Group 1 - The company is currently focused on completing the drug review response work and is working overtime to prepare supplementary materials, but cannot determine the exact response time [2] - The company is developing two anti-tumor targeted original new drugs, CSCJC3456 and CSCJC4523 [2] - There is a strong expectation from patients for the drugs to be approved and to contribute to public health, raising questions about the company's ability to meet market demand post-approval [2]

Group 1 - The core point of the article is that Changshan Pharmaceutical's stock price has been experiencing significant fluctuations, with multiple instances of hitting the daily limit up, attributed to investor interest in its weight loss drug Aibennate [1] - The company reported a stock price increase of 11.89% the previous day, indicating strong market interest [1] - Aibennate is an innovative drug developed by Changshan Pharmaceutical's subsidiary, Changshan Kaijie Health, and is currently in the registration phase [1] Group 2 - The company confirmed that there is no new progress regarding Aibennate, addressing investor inquiries [1] - Regarding two other anti-tumor targeted original new drugs, CSCJC3456 and CSCJC4523, the company stated that they are in Phase I clinical trials and preclinical research stages, respectively [1]

Core Viewpoint - Changshan Pharmaceutical is actively implementing a development strategy focused on expanding advantages, addressing shortcomings, developing new products, innovating drugs, and pursuing external growth in response to changes in the heparin industry [1][2]. Group 1: Business and Product Structure - Changshan Pharmaceutical is one of the few domestic companies with a complete heparin product industrial chain, engaging in the research, production, and sales of heparin crude products, active pharmaceutical ingredients, and formulations [1]. - The company’s main heparin products include heparin sodium crude, heparin sodium API, low molecular weight heparin calcium API, and various heparin injection solutions [1]. - The low molecular weight heparin calcium injection has maintained a leading market share for several years but has seen a decline in sales due to the impact of centralized procurement policies [1]. Group 2: Financial Performance - In the reporting period, Changshan Pharmaceutical achieved a revenue of 1.031 billion yuan, with low molecular weight heparin API contributing 145 million yuan, a year-on-year increase of 31.82% [2]. - Revenue contributions from ordinary heparin API and low molecular weight heparin formulations were 242 million yuan and 454 million yuan, respectively, while platform heparin formulations saw an 8.33% year-on-year growth to 54 million yuan [2]. Group 3: Innovation and R&D - The company views innovative drug research and development as key to overcoming current challenges, with a focus on the GLP-1 long-acting formulation, Aibennate injection, which has received acceptance for its marketing application from NMPA [2]. - If Aibennate is approved and launched, it is expected to reduce the company's reliance on heparin business for revenue and enhance profitability and risk resilience [2]. - Changshan Pharmaceutical is also advancing the development of two anti-tumor targeted original new drugs, CSCJC3456 and CSCJC4523, with CSCJC3456 having received NMPA approval for clinical trials in late-stage solid tumors [3]. Group 4: Future Strategy - For 2025, the company plans to maintain the sales of low molecular weight heparin formulations while focusing on increasing sales of heparin crude and API products [3]. - The company aims to actively promote the clinical progress and market launch of innovative drugs like Aibennate and CSCJC3456, with the goal of enhancing overall profitability [3].