主要财务指标与估值 2025E 2026E 2027E | 营业总收入(亿元) | 90.28 | 101.7 | 112.94 | | --- | --- | --- | --- | | 归母净利润(亿元) | 10.98 | 13.24 | 15.64 | | 每股收益(元) | 0.66 | 0.79 | 0.94 | | 市盈率(PE) | 22.45 | 18.63 | 15.77 | | 市净率(PB) | 2.26 | 2.1 | 1.94 | | 净资产收益率(%) | 10.1 | 11.3 | 12.3 | | 总资产收益率(%) | 7.8 | 8.5 | 9.2 | 国泰海通5月20日发布研报，维持以岭药业（002603）增持评级，目标价位16.5元。截至报告日，公司 最新收盘价为14.79元，较目标价有11.56%的上行空间。国泰海通预测，以岭药业2025年归母净利润 10.98亿元，同比增长251.55%。 注：数据获取自研报正文 | 研报日期 | 机构简 | 目标 | 本次评 | 详情 | | --- | --- | --- | --- | --- | | | 称 | 价 | 级 ...

Core Viewpoint - The article highlights the development of the honeysuckle industry in Julu County, Xingtai City, as a key agricultural sector that supports local farmers' income and promotes rural revitalization through collaboration with Yiling Pharmaceutical [1][10]. Industry Overview - Julu County is recognized as one of the three major production areas for honeysuckle in China, with a cultivation area of 130,000 acres and an annual production of 14,000 tons of dried flowers, accounting for over 60% of the national total [6]. - The local climate and soil conditions are ideal for honeysuckle cultivation, with the main variety "Juhua No. 1" yielding up to 200 kg of dried flowers per acre [8]. Company Initiatives - Yiling Pharmaceutical has established a "company + base + farmer" model in collaboration with local government and agricultural cooperatives, creating standardized honeysuckle planting bases covering 3,100 acres [10]. - The company provides technical guidance and management training to farmers, ensuring quality and yield, with guaranteed purchase agreements [12]. Economic Impact - The standardized planting bases have created over 2,000 jobs during the harvesting season, with daily wages of 100 yuan per worker, and potential earnings of around 20,000 yuan per acre [13]. - Farmers report high yields, with some achieving over 1,000 pounds of wet flowers per acre, translating to significant income during favorable market conditions [12]. Quality Control and Sustainability - Yiling Pharmaceutical implements comprehensive management from seed sourcing to processing, ensuring traceability and quality control throughout the supply chain [14]. - The company promotes standardized planting and green pest control, aligning with ecological protection and rural revitalization goals [14].

Group 1 - The company, Jihong Co., Ltd. (02603), plans to conduct an initial public offering (IPO) from May 19 to May 22, 2025, offering a total of 67.91 million shares, with 10% allocated for public sale in Hong Kong and 90% for international sale [1] - The proposed price range for the shares is between HKD 7.48 and HKD 10.68, with the expected listing date for H-shares on May 27, 2025 [1] - The company operates in cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG), providing a one-stop service for FMCG clients since its establishment in 2003 [1] Group 2 - Following its listing on the Shenzhen Stock Exchange in 2016, the company has successfully transformed and expanded its business, achieving notable results in both operational and financial aspects [2] - According to Zhi Shi Consulting, the company ranks second among B2C export e-commerce companies in China with a market share of 1.3% in 2024, focusing on the Asian market [2] - The company is also the leading paper packaging company for FMCG in mainland China, holding a market share of 1.2% in 2024 [2] Group 3 - At an offering price of HKD 9.08 per share, the company expects to net approximately HKD 505.4 million from the global offering, with around 40% allocated for overseas market expansion [2] - Approximately 35% of the funds will be used for technology development, including enhancing research and development capabilities, data analysis, and expanding revenue sources through Jimiaoyun [2] - About 15% will be allocated to expanding the brand portfolio and developing existing proprietary brands, while 10% will be used for working capital and general corporate purposes [2] Group 4 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to purchase shares worth USD 20 million at the offering price, including Timber Kangaroo Capital Limited and Yulong International Capital Limited [3] - Notable investors include Ms. Shen Zhenyu, the chairwoman of Harbin Yuheng Pharmaceutical Co., Ltd. (002437.SZ) [3]

Market Performance - The market rebounded last week, with the China Securities Xinhua National Brand Index rising by 0.94% to 1666.03 points [1] - The Shanghai Composite Index increased by 0.76%, the Shenzhen Component Index by 0.52%, the ChiNext Index by 1.38%, and the CSI 300 Index by 1.12% [1] Strong Stock Performances - Notable strong performers in the brand index included BGI Genomics, which rose by 17.27%, and Yiling Pharmaceutical, which increased by 9.81% [1] - Other significant gainers included Stone Technology and Marubi Biological, which rose by 7.18% and 6.79%, respectively [1] Year-to-Date Stock Gains - Since the beginning of 2025, Marubi Biological has surged by 60.82%, leading the gains, followed by Shanghai Jahwa with a 46.72% increase and BGI Genomics with a 34.45% rise [2] - Other stocks with notable increases include Anji Technology, Xintai, and Weir Shares, each rising over 20% [2] Market Outlook - Institutions expect the market to refocus on domestic economic fundamentals, with a positive policy response anticipated [2][3] - The current market is viewed as being in a high cost-performance range, with significant policy support expected to stabilize the economy and market [2] Economic Data Focus - Attention is drawn to upcoming economic data, particularly export performance and the sustainability of the export supply chain recovery [3] - The prevailing market conditions are supported by policy measures and liquidity easing, which are expected to bolster the stability of the domestic economy and capital markets [3]

此次捐赠是石家庄以岭药业与北京爱谱癌症患者基金会连续多年开展的公益项目之一。作为中医药领域 的爱心企业，以岭药业始终践行"继承创新、造福人类"的宗旨，持续关注癌症患者群体需求。北京爱谱 癌症患者基金会则以"科学抗癌、关爱生命"为理念，长期致力于改善癌症患者生存质量。双方此次携 手，通过邵阳市癌症康复协会精准对接需求，将药品送至亟需帮助的会员手中。 2025年5月7日上午9时，邵阳市癌症康复协会办公室内暖意融融，一场充满温情的公益药品捐赠仪式在 此举行。石家庄以岭药业（002603）股份有限公司联合北京爱谱癌症患者基金会，向邵阳市癌症康复协 会捐赠330大盒总价值52.9万元的参灵蓝胶囊，惠及330名癌症康复会员，为患者群体送去了健康希望与 社会关爱。 公益延续显担当，爱心药企再行动 多方聚力抗病魔，共筑康复新希望 有序分发惠民生，温情传递暖人心 捐赠仪式当天，协会全体领导和骨干早早到场筹备，会员们有序排队等候。分发过程中，协会负责人逐 一核对名单，耐心讲解药品用法，并叮嘱患者遵医嘱科学用药。领到药品的会员们难掩激动之情，一位 年过六旬的肺癌康复患者表示："这些药品价格昂贵，我们普通家庭长期负担困难。感谢企业和 ...

Group 1: Company Performance - In Q1 2025, the company achieved a revenue of 2.358 billion yuan, a year-on-year decline of 6.52% [5] - The net profit attributable to shareholders was 326 million yuan, an increase of 7.25% year-on-year [10] - The operating cash flow reached 340 million yuan, showing a significant increase of 190.67% [5] Group 2: R&D and Innovation - The company has maintained a continuous increase in R&D investment, having launched 5 innovative traditional Chinese medicines in the past four years [10] - Currently, there are 17 innovative patented traditional Chinese medicines covering seven major disease areas [3] - The company is focusing on enhancing its core technological innovation capabilities and optimizing its marketing system to maintain stable product gross margins [9] Group 3: Market Strategy - The company plans to expand the market for its core product, Lianhua Qingwen, by exploring new application scenarios and implementing a comprehensive brand marketing strategy [6] - Lianhua Qingwen has obtained approvals in over 30 countries and regions, with efforts to enhance its brand influence overseas [6] - Future product development will focus on respiratory, endocrine, digestive, gynecological, and pediatric diseases [6] Group 4: Policy and Industry Outlook - The Chinese government is promoting the development of traditional Chinese medicine (TCM) through various policies, including the "14th Five-Year Plan for TCM Development" [8] - The government has emphasized the importance of TCM in disease prevention, treatment, and health maintenance, which is expected to drive industry growth [7] - The overall policy environment is favorable for the high-quality development of the TCM industry, supporting innovation and structural optimization [8] Group 5: Investor Relations and Value Management - The company aims to align market value with intrinsic value through transparent information disclosure and effective investor relations management [9] - A stable and high-quality investor base is being established to maximize overall company benefits and shareholder wealth [9] - The company has a structured plan for sustainable and scientific returns to investors, considering multiple factors such as operational conditions and development goals [2]

Core Viewpoint - The article highlights the resilience and growth of Yiling Pharmaceutical, a leading innovative traditional Chinese medicine company, following a challenging financial period, supported by favorable national policies and a strong focus on research and development. Financial Performance - In 2024, Yiling Pharmaceutical reported revenue of 6.513 billion yuan with a net loss of 0.725 billion yuan, but in Q1 2025, the company achieved revenue of 2.358 billion yuan and a non-net profit of 0.325 billion yuan, reflecting a year-on-year growth of 11.23% [2][3] - The company’s gross margin in Q1 2025 was 53.82%, an increase of 2.34 percentage points year-on-year, while the net margin was 13.82%, up by 1.85 percentage points [2][3] - Operating cash flow improved significantly, reaching 0.34 billion yuan in Q1 2025, nearly doubling the net profit for the same period [3] Debt and Receivables Management - By the end of 2024, accounts receivable stood at 1.225 billion yuan, down by 50% from the beginning of the year, while total liabilities decreased by 43.75% to 3.117 billion yuan [3] - The accounts receivable turnover days decreased to 55 days, down by 35 days year-on-year, indicating improved cash collection efficiency [3] Research and Development - Yiling Pharmaceutical's R&D investment exceeded 0.9 billion yuan in 2024, accounting for 13.9% of revenue, positioning the company as a leader in the industry [4][5] - Over the past six years, the cumulative R&D investment has approached 5 billion yuan, consistently exceeding industry averages [5] - As of the end of 2024, the company held 884 effective patents and had launched 17 patented traditional Chinese medicines covering eight major clinical disease systems [6][7] Product Development and Market Position - The company has received approval for new drugs targeting cardiovascular and respiratory diseases, with several products included in the national medical insurance directory [7][10] - Yiling Pharmaceutical is actively expanding its product portfolio, with ongoing clinical trials for six traditional Chinese medicines and over a hundred formulations in development [7][8] Policy Support and Industry Trends - The company benefits from supportive national policies aimed at revitalizing traditional Chinese medicine, including the inclusion of its products in the national medical insurance directory [10][11] - Yiling Pharmaceutical is also embracing digital transformation to enhance operational efficiency, completing significant research projects published in top medical journals [11] Strategic Vision - The company is evolving from a traditional medicine manufacturer to a health solution provider, aligning with national goals for high-quality development in the pharmaceutical industry [13]

Core Viewpoint - Yiling Pharmaceutical has made significant advancements in the field of traditional Chinese medicine, particularly in the development of the "Luo Disease Theory," which is now recognized as a major milestone in the history of Chinese medicine research [1][2]. Group 1: Luo Disease Theory Development - The company has systematically constructed the Luo Disease Theory, marking it as the "fourth milestone" in the history of Luo Disease research, following significant historical contributions [1]. - Yiling Pharmaceutical has published three key works: "Luo Disease Studies," "Pulse and Vessels Theory," and "Qi and Vessels Theory," which form the theoretical framework for Luo Disease treatment [1]. Group 2: Technological Innovation and Research - The company has established a national key laboratory for the innovation and transformation of Luo Disease Theory, leading to the formation of a research team headed by academicians and experts [2]. - Yiling Pharmaceutical has developed 17 innovative patented traditional Chinese medicines targeting seven major disease areas, including cardiovascular and respiratory diseases [2]. - The company has undertaken over 60 national and provincial-level research projects and completed more than 40 evidence-based medical studies, receiving six major national science and technology awards [2]. Group 3: Cardiovascular Disease Research - In the cardiovascular field, the company has developed three innovative patented traditional Chinese medicines: Tongxinluo Capsules, Shengsongyangxin Capsules, and Qiliqiangxin Capsules, addressing common ischemic cardiovascular diseases, arrhythmias, and heart failure [2]. - The company has successfully completed five evidence-based medical studies related to the prevention and treatment of cardiovascular event chains, with the project receiving an "excellent" performance evaluation [2]. Group 4: Anti-Aging Products - The company has launched the OTC product Baizi Bujin Capsules, which is designed to combat aging by replenishing kidney essence and balancing yin and yang [3]. - Research conducted by several authoritative institutions has shown that Baizi Bujin Capsules not only have anti-aging effects but also provide preventive treatment for various chronic diseases caused by aging [3].

Group 1: Conference Overview - The 2025 World Brand Moganshan Conference was held in Deqing, Zhejiang, focusing on the theme of "openness, cooperation, and win-win" to promote Chinese brands globally [1] - The conference highlighted the importance of traditional Chinese medicine (TCM) as a key to unlocking Chinese civilization and emphasized the supportive policies for the TCM industry since the 18th National Congress of the Communist Party [1] Group 2: Company Profile - Yiling Health, a subsidiary of Yiling Pharmaceutical, is dedicated to the health industry and embodies the cultural heritage of TCM while driving innovation [2] - The company has established a comprehensive health management system that integrates medicine, health, and wellness, emphasizing the shift from treatment to prevention [2] Group 3: Product Development - Yiling Health has developed a series of products based on the "Eight Principles of TCM Health Preservation," which include "Tongluo," "Yangjing," "Dongxing," and "Jingshen" [3][4][5] - The company has launched various health products, such as the "Tongluo Six Immortals" series, which addresses chronic diseases and promotes overall wellness [3] Group 4: Innovative Beverage Products - Yiling Health's herbal beverages, such as "Yimeng" and "Jinliwang," have gained popularity, becoming the sponsored drinks at the Moganshan Conference [6][8] - These beverages utilize TCM ingredients to address health concerns like blood sugar and sleep quality, aligning with consumer trends towards natural foods [6][8] Group 5: Market Strategy and Expansion - The company is leveraging the global health consumption upgrade to create a cooperative ecosystem, collaborating with various industries to expand its market reach [9] - Yiling Health aims to enhance its brand presence through a comprehensive online and offline operational matrix, targeting over 100 billion online exposures and gaining over 500,000 new users by 2023-2024 [10]

Group 1 - The 2025 World Brand Moganshan Conference was held in Deqing, Zhejiang, where Yiling Pharmaceutical was awarded the title of "Brand Innovation Pioneer" [1] - Yiling Pharmaceutical is recognized as a leading innovative traditional Chinese medicine (TCM) company, focusing on overseas brand development with the core philosophy of "inheritance and innovation" [3] - The company has developed 17 innovative patented TCM products targeting major diseases such as cardiovascular diseases, respiratory diseases, tumors, diabetes, neurological diseases, and urinary system diseases [3] Group 2 - Yiling Pharmaceutical's research shows that Tongxinluo capsules can reduce the risk of acute myocardial infarction death by 30% and the risk of recurrence by 74% [4] - The company has published its research findings in prestigious international medical journals, enhancing its credibility and market trust [4] - The innovative TCM product Bazibu Shen capsules has been shown to effectively intervene in 10 internationally recognized aging mechanisms, contributing positively to addressing the challenges of population aging [4] Group 3 - The report highlights Yiling Pharmaceutical's efforts to align TCM efficacy with international standards through evidence-based medicine, enhancing the global recognition of TCM [5] - The company utilizes modern medical language to interpret traditional wisdom, thereby increasing TCM's influence in the global health sector [5] - This is the fourth consecutive year that the report on the overseas communication capabilities of Chinese enterprises has been published, analyzing data from approximately 3,000 overseas mainstream media and social media platforms [5]