KELUN PHARMA(SZ:002422)2025-05-07 02:22Group 1: Business Segments Overview - The company expects stable performance in the infusion segment for 2025 compared to 2024, with growth anticipated in parenteral nutrition and powder-liquid dual-chamber bag products [2] - The company aims to expand its market share in specialty drugs, particularly in antibiotics, with effective market access achieved in 2024 [1] - The company plans to focus on expanding its diabetes medication portfolio, with products like Ertugliflozin and Sitagliptin expected to drive growth in the next 2-3 years [1] Group 2: International Expansion Strategy - The company is initiating its overseas strategy by targeting the preventive medicine sector in Singapore, with plans to expand into Southeast Asia [1] - Ongoing discussions with major pharmaceutical companies in the Middle East are part of the company's international market exploration [1] Group 3: Innovation Pipeline and Commercialization - The company has several important meetings planned for the second half of the year to discuss its innovation pipeline, particularly focusing on TROP2-ADC and other ADC products [3] - Three products across five indications have been approved since November last year, with a strong focus on major cancer types such as breast cancer and lung cancer [4] Group 4: Market Challenges and Responses - The tenth batch of centralized procurement has significantly impacted the company's potassium chloride injection segment, affecting both unit prices and market share [5] - The company plans to compensate for the decline in potassium chloride sales by increasing the volume of other plastic injection products [5] Group 5: Financial Performance and Cost Management - The gross margin for the infusion segment has slightly decreased in recent years, with the company implementing cost-reduction measures through new high-speed production lines [9] - The overall gross margin for Chuan Ning Bio is projected to be around 36% in 2024, reflecting a 4% increase compared to the previous year [9] - The company has seen a steady decline in sales expense ratios due to effective marketing management reforms [9] Group 6: Raw Material and Export Considerations - The company is currently exempt from U.S. tariffs on antibiotic intermediates, with most overseas sales directed to India [12] - Should tariffs be imposed, the company is prepared to take proactive measures to minimize the impact [12]