KELUN PHARMA(SZ:002422)2022-12-08 09:31Group 1: Research and Development - The company focuses on both generic and innovative product lines, with a significant emphasis on infusion drugs and new drug delivery technologies [2] - The R&D investment is substantial, with a structured approach to product lines in short, medium, and long-term phases aimed at achieving a competitive edge in new drug development [3] - The growth rate of large-volume infusion products is approximately 5-10%, driven by upgrades in packaging and optimization of product structure [3] Group 2: Market and Competition - The company plans to leverage its existing marketing network and learn from successful sales experiences of other companies [3] - The concentration of large-volume infusion production is expected to increase, with 90% of industry capacity held by leading companies, indicating a trend towards more orderly competition [4] - There are challenges in the domestic environmental regulations affecting antibiotic production, with land use and high fixed asset investment being significant barriers [3] Group 3: Financial and Operational Insights - The company is currently in a loss-making state due to underutilization of capacity, leading to high fixed asset depreciation costs [4] - The company is considering integrating intermediate and raw material drug sectors in the future, contingent on stable development [4] - The company anticipates that the rigid demand for large-volume infusions will persist despite national policy restrictions [3]