云南产业链系列深度③，文章转自2025年07月04日太平洋医药团队报告，分析师：谭紫媚、 李啸岩 投资要点 中药市场快速增长，新品兑现蓄满成长动能。 在政策指引下，中药行业供给端、支付端、需求端利好措施不断，涵盖中药注册、审评审批、质量控制、医保支 付、中医药文化弘扬等方面，全方位促进中药行业的繁荣与发展。我国是世界上中药材资源最丰富、产量最大的国家之一，市场需求量持续稳定上升。2022年我 国中药材市场成交额达2085亿元，同比增长8.8%，预计2024年将达2357亿元。中游产成品市场规模约8000亿元，中成药占主要地位，中药饮片规模增速更快。根 据药融云数据库，2016-2023年，我国中药申请临床试验与获批临床试验数量呈上升的趋势。《基层中医药服务能力提升工程"十四五"行动计划》对中医药基层 渗透率提出要求，正值十四五收官之年，中医药基层渗透率有望快速提升。 云南为中药材主要供应地。 云南是全国中药资源最丰富的地区，中药材种植面积居全国第一。2023年云南中药材综合产值达1650亿元。全国药用生物资源12000 余种，云南省占比51%；全国常规种植中药材品种中，48%的品种在云南省种植；全国大宗药材品 ...

医药行业|深度报告 证券研究报告 2025/7/3 中药行业 深度报告—— "链主"企业带动云南省中药材产业链 高质量发展 证券分析师: 谭紫媚 分析师登记编号: S1190520090001 研究助理: 李啸岩 一般证券业务登记编号: S1190124070016 P2 报告摘要 目录 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 全方位发力，云南中药材产业正值高质量发展。（1）打造"云药追溯"平台。将种植、加工、存储、销售全过程闭环溯源，通过编码技 术实现了正向追溯和反向追溯。（2）研发平台建设赋能中药材发展。云南省是第一批国家中药现代化科技产业基地省，且拥有许多中药 材科技创新平台。创新加持下，成果逐步落地，如云南白药集团研发的白药气雾剂、白药牙膏、白药胶囊等产品，销售收入超亿元；中国 科学院昆明植物研究所成功驯化野生独蒜兰，实现每年1500万株种苗的生产能力，2023年云南独蒜兰产值达到4亿元；民族药研制品种数 位居全国各省份之首。（3）云南省各州市持续出台政策鼓励中药材产业发展。（4）高质量发展成果陆续兑现。全国5000多个品种的中成 药内，70%以上使用云南中药材；产业链建设有望带动" ...

Group 1 - The core viewpoint of the article highlights that Kunming Pharmaceutical Group is focusing on the opportunities presented by the aging economy, particularly in the areas of premium traditional Chinese medicine and chronic disease management [1] - The company has a high accounts receivable due to long payment terms in the pharmaceutical distribution sector and has implemented measures to ensure the stability of its cash flow [1] - By 2025, the company aims to position itself as a leader in the aging health industry, with a strategic focus on its 14th Five-Year Plan [1] Group 2 - Marketing reforms will concentrate on brand promotion and terminal sales, establishing a diversified channel layout [1] - The company is focusing on the emotional health market with its Shugan Granules product, aiming to enhance product coverage in both hospital and retail settings [1] - The pharmaceutical distribution business will optimize its existing business structure to address competition issues within the industry [1] Group 3 - The company plans to achieve effective growth in its blood clotting oral products by 2025, utilizing collective procurement opportunities to enhance the coverage of its blood clotting series products across various medical institutions [1]

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.