TY PHAR.(002728)2024-08-05 11:28Group 1: Performance Dependency on Key Product - The company's performance is significantly influenced by the main product, Zhi Ke Bao Pian, but it does not rely excessively on it. In 2023, Zhi Ke Bao Pian accounted for 41.96% of the company's total revenue [2][3]. - The gross profit margin of Zhi Ke Bao Pian, after deducting marketing expenses, reached 38.66% in 2023, indicating a strong contribution to overall profitability [2][3]. Group 2: Marketing and Brand Investment - The company has consistently invested in brand building and marketing for Zhi Ke Bao Pian, despite challenges in sales during certain years due to market restrictions [2][3]. - Marketing expenses for Zhi Ke Bao Pian have been substantial, with a peak of 14,729.20 thousand in 2023, reflecting the company's commitment to maintaining market presence [3][5]. Group 3: Future Product Development and Risk Management - To enhance core competitiveness, the company is increasing marketing efforts for potential products like Pi Fu Bing Xue Du Wan and Jiang Tang Shu Wan, which show promising market feedback [4]. - The company plans to leverage the "raw material + formulation" policy to improve product quality and reduce costs, thereby enhancing competitiveness [4]. Group 4: Organizational Changes and Market Strategy - The company is undergoing a marketing organizational transformation to adapt to changing consumer behaviors and multi-channel marketing trends, which is crucial for long-term development [5]. - As of August 2024, the company has established sales intentions with most of the 38 major chain pharmacies, indicating a strategic approach to expanding market reach [5].