本报讯 （记者袁传玺） 2025年入冬以来，我国甲型H3N2流感疫情呈现"早发、高发、变异活跃"的特征，广东、北京等多地疾 控数据显示，流感病毒阳性检出率已突破30%，其中甲型H3N2亚型占比超95%。 在呼吸道疾病防控进入关键期的背景下，中成药因其在对症治疗、副作用控制等方面的独特优势，市场 需求持续升温。作为中药抗感染领域的代表性企业，康缘药业（600557.SH）面对近日部分投资者在互 动平台就产品销量等情况的提问时表示："金振口服液等产品四季度市场需求回暖，公司正加紧排产来 满足市场需求。" 国家疾控中心日前举行新闻发布会指出，全国已整体进入流感流行季，活动水平正持续上升，预计高峰 将出现在12月中下旬至次年1月初。 流感的扩散直接激活了药品市场的需求。京东健康数据显示，11月以来流感用药成交额同比增长超13 倍，其中中成药凭借"对症调理、副作用温和"的认知优势，成为家庭备药的优先选项。 针对流感不同证型和症状，公司另外三款产品形成了有效的补充。杏贝止咳颗粒作为独家基药品种，被 列入《新冠病毒感染者居家中医药干预指引》，在缓解流感引发的干咳、少痰症状方面具有优势，尤其 适合上班族和老年群体。 面对四季 ...

【环球网财经综合报道】据中国疾病预防控制中心日前发布的《全国急性呼吸道传染病哨点监测情况（2025年第48 周）》显示，在全国门急诊流感样病例中，流感阳性率超过51%，整体进入高流行水平。 在此背景下，流感疫情的快速蔓延直接带动抗流感药物需求激增。阿里健康平台数据显示，近两周，流感抗病毒药物 购买人数环比增长超500%。其中，玛巴洛沙韦表现尤为突出，购买人数环比增长超600%，增速领先。 与此同时，随着流感高发期到来，医药市场也迎来显著增长，诺泰生物（688076.SH）、康缘药业（600557.SH）、华 润三九（000999.SZ）等企业旗下呼吸类产品近期需求显著上升，部分品种一度出现供应紧张。 市场分析认为，从近期市场表现看，以呼吸系统疾病用药为代表的药企普遍迎来需求激增，不仅有望直接增厚企业业 绩，更通过产品矩阵的协同效应，为企业在复杂市场环境中保持稳健增长提供了重要支撑。 多家药企旗下产品需求显著上升 整体来看，在呼吸道疾病交织流行、症状结构更复杂的年份，医药企业在临床端的使用范围进一步扩展，多家药企在 呼吸系统疾病领域具备长期积累的产品体系与循证研究，使其在今冬的疾病季中展现出较强的适配能力。 经 ...

Core Viewpoint - Kangyuan Pharmaceutical has successfully included its unique products, including Wenyang Jiedu Granules and Yunu Decoction Granules, as well as the first generic drug Sumatriptan Naproxen Sodium Tablets, in the National Medical Insurance Directory (2025 edition) [1] Group 1 - Wenyang Jiedu Granules, as a unique product, is recognized for its clinical efficacy in improving symptoms such as cough, fever, fatigue, and loss of appetite, along with good safety [1] - Yunu Decoction Granules, also a unique product, is classified as a Category 3.1 new traditional Chinese medicine, aimed at treating dental pain, periodontal disease, oral ulcers, diabetes, and early-stage diabetes [1] - Sumatriptan Naproxen Sodium Tablets are expected to provide a new treatment option for acute migraine [1] Group 2 - The inclusion of these new drug varieties in the National Medical Insurance Directory is anticipated to drive the company's market promotion and sales growth, enhance its R&D innovation and brand influence, and benefit a wide range of patients [1] - The company has established a rich product portfolio in the respiratory and infectious disease sector, including products like Heat Toxicity Ning Injection and Jinzhen Oral Liquid, which have shown significant clinical efficacy [2] - Despite a decline in sales due to weakened terminal demand in the first three quarters of 2025, the company is ramping up production to meet the recovering market demand in the fourth quarter [2] Group 3 - The company is advancing its pipeline of innovative biological drugs for treating obesity or overweight and type 2 diabetes, with the first subject enrollment for the innovative drug ZX2021 Injection completed in June 2025, showing weight loss effects [3] - The innovative drug ZX2010 Injection for type 2 diabetes and obesity has also commenced its second-phase clinical trials, with plans to enter the third phase in Q3 2026 [3] - The company is committed to progressing all its research pipelines according to clinical plans and aims for early market launch [3]

Core Insights - The demand for traditional Chinese medicine (TCM) has significantly increased due to the rise in respiratory diseases during the autumn and winter flu season, with multiple pathogens like influenza and respiratory syncytial virus circulating [1] - Companies with reliable evidence-based data and clinically recognized TCM products are expected to benefit in the long term during the flu season [2] Group 1: Market Dynamics - The current flu activity in China is in a rapid upward phase, with sentinel hospitals reporting a continuous increase in flu-like cases [1] - The complexity of respiratory diseases this year, particularly in southern humid regions, has made multi-target, compound TCM more advantageous for managing various symptoms [1] Group 2: Company Performance - Kangyuan Pharmaceutical has seen a surge in demand for its respiratory products, leading to increased production to meet market supply pressures [2] - The company's oral liquid product, Jinzhen Oral Liquid, generated revenue of 1.359 billion yuan in the first three quarters of this year, accounting for 58% of its total revenue [2] Group 3: Product Development - Kangyuan's product line for respiratory and infectious diseases has formed a complete matrix covering prevention and treatment for various symptoms, including products like Hot Toxin Ning Injection and Jinzhen Oral Liquid [2][3] - The Hot Toxin Ning Injection has completed multiple RCT clinical studies, demonstrating its effectiveness in alleviating symptoms caused by viral infections [3] Group 4: Financial Performance - In the first half of 2025, Kangyuan reported revenue of 1.642 billion yuan and a net profit of 142 million yuan, with significant growth in various product categories [4] - The injection revenue reached 506 million yuan, while oral liquid revenue was 279 million yuan, indicating a robust performance across different dosage forms [4][5] Group 5: Strategic Outlook - The simultaneous growth of multiple dosage forms indicates a recovery in the usage of respiratory products during the winter disease season, enhancing the company's market adaptability [5] - Experts believe that TCM's multi-target advantages will continue to provide significant value in managing respiratory diseases in the future [5]

Core Insights - The flu activity in China is rapidly increasing, with the proportion of flu-like cases in southern provinces reaching 6.7% and northern provinces as high as 12%, significantly above previous years' levels [1] - The current flu outbreak is primarily driven by the H3N2 subtype, with a notable increase in demand for antiviral medications such as Oseltamivir and Baloxavir, leading to a surge in sales [1][2] - Domestic pharmaceutical companies, including Notai Bio, Kangyuan Pharmaceutical, and Jindike, are gaining market attention due to their antiviral product offerings and technological advancements [2][4] Industry Trends - The demand for flu medications has led to stock shortages in pharmacies, particularly for original research drugs [2] - Notai Bio has positioned itself competitively in the Oseltamivir market, with multiple drug registration certificates and an organized production line to meet the rising demand [2][3] - The market is transitioning from a dominance of Oseltamivir to a more diversified landscape with both traditional and innovative antiviral drugs being introduced [5] Company Highlights - Notai Bio has achieved significant sales growth for its Oseltamivir capsules, surpassing imported alternatives and establishing a strong online presence [3] - Kangyuan Pharmaceutical's products, such as the anti-viral injection and oral liquid, have shown resilience in sales despite overall revenue declines, indicating a strong growth potential in the flu season [4] - Jindike focuses on flu prevention with its quadrivalent flu vaccine, which has a production capacity of 20 million doses annually and is included in the national immunization program [4][5]

Group 1 - The flu activity in China is rapidly increasing, with sentinel hospitals in southern provinces reporting flu-like cases at 6.7%, up from 5.5% the previous week, and northern provinces reaching 12%, significantly higher than the same period from 2020 to 2023 [1] - The current flu strains include the H3N2 subtype, Victoria lineage, and H1N1, with significant antigenic variation leading to increased susceptibility in the population [1] - The demand for antiviral medications has surged, with sales of Oseltamivir increasing by 237% and Baloxavir by 180%, indicating a doubling of orders for flu-specific medications on platforms like Meituan and JD Health [1][2] Group 2 - Domestic pharmaceutical companies such as Nuotai Bio, Kangyuan Pharmaceutical, and Jindike are accelerating their entry into the flu treatment market, focusing on antiviral products [2] - Nuotai Bio has established itself as a competitive player in the Oseltamivir market, actively organizing production to ensure supply amid rising demand [2][3] - Kangyuan Pharmaceutical's products, including the antiviral injection and oral solution, have seen increased sales, with the oral solution contributing significantly to the company's revenue [4] Group 3 - The market is shifting from a dominance of Oseltamivir to a new phase where traditional and innovative treatments coexist, with new drugs like Marzula and Angladi being approved [5] - Companies with differentiated advantages and stable supply chains are expected to stand out in this competitive landscape, particularly those like Nuotai Bio that are deeply embedded in the global antiviral drug supply chain [5] - The upcoming flu peak is creating new growth opportunities for domestic pharmaceutical companies, driven by the increased demand for flu medications [5]

Core Viewpoint - The company, Kangyuan Pharmaceutical, is experiencing significant demand growth for its respiratory and infection disease product line, particularly during the flu season, driven by the effectiveness of its products in treating flu symptoms [1][3][6]. Product Performance - The product "Re Du Ning Injection" is effective in alleviating symptoms of viral infections, particularly high fever, and has shown a high overall efficacy rate in clinical studies [3]. - "Jin Zhen Oral Solution," a pediatric medicine, effectively inhibits flu viruses H1N1 and H3N2, and has been shown to improve clinical cure rates when used in conjunction with Oseltamivir [3][4]. - The company’s products are gaining recognition, with "Jin Zhen Oral Solution" being included in multiple national treatment guidelines and achieving sales exceeding 1 billion yuan [4][6]. Market Dynamics - The flu activity in the country has significantly increased, entering a rapid growth phase, which is expected to boost demand for the company's core products [3]. - Kangyuan Pharmaceutical has maintained the top market share in the pediatric traditional Chinese medicine market from 2022 to 2024, with "Jin Zhen Oral Solution" sales projected to exceed 1 billion yuan in 2024 [6]. Financial Performance - From 2018 to 2022, the sales volume of "Jin Zhen Oral Solution" increased from 79 million to 263 million units, representing a growth of 233%, with sales revenue rising from 76 million yuan to over 1 billion yuan [6]. - The company reported a compound annual growth rate (CAGR) of 15.5% in revenue and 29.4% in net profit from 2021 to 2023 [6]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 3.898 billion yuan, 4.289 billion yuan, and 4.728 billion yuan for 2025 to 2027, respectively [7].

Core Viewpoint - Kangyuan Pharmaceutical (600557.SH) is actively responding to the increased demand for its respiratory and infectious disease products, particularly during the flu season, by ramping up production to meet market needs [1] Product Overview - The company's representative products in the respiratory and infectious disease line include: - **Re Du Ning Injection**: Used for treating symptoms of wind-heat colds and upper respiratory infections, showing significant efficacy in alleviating fever and respiratory symptoms [1] - **Jin Zhen Oral Solution**: A pediatric traditional Chinese medicine that effectively treats acute bronchitis in children and shows antiviral properties against influenza viruses, enhancing clinical cure rates when combined with Oseltamivir [1] - **Xing Bei Cough Granules**: Effective for cough relief and lung function improvement in cases of external cold and internal heat [1] - **San Han Hua Shi Granules**: Used for treating diseases caused by cold and dampness affecting the lungs [1] - **Yin Qiao Qing Re Tablets**: Treats common colds with wind-heat symptoms, providing multiple therapeutic effects [1] - **Wen Yang Jie Du Granules**: Aids in improving symptoms related to weakened Yang energy in patients, showing good clinical efficacy [1] Market Demand - The national influenza activity has significantly increased, entering a rapid rise phase, leading to a notable growth in demand for the company's core products in the anti-infection and respiratory sectors during the flu season [1]

Core Viewpoint - Kangyuan Pharmaceutical (600557.SH) is actively responding to the increased demand for its respiratory and infectious disease product line, particularly during the flu season, by ramping up production to meet market needs [1] Product Overview - The company's representative products in the respiratory and infectious disease category include Re Du Ning Injection, Jin Zhen Oral Solution, Xing Bei Cough Granules, San Han Hua Shi Granules, Yin Qiao Qing Re Tablets, and Wen Yang Jie Du Granules [1] - Re Du Ning Injection is indicated for clearing heat, dispelling wind, and detoxifying, showing significant efficacy in alleviating symptoms of viral infections, especially high fever, and improving respiratory symptoms [1] - Jin Zhen Oral Solution is a pediatric-specific traditional Chinese medicine that effectively treats acute bronchitis in children and has shown to inhibit various strains of the flu virus, improving clinical outcomes when combined with Oseltamivir [1] - Xing Bei Cough Granules are used for cough relief, while San Han Hua Shi Granules address cold and dampness-related respiratory issues [1] - Yin Qiao Qing Re Tablets are effective for treating common colds with wind-heat symptoms, and Wen Yang Jie Du Granules are beneficial for patients with weakened Yang energy, improving symptoms like cough and fever [1] Market Demand - The national flu activity has significantly increased and is currently in a rapid rising phase, leading to a notable surge in demand for the company's core products in the anti-infection and respiratory sectors [1] - The company is proactively adjusting its production to meet the growing market demand during the flu season [1]

Group 1 - The flu season has led to a significant increase in demand for antiviral medications, with stocks related to flu treatment becoming active in the A-share market [1] - The National Disease Control Bureau reported a notable rise in flu activity, with the H3N2 subtype accounting for over 95% of cases, and an expectation for continued increases in flu cases [1] - Sales of antiviral drugs have surged, with oseltamivir sales increasing by 237% and baloxavir marboxil by 180% in Beijing over the past week [1] Group 2 - Kangyuan Pharmaceutical has established a diverse product portfolio in respiratory and infectious diseases, including products like Heat Toxicity Ning Injection, which is effective for viral infections [2] - Jichuan Pharmaceutical announced that its innovative drug, Jike Shou, has been approved for the treatment of influenza in healthy adults and is expected to be launched by July 2025 [2] - Hualan Biological has a production capacity of 100 million flu vaccine doses annually and has seen a significant increase in demand for flu vaccines, with 54 batches approved for release in 2025 [2] Group 3 - Everbright Securities noted the rising flu trend may increase public and market attention, leading to growth in demand for flu prevention and detection products [3] - Investment opportunities are suggested in flu vaccines, virus testing, cold medications, and specific antiviral drugs, as well as blood products for complex epidemic responses [3]