On December 10, Guosheng Securities' Research Reports pointed out that as the national reform deepens, "integration + efficiency improvement" is expected to continue to be realized. KPC Pharmaceuticals, Inc. (600422.SH) has basically completed the integration of management and marketing adjustments in the early stages of the reform, and performance is expected to gradually materialize, with 2025 likely to be the year of performance release. The company has excellent quality: as a leader in the sanqi preparation field, it is expected to further develop in the slow disease "Silver Hair" economy with product and first-mover advantages; Kunming Traditional Chinese Medicine has a 600-year heritage, and with the support of China Resources Sanjiu Medical & Pharmaceutical, the product value is expected to gradually become apparent. The company is light on its feet, and performance elasticity is expected to gradually release, with a bullish outlook on the company's long-term development. First coverage, giving a "Buy" rating.