KHPG(SZ:002773)2022-12-05 02:31Financial Performance - In Q1 2020, the company's revenue decreased by 11.76% compared to the same period last year, with net profit attributable to shareholders declining by 16.30% [4] - Revenue from biological products fell by approximately 35%, while traditional Chinese medicine revenue decreased by about 11.1%. Chemical drug revenue increased by approximately 8.8% [4] - The price of the eye injection drug, Kangbai Xip, dropped by about 25% after being included in the national medical insurance directory, contributing to the revenue decline [4] Clinical Research Progress - Kangbai Xip eye injection (brand name: Langmu) is currently in Phase III clinical trials for three indications: wet age-related macular degeneration (wAMD), myopic choroidal neovascularization (pmCNV), and diabetic macular edema (DME) [5] - The global multi-center Phase III clinical trial involves over 300 clinical trial centers across more than 30 countries, aiming to evaluate the drug's efficacy and safety [5] - The trials are expected to recruit a total of 1,140 participants, with the main efficacy analysis scheduled for week 36 post-treatment [5] Market Strategy and Commercialization - The overseas commercialization of Kangbai Xip is a key focus, with plans to adapt marketing strategies based on specific country requirements as clinical trials progress [6] - The product has gained significant market share since its launch in 2014, and by 2018, it was leading in market share compared to competitors [8] - The company aims to enhance the treatment capabilities of grassroots hospitals through training and educational initiatives [8] Research and Development - The company is committed to increasing investment in research and development, with R&D expenditure accounting for 24.18% of revenue in 2019 and expected to be around 15% in 2020 [9] - Continuous adjustments and recruitment of international talent are being made to strengthen the R&D team [9]