（1）CKBA 软膏是公司控股子公司博创园自主研发的局部外用制剂，其注册分类为化学药 1 类创新药。截至公司公告披露日，国内尚无同类产品获批上市。根据公司公告，本次批准系CKBA 软膏新增白癜风适应症开展 II 期临床试验的申请，公司子公司博创园将尽快开展白癜风适应症 II 期临床试验，我们认为，如产品能够获批上市，有望为白癜风患者提供创新且安全有效的治疗选择，有利于丰富完善公司的产品结构、扩大产品覆盖领域，将给公司带来新的业绩增长点。Overview of events
The company issued an announcement: (1) Jiangsu Bochuangyuan Biopharmaceutical Technology Co., Ltd., a subsidiary of the company, recently received a notice of approval for drug clinical trials issued by the State Drug Administration, agreeing to the application submitted by Bochuangyuan for phase II clinical trials of CKBA ointment for vitiligo indications. (2) Mr. Chen Chun, director and deputy general manager of the company, Mr. Li Ting, director, secretary of the board of directors and deputy general manager, Ms. Zhou Guixi, Chief Financial Officer, plans to increase the total holding amount to not less than RMB 12.5 million and not more than RMB 25 million (including capital) within 6 months from July 25, 2023.
CKBA ointment II phase clinical approval for vitiligo indications, company executives plan to increase their holdings to show confidence in development
(1) CKBA ointment is a topical preparation independently developed by Bochuangyuan, a subsidiary of the company, and its registration is classified as chemical class 1 innovative drugs. As of the date of disclosure of the company announcement, no similar products have been approved to be listed in China. According to the company announcement, this approval is an application for new vitiligo indications of CKBA ointment to carry out phase II clinical trials. Bochuangyuan, a subsidiary of the company, will carry out phase II clinical trials of vitiligo indications as soon as possible. We believe that if the product can be approved to market, it is expected to provide innovative, safe and effective treatment options for vitiligo patients, which will help to enrich and improve the company's product structure and expand product coverage. It will bring new performance growth points to the company.
(2) according to the company announcement, Mr. Chen Chun, director and deputy general manager of the company, Mr. Li Ting, director, secretary of the board of directors, and Mr. Li Ting, deputy general manager. Ms. Zhou Guixi, Chief Financial Officer, proposed to increase her holdings by a total amount of not less than RMB 12.5 million and no more than RMB 25 million (including capital). At the same time, she promised not to reduce her holdings during the period of the increase, within six months after the completion of the plan and within the statutory period. We believe that this increase demonstrates executives' confidence in the future development of the company and their recognition of the long-term investment value of the company.
Investment suggestion
Maintain the company's profit forecast for 2023-2025: it is estimated that the company's operating income for 2023-2025 will be 10.12 12.83 billion yuan, respectively, and its EPS for 2023-2025 will be 0.70 pound 0.99 pound 1.31 yuan, corresponding to 20.95 yuan per share on July 24, 2023, and the PE for 2023-2025 will be 301100,16X respectively, maintaining the "Buy" rating.
Risk hint
The risk that the effect of product promotion and R & D is not as expected, and the risk of uncertainty in the implementation of the increase plan.
