Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [5] Core Insights - The underlying logic of the current pharmaceutical industry era is innovation and international expansion, with a focus on innovative drugs and technology-driven sectors [2][3] - The report highlights the strong performance of the CRO market and suggests a dual investment strategy focusing on both "0 to 1" technology innovation and low-position stocks [2][3] - The report emphasizes the ongoing trend of BD (Business Development) transactions in innovative drugs, with significant growth expected in 2026 [4][15] Summary by Sections 1. Key Events in the Pharmaceutical Industry During the Spring Festival - Innovative drug BD transactions have seen a strong start, with significant overseas development and registration progress for key products [13][14] - The total amount of BD transactions for innovative drugs in China for 2026 has already surpassed one-third of the total for 2025 [15] - The revision of the National Essential Medicines List Management Measures may signal changes in the essential medicines directory [28] 2. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance was relatively weak, with a weekly decline of 0.81%, ranking 20th among all industries [34][38] - The total trading volume for pharmaceuticals was 401.12 billion yuan, accounting for 3.83% of the total market, below the historical average of 7.09% [55] - The report notes a rising valuation level for the pharmaceutical industry, with a PE ratio of 29.25, which is below the historical average [52] 3. Stock Performance Review - The report lists the top-performing stocks, including Dongyangguang and Zhendemedical, while highlighting the underperformers like Huayuan Biology and *ST Sailong [58][59]

Summary of Key Points from Conference Call Records Industry Overview 1. PCB (Printed Circuit Board) - The PCB sector has shown weak performance since Q4 of last year, primarily due to divergent market views on orthogonal backplane solutions, with some believing they may be replaced by copper cables/CPO or delayed until 2028. However, the orthogonal backplane is currently progressing steadily and is expected to enter mass production in H2 2027. Leading companies are experiencing stock price stagnation due to these divergences, highlighting their cost-effectiveness. Recommended companies include Dongshan Precision, Shenghong Technology, and Huidian Co. [1] - The CoWoP (Chip on Wafer on PCB) solution has stronger certainty, can reduce costs, improve efficiency, and bypass the shortage of substrate capacity. The value per square meter of PCB may increase several times, potentially reaching tenfold, with product launches expected by the end of 2027 and full implementation in 2028. Recommended companies in this direction include Pengding Holdings, Shennan Circuit, and Xinsong Technology. [1] 2. Storage - Contract prices remain in an upward cycle despite fluctuations in spot prices. Module companies are expected to see explosive Q1 performance, with Jiangbolong and Demingli realizing low-priced inventory. Recommended design companies include Zhaoyi Innovation (with a profit expectation of 6 billion) and Puran Co., Beijing Junzheng, and Hengshuo Co. [2] - Demand for memory modules is driven by AI servers and general servers, with recommendations for Lanke Technology (long-term profit of 10 billion) and Jucheng Co. (long-term profit of 1.5 billion). [2] 3. Communication - The recent decline in optical modules is related to the pullback of US tech stocks and speculation around CPO concepts. However, industry sources (such as Coherent and Xuchuang) indicate that CPO's potential to replace optical modules in ScaleOut scenarios is low, suggesting that short-term speculation may be excessive. [2] - North American cloud service providers have exceeded capital expenditure guidance for 2026 (620 billion, up 65% year-on-year), indicating potential accelerated demand for optical modules in 2027. Key upcoming catalysts include Nvidia's quarterly report (February 26), GTC conference (March), and OFC exhibition (NPO product showcase). Recommended companies include Zhongji Xuchuang, Xinyisheng, and Dongshan Precision. [2] - For copper connections as a Plan B alternative to orthogonal backplanes, companies to watch include Luxshare Precision, Wokai Nuclear Materials, and Huiju Technology (with potential for stock doubling). [2] - The price of scattered fiber has surged in the short term (from 25 to 50 yuan), but the low willingness of operators to raise prices raises doubts about long-term sustainability. [2] 4. Computing - Domestic computing resources are in short supply, with the recent downtime of Qianwen highlighting the scarcity of AI foundational resources. The demand for CPUs is expected to rise due to increased usage of agents compared to chatbots. Recommended companies include Haiguang Information (benefiting from both CPU and GPU), Cambrian (leading domestic AI chip manufacturer), and Tianshu Zhixin (expected to accelerate integration with leading players). [2] - Cloud infrastructure resources are expected to benefit from price increases, with recommendations for Kingsoft Cloud, Wangsu Technology, and Fourth Paradigm. [2] - In the AI application sector, the recent drop in overseas software and restructuring of SaaS business models may lead to a narrative reversal with the launch of native agent products in Q3 2026. Companies to watch include Alibaba for 2C entry reconstruction and third-party AI agents like TaxFriend, Zhongkong Technology, and Dingjie Smart. [2] 5. Media - Tencent has faced a decline due to market concerns over potential tax increases on internet platforms, although there is no space for increased game value-added tax. The company remains recommended despite rumors of Q4 earnings downgrades, maintaining a PE ratio of 15 times, which still offers value. [3] - The download situation for the Yuanbao app remains stable, and Tencent's AI capabilities may be closing the gap with larger competitors. [3] - In gaming, companies with upcoming catalysts such as Giant Network and Perfect World are recommended for short-term focus, while Century Huatong and Kaiying Network are suggested for medium to long-term attention due to expected catalysts. [3] - Tencent's establishment of a separate AI comic app is beneficial for the production side, which is entering a period of profitability. Recommendations include Kuaishou, Huanrui, and Rongxin. [3] 6. Pharmaceuticals - Attention is drawn to the update of the essential drug catalog, which may accelerate progress. [4] - The probability of inclusion in the essential drug catalog is high for unique products, with several specific products from companies like Jichuan Pharmaceutical and Panlong Pharmaceutical being highlighted. [4] - Emphasis on the global competitiveness of the innovative drug industry chain, with a focus on new-generation ADCs, IOs, small nucleic acids, and CGT. Recommended companies include Kanghong, Yingen, Yunding, and Chengdu Xian Dao. [4] - The brain-computer interface theme is noted, with a potential showcase of non-invasive products during the Spring Festival and a semi-invasive product approval for Borui Kang in March. [4] - Recommendations include Meihua Medical, Dongwei Semiconductor, and Sanbo Brain Science. [5] - The surgical robot sector is expected to see comprehensive implementation of charging policies before August, with overseas orders doubling and maintaining high growth in 2027. Key types include laparoscopic and orthopedic robots, with strong overseas performance for laparoscopic robots. Recommended companies include MicroPort, Jingfeng Medical, Tianzhihang, and Sanyou Medical. [6]

Summary of Sanli Pharmaceutical Conference Call Company Overview - **Company**: Sanli Pharmaceutical - **Core Products**: Kaohoujian series, particularly the pediatric version with over 80% coverage in secondary hospitals [2][4] Industry Insights - **Market Focus**: The company aims to enhance coverage in grassroots medical institutions, which could significantly boost sales if products are included in the essential drug list [2][4] - **OTC Business Development**: Sanli is focusing on developing its OTC business, segmented into respiratory and elderly care lines to meet market demands [2][6] Financial Projections - **2026 Revenue Forecast**: Expected total revenue of approximately 1.9 to 2 billion CNY, with contributions from: - Respiratory line: 1.2 to 1.3 billion CNY - Supplement line: 400 to 500 million CNY - Other product lines: 100 to 200 million CNY - **2025 Performance Outlook**: Anticipated revenue of 1.6 to 1.7 billion CNY due to low incidence of respiratory diseases and inventory pressure [3][21] Product Pipeline and R&D - **Essential Drug List Candidates**: Four products are potential candidates for the essential drug list, with the pediatric Kaohoujian having the highest probability of inclusion [4][13] - **Innovation Strategy**: The company has shifted focus from classic formulas to innovative traditional Chinese medicine, collaborating with research institutions on multiple projects expected to yield results in six to eight years [11][24] Market Strategy - **Sales Channel Expansion**: Sanli has transitioned from prescription sales to a multi-channel sales approach, including partnerships with top national chains and an emphasis on O2O (online-to-offline) retail strategies [6][18] - **Grassroots Market Potential**: The company aims to increase its market share in grassroots settings, currently at 5% to 8%, with a target of 20% to 30% for successful products [15] Competitive Landscape - **Impact of Drug List Adjustments**: Inclusion in the essential drug list could significantly enhance market penetration and prescription volumes for key products [12][14] - **Response to Price Reductions**: The company does not view price reductions from centralized procurement as detrimental, as it can reduce sales expenses to maintain profit margins [17] Operational Readiness - **Capacity and Distribution**: Preparations for the new essential drug list have been ongoing since 2018, focusing on channel development and distribution team enhancements [16] - **Integration of Acquisitions**: The integration of acquired companies is nearly complete, with a unified sales strategy across the OTC business [22] Challenges and Risks - **Inventory Management**: The company has faced inventory pressures due to low disease incidence, impacting financial performance in 2025 [20] - **Market Competition**: The company acknowledges the competitive landscape in the orthopedic and gynecological sectors, which are not yet significant revenue contributors [7] Conclusion Sanli Pharmaceutical is strategically positioned to enhance its market presence through innovative product development, expansion into grassroots healthcare, and a robust OTC strategy. The potential inclusion of key products in the essential drug list could further drive growth, despite current challenges related to inventory and market competition.

证券日报网讯1月29日，三力制药（603439）在互动平台回答投资者提问时表示，公司高度关注中成药 行业相关监管政策调整，始终严格按照国家药品监管要求开展生产经营及产品研发工作。 ...

Core Viewpoint - The company acknowledges that its stock price is influenced by various factors including macroeconomic environment, industry cycles, and fluctuations in the secondary market [2] Group 1 - The company emphasizes its commitment to enhancing operational performance and management standards [2] - The company aims to create value for its shareholders [2]

Core Viewpoint - Sanli Pharmaceutical announced an expected net profit attributable to shareholders of the parent company for 2025 to be between 36 million and 52 million yuan, representing a significant decrease compared to the previous year's figure of 274.03 million yuan, indicating a decline of 22.02 million to 23.80 million yuan, or a year-on-year decrease of 81.02% to 86.86% [1] Financial Performance - The projected net profit for 2025 is estimated to be between 36 million yuan and 52 million yuan [1] - This represents a decrease of 22.02 million to 23.80 million yuan compared to the previous year's net profit of 274.03 million yuan [1] - The year-on-year decline percentage is estimated to be between 81.02% and 86.86% [1]

每经AI快讯，三力制药1月23日晚间发布业绩预告，预计2025年年度实现归属于母公司所有者的净利润 为3600万元~5200万元，与上年同期数约2.74亿元相比，将减少约2.22亿元~2.38亿元，同比减少 81.02%~86.86%。业绩变动主要原因是，经营业绩下滑。受行业周期及市场需求变化影响，中成药行业 增长放缓，在此背景下，公司经营业绩较上年同期出现下滑。商誉减值。公司于2023年收购子公司贵州 汉方药业有限公司控制权时形成商誉约3.35亿元，2025年度因汉方药业产品市场需求放缓和行业竞争加 剧，业绩同比下降较为明显，根据汉方药业当前经营状况及未来预测，公司初步判断其相关商誉存在减 值迹象，基于谨慎性原则，公司2025年度预计计提商誉减值准备约1.3亿元，该事项对公司整体业绩构 成较大影响。具体减值金额将以评估机构及审计机构的最终评估和审计结果为准。 每经头条（nbdtoutiao）——地方国资开始"抄底"法拍房！单价六七千元"扫货"广州南沙区超60套房 源，同小区二手房挂牌均价逾2万元 （记者 曾健辉） ...

格隆汇1月23日丨三力制药(603439.SH)公布，公司预计2025年年度实现归属于母公司所有者的净利润为 3600.00万元到5200.00万元，与上年同期数27,402.78万元相比，将减少22,202.78万元到23,802.78万元， 同比减少81.02%到86.86%。 预计 2025 年年度实现归属于母公司所有者的扣除非经常性损益后的净利润为2300.00万元到3400.00万 元，与上年同期数26,797.12万元相比，将减少23,397.12万元到24,497.12万元，同比减少87.31%到 91.42%。 ...

证券代码：603439 证券简称：三力制药 公告编号：2026-003 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 1.经财务部门初步测算，预计 2025 年年度实现归属于母公司所有者的净利 润为 3,600.00 万元到 5,200.00 万元，与上年同期数 27,402.78 万元相比，将减少 22,202.78 万元到 23,802.78 万元，同比减少 81.02%到 86.86%。 ● 贵州三力制药股份有限公司（以下简称"公司"）预计 2025 年年度实现归 属于母公司所有者的净利润为 3,600.00 万元到 5,200.00 万元，与上年同期数 27,402.78 万元相比，将减少 22,202.78 万元到 23,802.78 万元，同比减少 81.02% 到 86.86%。 贵州三力制药股份有限公司 2025 年年度业绩预减公告 ● 预计 2025 年年度实现归属于母公司所有者的扣除非经常性损益后的净利 润为 2,300.00 万元到 3,400.00 万元，与上年同期数 26,797.12 万元相比，将减少 23,397.12 万元到 24,49 ...

Core Viewpoint - The appointment of Ju Lingke as the new Secretary of the Board at Sanli Pharmaceutical marks a significant transition in the company's governance, as she takes over from Zhang Qianfan, who held multiple roles and is now focusing on strategic and operational aspects of the company [1][9][18]. Group 1: Leadership Transition - Ju Lingke, a 34-year-old with a master's degree, has a clear career trajectory starting from financial institutions and moving to Sanli Pharmaceutical, where she has rapidly advanced from a financial manager to the Secretary of the Board in just over two years [4][6][7]. - Zhang Qianfan, the previous Secretary, had been in the role for nearly 11 years and will continue to serve as a director and vice chairman, indicating a strategic shift to allow him to focus on broader company operations [8][9]. - The company is undergoing a critical self-adjustment phase, and Ju Lingke's role will be pivotal in managing internal operations and external communications [1][18]. Group 2: Company Profile and Performance - Sanli Pharmaceutical specializes in the research, production, and sales of traditional Chinese medicine, with key products including various herbal formulations [20]. - The company's major shareholder, Zhang Hai, holds 40.91% of the shares, indicating a strong control over the company [21]. - Recent financial performance shows a decline, with revenue of 1.038 billion yuan for the first three quarters of 2025, down 28.24% year-on-year, and a net profit of 80.79 million yuan, down 58.39% year-on-year [23]. Group 3: Regulatory and Compliance Issues - Sanli Pharmaceutical has faced regulatory challenges, including a credit rating of "general" dishonesty due to past issues involving kickbacks related to its products [23][24]. - The company has engaged in a significant transaction with Hainan University, acquiring a candidate drug for Alzheimer's disease for 200 million yuan, which is seen as a strategic move into innovative pharmaceuticals [22].