中邮证券研报指出，昆药集团受集采执行晚于预期、内部渠道重构等因素影响，业绩阶段性承压，伴随 血塞通系列集采执标逐步推进、渠道重构持续深入及新品上市筹备，相关业务有望以稳健节奏渐进修 复。777事业部与华润圣火加速融合，基于战略共识进行深度重构，加强理洫王血塞通软胶囊和络泰血 塞通软胶囊的双品协同，通过不同产品的价值链设计，加强全渠道覆盖。此外，公司血塞通软胶囊加快 海外布局，依托第十六届东盟神经病学双年会的召开契机登陆印尼市场，公司三七制剂在东盟市场的布 局再落关键一子。公司在研项目稳步推进，治疗缺血性脑卒中的天然药物1类新药KYAZ01-2011-020有 序推进II期临床；治疗非酒精性脂肪肝的化药1类新药KYAH01-2018-111、治疗实体瘤的化药1类新药 KYAH01-2016-079正在开展临床I期；化药2类改良型新药232正在进行临床研究的前期准备。其他仿制 药项目、产品力提升项目等也在积极推进，各有一项分别处于开展补充研究、向CDE提交补充资料等不 同阶段。维持"买入"评级。 ...

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-12-11 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 12.93 | | --- | --- | | 总股本/流通股本（亿股）7.57 | / 7.57 | | 总市值/流通市值（亿元）98 | / 98 | | 周内最高/最低价 52 | 18.36 / 12.93 | | 资产负债率(%) | 46.5% | | 市盈率 | 15.03 | | 第一大股东 | 华润三九医药股份有限 | | 公司 | | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 昆药集团(600422) 集采执标和内部改革持续落地，看好来年稳步修复 l 受集采执行晚于预期、内部渠道重构等因素影响，业绩 阶段性承压 公司发布 2025 年三季报：2025Q1-3 公司实现营业收入 47.51 亿 元（-18.08%，重述后，下同）， ...

Group 1: Industry Overview - The traditional Chinese medicine (TCM) industry is showing signs of recovery, with several companies reporting growth in their performance for the first three quarters of 2025 [1] - The government is promoting the innovation and development of TCM, with increased support for TCM products in the medical insurance catalog, creating growth opportunities for the industry [2] - The industry is experiencing a dual-driven growth model characterized by "medical necessity + consumption upgrade," with long-term drivers including an aging population and increased health awareness [2] Group 2: Company Performance - WoHua Pharmaceutical reported a total revenue of 625 million yuan for the first three quarters, an increase of 8.31% year-on-year, and a net profit of 63.995 million yuan, up 179.34% [1] - Heavy Pharmaceutical Holdings expects a net profit of 358 million to 400 million yuan for the first three quarters, representing a year-on-year growth of 22.51% to 36.88% [1] - Kunming Pharmaceutical Group achieved revenue of 3.351 billion yuan in the first half of the year, with a net profit of 198 million yuan, benefiting from the optimization of its core products [1] Group 3: Market Dynamics - The differentiation within the industry is becoming more apparent, with companies possessing unique products and channel advantages experiencing faster growth, while smaller companies without core products face transformation pressures [2] - The fourth quarter is expected to be a peak season for pharmaceutical consumption, with increased demand for cold and cardiovascular TCM products due to the flu season [2] - If future medical insurance negotiations further enhance payment support for TCM products, companies with product advantages and international capabilities will have greater development opportunities [2]

Group 1 - The Chinese medicine market is experiencing rapid growth, driven by favorable policies across supply, payment, and demand sides, with the market size expected to reach 2,357 billion yuan by 2024, up from 2,085 billion yuan in 2022, reflecting an 8.8% year-on-year increase [1][11] - Yunnan is the primary supplier of Chinese medicinal materials, with a comprehensive output value of 1,650 billion yuan in 2023, accounting for a significant portion of the national market [22][24] - The market for Chinese medicinal pieces is projected to grow at nearly 15%, with revenues reaching approximately 2,500 billion yuan in 2023 [13] Group 2 - The establishment of the "Yun Medicine Traceability" platform enhances the quality control of Chinese medicinal materials through a closed-loop traceability system, covering 271 production enterprises and 303 cultivation cooperatives [29] - Yunnan Province is recognized as a national base for the modernization of Chinese medicine, with numerous research and innovation platforms contributing to the development of new products, such as the successful cultivation of wild Allium macrostemon [31][33] - The provincial government continues to implement policies to support the high-quality development of the Chinese medicinal materials industry, aiming for a total industry output value of 200 billion yuan by 2027 [34] Group 3 - Yunnan Baiyao and Kunming Pharmaceutical Group are key players in the industry, with Yunnan Baiyao focusing on four main business segments, including pharmaceuticals and health products, while Kunming Pharmaceutical Group emphasizes elderly health and innovative product development [40][45] - Yunnan Baiyao is actively building an ecological system for the Chinese medicinal materials industry, promoting standardized production and enhancing the integration of various industry participants [43] - Kunming Pharmaceutical Group is restructuring its Sanqi (Panax notoginseng) industry chain, focusing on extending, supplementing, and strengthening the chain to ensure high-quality development [47]

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [65]. Core Insights - The Chinese herbal medicine market is experiencing rapid growth, driven by favorable policies across supply, payment, and demand sides, with a market transaction value of 208.5 billion yuan in 2022, a year-on-year increase of 8.8%, and projected to reach 235.7 billion yuan by 2024 [3][21]. - Yunnan province is a major supplier of Chinese medicinal materials, with a comprehensive output value of 165 billion yuan in 2023, accounting for a significant portion of the national market [3][34]. - The report highlights the establishment of the "Cloud Medicine Traceability" platform in Yunnan, which enhances the quality control of medicinal materials through a closed-loop traceability system [4][47]. Summary by Sections 1. Rapid Growth of the Chinese Herbal Medicine Market - The market is supported by comprehensive policies that enhance the vitality of the industry, including improvements in registration, quality control, and cultural promotion [20][21]. - The midstream market for finished products is approximately 800 billion yuan, with traditional Chinese medicine (TCM) products dominating [21][26]. - The number of clinical trial applications for Chinese medicine has been increasing, indicating a growing pipeline of new products [29][30]. 2. Yunnan as a Major Supplier of Medicinal Materials - Yunnan is the richest region in China for medicinal resources, with a planting area of 8.72 million acres, leading the nation [34][37]. - The province's medicinal materials industry plays a significant role in agricultural structure optimization and rural revitalization, with over 1.446 million farmers involved [34][35]. - The report notes that over 70% of the more than 5,000 types of Chinese patent medicines use Yunnan medicinal materials [51]. 3. Key "Chain Leader" Companies - Yunnan Baiyao Group is focusing on four main business segments, including pharmaceuticals and health products, with a strategic emphasis on innovative TCM and nuclear medicine [57]. - Kunming Pharmaceutical Group is concentrating on the elderly health sector, with continuous innovation and product development in the TCM space [59][61]. - Both companies are recognized as leaders in the industry, contributing significantly to the growth and development of the TCM market in China [55][58].

Summary of Kunming Pharmaceutical Group Conference Call Company Overview - **Company**: Kunming Pharmaceutical Group - **Year**: 2024 Key Financial Performance - **Revenue**: 8.4 billion yuan, a 9.07% increase compared to the previous audited year, remaining stable year-on-year [3] - **Net Profit**: 648 million yuan, a 19.86% year-on-year increase [3] - **Net Profit (Excluding Non-recurring Items)**: 419 million yuan, a 25% year-on-year increase, marking a historical high for the company [3] - **Sales Expense Ratio**: Decreased by 4.82 percentage points [3] - **Operating Cash Flow**: 808 million yuan [3] - **Return on Equity**: Increased by 0.97 percentage points year-on-year [3] Strategic Initiatives - **Focus on Aging Population**: The company is strategically positioned in the aging health sector, supported by Huazhong Sanjiu, aiming for high-quality development [4] - **Resource Integration**: Integration of Huazhong Sanjiu resources to optimize the Kunyang business system [4] - **Reform Projects**: Initiated the Lecheng reform project and completed the acquisition of Shenghuo [4] Product Performance - **Kun Traditional Medicine Division**: Achieved a 20% year-on-year growth in core products such as Jianpiwei Granules, Shugan Granules, and Qingfei Huatan Wan [5] - **Brand Collaboration**: Enhanced brand influence through collaboration with CCTV [5] - **Overseas Business**: Significant performance with products like Qinghao Suan Zhi Pi Kuan Pian receiving international certification and global fund orders [7] Market Expansion and Sales Strategy - **Sales Growth Target**: Aiming for over 10% growth in sales of Xuesaitong oral products in 2025, utilizing a 4C model for targeted marketing [8][9] - **Brand Building**: Focus on building the 777 brand to address chronic disease management for the elderly [18] - **Sales and Pricing Strategy**: Plans to optimize sales and pricing strategies based on patient demographics and healthcare service accessibility [25] Challenges and Responses - **Impact of Centralized Procurement**: The company is adapting to the challenges posed by centralized procurement policies, which have increased competition [13] - **Frozen Powder Products**: Facing a decline in sales due to centralized procurement policies, the company is exploring new market opportunities [16] Future Outlook - **Long-term Goals**: Aiming to become a significant player in the scientific field in China and establish a global brand image for Kunming Pharmaceutical over the next decade [28] - **Strategic Execution**: Implementing a three-year plan to ensure strategic goals are met, focusing on employee motivation and organizational transformation [29] Additional Insights - **Cultural and Academic Development**: Emphasizing the importance of academic and cultural construction to enhance brand influence and market presence [10] - **Inventory Management**: Addressing inventory pressures through strategic brand building and academic promotion [24] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, strategic initiatives, product performance, market expansion strategies, challenges, and future outlook.