Core Insights - The article emphasizes the growing global recognition of Traditional Chinese Medicine (TCM) and its integration into modern health needs, showcasing the potential of TCM as a strategic resource in the global health industry [1][8] - Yiling Health is leveraging TCM culture and innovative product development to meet contemporary health demands, particularly through its unique product offerings and operational strategies [7][8] Group 1: TCM Cultural Integration - Yiling Health is deeply rooted in TCM culture and aims to merge traditional wisdom with modern health requirements, as demonstrated at the 2025 World Brand Moganshan Conference [1] - The company promotes the TCM preventive health concept of "treating before illness" and emphasizes the holistic approach of TCM, which addresses modern health challenges [1][2] Group 2: Product Development and Innovation - Yiling Health has developed a diverse product matrix based on the "Tongluo Health Eight Principles," which combines TCM wisdom with modern life sciences, focusing on circulation, nutrition, exercise, and mental health [2][3] - The company has created over a hundred product concepts and formulations targeting 18 common health scenarios, showcasing its strong R&D capabilities [3] Group 3: Market Trends and Consumer Demand - The rise of herbal health and the concept of "food as medicine" are becoming mainstream, with products like Yiling Health's plant-based beverages gaining popularity among health-conscious consumers [4][6] - The company's flagship products, Yimeng and Jinliwang, have achieved significant sales milestones, with Yimeng surpassing 100 million in sales in its first year [6] Group 4: Operational Strategies - Yiling Health has established a comprehensive operational system that includes online and offline sales strategies, collaborating with major e-commerce platforms and leveraging social media for brand exposure [7] - The company has successfully integrated technology and innovation into its operations, resulting in over 10 billion online exposures and the acquisition of more than 500,000 new users in 2023-2024 [7] Group 5: Future Outlook - Yiling Health aims to continue exploring the depths of TCM culture while innovating its products and services, contributing to the promotion of Chinese brands and TCM culture on a global scale [8]

Group 1 - The core initiative of Yiling Pharmaceutical is to promote the "Quality China" construction and high-quality development by enhancing brand recognition and storytelling for Chinese brands, particularly in the context of the upcoming "China Brand Day" in 2025 [3] - Yiling Pharmaceutical has launched the "5·10 Yiling Brand Month" series of activities in collaboration with nearly a hundred well-known chain pharmacies across the country, focusing on the theme "Technology Empowers Health, Brand Leads the Future" [3][4] - The activities will include public welfare science popularization, chronic disease management, and digital services to improve public health literacy and contribute positively to the construction of a healthy China [3][4] Group 2 - During the "5·10 Yiling Brand Month," Yiling Pharmaceutical will integrate quality medical resources through a multi-dimensional approach, including online science popularization and offline services, to provide comprehensive health service experiences for consumers [4] - The initiative will involve expert online live broadcasts and offline health screenings and consultations for chronic diseases, promoting the concept of "early screening, early diagnosis, early intervention" [4] - Yiling Pharmaceutical will collaborate with well-known chain pharmacies to conduct public health science roadshows across the country, aiming to enhance public access to health knowledge and services [4] Group 3 - Yiling Pharmaceutical has established a unique technological core competitiveness through the systematic construction of the theory of collateral diseases, which has led to significant technological innovations and the completion of multiple major projects [5][6] - The company has received six national science and technology awards and has developed patented new drugs for prevalent and major diseases, gaining recognition from clinical experts and patients [6] - Yiling's products, such as Lianhua Qingwen capsules and Tongxinluo capsules, have been approved for sale in over 50 countries and regions, showcasing the global reach of traditional Chinese medicine [6] Group 4 - As a national key high-tech enterprise, Yiling Pharmaceutical adheres to the principle of "inheritance and innovation for the benefit of humanity," actively engaging in social responsibility initiatives [7] - The company has achieved a water resource reuse rate of 97% through clean production and low-carbon energy practices, contributing to green development [7] - Yiling Pharmaceutical has created over 60 high-standard Chinese medicinal herb bases across more than 20 provinces, providing numerous job opportunities and revitalizing rural industries [7]

Group 1 - The "2025 China Brand Day Ninth Brand Development Co-Creation Conference" focused on themes of fair competition and brand consumption, gathering industry leaders and experts to discuss brand innovation and sustainable development [1] - The conference highlighted the transformation of Chinese brands from "Made in China" to "Created in China," emphasizing the shift from product output to cultural output [2] - The demand for traditional Chinese medicine (TCM) is growing due to increased health awareness, but TCM brands face challenges in distinguishing themselves in modern medical competition and international markets [4] Group 2 - Cultural confidence is a lasting force in national development, with TCM recognized globally as a treasure of Chinese civilization, leading to increased international attention and validation of its theoretical value [5] - Yiling Pharmaceutical, a leading innovative TCM company, has developed the Ba Zi Bu Shen capsule, which meets international scientific standards and promotes the integration of TCM evaluation systems with global practices [5] - The Ba Zi research team has collaborated with international medical research institutions, publishing nearly 20 high-quality SCI articles to enhance the brand's presence among professional audiences [5] Group 3 - Chinese brands, including TCM, are gaining recognition on the global stage, with Ba Zi Bu Shen approved for sale in eight countries, including Canada and Singapore, and available on major cross-border platforms [7] - The international success of TCM products like Ba Zi Bu Shen contributes to the promotion of TCM's influence abroad and fosters dialogue between Eastern and Western medicine [7]

证券代码：002603 证券简称：以岭药业 公告编号：2025-021 石家庄以岭药业股份有限公司（以下简称"公司"）于2025年5月7日接到保 荐机构中国国际金融股份有限公司（以下简称"中金公司"）《关于更换石家庄 以岭药业股份有限公司持续督导保荐代表人的说明》。中金公司原委派的保荐代 表人贾义真先生和张磊先生因工作安排，不再担任公司的持续督导保荐代表人。 中金公司决定指派李胤康先生、韩佰洋先生接替贾义真先生、张磊先生继续履行 对公司持续督导的相关职责和义务。 此次保荐代表人变更后，公司持续督导保荐代表人为李胤康先生和韩佰洋 先生，持续督导期至中国证券监督管理委员会和深圳证券交易所规定的持续督 导义务结束为止。 特此公告。 石家庄以岭药业股份有限公司 董事会 石家庄以岭药业股份有限公司 关于更换持续督导保荐代表人的公告 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。 2025 年 5 月 10 日 附： 李胤康先生简历 李胤康先生，A股保荐代表人，金融学硕士，现就职于中金公司投资银行 部，曾负责和参与的项目包括恒润达生科创板IPO、泽璟制药科创板增发、怡 和 ...

Group 1 - Yiling Pharmaceutical actively responds to national policies and drives the upgrade of the traditional Chinese medicine industry through full industry chain innovation practices, achieving significant results in quality control, technological innovation, and international layout [1][3] - The company adopts a "company + base + farmer" model for the cultivation of medicinal materials, establishing over 60 standardized bases across seven major medicinal material production areas in China, covering more than 700,000 acres and over 40 varieties [1] - Yiling Pharmaceutical's quality control laboratory is equipped with advanced instruments, and has maintained a 100% annual inspection pass rate for its products, demonstrating its commitment to stringent quality standards [1][2] Group 2 - Research and innovation are core driving forces for the company's development, with R&D investment reaching 13.94% in 2024, significantly higher than the industry average [2] - The company has launched 17 patented traditional Chinese medicines, with 11 included in the national medical insurance directory and 5 in the national essential drug list, addressing major diseases such as cardiovascular and respiratory conditions [2] - Yiling Pharmaceutical has established international collaborations with institutions like Leiden University and Cardiff University, publishing over 300 SCI papers and promoting the global dissemination of traditional Chinese medicine culture [2][3] Group 3 - The company's practices span the entire industry chain of traditional Chinese medicine, showcasing a development philosophy of "inheriting the essence and maintaining innovation" [3] - The implementation of national policies is expected to usher in a golden period of high-quality development for the traditional Chinese medicine industry, with Yiling Pharmaceutical's efforts enhancing its competitiveness and driving industry improvement [3][5]

Core Viewpoint - Yiling Pharmaceutical has significantly improved its profitability, driven by a robust innovation pipeline and high R&D investment, despite facing temporary losses in 2024 due to specific product issues [2][3][5]. Financial Performance - In Q1 2025, the company achieved revenue of 2.358 billion yuan, with a net profit of 326 million yuan, reflecting a year-on-year growth of 7.25% [2][3]. - For the full year 2024, Yiling reported a total revenue of 6.513 billion yuan but incurred a net loss of 725 million yuan due to inventory write-downs and reduced sales from certain respiratory products [3][4]. - The gross margin for Q1 2025 was 53.82%, an increase of 2.34 percentage points year-on-year, while the net margin rose by 1.85 percentage points to 13.82% [4]. R&D Investment - Yiling's R&D expenditure reached over 900 million yuan in 2024, accounting for 13.94% of its revenue, marking a six-year high and positioning the company as a leader in the industry [2][5]. - Cumulatively, from 2019 to 2024, the company invested 4.828 billion yuan in R&D, supporting its innovation pipeline [5]. Product Development - The company has expanded its innovative traditional Chinese medicine portfolio to 17 products, covering eight major clinical disease systems, with leading positions in cardiovascular and respiratory medications [2][5]. - New drug approvals include the treatment for allergic rhinitis and applications for drugs targeting cholecystitis and rheumatoid arthritis [5][6]. Market Position and Expansion - Yiling has successfully integrated 11 patented traditional Chinese medicines into the new medical insurance directory, enhancing its market presence [6]. - The company is also expanding into biopharmaceuticals and health sectors, with recent approvals for cancer treatment drugs, indicating a broadening of its business scope [6].

Investment Rating - The report maintains a "Recommended" rating for Yiling Pharmaceutical [2][8] Core Views - A turning point has been observed, with innovation leading the next journey for the company [2] - In 2024, the company reported a revenue of 6.51 billion yuan, a decrease of 36.9% year-on-year, and a net profit attributable to shareholders of -720 million yuan, down 153.6% year-on-year. In Q1 2025, revenue was 2.36 billion yuan, a decrease of 6.5% year-on-year, but net profit attributable to shareholders was 330 million yuan, an increase of 7.3% year-on-year [2][4] Financial Summary - **Revenue Forecasts**: - 2024: 6.51 billion yuan - 2025: 9.03 billion yuan (38.7% growth) - 2026: 10.05 billion yuan (11.3% growth) - 2027: 11.14 billion yuan (10.8% growth) [4] - **Net Profit Forecasts**: - 2024: -725 million yuan - 2025: 1.24 billion yuan (270.9% growth) - 2026: 1.44 billion yuan (16.4% growth) - 2027: 1.64 billion yuan (14.0% growth) [4] - **Earnings Per Share (EPS)**: - 2024: -0.43 yuan - 2025: 0.74 yuan - 2026: 0.86 yuan - 2027: 0.98 yuan [4] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 18 times, with a target price of 18.5 yuan based on a P/E of 25 times [4][8] Market Performance - The company’s stock price as of April 30, 2025, was 13.74 yuan, with a target price of 18.5 yuan indicating potential upside [4][8] Innovation and Growth Drivers - The company is recognized as a leader in innovative traditional Chinese medicine, with a robust pipeline of new products expected to contribute to revenue growth [2][8] - The report highlights the expected recovery in core product categories and the steady advancement of the innovation pipeline as key growth drivers [2][8]

Investment Rating - The report maintains a "Recommended" rating for Yiling Pharmaceutical [2][8] Core Views - A turning point has been observed, with innovation leading the next journey for the company [2] - In 2024, the company reported a revenue of 6.51 billion yuan, a decrease of 36.9% year-on-year, and a net profit attributable to shareholders of -720 million yuan, down 153.6% year-on-year [2][4] - For Q1 2025, the company achieved a revenue of 2.36 billion yuan, a decrease of 6.5% year-on-year, but a net profit of 330 million yuan, an increase of 7.3% year-on-year [2][4] Financial Summary - **Revenue Forecasts**: - 2024: 6.51 billion yuan - 2025: 9.03 billion yuan (38.7% growth) - 2026: 10.05 billion yuan (11.3% growth) - 2027: 11.14 billion yuan (10.8% growth) [4] - **Net Profit Forecasts**: - 2024: -720 million yuan - 2025: 1.24 billion yuan (270.9% growth) - 2026: 1.44 billion yuan (16.4% growth) - 2027: 1.64 billion yuan (14.0% growth) [4] - **Earnings Per Share (EPS)**: - 2024: -0.43 yuan - 2025: 0.74 yuan - 2026: 0.86 yuan - 2027: 0.98 yuan [4] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 18 times, with a target price of 18.5 yuan based on a P/E of 25 times [4][8] Market Performance and Trends - The company is expected to stabilize and recover in its core categories, with innovative traditional Chinese medicine driving long-term growth [2][8] - The report highlights a significant improvement in operational quality, with a net cash flow of 610 million yuan in 2024, a year-on-year increase of 293% [2][8] - The report anticipates a recovery in the respiratory category, projecting revenue to return to a reasonable level in 2025 [2][8]

Group 1 - The company reported a revenue of 6.51 billion yuan for the year 2024, with a first-quarter revenue of 2.36 billion yuan in 2025, reflecting a year-on-year decline of 6.5% [1] - Despite challenges such as inventory adjustments and impairment provisions, the company maintained a high level of R&D investment at 908 million yuan, accounting for 13.94% of revenue, demonstrating a commitment to innovation [1] - The company is positioned as a leader in the traditional Chinese medicine sector, with a strong patent barrier and product matrix, which is expected to support future performance as new drugs are launched [1] Group 2 - The company has made significant progress in its innovative drug pipeline, with two new Class 1 traditional Chinese medicine drugs entering the application stage and several others in clinical trials [2] - The health sector expansion includes over 150 products based on the "meridian-nourishing" concept, and the approval of proprietary health food formulas further enriches the product line [2] - The company is accelerating its internationalization through 13 ANDA approvals in the U.S. and registrations in 53 countries, leveraging policies favoring traditional Chinese medicine and expanding its CDMO business [2] Group 3 - The traditional Chinese medicine industry is benefiting from favorable policies and market demand, particularly in chronic disease management due to an aging population [3] - The company's cardiovascular products accounted for over 50% of revenue in 2024, with key products maintaining a strong market share in public hospitals [3] - The company has established a competitive edge with 17 patented traditional Chinese medicines and 11 products covered by medical insurance, positioning it to benefit from industry consolidation [3]

Core Insights - Yiling Pharmaceutical has shown significant improvement in its financial performance, particularly in cash flow management and profitability, despite facing challenges in 2024 [1][3][6] - The company has successfully returned to a growth trajectory in Q1 2025, with notable increases in net profit and operating income [2][6] Financial Performance - In 2024, Yiling Pharmaceutical achieved operating revenue of 6.513 billion yuan, but faced challenges due to product expiration, rising raw material costs, and high R&D investments, impacting net profit [2] - In Q1 2025, the company reported operating revenue of 2.358 billion yuan and a net profit of 326 million yuan, marking a year-on-year increase of 7.25% [2] - The gross profit margin improved to 53.82%, up 2.34 percentage points, while the net profit margin rose to 13.82%, an increase of 1.85 percentage points [2] Cash Flow and Financial Health - The net cash flow from operating activities reached 611 million yuan in 2024, a year-on-year increase of approximately 293% [3] - In Q1 2025, the operating cash flow was 340 million yuan, nearly double the net profit for the same period [3] - Accounts receivable decreased significantly by 50% to 1.225 billion yuan, indicating effective measures in cash collection and asset quality improvement [3] R&D Investment and Innovation - Yiling Pharmaceutical's R&D investment in 2024 was 908 million yuan, accounting for 13.94% of operating revenue, positioning it among the top in the industry [4] - The company holds 17 patented traditional Chinese medicines and has received numerous national and provincial awards for its research efforts [4][5] - Ongoing R&D projects include two traditional Chinese medicines submitted for production and six in clinical stages, supported by successful completion of five evidence-based medical research projects [5] Marketing and Sales Strategy - The company has developed a multi-channel marketing strategy, enhancing collaboration with traditional medical institutions and expanding online sales through e-commerce platforms [6] - Yiling Pharmaceutical's product, Lianhua Qingwen Granules/Capsules, ranked first in the Chinese public medical market for cold medications, with a market share of 24.36% [6] - The marketing strategy focuses on brand building and community engagement to enhance brand recognition and consumer loyalty [6] Future Outlook - Yiling Pharmaceutical is expected to leverage its comprehensive advantages in R&D, production, and sales to continue innovating and contributing to public health [7]