancing its competitive edge and profitability in the market [1][2]. Group 1: Acquisition Details - The company signed a technology transfer contract with Shandong Kangzhonghong Pharmaceutical Technology Development Co., Ltd., acquiring the rights to "Wenfei Dingchuan Granules" for 13.58 million yuan [1]. - The granules are designed to treat chronic obstructive pulmonary disease (COPD) and are expected to fill a gap in the market as there are currently no similar traditional Chinese medicine products approved for sale in China [1]. Group 2: Market Potential - COPD is characterized by irreversible airflow limitation and has a high prevalence and mortality rate, with the World Health Organization predicting it will become the third leading cause of death globally by 2030 [2]. - In China, the number of COPD patients reached 105 million in 2020, driven by factors such as aging population, smoking, and air pollution [2]. - The actual diagnosis and treatment rates for COPD in China are low, at 26.8% and 20.2% respectively, indicating significant room for improvement and market opportunity for COPD medications [2]. Group 3: Strategic Implications - If clinical trials for "Wenfei Dingchuan Granules" proceed successfully, the product could capture a differentiated market segment for stable COPD patients, leveraging the company's brand and nationwide sales network [3]. - The company aims to continue its focus on innovation and research, adhering to its development philosophy of "maintaining integrity and innovating steadily," which will support its position as a leading player in the traditional Chinese medicine industry [3].