证券日报网讯12月26日，特一药业（002728）在互动平台回答投资者提问时表示，公司在药物创新研究 方面，持续推行中成药和化学药研发双向并举进行：在中成药方面：加强对现有中成药的传承和开发， 通过临床研究或真实世界研究，对特色中成药产品进行二次开发，推动公司特色中药品种(含止咳宝 片、皮肤病血毒丸、降糖舒丸等)成长为中成药大品种，以创新促质量提升，提高"特一"品牌影响力， 进而提升产品的市场竞争力；同时，积极抓住中药产业发展的机会，加强与相关院所合作，开发中药创 新药；在化学药方面：开展"原料药+制剂"一体化创新研究，对重大疾病治疗药物进行前沿化调研， 以"原料药+制剂"关联的模式开展制剂和原料的研发，提高协同效应。 ...

证券日报网讯12月22日，特一药业（002728）在互动平台回答投资者提问时表示，公司在药物创新研究 方面，持续推行中成药和化学药研发双向并举进行。在中成药方面：加强对现有中成药的传承和开发， 通过临床研究或真实世界研究，对特色中成药产品进行二次开发，推动公司特色中药品种(含止咳宝 片、皮肤病血毒丸、降糖舒丸等)成长为中成药大品种，以创新促质量提升，提高"特一"品牌影响力， 进而提升产品的市场竞争力；同时，积极抓住中药产业发展的机会，加强与相关院所合作，开发中药创 新药；在化学药方面：开展"原料药+制剂"一体化创新研究，对重大疾病治疗药物进行前沿化调研， 以"原料药+制剂"关联的模式开展制剂和原料的研发，提高协同效应。 ...

Financial Performance - The company's net profit for the first three quarters of 2025 increased nearly 10 times compared to the previous year, with revenue growth exceeding 51% [2] - The sales volume of the core product, cough tablets, reached 64% of the same period in 2023, while revenue recovered to 96.69% of the same period [4] Marketing and Sales Strategy - The company transitioned from a pure agency model to a hybrid model of self-operated and promotional services, which initially caused a temporary decline in performance but has since shown recovery [3] - The marketing reform initiated in 2024 has begun to yield results, contributing significantly to the performance growth in 2025 [3] Product Performance - In Q3 2025, cough tablets sold 104 million pieces, generating revenue of 69.62 million yuan [4] - The cough tablets have a clinical effectiveness rate of 73% and a total effectiveness rate of 93%, demonstrating significant therapeutic advantages [10] Market Potential - The aging population in China is projected to increase by 13 million people aged 60 and above in 2024, expanding the patient base for respiratory diseases [4] - The company has identified ample market expansion opportunities due to the previous regional agency sales model, which left many markets untapped [4] Online Sales Strategy - The company has successfully launched the brain-quieting capsules online, achieving sales of over 13 million yuan by Q3 2025 [6] - Future plans include enhancing online exposure through content marketing and expanding presence on platforms like Douyin and Xiaohongshu [6] New Product Development - The company has established an independent marketing team to promote skin disease blood detox pills and blood sugar comfort pills, leveraging existing channels from cough tablets for market entry [8] - The skin disease blood detox pill and blood sugar comfort pill are positioned as strategic products with significant market potential, supported by favorable policies and clinical research [12] Overall Strategy - The company aims to achieve annual sales of 100 million boxes of cough tablets within 3-5 years post-marketing reform [4] - The "1+N" product development strategy focuses on enhancing the core product while nurturing a portfolio of complementary products to drive long-term growth [13]

Sales Goals and Market Potential - The company aims to sell 100 million boxes of cough tablets within 3-5 years, with a focus on achieving this target post-reform [1] - The cough tablets have a significant market potential due to low coverage in certain areas, which will be addressed after the marketing organization transformation [2] - The aging population (31 million people aged 60 and above, accounting for 22% of the population) increases the consumer base for cough and phlegm products [2] Product Efficacy and Production Capacity - The cough tablets have a clinical effectiveness rate of 93%, with a significant effect on chronic coughs [1] - Current production capacity is 1.8 billion tablets, with potential to increase to 2.4 billion based on market demand [2] - Sales data shows a recovery trend, with 230 million tablets sold in 2024 and 217 million in Q1 2025 [2] Marketing and Organizational Changes - The company is undergoing a marketing transformation, shifting from a distributor model to a self-operated and promotional service model [3] - New departments have been established to enhance marketing efforts, including self-operated sales, online marketing, and brand market departments [3] - The company is expanding its online sales channels, with significant growth in B2C and O2O platforms [4][11] Brand Development and Consumer Engagement - The company is enhancing brand recognition through a mix of traditional and new media advertising [4][12] - The marketing strategy includes collaboration with major pharmacy chains and community pharmacies to increase consumer education and engagement [5][12] - The company aims to strengthen its brand through targeted advertising and promotional activities across various platforms [5][12] Financial Performance and Product Diversification - In 2023, cough tablets accounted for 41.96% of the company's revenue, indicating a strong reliance on this product [8] - Other products collectively contribute over 50% of revenue, mitigating dependency risks [8] - The company is focusing on promoting other products like skin disease and blood toxin pills to diversify its portfolio [9][10]

Core Viewpoint - The company is undergoing significant marketing organizational changes and adjustments to its sales channels, which have impacted its 2024 financial performance, leading to a substantial decline in net profit and revenue [10][12]. Group 1: Financial Performance - In 2024, the company achieved an operating income of 687.79 million yuan, a year-on-year decrease of 35.55% [10]. - The net profit attributable to shareholders was 20.50 million yuan, down 91.90% year-on-year [10]. - The company has reduced shipments of its core product, Zhi Ke Bao Pian, which has led to a significant drop in sales revenue for this high-margin product [10]. Group 2: Marketing and Sales Strategy - The company is transitioning from a distributor model to a mixed model of self-operated and promotional service providers in its pharmacy sales [10]. - Marketing expenses have increased significantly as the company aims to enhance brand awareness and reputation, resulting in a higher proportion of sales expenses [10]. - The company plans to leverage digital marketing and expand its marketing channels, including social media platforms like Douyin and Xiaohongshu, to improve product visibility [3][10]. Group 3: Product Focus and Development - The company considers Zhi Ke Bao Pian as its core product, with plans to increase its sales to 100 million boxes within 3-5 years post-reform [3]. - The company is also focusing on developing a product cluster around Zhi Ke Bao Pian, which includes other traditional Chinese medicine products [3]. - The company has a production capacity of 1.8 billion pieces for Zhi Ke Bao Pian, with potential to expand to 2.4 billion pieces [3]. Group 4: Governance and Future Plans - The company is committed to improving its corporate governance and is open to external growth opportunities, including mergers and acquisitions, to enhance its competitive edge [5][14]. - The management emphasizes the importance of internal growth while also considering external partnerships to strengthen the company's market position [5][14]. - The company aims to maintain a strong focus on traditional Chinese medicine products, aligning with national policies that support the industry [6][14].