Pharscin Pharma(002907)2025-03-13 07:16Financial Performance - In Q3 2024, the company achieved a revenue of CNY 196 million, with a year-to-date revenue of CNY 614 million, representing a year-on-year growth of 26.85% and 19.21% respectively [2] - The revenue from key traditional Chinese medicine products grew by 24.49% in the reporting period, with a year-to-date growth of 31.44%. Specifically, the sales of Ganji Bingmei tablets increased by 38.84% in the reporting period and 54.36% year-to-date [2][3] - The sales revenue of Polyethylene Glycol 4000 and Aluminum Magnesium Chewable Tablets increased by 47.88% in the reporting period and 18.76% year-to-date [3] Market Expansion - The company has made significant strides in overseas markets, with its fifth production base passing the FDA's cGMP inspection in May 2023, and the approval for the production site of Buprenorphine Hydrochloride Tablets in October 2023 [4] - Key traditional Chinese medicine products, Ganji Bingmei Tablets and Liwei Anshen Capsules, received registration approvals in Singapore in September 2024 and February 2025 respectively, marking a milestone for the company's international product expansion [4] Product Distribution - Approximately 70% of the company's sales are generated from public hospitals, with ongoing efforts to expand into grassroots hospitals, private hospitals, retail pharmacies, and e-commerce platforms [5][6] - The company is actively developing its presence in the retail pharmacy sector and e-commerce to increase its market share outside of hospitals [6] R&D and Innovation - The company has five self-developed innovative oncology drugs in the pipeline, with some projects entering the clinical candidate confirmation stage [6][7] - The first global innovative drug project, HSN003, and the BIC small molecule innovative drug project, HSN002, have shown promising research results, with presentations at the AACR annual meeting in April 2024 [7] Special Medical Foods - The global market for special medical foods is approximately USD 3 billion, with China's market size around CNY 7 billion. The company aims to leverage its pharmaceutical expertise to enter this high-barrier market [9] - The company has four self-researched special medical food projects, with the TY005 project receiving regulatory approval, marking a significant breakthrough in this field [10] Response to Price Cuts - The company acknowledges that price cuts from centralized procurement significantly impact existing markets but have limited effects on new products. Strategies include diversifying product lines and enhancing market penetration [11]