证券代码：002728 证券简称：特一药业 特一药业集团股份有限公司投资者关系活动记录表 编号：2025-009 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活 媒体采访 | 业绩说明会 | | 动类别 | 新闻发布会 路演活动 | | 现场参观 | | | 其他 | | | 活动参与人员 | 《消费者报道》 张德荣、黄祐芊 | | 上市公司接待 | 董事、财务总监、副总经理：陈习良 | | | 董事会秘书：许紫兰 | | 人员 | 证券事务代表：徐少华 | | 时间 2025 | 年 11 月 22 日 | | 地点 台山 | | | 形式 邮件 | | | | 一、前三季度净利润近乎 10 倍增长、营收同比增长超 51%，核心驱动力是否 | | | 与今年流感爆发带来的止咳宝片需求激增直接相关？该产品在三季度的销量、营 | | | 收占比具体表现如何？ | | | 回复：1、关于净利润增长的说明 | | | 尽管前三季度净利润同比 2024 年同期呈现大幅增长，但若与改革前的 2023 | | | 年同期相比，其恢复程度低于营收恢复程度。这主要是因为在销 ...

Group 1: Product Strategy and Sales Performance - The company has implemented a refined channel management strategy for its core product, "Zhi Ke Bao Pian," focusing on different specifications and targeted marketing efforts [3][4][5]. - As of the end of Q3 2023, sales of "Zhi Ke Bao Pian" reached 435 million pieces, which is 64% of the sales volume from the same period last year, exceeding initial expectations [5]. - The company aims to achieve an annual sales target of 100 million boxes for "Zhi Ke Bao Pian" within 3-5 years, with a target channel coverage rate of approximately 40% [5]. Group 2: Online and Offline Sales Channels - The online sales team has expanded from 2 to 12 members, establishing a comprehensive operational system for B2C and O2O channels [6][7]. - In Q3 2025, "Zhi Ke Bao Pian" ranked first in the cough medicine category on JD.com and was among the top three in the "non-prescription cough medicine" category on Pinduoduo [6][7]. - The company plans to enhance its online presence while maintaining strong offline channel partnerships, focusing on synergistic marketing strategies [8]. Group 3: Marketing and Sales Expenses - Sales expenses for the first three quarters of 2025 totaled approximately 23.63 million yuan, showing significant growth compared to previous years due to increased investment in brand building and marketing strategies [11][12]. - The marketing promotion expenses saw the most substantial increase, reflecting a shift to a diversified advertising approach [12]. - The company anticipates maintaining a sales expense ratio of around 35% for the full year, with expectations for a gradual decrease in this ratio as sales scale increases [13]. Group 4: Future Product Development and Market Expansion - The company has developed a comprehensive product lineup in the respiratory system category, including cough and cold medications, with a focus on enhancing market penetration for "Zhi Ke Bao Pian" [9][10]. - The "Pifu Bing Xue Du Wan" product has seen stable sales of approximately 15 million yuan in Q3 2025, with plans for channel expansion and professional promotion in the third terminal market [14][15]. - The company is exploring potential mergers and acquisitions to enhance its competitive edge and support long-term growth, particularly in the context of the Chinese medicine industry [16].

Performance Overview - The company achieved a revenue of 491.14 million yuan in the first half of 2025, representing a year-on-year growth of 56.54% [12] - The net profit attributable to shareholders reached 38.01 million yuan, a significant increase of 1313.23% compared to the previous year [12][13] - Sales of the core product, "Te Yi" cough tablets, amounted to 331 million pieces, recovering to 61.29% of the sales volume from the same period in 2023 [11][14] Marketing and Brand Strategy - The company increased its marketing expenses to 172 million yuan in the first half of 2025, primarily for brand building [3][11] - Online sales channels have been expanded, with significant growth in e-commerce platforms: Alibaba saw a 260% increase, JD.com 652%, and Pinduoduo ranked among the top three bestsellers [4][11] - The marketing organization has been restructured, adding over 100 sales personnel to enhance operational efficiency [10][11] Future Growth Initiatives - The company plans to continue enhancing its channel layout, focusing on both online and offline sales, particularly in chain pharmacies [2][3] - There is an emphasis on strengthening the "1+N" product matrix, with a focus on core products like "Te Yi" cough tablets and potential growth products [3][11] - Ongoing investment in R&D and product development is aimed at supporting long-term growth, particularly in respiratory and traditional Chinese medicine sectors [8][10] Market Communication and Investor Relations - The management is committed to improving communication with the capital market through various channels, including performance briefings and investor interactions [3][14] - The company acknowledges the impact of macroeconomic factors on stock performance but remains focused on enhancing intrinsic value and shareholder returns [8][14]

Core Viewpoint - The company has significantly improved its operational performance, with a focus on enhancing its marketing structure and expanding its product sales, particularly the "Te Yi" cough tablets, which have shown a strong recovery in sales volume [1] Group 1: Company Performance - The company completed a comprehensive upgrade of its marketing organizational structure, resulting in a net increase of over 100 frontline sales personnel [1] - The sales volume of the core product "Te Yi" cough tablets reached 331 million pieces, which is 61.29% of the same period in 2023 [1] - For the first half of 2025, the company's operating revenue was 491.43 million yuan, representing a year-on-year growth of 56.54%, while net profit was 38.01 million yuan, a year-on-year increase of 1313.23% [1] Group 2: Product Strategy - The company plans to achieve an annual sales volume of 2.4 billion pieces of cough tablets within 3 to 5 years, targeting a compound annual growth rate of nearly 20% and a pharmacy coverage rate of around 40% [1] - The company is focusing on the online sales growth of cough tablets, which, although currently small, has significant potential for rapid expansion [1] - The company is actively cultivating the skin disease blood toxin pill as a key product, leveraging the distribution channels of cough tablets to promote it [1] Group 3: Marketing and Sales Strategy - The company employs a diversified marketing strategy that includes television, new media, and ground media [1] - In the coming years, the company will focus on cough tablets, with total sales expenses expected to increase while their proportion will gradually decrease [1] - The company maintains a positive attitude towards external growth opportunities, including potential mergers and acquisitions to enhance competitiveness [1]

Group 1: Marketing Reform and Sales Recovery - The company has completed a comprehensive upgrade of its marketing organization, resulting in a net increase of over 100 frontline sales personnel since the reform began [3] - Sales of the core product "Te Yi" cough syrup reached 331 million pieces, recovering to 61.29% of the same period in 2023, indicating a gradual release of market demand [4] - The company invested 172 million yuan in brand building during the reporting period, enhancing brand awareness among younger and online consumer groups [4] Group 2: Financial Performance - For the first half of 2025, the company achieved operating revenue of 491.43 million yuan, a year-on-year increase of 56.54% [5] - The net profit attributable to shareholders reached 38.01 million yuan, a significant year-on-year increase of 1313.23%, demonstrating strong profit recovery capabilities [5] Group 3: Future Sales Growth and Market Potential - The company aims to achieve annual sales of 1 billion boxes of cough syrup within 3-5 years post-reform, with a projected annual compound growth rate of nearly 20% [6][8] - The cough syrup has a production capacity of 1.8 billion pieces, which can be expanded to 2.4 billion pieces based on market demand [9] Group 4: Online Sales and Marketing Strategy - Online sales of the cough syrup are currently small but are expected to grow rapidly due to changing consumer habits and increased support from online platforms [11] - In the first half of 2025, the cough syrup's sales on various platforms showed significant growth, with a 652% year-on-year increase on JD.com and a 260% increase on Alibaba [12] Group 5: Brand Promotion and Advertising - The company has shifted its advertising strategy from traditional media to a combination of traditional and new media, increasing brand promotion efforts [15] - The advertising budget will continue to grow in the coming years, focusing on the "Te Yi" cough syrup while aiming to optimize the sales expense structure [16] Group 6: Product Development and Market Expansion - The company plans to actively promote the skin disease blood toxin pill as a major product following the cough syrup, leveraging existing sales channels [12] - The company will continue to explore external growth opportunities, including potential mergers or partnerships that align with its strategic goals [17]

Sales Goals and Market Potential - The company aims to sell 100 million boxes of cough tablets within 3-5 years, with a focus on achieving this target post-reform [1] - The cough tablets have a significant market potential due to low coverage in certain areas, which will be addressed after the marketing organization transformation [2] - The aging population (31 million people aged 60 and above, accounting for 22% of the population) increases the consumer base for cough and phlegm products [2] Product Efficacy and Production Capacity - The cough tablets have a clinical effectiveness rate of 93%, with a significant effect on chronic coughs [1] - Current production capacity is 1.8 billion tablets, with potential to increase to 2.4 billion based on market demand [2] - Sales data shows a recovery trend, with 230 million tablets sold in 2024 and 217 million in Q1 2025 [2] Marketing and Organizational Changes - The company is undergoing a marketing transformation, shifting from a distributor model to a self-operated and promotional service model [3] - New departments have been established to enhance marketing efforts, including self-operated sales, online marketing, and brand market departments [3] - The company is expanding its online sales channels, with significant growth in B2C and O2O platforms [4][11] Brand Development and Consumer Engagement - The company is enhancing brand recognition through a mix of traditional and new media advertising [4][12] - The marketing strategy includes collaboration with major pharmacy chains and community pharmacies to increase consumer education and engagement [5][12] - The company aims to strengthen its brand through targeted advertising and promotional activities across various platforms [5][12] Financial Performance and Product Diversification - In 2023, cough tablets accounted for 41.96% of the company's revenue, indicating a strong reliance on this product [8] - Other products collectively contribute over 50% of revenue, mitigating dependency risks [8] - The company is focusing on promoting other products like skin disease and blood toxin pills to diversify its portfolio [9][10]

Core Viewpoint - The company is undergoing significant marketing organizational changes and adjustments to its sales channels, which have impacted its 2024 financial performance, leading to a substantial decline in net profit and revenue [10][12]. Group 1: Financial Performance - In 2024, the company achieved an operating income of 687.79 million yuan, a year-on-year decrease of 35.55% [10]. - The net profit attributable to shareholders was 20.50 million yuan, down 91.90% year-on-year [10]. - The company has reduced shipments of its core product, Zhi Ke Bao Pian, which has led to a significant drop in sales revenue for this high-margin product [10]. Group 2: Marketing and Sales Strategy - The company is transitioning from a distributor model to a mixed model of self-operated and promotional service providers in its pharmacy sales [10]. - Marketing expenses have increased significantly as the company aims to enhance brand awareness and reputation, resulting in a higher proportion of sales expenses [10]. - The company plans to leverage digital marketing and expand its marketing channels, including social media platforms like Douyin and Xiaohongshu, to improve product visibility [3][10]. Group 3: Product Focus and Development - The company considers Zhi Ke Bao Pian as its core product, with plans to increase its sales to 100 million boxes within 3-5 years post-reform [3]. - The company is also focusing on developing a product cluster around Zhi Ke Bao Pian, which includes other traditional Chinese medicine products [3]. - The company has a production capacity of 1.8 billion pieces for Zhi Ke Bao Pian, with potential to expand to 2.4 billion pieces [3]. Group 4: Governance and Future Plans - The company is committed to improving its corporate governance and is open to external growth opportunities, including mergers and acquisitions, to enhance its competitive edge [5][14]. - The management emphasizes the importance of internal growth while also considering external partnerships to strengthen the company's market position [5][14]. - The company aims to maintain a strong focus on traditional Chinese medicine products, aligning with national policies that support the industry [6][14].

Group 1: Product Performance and Market Potential - The core product, Zhi Ke Bao, shows significant efficacy for chronic cough, with a clinical control efficiency of 73% and a total effective rate of 93% [2] - The product has a large consumer base, with 310 million people aged 60 and above in China, representing 22% of the population, indicating a growing market for cough remedies [2] - Zhi Ke Bao has sufficient production capacity, currently at 1.8 billion pieces, with potential to increase to 2.4 billion pieces based on market demand [2] Group 2: Financial Performance and Challenges - In 2024, the company reported a revenue of 68,778.52 million yuan, a decrease of 35.55% year-on-year, and a net profit of 2,049.50 million yuan, down 91.90% [6] - The decline in revenue was attributed to a reduction in shipments of Zhi Ke Bao during a marketing organizational transformation, which also led to increased sales expenses [6][10] Group 3: Marketing and Sales Strategy - The company is transitioning from a distributor model to a mixed model of self-operated and promotional service providers to enhance sales efficiency [6] - Marketing efforts are being diversified, with a focus on digital marketing and increased brand awareness through various media channels, including social media platforms [27][30] Group 4: Research and Development Focus - The company is committed to developing traditional Chinese medicine products, with ongoing projects in skin disease treatments and diabetes management [3][5] - There is an emphasis on integrating raw material and formulation development to enhance the quality and competitiveness of chemical drugs [8] Group 5: Future Growth Strategies - The company plans to strengthen its marketing organization and expand its product offerings, particularly in the traditional Chinese medicine sector [7][30] - There is a potential for mergers and acquisitions to enhance growth and market presence, contingent on finding suitable targets [31][32]