光伏设备板块指数日K线图 郭晨凯 制图 ◎记者 费天元 8月首个交易日，A股市场整体弱势震荡，石油石化、半导体、非银金融等权重板块调整，拖累三大股 指表现。截至收盘，上证指数报3559.95点，跌0.37%；深证成指报10991.32点，跌0.17%；创业板指报 2322.63点，跌0.24%。沪深两市合计成交15983亿元，较前一个交易日缩量超3300亿元。 光伏、快递板块走强 近期，"反内卷"主线持续获得资金关注，并向除上游资源品外的其他板块扩散。昨日，光伏设备板块全 天领涨，申万光伏设备指数收盘上涨2.60%，涨幅居所有二级行业首位，捷佳伟创、双良节能收获涨 停。 创新药概念持续活跃 创新药概念本周持续活跃，昨日部分个股延续强势表现。截至收盘，维康药业收获20%幅度涨停，昂利 康、汉商集团、贵州百灵均录得日线2连板。 近期，创新药上市企业成果不断，带动板块人气维持高位。 7月31日晚，海思科披露公告称，公司收到美国食品药品监督管理局（FDA）的受理通知，公司创新药 HSK3486（环泊酚注射液）的新药上市申请获FDA受理。同日，华海药业公告称，公司下属子公司华奥 泰和华博生物的HB0043获得国家药监局 ...

来源：金融界 资金流向数据显示，7月31日贵州百灵主力资金净流入1.62亿元，占流通市值的2.24%。 风险提示：股市有风险，投资需谨慎。 截至2025年7月31日收盘，贵州百灵股价报5.94元，较前一交易日上涨10.00%。当日成交量为113.22万 手，成交金额达6.45亿元。 贵州百灵属于医药制造业中的中药板块，公司主营业务为苗药的研发、生产和销售。公司产品主要包括 咳速停糖浆、银丹心脑通软胶囊等中成药制剂。 消息面上，国家医保局近期出台支持创新药发展的政策措施，包括制定新上市药品首发价格机制，新增 100多项医疗新技术相关价格项目。这些政策有利于创新药企业获得合理收益回报。 ...

Investment Rating - The report gives a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within six months [9][15]. Core Insights - The company has shown significant improvement in profitability and cost control, indicating a path towards high-quality development. In 2024, the operating revenue was 3.825 billion yuan, a decrease of 10.26%, while the net profit attributable to shareholders was 34 million yuan, an increase of 108.11% [3][4]. - The company has optimized its sales model through a direct sales reform pilot in nine provinces, which has led to steady growth in sales profits in those regions. By the end of 2024, the reform had been completed in six provinces, contributing positively to sales efficiency and profitability [5]. - The research pipeline is robust, with several new drug projects underway, including the Huanglian Jiedu Wan and Tang Ning Tong Luo projects. Successful approval and market entry of these projects could enhance the company's product structure and competitive edge [6]. Financial Performance Summary - For 2024, the gross margin was 58.09%, an increase of 2.80 percentage points, while the net profit margin was 0.88%, up by 10.60 percentage points. However, in Q1 2025, the gross margin dropped to 51.05%, a decrease of 12.79 percentage points [4]. - The company is projected to have revenues of 3.517 billion yuan in 2025, with net profits of 113 million yuan, reflecting a significant growth trajectory in subsequent years [9][11]. - The expected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 66.5, 57.8, and 49.5 respectively, indicating a potential for valuation improvement as earnings grow [9][11].

Financial Status - The company currently has a sufficient cash flow, with management emphasizing the need for improved settlement and collection management [1] - Chairman Jiang Wei holds 245,346,284 shares, accounting for 17.55% of the total share capital, all of which are pledged [1] - Jiang Wei's total liabilities have significantly decreased, and his credit status is good, indicating a controllable pledge risk [1][2] R&D Progress - The "Sugar Ning Tong Luo" project has over 10 years of clinical use experience and has bypassed phases 1 and 2 of clinical trials, proceeding directly to phase 3 for diabetic retinopathy [3] - The "Huang Lian Jie Du Wan" project, China's first "general" syndrome-type traditional Chinese medicine new drug, has completed phase 2 and 3 clinical trials with 840 cases enrolled [4] - The project employs a unique "syndrome + biomarkers" evaluation method, aiming to provide a new treatment option for various diseases related to heat toxin syndrome [4] Product Pipeline - BD77, a potential first traditional Chinese medicine inhalant, has completed pilot production and safety evaluations [5][6] - "Yi Shen Hua Zhuo Granules" is in phase 2b clinical trials for primary membranous nephropathy [6] - "Ice Lotus Grass Tablets" have completed phase 3 clinical trials and are currently in data analysis [6] Supply Chain and Production Capacity - The company sources raw materials through a combination of external procurement and self-cultivation to mitigate price volatility risks [7] - The capacity for processing traditional Chinese medicine materials has increased from 25,000 tons per year to 60,000 tons per year [8] Strategic Partnerships - Chongqing Haifu has numerous patents and a strong market outlook due to its proprietary high-intensity focused ultrasound technology [9] - Yunnan Plant Pharmaceutical holds over 400 drug approvals, indicating significant future growth potential [10]

证券代码：002424 证券简称：贵州百灵 公告编号：2025-036 贵州百灵企业集团制药股份有限公司 关于向银行申请贷款的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，公告 不存在虚假记载、误导性陈述或者重大遗漏。 贵州百灵企业集团制药股份有限公司（以下简称"公司"）于 2025 年7月18日召开的第六届董事会第十八次会议，审议通过了以下议案： | 序号 | 议案名称 | | --- | --- | | 1 | 《关于公司将于2025年12月31日前向中国工商银行股份有限公司 安顺分行申请续贷款不超过人民币52,000万元用于补充流动资金 | | | 的议案》 | | 2 | 《关于公司将于2025年12月31日前向中国农业银行股份有限公司 安顺分行申请续贷款不超过人民币5,000万元用于补充流动资金的 | | | 议案》 | | 3 | 《关于公司将于2025年12月31日前向浙商银行股份有限公司贵阳 | | | 分行申请续贷款不超过人民币10,000万元用于补充流动资金的议 | | | 案》 | | 4 | 《关于公司将于2025年12月31日前向中国光大银行股份有限公司 | | | 贵阳 ...

证券代码：002424 证券简称：贵州百灵 公告编号：2025-035 一、会议召开情况 1、贵州百灵企业集团制药股份有限公司（以下简称"公司"）第 六届董事会第十八次会议由公司董事长姜伟先生召集，会议通知于 2025年7月7日以专人送达、电子邮件、电话等通讯方式发出。 2、本次董事会于2025年7月18日上午10:00在公司三楼会议室以 现场结合通讯方式召开。 3、本次董事会应参会表决董事共9人，实际参会表决的董事9人。 其中独立董事胡坚、晏国菀、杨明、张洪武以通讯方式进行表决。 4、本次董事会由董事长姜伟先生主持，公司监事和高级管理人 员列席了本次董事会。 5、本次董事会的召集、召开符合《公司法》《公司章程》《董事 会议事规则》及相关法规的规定。 二、会议审议情况 贵州百灵企业集团制药股份有限公司 关于第六届董事会第十八次会议决议的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，公告 不存在虚假记载、误导性陈述或者重大遗漏。 经现场及通讯投票表决，会议审议通过了以下议案： 议案一、审议通过《关于公司将于2025年12月31日前向中国工商 银行股份有限公司安顺分行申请续贷款不超过人民币52,000 ...

Group 1: Marketing Reform and Sales Performance - The company initiated a direct sales reform pilot in 9 provinces starting in 2022, achieving significant results with steady profit growth in these regions [1] - The direct sales reform has been completed in 15 provinces, covering major OTC markets, which is expected to enhance sales efficiency and profitability [1] - The marketing reform introduced new performance metrics such as per capita efficiency and store efficiency, moving away from solely focusing on growth rates [1] Group 2: Financial Indicators and Profitability - The company is experiencing positive feedback from its marketing reform, with good completion rates for sales and payment indicators [2] - The company aims to exceed previous net profit levels, supported by steady growth of existing products and new drug development projects [2] - The company plans to enhance its profit margin to meet or exceed the industry average, ensuring long-term stable development [2] Group 3: New Drug Development - The Huanglian Jiedu Wan is the first "general" syndrome-type traditional Chinese medicine new drug in China, with clinical trials involving 840 cases [3] - The project employs a unique evaluation method combining "syndrome types + biomarkers," which could set a precedent for the evaluation standards of syndrome-type traditional Chinese medicine [3] - If approved, Huanglian Jiedu Wan will provide new treatment options for numerous diseases related to heat toxin syndrome [3] Group 4: Investment in Subsidiaries - Chengdu Zeling Biopharmaceutical Technology Co., Ltd. is a subsidiary in which the company holds a 17.6926% stake, making it the second-largest shareholder [3] - The subsidiary focuses on innovative drug research and has completed multiple rounds of financing [3]

Group 1 - Guizhou Province's Qiandongnan Prefecture has been severely affected by a major flood disaster, prompting immediate action from the Guizhou Securities Industry Association and its member units to provide aid and support [1] - As of July 4, 13 member units have participated in the relief efforts, donating a total of 943,700 yuan, which includes 231,500 yuan for emergency funding and 712,200 yuan worth of supplies to meet the urgent needs of affected residents [1] - Guizhou Southern Dairy Co., Ltd. mobilized aid supplies, sending four vehicles loaded with 14,100 cartons of milk to the disaster area to provide essential nutrition to the affected population [1] Group 2 - Guiyang Bank established a special task force and a "Youth Volunteer Service Team" to conduct post-disaster recovery efforts, ensuring the restoration of damaged facilities and providing basic living packages to affected employees [2] - Guizhou Langma Information Technology Co., Ltd. organized a team to deliver essential supplies to the disaster area, while Shanghai Zhonglian (Guiyang) Law Firm initiated a donation campaign to support the affected communities [3] - The Guizhou Provincial Transportation Planning and Surveying Design Institute formed an emergency response leadership group, with over 20 party members actively participating in on-site disaster relief efforts [3]

Group 1: Report General Information - The research object is Guizhou Bailing, belonging to the traditional Chinese medicine industry. The reception time was July 4, 2025, and the company's reception staff included the chairman, general manager, deputy general manager, financial director, and securities affairs representative [16] - The institutions participating in the research included Wang Lingyi, Pan Potao, Song Shijie, etc [2] Group 2: Company Business Analysis Marketing Reform - Since 2022, the company has launched a direct - sales system reform pilot in 9 provinces, and the reform has achieved remarkable results with steady growth in sales profits in reform areas. Currently, the direct - sales system reform has been completed in 15 provinces, which will positively impact the company's future sales efficiency and profitability [24] - The marketing model reform has changed the previous way of simply assessing growth rate, introducing assessment items such as per - capita efficiency and per - store efficiency, and reasonably formulating assessment indicators to mobilize the enthusiasm of sales staff. The company also plans to promote equity incentive plans in due course [24] - The company adheres to the profit - first orientation, optimizes the variety structure and price system, promotes the cultivation of large - scale varieties, and focuses on key national customers (NKA), regional large - scale chains (LKA), and the medical treatment sector to drive sales and profit growth [24] Sales Expense Optimization - The company's optimization of the sales expense ratio is a long - term task. It will continue to deepen the marketing system reform, gradually expand the coverage from the large - package model to the direct - sales model, and use the sales expense ratio in each region as a performance assessment indicator [24] - The company has established a market supervision department to vertically supervise the business activities and finances of branches and offices, and deeply participate in cost control and business negotiations [25] - Through optimizing and improving management, sales, and reward mechanisms, the company sets new assessment requirements for sales staff, strengthens budget assessment for direct - sales branches, and implements channel optimization policies for some varieties to reduce sales expenses. It also plans to promote equity incentive plans [25] Product R & D Progress - The Phase III clinical research of Tangning Tongluo is progressing normally according to the clinical protocol, and patients are being enrolled successively. The company will disclose information in a timely manner after achieving phased progress in R & D projects [26] Solvency - The company maintains long - term and stable cooperative relationships with multiple banks. After being removed from the risk warning list, the credit rating of the company by financial institutions will be upgraded. Considering factors such as the company's operating conditions, asset - liability structure, and asset utilization efficiency, the company does not have a solvency problem and will continue to optimize its asset - liability structure [26] Share Pledge - As of now, Chairman Jiang Wei holds 245,346,284 shares, accounting for 17.55% of the company's total shares, and 100% of his shares are pledged. The purpose of the share - pledged financing is for the investment and operation of non - listed company industries and the repayment of his stock - pledged repurchase transaction liabilities. The pledged shares do not bear performance compensation obligations [27] - Jiang Wei's total liabilities have been significantly reduced, and his credit status is good. The pledge risk is controllable, and there is currently no risk of forced liquidation. If such a risk occurs in the future, he will take measures such as early repurchase and additional pledges [27][28] R & D Expense Capitalization - The company manages R & D expenses in strict accordance with relevant accounting standards, and the annual report data has been audited by an accounting firm [29]

关于 2025 年第二次临时股东会决议的公告 特别提示： 1、本次股东会未出现否决提案的情形。 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 证券代码：002424 证券简称：贵州百灵 公告编号：2025-034 贵州百灵企业集团制药股份有限公司 1、召开时间： 现场会议召开时间：2025年7月4日（星期五）上午十时 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具 体时间为 2025 年 7 月 4 日（现场股东会召开当日）的交易时间，即 9:15—9:25,9:30—11:30 和 13:00—15:00。通过深圳证券交易所互 联网投票系统进行网络投票的开始时间为 2025 年 7 月 4 日（现场股 东会召开当日）9:15，结束时间为 2025 年 7 月 4 日（现场股东会结 束当日）15:00。 2、召开地点：贵州省安顺市经济技术开发区西航路 212 号贵州 百灵企业集团制药股份有限公司会议室 3、召开方式：现场投票和网络投票相结合的方式 4、会议召集人：公司董事会 5、会议主持人：董事长姜伟先生 6、本次股东会的召集和召开符合《公司法》《上市 ...