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].

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]