中证报中证网讯(记者吴科任)12月22日晚，三力制药（603439）发布公告称，公司于近日与海南大学签 署《技术转让(专利申请权)合同》，具体为公司受让HXW2324化合物及相关专利申请权。本项合同约 定的发明专利权或专利申请权的转让价款总额为2亿元，含里程碑款0.2亿元(含税)和销售提成1.8亿元(含 税)。 公告显示，HXW2324化合物是用于开发阿尔茨海默病新型治疗药物的临床前候选化合物。 三力制药主营业务为药品的研发、生产及销售，主要产品为开喉剑喷雾剂(儿童型)、开喉剑喷雾剂、芪 胶升白胶囊、妇科再造丸、止嗽化痰丸、黄芪颗粒、强力天麻杜仲胶囊等。今年前三季度，公司实现营 业收入10.38亿元，归母净利润为0.81亿元。 三力制药表示，本次签署技术转让合同的相关事项，旨在通过整合公司产业化能力与高校研发资源，推 动创新药物科研成果转化，助力公司拓展创新药产品布局，符合公司长期发展的战略目标和全体股东利 益。 ...

三力制药（603439）12月22日晚公告，公司于近日与海南大学签署了《技术转让(专利申请权)合同》(以 下简称"技术转让合同")。 需要说明的是，本项目选定的HXW2324化合物是用于开发阿尔茨海默病(Alzheimer's disease,AD)新型治 疗药物的临床前候选化合物。 三力制药主营业务为药品的研发、生产及销售。主要产品为开喉剑喷雾剂(儿童型)、开喉剑喷雾剂、芪 胶升白胶囊、妇科再造丸、止嗽化痰丸、黄芪颗粒、强力天麻杜仲胶囊等。 合同约定的发明专利权或专利申请权的转让价款总额人民币2亿元，含里程碑款0.2亿元(含税)和销售提 成1.8亿元(含税)。其中，里程碑首期款支付条件是海南大学在合同签订后开展HXW2324化合物对三种 经典阿尔茨海默病动物模型的药效研究；研究结果经双方认定具有抗阿尔茨海默病药效且经双方友好协 商同意继续开展后续研究后，三力制药支付给海南大学300万元。 近日，为顺应公司战略发展需要，使证券简称更加清晰、直观地反映公司主营业务，强化企业品牌形 象，该公司将证券简称由"贵州三力"变更为"三力制药"。 项目进行全过程中，若任一方提出本项目无继续开展的必要，则可终止本项目，双方约 ...

Summary of Guizhou Sanli Conference Call Company Overview - Guizhou Sanli primarily operates in the pharmaceutical industry, focusing on both hospital and over-the-counter (OTC) sales channels. The sales distribution is approximately 60%-70% from hospital channels and 30%-40% from OTC channels [2][4]. Key Points and Arguments - **Sales Channels**: The OTC channel is currently under pressure from retail pharmacies, which may limit short-term revenue growth. However, it holds significant long-term potential as a growth driver [2][3]. - **Acquisitions**: The company has expanded its product matrix through acquisitions of subsidiaries such as Dechangxiang, Haosite, Hanfang Pharmaceutical, and Wudi Pharmaceutical. This strategy enhances market competitiveness and covers various therapeutic areas including gynecology and orthopedic conditions [2][5][10]. - **Core Product Performance**: The core product, Kaihoujian, is crucial for revenue, with significant contributions from both children’s and adult formulations. The company aims to expand its presence in the OTC market while also pushing for inclusion in the essential drug list to boost hospital sales [4][7][8]. - **Financial Performance of Subsidiaries**: - Hanfang Pharmaceutical generates approximately 300-400 million yuan in revenue with a net profit of 40-60 million yuan. - Dechangxiang has around 100 million yuan in revenue and a net profit of about 15 million yuan. - Wudi Pharmaceutical focuses on orthopedic products, with revenue between 20-30 million yuan and a net profit of 3-5 million yuan [2][9][10]. Future Growth Drivers - The future growth of Kaihoujian is expected to come from: - Expanding the children’s formulation in the OTC market. - Enhancing the adult formulation's coverage across all sales channels. - Successful inclusion in the essential drug list, which would significantly increase hospital market penetration [7][8]. Key Factors for Future Development - The ability of Kaihoujian to be included in the essential drug list is critical for increasing market share. - The development of the OTC channel, including coverage in chain pharmacies and grassroots medical institutions, is essential. - Effective integration of newly acquired subsidiaries to improve overall productivity and profitability is vital for long-term success [8][11]. Challenges - Guizhou Sanli faces significant challenges from pressure in the OTC retail sector, which is expected to limit short-term revenue and profit growth. The company must closely monitor the impact of essential drug list adjustments and the integration of acquired subsidiaries to achieve expected returns [3][11].

Core Viewpoint - Guizhou Sanli Pharmaceutical Co., Ltd. reported a decline in revenue and profit for the first half of 2025, attributed to decreased product sales and increased operational costs due to channel expansion efforts [2][13][14]. Company Overview and Financial Indicators - The company’s main business includes the research, production, and sales of pharmaceuticals, with key products such as the Kaihoujian spray [7][21]. - Major financial data for the first half of 2025 includes: - Revenue: CNY 701.83 million, down 23.73% from CNY 920.23 million in the same period last year [2]. - Total profit: CNY 93.91 million, down 32.62% from CNY 139.38 million [2]. - Net profit attributable to shareholders: CNY 83.06 million, down 29.04% from CNY 117.06 million [2]. - Basic earnings per share: CNY 0.20, down 31.03% from CNY 0.29 [2]. Industry Overview - The pharmaceutical manufacturing industry in China experienced a slight decline in revenue and profit, with a 1.2% decrease in revenue and a 2.8% decrease in total profit for large-scale enterprises [13]. - The industry is undergoing transformation driven by policy reforms, demographic changes, and innovation [13][18]. - The aging population is expected to increase demand for chronic disease treatment and health management, with projections indicating a rise in the population aged 60 and above from 320 million to 390 million between 2025 and 2030 [13]. Business Model and Sales Strategy - The company employs a dual-channel sales strategy, focusing on both prescription and OTC (over-the-counter) markets, with a significant emphasis on academic promotion for prescription sales [12][21]. - The company has expanded its OTC channel network, establishing 13 provincial branches and a professional marketing team of over 1,700 members [13][14]. Challenges and Strategic Responses - The company faces challenges due to reduced demand for respiratory-related products and increased operational costs from channel expansion [13][14]. - To address these challenges, the company is implementing cost control measures and refining its marketing strategies to enhance efficiency and profitability [14][18]. Investment and Growth Initiatives - The company has made strategic investments in subsidiaries to enhance control over its supply chain and improve product offerings [15][21]. - A biopharmaceutical fund has been established to focus on innovative drug development, with several projects in clinical trial phases [17]. Commitment to Shareholder Returns - The company emphasizes shareholder returns through cash dividends and share buybacks, with a commitment to distribute at least 50% of its distributable profits as cash dividends annually [17][18].