Group 1 - The flu epidemic in China is at a high level, primarily driven by the H3N2 strain, with increased transmission risk due to upcoming population movements during the New Year holiday [1] - Demand for antiviral and symptomatic medications has surged, with a reported over 500% increase in flu-related drug purchases on Alibaba Health and over 100% increase in orders for traditional Chinese medicine on Meituan [1] - The pharmaceutical industry is responding effectively across the supply chain, from vaccine production to drug distribution, indicating a well-coordinated effort to manage the public health challenge [1][2] Group 2 - Vaccine companies are ramping up production, with Hualan Vaccine reporting 55 batches of flu vaccine issued since November, reflecting increased public willingness to get vaccinated [2] - Diagnostic companies like Dian Diagnostics and Kingmed Diagnostics are seeing increased business, supporting the trend of testing before treatment, which enhances rational drug use [2] - The treatment landscape is diversifying, with both chemical and traditional Chinese medicines being utilized, indicating a shift in market dynamics [3][5] Group 3 - Traditional Chinese medicine is gaining traction, with companies like China Resources Sanjiu and Kangyuan Pharmaceutical seeing strong growth in their antiviral product lines [5] - The distribution sector is crucial, with companies like Yiyigou ensuring rapid delivery of essential medications during peak demand periods [5] - The clinical relevance of traditional Chinese medicine is increasing, supported by government policies that endorse its use in flu treatment, leading to a rise in evidence-based research [6][9] Group 4 - Companies are focusing on clinical research to validate the efficacy of traditional Chinese medicines, with Kangyuan Pharmaceutical conducting head-to-head trials against conventional drugs [7][9] - The competitive landscape in the respiratory system traditional Chinese medicine market is diverse, with companies like China Resources Sanjiu and Yiling Pharmaceutical leveraging brand strength and market recognition [9] - As the industry moves towards evidence-based medicine, companies with strong research capabilities and clinical data are likely to capture more market opportunities [9]

本报讯 （记者袁传玺） 2025年入冬以来，我国甲型H3N2流感疫情呈现"早发、高发、变异活跃"的特征，广东、北京等多地疾 控数据显示，流感病毒阳性检出率已突破30%，其中甲型H3N2亚型占比超95%。 在呼吸道疾病防控进入关键期的背景下，中成药因其在对症治疗、副作用控制等方面的独特优势，市场 需求持续升温。作为中药抗感染领域的代表性企业，康缘药业（600557.SH）面对近日部分投资者在互 动平台就产品销量等情况的提问时表示："金振口服液等产品四季度市场需求回暖，公司正加紧排产来 满足市场需求。" 国家疾控中心日前举行新闻发布会指出，全国已整体进入流感流行季，活动水平正持续上升，预计高峰 将出现在12月中下旬至次年1月初。 流感的扩散直接激活了药品市场的需求。京东健康数据显示，11月以来流感用药成交额同比增长超13 倍，其中中成药凭借"对症调理、副作用温和"的认知优势，成为家庭备药的优先选项。 针对流感不同证型和症状，公司另外三款产品形成了有效的补充。杏贝止咳颗粒作为独家基药品种，被 列入《新冠病毒感染者居家中医药干预指引》，在缓解流感引发的干咳、少痰症状方面具有优势，尤其 适合上班族和老年群体。 面对四季 ...

【环球网财经综合报道】据中国疾病预防控制中心日前发布的《全国急性呼吸道传染病哨点监测情况（2025年第48 周）》显示，在全国门急诊流感样病例中，流感阳性率超过51%，整体进入高流行水平。 在此背景下，流感疫情的快速蔓延直接带动抗流感药物需求激增。阿里健康平台数据显示，近两周，流感抗病毒药物 购买人数环比增长超500%。其中，玛巴洛沙韦表现尤为突出，购买人数环比增长超600%，增速领先。 与此同时，随着流感高发期到来，医药市场也迎来显著增长，诺泰生物（688076.SH）、康缘药业（600557.SH）、华 润三九（000999.SZ）等企业旗下呼吸类产品近期需求显著上升，部分品种一度出现供应紧张。 市场分析认为，从近期市场表现看，以呼吸系统疾病用药为代表的药企普遍迎来需求激增，不仅有望直接增厚企业业 绩，更通过产品矩阵的协同效应，为企业在复杂市场环境中保持稳健增长提供了重要支撑。 多家药企旗下产品需求显著上升 整体来看，在呼吸道疾病交织流行、症状结构更复杂的年份，医药企业在临床端的使用范围进一步扩展，多家药企在 呼吸系统疾病领域具备长期积累的产品体系与循证研究，使其在今冬的疾病季中展现出较强的适配能力。 经 ...

Core Insights - The article highlights the rising incidence of respiratory infectious diseases, particularly influenza, driven by the H3N2 virus, leading to increased outpatient visits and temporary school closures in China [1] - Traditional Chinese medicine (TCM) is emphasized for its unique approach to enhancing the body's immune response rather than solely targeting pathogens, making it particularly suitable for children and adolescents [1] - Jin Zhen Oral Liquid, developed by Kangyuan Pharmaceutical, is noted for its broad-spectrum antiviral and anti-inflammatory properties, showing a total effective rate of 97% in treating pediatric respiratory infections [2][4] Company Performance - Jin Zhen Oral Liquid has been included in several authoritative treatment guidelines, and its recent clinical trial application for pediatric influenza has been approved, indicating potential market expansion [4] - In the first half of 2025, Kangyuan Pharmaceutical reported a revenue of 1.642 billion yuan and R&D expenses of 247 million yuan, with an R&D expense ratio of 15.02%, positioning it as a leader among traditional Chinese medicine companies [5] - The company has actively responded to market demands by ensuring the supply of its core products and has applied for eight new drug approvals this year, with recent successes in obtaining clinical trial approvals for innovative TCM products [5][6] Market Position - Jin Zhen Oral Liquid holds over 16% market share in the pediatric cough and phlegm relief market, ranking first among top brands, reflecting its acceptance by both doctors and parents [4] - Kangyuan Pharmaceutical's other product, Sanhan Huashi Granules, has also shown significant efficacy in treating respiratory diseases, further enhancing the company's product portfolio [4][5] - The company is focused on modernizing and standardizing TCM, leveraging its technical advantages to expand market opportunities and drive sustainable growth [6]

Core Viewpoint - Kangyuan Pharmaceutical has successfully included its unique products, including Wenyang Jiedu Granules and Yunu Decoction Granules, as well as the first generic drug Sumatriptan Naproxen Sodium Tablets, in the National Medical Insurance Directory (2025 edition) [1] Group 1 - Wenyang Jiedu Granules, as a unique product, is recognized for its clinical efficacy in improving symptoms such as cough, fever, fatigue, and loss of appetite, along with good safety [1] - Yunu Decoction Granules, also a unique product, is classified as a Category 3.1 new traditional Chinese medicine, aimed at treating dental pain, periodontal disease, oral ulcers, diabetes, and early-stage diabetes [1] - Sumatriptan Naproxen Sodium Tablets are expected to provide a new treatment option for acute migraine [1] Group 2 - The inclusion of these new drug varieties in the National Medical Insurance Directory is anticipated to drive the company's market promotion and sales growth, enhance its R&D innovation and brand influence, and benefit a wide range of patients [1] - The company has established a rich product portfolio in the respiratory and infectious disease sector, including products like Heat Toxicity Ning Injection and Jinzhen Oral Liquid, which have shown significant clinical efficacy [2] - Despite a decline in sales due to weakened terminal demand in the first three quarters of 2025, the company is ramping up production to meet the recovering market demand in the fourth quarter [2] Group 3 - The company is advancing its pipeline of innovative biological drugs for treating obesity or overweight and type 2 diabetes, with the first subject enrollment for the innovative drug ZX2021 Injection completed in June 2025, showing weight loss effects [3] - The innovative drug ZX2010 Injection for type 2 diabetes and obesity has also commenced its second-phase clinical trials, with plans to enter the third phase in Q3 2026 [3] - The company is committed to progressing all its research pipelines according to clinical plans and aims for early market launch [3]

Core Viewpoint - The demand for influenza medications has surged, with the Chinese influenza drug market fluctuating around 10 billion RMB. Oseltamivir dominates the market, led by Dongyang Sunshine Pharmaceutical, while Roche's Xofluza is the leader in new influenza drugs [3][4]. Group 1: Market Dynamics - The search volume for "Oseltamivir" on JD.com increased nearly 500 times compared to the same period last year, indicating a significant rise in demand for generic drugs [5]. - After the patent protection for Roche's original drug Tamiflu expired, Dongyang Sunshine Pharmaceutical took control of the market, generating 5.54 billion RMB in revenue from its Oseltamivir product, accounting for nearly 90% of its total revenue in 2023 [6]. - National centralized procurement policies have disrupted the existing market structure for Oseltamivir, leading to a significant price drop and increased competition from other generic manufacturers, resulting in Dongyang Sunshine's sales halving to 2.58 billion RMB in 2024 [7][8]. Group 2: Competitive Landscape - Dongyang Sunshine failed to win bids in the 11th batch of national drug procurement, which will inevitably shrink its market presence in hospitals [8]. - The overall market for antiviral drugs in China is projected to decrease from 11 billion RMB in 2023 to 8 billion RMB in 2024, with Oseltamivir accounting for about 80% of this market [8]. - The market for traditional Chinese medicine is also growing, with sales of common cold and flu medications increasing significantly, further impacting Dongyang Sunshine's market share [9]. Group 3: New Drug Developments - There is a strong consumer demand for new antiviral drugs, with purchases of Marboxil showing a remarkable increase of over 600% in a two-week period [11]. - Roche's Xofluza remains the dominant player in the innovative drug market for influenza, with a significant supply increase expected in 2024 [11][12]. - Several domestic pharmaceutical companies have received approvals for new influenza drugs in 2023, with more expected to enter the market in 2025, potentially impacting the market share of Oseltamivir [12][13]. Group 4: Future Outlook - The market share of Oseltamivir is gradually being replaced by PA proteinase inhibitors, indicating a shift in treatment preferences [14]. - Despite the anticipated rise of new antiviral drugs, Oseltamivir is expected to maintain a certain market share due to varying clinical needs and payment capabilities across different demographics in China [14].

Core Insights - The demand for influenza medications has surged, with the Chinese influenza drug market fluctuating around 100 billion RMB. Oseltamivir dominates the market, with East Sunshine Pharmaceutical as the leader, while Roche's Xofluza leads in new drug offerings [1][3]. Market Dynamics - In 2023, the Chinese antiviral drug market is estimated at 110 billion RMB, expected to decline to 80 billion RMB in 2024 due to a decrease in influenza cases, with oseltamivir accounting for approximately 80% of the market [4]. - East Sunshine Pharmaceutical's oseltamivir product, Kewai, generated 5.54 billion RMB in revenue in 2023, representing nearly 90% of its total revenue, capturing about 60% of the oseltamivir market share [3][4]. Competitive Landscape - The introduction of national centralized procurement policies has significantly impacted the market dynamics for oseltamivir, leading to a sharp price drop and increased competition from other generic manufacturers, resulting in East Sunshine's sales plummeting to 2.58 billion RMB in 2024 [3][4]. - As of August 2025, there are 118 approved oseltamivir products from 69 companies, indicating a highly competitive environment [5]. Emerging Trends - The market for traditional Chinese medicine is also growing, with sales of cold and flu medications increasing significantly, indicating a shift in consumer preferences [6]. - New antiviral drugs, particularly PA proteinase inhibitors like Marbofloxacin, are gaining traction, with a reported 600% increase in purchases during a recent two-week period [8][9]. Future Outlook - Roche's Xofluza is expected to maintain its leading position in the innovative drug market, with a threefold increase in supply anticipated for the current year [10]. - The entry of domestic new drugs is expected to challenge the market share of oseltamivir, particularly affecting generic versions [12][13].

Core Insights - The demand for traditional Chinese medicine (TCM) has significantly increased due to the rise in respiratory diseases during the autumn and winter flu season, with multiple pathogens like influenza and respiratory syncytial virus circulating [1] - Companies with reliable evidence-based data and clinically recognized TCM products are expected to benefit in the long term during the flu season [2] Group 1: Market Dynamics - The current flu activity in China is in a rapid upward phase, with sentinel hospitals reporting a continuous increase in flu-like cases [1] - The complexity of respiratory diseases this year, particularly in southern humid regions, has made multi-target, compound TCM more advantageous for managing various symptoms [1] Group 2: Company Performance - Kangyuan Pharmaceutical has seen a surge in demand for its respiratory products, leading to increased production to meet market supply pressures [2] - The company's oral liquid product, Jinzhen Oral Liquid, generated revenue of 1.359 billion yuan in the first three quarters of this year, accounting for 58% of its total revenue [2] Group 3: Product Development - Kangyuan's product line for respiratory and infectious diseases has formed a complete matrix covering prevention and treatment for various symptoms, including products like Hot Toxin Ning Injection and Jinzhen Oral Liquid [2][3] - The Hot Toxin Ning Injection has completed multiple RCT clinical studies, demonstrating its effectiveness in alleviating symptoms caused by viral infections [3] Group 4: Financial Performance - In the first half of 2025, Kangyuan reported revenue of 1.642 billion yuan and a net profit of 142 million yuan, with significant growth in various product categories [4] - The injection revenue reached 506 million yuan, while oral liquid revenue was 279 million yuan, indicating a robust performance across different dosage forms [4][5] Group 5: Strategic Outlook - The simultaneous growth of multiple dosage forms indicates a recovery in the usage of respiratory products during the winter disease season, enhancing the company's market adaptability [5] - Experts believe that TCM's multi-target advantages will continue to provide significant value in managing respiratory diseases in the future [5]

Core Insights - The flu activity in China is rapidly increasing, with the proportion of flu-like cases in southern provinces reaching 6.7% and northern provinces as high as 12%, significantly above previous years' levels [1] - The current flu outbreak is primarily driven by the H3N2 subtype, with a notable increase in demand for antiviral medications such as Oseltamivir and Baloxavir, leading to a surge in sales [1][2] - Domestic pharmaceutical companies, including Notai Bio, Kangyuan Pharmaceutical, and Jindike, are gaining market attention due to their antiviral product offerings and technological advancements [2][4] Industry Trends - The demand for flu medications has led to stock shortages in pharmacies, particularly for original research drugs [2] - Notai Bio has positioned itself competitively in the Oseltamivir market, with multiple drug registration certificates and an organized production line to meet the rising demand [2][3] - The market is transitioning from a dominance of Oseltamivir to a more diversified landscape with both traditional and innovative antiviral drugs being introduced [5] Company Highlights - Notai Bio has achieved significant sales growth for its Oseltamivir capsules, surpassing imported alternatives and establishing a strong online presence [3] - Kangyuan Pharmaceutical's products, such as the anti-viral injection and oral liquid, have shown resilience in sales despite overall revenue declines, indicating a strong growth potential in the flu season [4] - Jindike focuses on flu prevention with its quadrivalent flu vaccine, which has a production capacity of 20 million doses annually and is included in the national immunization program [4][5]

Group 1 - The flu activity in China is rapidly increasing, with sentinel hospitals in southern provinces reporting flu-like cases at 6.7%, up from 5.5% the previous week, and northern provinces reaching 12%, significantly higher than the same period from 2020 to 2023 [1] - The current flu strains include the H3N2 subtype, Victoria lineage, and H1N1, with significant antigenic variation leading to increased susceptibility in the population [1] - The demand for antiviral medications has surged, with sales of Oseltamivir increasing by 237% and Baloxavir by 180%, indicating a doubling of orders for flu-specific medications on platforms like Meituan and JD Health [1][2] Group 2 - Domestic pharmaceutical companies such as Nuotai Bio, Kangyuan Pharmaceutical, and Jindike are accelerating their entry into the flu treatment market, focusing on antiviral products [2] - Nuotai Bio has established itself as a competitive player in the Oseltamivir market, actively organizing production to ensure supply amid rising demand [2][3] - Kangyuan Pharmaceutical's products, including the antiviral injection and oral solution, have seen increased sales, with the oral solution contributing significantly to the company's revenue [4] Group 3 - The market is shifting from a dominance of Oseltamivir to a new phase where traditional and innovative treatments coexist, with new drugs like Marzula and Angladi being approved [5] - Companies with differentiated advantages and stable supply chains are expected to stand out in this competitive landscape, particularly those like Nuotai Bio that are deeply embedded in the global antiviral drug supply chain [5] - The upcoming flu peak is creating new growth opportunities for domestic pharmaceutical companies, driven by the increased demand for flu medications [5]