Core Viewpoint - The implementation of the "Private Economy Promotion Law" is a significant milestone for the legal framework supporting the private economy in China, emphasizing the importance of technological innovation and providing legal protections for private enterprises [1]. Group 1: Private Economy Promotion Law - The "Private Economy Promotion Law" officially took effect on May 20, marking the first foundational law specifically addressing the development of the private economy in China [1]. - The law highlights the government's commitment to supporting the private economy, particularly in the realm of technological innovation, which is crucial for high-quality development [1]. - The law establishes a legal framework that protects the rights and interests of private economic organizations and their operators, ensuring equal access to resources and support from the state [1]. Group 2: Technological Innovation - The private economy is recognized as a vital force in technological innovation, accounting for over 90% of national high-tech enterprises and contributing more than 70% of technological innovation outcomes [1]. - The law dedicates a specific chapter to technological innovation, encouraging private economic organizations to actively participate in national technology projects and to lead major technological breakthroughs [1]. - It emphasizes the protection of original innovations and the application of new technologies within private enterprises, signaling a legal commitment to fostering innovation [1]. Group 3: Company Development - Yiling Pharmaceutical, established for over 30 years, has focused on technological innovation and the transformation of research outcomes, successfully undertaking several national research projects and earning multiple national awards for significant scientific achievements [2]. - The company plans to leverage the new law to enhance its focus on technological innovation and research, aiming to develop more traditional Chinese medicines tailored to the genetic and health characteristics of the Chinese population [2].

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]

Core Viewpoint - The company, Jihong Holdings (02603.HK), is planning a global offering of 67.91 million H-shares, with a price range of HKD 7.48 to HKD 10.68 per share, aiming to raise approximately HKD 505 million for various business expansions and developments [1][4]. Group 1: Company Overview - Jihong Holdings was established in 2003 and focuses on providing one-stop paper packaging products and services for fast-moving consumer goods (FMCG) companies, emphasizing marketing strategies and consumer demand [1]. - The company has successfully transformed and expanded its business since its listing on the Shenzhen Stock Exchange in 2016, achieving notable results in both business and financial aspects [2]. Group 2: Market Position - According to Zhi Shi Consulting, Jihong Holdings 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 in mainland China, holding a market share of 1.2% in the same year [2]. Group 3: Investment and Use of Proceeds - The company has entered into cornerstone investment agreements, with investors agreeing to subscribe for shares totaling USD 20 million (approximately HKD 155 million), representing about 25.2% of the global offering [3]. - The net proceeds from the global offering are expected to be approximately HKD 505 million, with allocations planned for overseas market expansion (40%), technology development (35%), brand development (15%), and working capital (10%) [4].

2025开年以来，丸美生物上涨60.82%，排在涨幅榜首位；上海家化上涨46.72%，居次席；华大基因上 涨34.45%；安集科技、信立泰、韦尔股份涨逾20%；科沃斯和广联达分别上涨19.60%和18.79%；珀莱 雅、恒瑞医药涨逾17%；海大集团、兆易创新、澜起科技涨逾14%；天士力、山西汾酒、药明康德分别 上涨13.20%、12.85%和11.48%。 关注国内政策发力力度 展望后市，星石投资表示，短期来看，当前在存量资金博弈背景下，宽基指数或在当前位置保持震荡。 市场结构方面，板块间或继续保持轮动，需要等待新的主线出现。 □本报记者 王宇露 上周市场反弹，中证新华社民族品牌工程指数上涨0.94%，报1666.03点。华大基因、以岭药业、石头科 技等成分股上周表现强势。2025开年以来，丸美生物、上海家化、华大基因等成分股涨幅居前。展望后 市，机构认为，接下来市场或许会重新聚焦国内经济基本面变化，预计政策面会积极应对，市场具有中 期支撑。 多只成分股表现强势 上周市场继续反弹，上证指数上涨0.76%，深证成指上涨0.52%，创业板指上涨1.38%，沪深300指数上 涨1.12%，品牌工程指数上涨0.94% ...

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]

品牌，让世界更美好。5月9日~11日，2025世界品牌莫干山大会在浙江德清召开，大会秉持"开放、合 作、共赢"的理念，汇聚全球品牌智慧，推动中国品牌走向世界舞台。 中医药是中华民族的瑰宝，也是打开中华文明宝库的钥匙。党的十八大以来，我国先后出台了《"健康 中国2030"规划纲要》《关于提升中药质量促进中医药产业高质量发展的意见》等若干政策文件，政策 红利不断释放，推动中医药事业和产业高质量发展。生命科学的深入研究和技术的不断进步，为大健康 产业的转型升级注入了强劲动力。政策的扶持与科技的进步，为中医药注入全新活力。以岭健康作为中 医药文化的践行者以及大健康产业的企业代表亮相莫干山大会，向世界展示大健康品牌魅力与中医药智 慧结晶，助力中国品牌高质量出海。 传承创新：以中医药文化为根，铸就品牌之魂 传承是中医药发展的根基，创新则是其走向现代化的关键，也是企业发展的第一动力。以岭自成立之初 就具备创新基因，以岭药业系统构建了络病理论体系，相继出版《络病学》《脉络论》《气络论》著 作，被称为络病理论发展史上的第四个里程碑。以岭健康作为以岭药业旗下专注大健康领域的子公司， 具有一脉相承的文化基因。 近年来，以岭健康科技 ...