用科技之精确，证验传统之精深。通过构建现代化创新体系，研发团队进一步对《伤寒论》《金匮要 略》等经典典籍中的方剂进行转化研究，运用现代组学技术深度解析，搭建起拥有12万条古方数据的知 识图谱，并借助AI算法挖掘潜在功效成分群，提升古代经典名方转化率，远超行业平均水平。与此同 时，针对中药复杂成分体系的质控难题，康缘药业首创"功效成分群"质控体系，采用"化学指纹图谱— 生物活性评价—临床疗效验证"三位一体评价模型，将质控指标从传统的3—5个大幅提升到动态监测的 30—50个功效成分群，进而形成一套完善的质控体系。 秉持"让中药回归到药物自身属性——安全、有效、质量均一"的研发理念，康缘药业以临床价值为导 向，聚焦病毒性感染性疾病、妇科疾病等中医药优势领域，打造系统完善的全流程研发平台，目前拥有 59个中药新药，近五年累计获批6个中药新药，获批中药创新药总数位居行业之首。其中，筋骨止痛凝 胶是近十年来首个上市的中药凝胶剂；银翘清热片是2020年新药品注册管理办法实施后首个获批的1.1 类创新中药；苓桂术甘颗粒则是首个按古代经典名方目录管理的3.1类中药新药，入选2022年度中医药 十大学术进展。 苓桂术甘汤、四逆 ...

Core Insights - The core viewpoint of the news is that despite a decline in short-term performance, the company is laying a solid foundation for long-term growth through innovation and market expansion strategies [2][4]. Financial Performance - In 2024, the company achieved operating revenue of 3.898 billion yuan, a year-on-year decrease of 19.86% [2]. - The net profit attributable to shareholders was 392 million yuan, down 15.58% year-on-year [2]. - The non-recurring net profit was 363 million yuan, with a decline of 27.29% [2]. Product Performance - Injection products, the main revenue source, generated approximately 1.341 billion yuan in 2024, a decrease of 38.33% year-on-year [3]. - Sales of the core product, Re Du Ning injection, fell by 30.98%, while Ginkgo Biloba Terpene Lactone injection saw a decline of 47.86% [3]. - Oral liquid products achieved revenue of 875 million yuan, a growth of 1.28% year-on-year, with the core product Jin Zhen oral liquid increasing sales by 8.3% [3]. - Gel products experienced a significant revenue increase of 82.48%, driven by the sales growth of muscle and joint pain gel [4]. Market Strategy - The company is focusing on expanding its presence in the outpatient market, utilizing a multi-channel approach that includes OTC, grassroots medical services, and e-commerce [4]. - The company plans to strengthen its product matrix and enhance compliance systems to ensure long-term stable growth [4]. R&D Investment - The company invested 654 million yuan in R&D in 2024, accounting for 16.79% of total revenue, maintaining a leading position in the industry [6]. - Cumulatively, from 2020 to 2024, R&D expenses reached 2.911 billion yuan, with a consistent increase in R&D expense ratio [6]. - The company has established a comprehensive innovation system that integrates traditional Chinese medicine research with modern technology [7]. New Product Development - During the reporting period, the company received approval for one new traditional Chinese medicine and submitted applications for several others [7]. - The company completed the acquisition of 100% of Zhongxin Medicine, enhancing its biopharmaceutical pipeline and creating synergies with existing businesses [8]. Digital Transformation - The company is recognized as a national pilot for smart manufacturing, implementing digital technologies across its operations [9]. - Future strategies include leveraging innovation and digitalization to enhance product quality and operational efficiency [9].