证券代码：002603 证券简称：以岭药业 公告编号：2024-031 石家庄以岭药业股份有限公司 关于实际控制人部分股份质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 石家庄以岭药业股份有限公司（以下简称"公司"）于2024年9月20日接到公 司实际控制人吴相君的通知，获悉吴相君所持有公司的部分股份办理了质押，具 体事项如下： 一、 股东部分股份质押的基本情况 | 股东名 | 是否为控股 股东或第一 | 本次质押数 | 占其所 | 占公司 | 是否为 | 是否为补 | 质押起始 | 质押到期 | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 持股份 | 总股本 | | | | | 质权人 | | | 称 | 大股东及其 | 量（股） | 比例 | 比例 | 限售股 | 充质押 | 日 | 日 | | 用途 | | | 一致行动人 | | | | | | | | | | | | 公司第二大 | | | | | | | | 中信证券 ...

Investment Rating - The report rates Yiling Pharmaceutical (002603.SZ) as a leading company in the traditional Chinese medicine (TCM) sector, ranking second in the "2024 China TCM R&D Strength Ranking TOP50" [1]. Core Insights - Yiling Pharmaceutical is recognized for its unique approach in combining traditional Chinese medicine theories with modern scientific techniques, positioning itself as a leader in TCM modernization and internationalization [2]. - The company has successfully completed high-level clinical studies, such as the randomized, double-blind, international multi-center study on Lianhua Qingwen capsules for treating mild to moderate COVID-19, demonstrating significant efficacy and safety [2]. - Yiling Pharmaceutical has a robust pipeline of innovative products, including the anti-aging Ba Zi Bu Shen capsules, which have shown promising results in extending lifespan in preclinical studies [2]. - The company has invested significantly in R&D, with a cumulative investment of 4 billion yuan from 2019 to 2023, and 4.11 billion yuan in the first half of 2024, representing 8.92% of its revenue, indicating a strong commitment to innovation [4]. - Yiling Pharmaceutical has a diverse portfolio of 14 patented TCM products, with 10 included in the medical insurance directory and 5 in the basic drug directory, showcasing its market presence and product depth [5]. Summary by Sections R&D Strength - Yiling Pharmaceutical has established a strong R&D team led by academicians and high-level experts, focusing on innovative TCM development [3]. - The company has published several evidence-based medicine studies in top international journals, further validating its research capabilities [3]. Product Pipeline - The company has multiple innovative TCM products in development, including the recently launched Tongluo Mingmu capsules and several others awaiting approval, which will enhance its product offerings and future performance [4][5]. - In the chemical drug sector, Yiling Pharmaceutical has also made significant strides, with several first-class innovative drugs entering clinical stages [7]. Market Position - Yiling Pharmaceutical's innovative drug matrix and continuous product development are expected to create substantial growth opportunities, allowing the company to navigate market cycles effectively [9].

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests maintaining attention on the company due to its position as a leader in innovative traditional Chinese medicine [4]. Core Viewpoints - The company reported a revenue of 4.604 billion yuan for the first half of 2024, a year-on-year decrease of 32.19%, and a net profit attributable to shareholders of 530 million yuan, down 66.97% year-on-year [6]. - The sales of respiratory products are under pressure, while the overseas market is accelerating its development, with overseas revenue reaching 150 million yuan, a year-on-year increase of 45.21% [6]. - The company has a rich product pipeline and continues to advance innovative traditional Chinese medicine research, with R&D investment reaching 411 million yuan, accounting for 8.92% of revenue [6]. Summary by Relevant Sections Financial Performance - In H1 2024, the cardiovascular products generated revenue of 2.314 billion yuan, down 7.86% year-on-year, while respiratory products saw revenue of 1.284 billion yuan, down 58.42% year-on-year [6]. - The gross margin for cardiovascular products was 52.77%, a decrease of 7.76 percentage points, and for respiratory products, it was 65.68%, a decrease of 2.54 percentage points [6]. Revenue and Profit Forecast - The company expects revenues of 11.386 billion yuan, 12.541 billion yuan, and 13.717 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 10.35%, 10.14%, and 9.38% [6]. - The net profit attributable to shareholders is projected to be 1.532 billion yuan, 1.758 billion yuan, and 1.988 billion yuan for the same years, with growth rates of 13.26%, 14.79%, and 13.07% [6]. Valuation Metrics - The earnings per share (EPS) are expected to be 0.92 yuan, 1.05 yuan, and 1.19 yuan for 2024, 2025, and 2026, respectively, with a three-year compound annual growth rate (CAGR) of 13.70% [6]. - The price-to-earnings (P/E) ratio is projected to be 16.5, 14.4, and 12.7 for the years 2024, 2025, and 2026, respectively [7].

Investment Rating - Buy (maintained) [2] Core Views - The company's 2024H1 operating performance was under short-term pressure, with revenue of 4.604 billion yuan (down 32.19% YoY) and net profit attributable to shareholders of 530 million yuan (down 66.97% YoY) [3] - The decline in revenue and profit was mainly due to the high base of respiratory products in the same period of 2023 and the decline in market demand caused by high social inventory [3] - The company's new drug research and development is progressing steadily, with 8 products in the pipeline, including 2 in the new drug application stage and 2 in phase III clinical trials [5] - The company's gross profit margin in 2024H1 was 53.37% (down 8.37 percentage points YoY), and the net profit margin was 11.44% (down 12.17 percentage points YoY) [3] - The company's sales expense ratio in 2024H1 was 23.41% (up 0.96 percentage points YoY), and the R&D expense ratio was 8.54% (up 2.61 percentage points YoY) [3] Financial Performance - The company's revenue in 2024H1 was 4.604 billion yuan (down 32.19% YoY), with net profit attributable to shareholders of 530 million yuan (down 66.97% YoY) [3] - The company's revenue in Q2 2024 was 2.082 billion yuan (down 27.10% YoY), with net profit attributable to shareholders of 227 million yuan (down 43.86% YoY) [3] - The company's gross profit margin in 2024H1 was 53.37% (down 8.37 percentage points YoY), and the net profit margin was 11.44% (down 12.17 percentage points YoY) [3] - The company's sales expense ratio in 2024H1 was 23.41% (up 0.96 percentage points YoY), and the R&D expense ratio was 8.54% (up 2.61 percentage points YoY) [3] Product Performance - The company's cardiovascular and cerebrovascular products revenue in 2024H1 was 2.314 billion yuan (down 7.86% YoY), with a gross profit margin of 52.77% (down 7.76 percentage points YoY) [4] - The company's respiratory system products revenue in 2024H1 was 1.284 billion yuan (down 58.42% YoY), with a gross profit margin of 65.68% (down 2.54 percentage points YoY) [4] - The company's other patent products revenue in 2024H1 was 160 million yuan (down 42.02% YoY), with a gross profit margin of 51.51% (down 13.14 percentage points YoY) [4] - The company's other products revenue in 2024H1 was 843 million yuan (down 7.54% YoY), with a gross profit margin of 36.62% (down 5.53 percentage points YoY) [4] R&D Progress - The company has 8 products in the pipeline, including 2 in the new drug application stage and 2 in phase III clinical trials [5] - The company has 4 first-class innovative drug varieties in the clinical stage, including Benanluofen injection for postoperative pain, which has completed clinical trials and has been accepted for NDA [5] Financial Forecast - The company's revenue is expected to be 11.227 billion yuan in 2024, 12.013 billion yuan in 2025, and 13.185 billion yuan in 2026 [6] - The company's net profit attributable to shareholders is expected to be 1.450 billion yuan in 2024, 1.563 billion yuan in 2025, and 1.730 billion yuan in 2026 [6] - The company's EPS is expected to be 0.87 yuan in 2024, 0.94 yuan in 2025, and 1.04 yuan in 2026 [6] - The company's P/E ratio is expected to be 17.5x in 2024, 16.2x in 2025, and 14.6x in 2026 [6]

Investment Rating - The report assigns a "Buy-A" rating to Yiling Pharmaceutical (002603 SZ) with a 6-month target price of 17 00 yuan, implying a 25x forward P/E ratio for 2024 [6][10] Core Views - Yiling Pharmaceutical's H1 2024 performance was under pressure due to high base effects from the previous year, with revenue declining 32 19% YoY to 4 604 billion yuan and net profit dropping 66 97% YoY to 530 million yuan [2][3] - The company's cardiovascular drug sales fell 7 86% YoY to 2 314 billion yuan, while respiratory drug sales plunged 58 42% YoY to 1 284 billion yuan due to lower demand and high inventory levels [3] - Gross margin declined 8 37 percentage points YoY to 53 37% in H1 2024, mainly due to rising raw material costs and lower capacity utilization [4] - R&D investment remained strong at 411 million yuan, accounting for 8 92% of revenue, with several innovative drugs in the pipeline [5][9] Financial Performance - Q2 2024 revenue declined 27 10% YoY to 2 082 billion yuan, with net profit down 43 86% YoY to 227 million yuan [2] - Operating margin fell to 14 9% in H1 2024 from 17 2% in 2023, while net margin dropped to 11 6% from 13 1% [11] - The company's ROE declined to 9 3% in H1 2024 from 11 8% in 2023, reflecting weaker profitability [11] Product Pipeline - Yiling Pharmaceutical has 2 innovative drugs in the NDA stage (Qifang Bitong Tablets and Chaihuang Lidan Capsules) and 2 in Phase III clinical trials (Luobitong Tablets and Pediatric Lianhua Qinggan Granules) [9] - The company has 4 innovative drugs in Phase II clinical trials, covering cardiovascular, respiratory, and other therapeutic areas [9] Valuation - The report forecasts 2024-2026 revenue of 9 856 billion yuan, 11 152 billion yuan, and 12 447 billion yuan, respectively [10] - Net profit is expected to grow to 1 139 billion yuan in 2024, 1 434 billion yuan in 2025, and 1 689 billion yuan in 2026 [10] - The stock trades at 22 2x 2024E P/E, 17 7x 2025E P/E, and 15 0x 2026E P/E [10][11]

证券代码： 002603 证券简称：以岭药业 石家庄以岭药业股份有限公司投资者关系活动记录表 编号：20240828 | --- | --- | |-------------|-----------------------------------| | 投 资 者 关 | □特定对象调研 | | 系 活 动 类 | | | 别 | □ 媒体采访 | | | □ 新闻发布会 | | | □ 现场参观 | | | □ 其他 | | 参 与 单 位 | | | 名 称 及 人 | | | 员姓名 | | | | 券、中银证券、华源证券 | | | | | 时间 | 2024 年 8 月 28 日 (周三 | | 地点 | 公司会议室 | | 上 市 公 司 | 董事会秘书 吴 瑞 | | 接 待 人 员 | 财务负责人 李晨光 | | 姓名 | IR 总监 张宏斌 | | | 河北以岭研究院 | | | 问题交流 | | | 1. 后续中药创新药值得期待的品种？ | | 投 资 者 关 | | | 系 活 动 主 | A：公司计划每年申报 | | 要 内 容 介 | | | 绍 | | | | | | | | | ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 4,604,485,816.89, a decrease of 32.19% compared to CNY 6,790,561,553.22 in the same period last year[10]. - The net profit attributable to shareholders for the first half of 2024 was CNY 530,457,109.15, down 66.97% from CNY 1,606,021,016.98 in the previous year[10]. - The net profit after deducting non-recurring gains and losses was CNY 504,681,264.63, reflecting a decline of 67.24% compared to CNY 1,540,608,040.88 in the same period last year[10]. - The net cash flow from operating activities was CNY 264,166,879.91, a decrease of 61.18% from CNY 680,537,848.22 in the previous year[10]. - The basic earnings per share for the first half of 2024 was CNY 0.3175, down 66.97% from CNY 0.9613 in the same period last year[10]. - The total assets at the end of the reporting period were CNY 16,951,526,200.11, a slight decrease of 0.16% from CNY 16,979,326,536.89 at the end of the previous year[10]. - The net assets attributable to shareholders at the end of the reporting period were CNY 11,478,988,389.47, an increase of 0.26% from CNY 11,449,722,316.51 at the end of the previous year[10]. - The weighted average return on equity for the first half of 2024 was 4.53%, down 9.32% from 13.85% in the same period last year[10]. - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[1]. Research and Development - The company has developed 14 patented new drugs, with a strong focus on cardiovascular and respiratory diseases, establishing a leading position in the industry[16]. - The company has a robust research and development platform for innovative traditional Chinese medicine, guided by the theory of collateral diseases[16]. - The company is focusing on R&D in key disease areas such as cardiovascular, respiratory, and endocrine systems, with ongoing projects at various stages of clinical trials[100]. - The company has received clinical approval for products targeting diseases in rheumatology, digestive, ENT, and pediatrics, with ongoing research in cardiovascular and respiratory systems[100]. - The company continues to invest in research and development, with a focus on innovative therapies and expanding its market reach[46]. - The company has established a high-quality research and management team, including academicians and returning overseas experts, to strengthen its innovative drug development capabilities[95]. - The company has implemented a brand marketing strategy, transforming from product management to brand management, significantly enhancing its reputation as a technology innovation enterprise in the pharmaceutical industry[96]. - The company has completed several clinical studies for its products, establishing a strong evidence base for clinical promotion[86]. - The company is actively engaged in ongoing evidence-based medical research for multiple marketed products[86]. Product Development and Market Expansion - The company has submitted registration applications in over 50 countries for its products, with 7 registrations approved in Guatemala, Chile, and the UAE[18]. - The company is actively expanding its international market presence, with a dual registration strategy for generic drugs in both domestic and international markets[17]. - The company has launched a unique formula health food product in the first half of 2024, emphasizing the integration of traditional Chinese medicine and modern technology[124]. - The company is expanding its market presence, targeting an increase in distribution channels by 30% in the next year[82]. - The company plans to implement a new marketing strategy focusing on digital platforms, which is projected to increase customer engagement by 40%[82]. - The company has established a comprehensive sales network covering online and offline channels, with a focus on e-commerce as a core business, including partnerships with JD Health and Alibaba Health[125]. - The company has integrated its business model to combine online and offline sales, domestic and international markets, and pharmaceutical sales with the health industry, creating a core competitive advantage[94]. Clinical Efficacy and Guidelines - Tongxinluo capsules demonstrated a 36% reduction in major adverse cardiovascular events within 30 days for STEMI patients, and a 30% reduction in cardiovascular death risk[22]. - The clinical study published in JAMA included 3,797 STEMI patients from 124 hospitals, confirming the efficacy of Tongxinluo in improving myocardial blood flow and heart function[22]. - Tongxinluo capsules received 8 Class I recommendations and 9 Class A recommendations for various coronary heart disease treatments in the recently published expert consensus[24]. - Shijiazhuang Yiling Pharmaceutical's Sansongyangxin capsules showed a 40% reduction in recurrence risk for persistent atrial fibrillation patients post-radiofrequency ablation[26]. - Both Tongxinluo and Sansongyangxin capsules are included in the "Guidelines for Rational Drug Use in Coronary Heart Disease" to promote correct and standardized medication practices[27]. - The clinical research on Tongxinluo has been published in top-tier medical journals, enhancing its credibility and acceptance in the medical community[22]. - The company’s products have been recognized for their clinical value through evidence-based medicine research, enhancing their trust among healthcare professionals and patients[86]. Financial Management and Investments - The company has invested 150 million CNY in new technology for product development, aiming to improve efficiency and reduce costs by 25%[82]. - The company has committed to using the raised funds primarily for working capital and specific projects, with no changes in the intended use reported[146]. - The company has not engaged in any major related party transactions or non-operating fund occupation during the reporting period, ensuring financial integrity[185][186]. - The company has not reported any overdue or unrecovered amounts from its wealth management investments, indicating sound financial management[192]. Environmental and Social Responsibility - The company is committed to sustainability initiatives, aiming to reduce carbon emissions by 30% over the next five years[82]. - The company has established an environmental control platform to enhance the efficiency of wastewater treatment systems, reducing labor load while ensuring stable operations[180]. - The company has built over 50 traditional Chinese medicine cultivation bases across the country, promoting rural revitalization through a "company + base + farmer" model[182]. - The company donated over hundreds of millions of yuan to various charitable activities, including the "Health Village China Tour" project, enhancing grassroots medical service levels[182]. - The company is committed to social responsibility, focusing on employee development, environmental protection, and community contributions[181]. Market Trends and Challenges - The retail end of the cold medication market saw a decline of 12.42% in the first half of 2024, indicating a challenging market environment[69]. - The company faces risks related to the dilution of return on net assets due to the time required for the internationalization of chemical preparations and modern traditional Chinese medicine projects to achieve expected returns[161]. - The company is monitoring the prices of key raw materials, which are subject to fluctuations due to natural growth and seasonal harvesting, and is implementing strategies to mitigate these risks[158]. - The company is facing management risks due to the complexity of its organizational structure and the need for improved management capabilities as it expands[159].

证券代码：002603 证券简称：以岭药业 公告编号：2024-028 石家庄以岭药业股份有限公司 《2024 年半年度报告》详见同日巨潮资讯网（www.cninfo.com.cn），《2024 年半年度报告》摘要同日刊登于《中国证券报》《上海证券报》《证券时报》《证 券日报》和巨潮资讯网（www.cninfo.com.cn）。 第八届董事会第十三次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 石家庄以岭药业股份有限公司第八届董事会第十三次会议于 2024 年 8 月 27 日在公司会议室以现场方式召开。本次会议通知和文件于 2024 年 8 月 16 日以电 话通知并电子邮件方式发出。会议应参加表决董事9人，实际参加表决董事9人。 会议由公司董事长吴相君主持，监事会成员、公司高级管理人员列席了会议。本 次会议的召集程序、审议程序和表决方式均符合《公司法》、相关法律法规及本 公司章程的规定。 会议以记名投票表决方式审议通过了以下议案： 一、审议通过了《2024 年半年度报告》及摘要。 表决情况：同意 9 票，反对 0 票，弃权 0 票。 202 ...

证券代码：002603 证券简称：以岭药业 公告编号：2024-029 石家庄以岭药业股份有限公司 第八届监事会第八次会议决议公告 特此公告。 石家庄以岭药业股份有限公司 石家庄以岭药业股份有限公司第八届监事会第八次会议于 2024 年 8 月 27 日在公司会议室以现场方式召开。本次会议通知和文件于 2024 年 8 月 16 日以电 话通知并电子邮件方式发出。会议应参加表决监事 3 人，实际参加表决监事 3 人。会议由公司监事会主席高学东主持。本次会议的召集程序、审议程序和表决 方式均符合《公司法》、相关法律法规及本公司章程的规定。 会议以记名投票表决方式审议通过了以下议案并形成决议如下： 一、审议通过了《2024 年半年度报告》及摘要。 监事会认为：董事会编制和审核公司 2024 年半年度报告的程序符合法律、 行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了上市公司的 实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决情况：同意 3 票，反对 0 票，弃权 0 票。 二、审议通过了《关于 2024 年半年度募集资金存放与使用情况的专项报告》。 监事会认为：公司募集资金的管理、使用及 ...

石家庄以岭药业股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 非经营性资金 占用 资金占用方名称 占用方与上市 公司的关联关 系 上市公司核 算的会计科 目 2024 年期初 占用资金余 额 2024 年半年度 占用累计发生 金额（不含利 息） 2024 年半年 度占用资金的 利息（如有） 2024 年半年 度偿还累计 发生金额 2024 年半年 度期末占用 资金余额 占用形成原 因 占用性质 控股股东、实 际控制人及其 附属企业 非经营性占用 小计 - - - - 前控股股东、 实际控制人及 其附属企业 非经营性占用 小计 - - - - 其他关联方及 其附属企业 非经营性占用 小计 - - - - 总计 - - - - | 其他关联资金 | | 往来方与上市 | 上市公司核 | 年半年 2024 | 2024 年半年度 | 年半年 2024 | 年半年 2024 | 年半年 2024 | 往来形成原 | 往来性质 （经营性往 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...