证券代码：002603 证券简称：以岭药业 公告编号：2025-038 石家庄以岭药业股份有限公司 关于签订募集资金三方监管协议的公告 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。 一、2017 年非公开发行股票募集资金基本情况 经中国证券监督管理委员会《关于核准石家庄以岭药业股份有限公司非公 开发行股票的批复》(证监许可【2017】81 号)核准，公司采用向特定投资者非 公开发行的方式发行每股面值为人民币 1.00 元的普通股股票 74,720,183.00 股， 发行价格为每股人民币 17.48 元，募集资金总额为人民币 1,306,108,798.84 元， 扣除承销费、保荐费等发行费用人民币 17,300,000.00 元，募集资金净额为人民 币 1,288,808,798.84 元。本次发行的保荐人中国国际金融股份有限公司（以下简 称"中金公司"）已于 2017 年 2 月 22 日将募集资金净额人民币 1,288,808,798.84 元汇入公司募集资金专用账户进行专户存储。上述资金到位情况业经中勤万信 会计师事务所（特殊普通合伙）审验，并于 2 ...

Core Viewpoint - The company, Jihong Co., Ltd. (02603), announced that it will distribute an interim dividend of 0.18 RMB per share on November 7, 2025 [1] Summary by Category - **Dividend Announcement** - Jihong Co., Ltd. will pay an interim dividend of 0.18 RMB per share [1]

Investment Rating - The report maintains a "Recommended" rating for Yiling Pharmaceutical (002603) with a target price of 19.5 CNY [2][8]. Core Insights - The company's profit significantly improved in Q2 2025, with a 51.2% year-on-year increase in net profit, attributed to optimizing revenue structure and reducing low-margin businesses [2][8]. - The first half of 2025 saw total revenue of 4.04 billion CNY, a decrease of 12.3% year-on-year, while net profit reached 670 million CNY, up 26.0% year-on-year [2][8]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Total revenue is projected to grow from 6.51 billion CNY in 2024 to 10.46 billion CNY by 2027, with a year-on-year growth rate of 32.8% in 2025 [4][9]. - Net profit is expected to recover from a loss of 725 million CNY in 2024 to 1.72 billion CNY in 2027, reflecting a growth rate of 279.5% in 2025 [4][9]. - **Earnings Per Share (EPS)**: - EPS is forecasted to improve from -0.43 CNY in 2024 to 1.03 CNY in 2027 [4][9]. - **Valuation Ratios**: - The price-to-earnings (P/E) ratio is expected to decrease from -37 in 2024 to 15 in 2027, while the price-to-book (P/B) ratio is projected to decline from 2.6 to 1.8 over the same period [4][9]. Business Segment Analysis - **Respiratory Products**: - Revenue for respiratory products in the first half of 2025 was 920 million CNY, down 28.3% year-on-year, but with a gross margin of 70.9%, indicating cost optimization [8]. - **Cardiovascular Products**: - Revenue for cardiovascular products was 1.96 billion CNY in the first half of 2025, with a gross margin of 65.5%, showing significant improvement due to reduced raw material costs [8]. Innovation and R&D Progress - The company is advancing its pipeline of traditional Chinese medicine and chemical drugs, with several products entering clinical stages and expected to contribute to future revenue [8]. Investment Recommendation - The report suggests that the core product categories are stabilizing and recovering, with ongoing innovation in traditional Chinese medicine expected to drive long-term growth, thus maintaining the "Recommended" rating [8].

Group 1 - 2025 marks a significant year for the development of innovative drugs in China, with 43 innovative drugs approved in the first half, 40 of which are developed by domestic companies [1] - The National Medical Products Administration (NMPA) has approved a total of 210 innovative drugs and 269 innovative medical devices during the 14th Five-Year Plan period, indicating a trend of accelerated growth [1] - Continuous policy support from the government has provided a strong impetus for the development of innovative drugs, creating a transparent and stable policy environment [2][3] Group 2 - Companies like China Resources Sanjiu have adopted a "brand + innovation" dual-drive strategy, significantly increasing their focus on innovation in response to national policies and market demands [3] - China Resources Sanjiu reported obtaining 8 drug registration certificates and has 205 ongoing research projects, covering various fields including cardiovascular and oncology [3] - Other notable companies in the innovative drug sector include Teva Pharmaceutical, Tai Chi Group, and Yiling Pharmaceutical, all of which are enhancing their competitiveness through increased R&D investment and talent acquisition [4][5] Group 3 - The number of innovative traditional Chinese medicine (TCM) drugs is on the rise, with 5 TCM innovative drugs approved in the first half of 2025, reflecting a growing trend in this sector [5] - As of July 31, 2025, there are 147 TCM innovative drugs in clinical stages or above, a threefold increase compared to 2020, indicating a significant expansion in TCM innovation [5] - The Chinese innovative drug industry has made remarkable breakthroughs in quantity, quality, and technology over the past decade, entering a new development phase with promising future prospects [5]

Group 1 - The company, Jihong Co., Ltd. (stock code: 02603), announced a share buyback on September 26, 2025, spending 20.0385 million yuan to repurchase 2.274 million A-shares [1]

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. expects a significant increase in net profit for the first three quarters of 2025, driven by the growth of its cross-border social e-commerce business and improved profitability in its paper packaging segment [3] Group 1: Financial Performance - The company anticipates a net profit of between 257 million yuan (36 million USD) and 270 million yuan, representing a year-on-year increase of approximately 95.1% to 105.3% [3] - The net profit excluding non-recurring gains and losses is projected to be between 200 million yuan and 210 million yuan, with a year-on-year growth rate of 65% to 76% [3] Group 2: Business Development - Jihong Technology, established in 2003 and headquartered in Xiamen, initially focused on paper packaging before expanding into cross-border social e-commerce [3] - The company employs an "information finds people" promotional strategy to achieve a "goods find people" model in cross-border social e-commerce [3] Group 3: Market Performance - Since its listing on the Hong Kong Stock Exchange in May, the company's stock price has increased by 63.2% [3] - Following the profit announcement, the company's stock opened higher, reaching 18.34 HKD, an increase of 2.17% by midday [3]

报告期内，公司营业收入和利润均实现较大幅度增长，主要原因如下：1、跨境社交电商业务：公司坚 持技术驱动，持续践行创新赋能，继续深化品牌建设及区域拓展的同时，发挥行业专长及技术能力，营 收规模与利润实现较大幅度增长，促进公司整体业绩进一步提升。2、纸制快消品包装业务：受益于与 快消品细分领域行业龙头企业长期战略合作的良好基础，公司通过集团化精细管理，运营和资源利用效 率不断提高，盈利能力显著提升。 智通财经APP讯，吉宏股份(02603)发布公告，预计2025年前三季度归属于上市公司股东的净利润约人民 币2.09亿元至2.22亿元，比上年同期增长55.00%–65.00%。 ...

Core Viewpoint - Yiling Pharmaceutical has demonstrated strong core profitability indicators in its 2025 mid-term report, with a revenue of 4.04 billion yuan and a net profit of 669 million yuan, reflecting a year-on-year increase of 26.03% [1] Group 1: Financial Performance - The company has proposed a cash dividend of 3 yuan per 10 shares (including tax) as a way to reward shareholders [1] - Yiling's average annual R&D investment over the past three years has remained stable at 900 million yuan, ranking among the top three in the industry [1] - In 2024, R&D expenses are expected to account for 13.94% of revenue, significantly higher than the industry average [1] Group 2: Innovation and R&D - Yiling has maintained a stable innovation rhythm, with 1-2 new Class 1 traditional Chinese medicine (TCM) applications submitted for approval each year [2] - The company has successfully approved five Class 1 new drugs in the past five years, with four entering the medical insurance directory [2] - The recent approval of Qifang Nasal Congestion Tablets is expected to participate in national medical insurance negotiations by the end of the year, laying a foundation for future revenue growth [2] Group 3: International Expansion - Yiling's core theory of "Luo Disease" is transitioning from a "Chinese theory" to a "global topic," with clinical trials published in top international journals [3] - The company has registered and launched over ten TCM products in more than 50 countries and regions, translating international expansion into tangible sales [3] Group 4: Market Valuation - Despite Yiling's dual advantages of being an "innovative drug" and "international expansion" company, the market still values it using traditional TCM PE frameworks, failing to recognize its extensive R&D pipeline [4] - The estimated reasonable market value of Yiling is around 30 billion yuan, indicating a 20%-30% valuation discrepancy compared to current market consensus [4] - The ongoing policy support for TCM innovation and accelerated drug review processes present unprecedented development opportunities for Yiling [4]

Core Viewpoint - The "2025 Phoenix Star Listed Company Awards" ceremony was held in Guangzhou, recognizing companies for their performance in innovation, returns, responsibility, growth, brand influence, and globalization [1] Award Categories and Winners - The awards included categories such as Best Innovative Listed Company, Best Shareholder Return Listed Company, Most Socially Responsible Listed Company, Best Employer Award, Most Growth Potential Listed Company, Most Brand Influential Listed Company, Best Global Business Contribution Listed Company, Best Overseas Globalization Case, and Best IPO Company [1] - Six companies were awarded the title of "Most Brand Influential Listed Company": China Railway Construction Corporation, China Pacific Insurance, Guangzhou Baiyunshan Pharmaceutical, Yiling Pharmaceutical, Master Kong, and Haier Smart Home [1][3] Company Highlights - **China Railway Construction Corporation**: Recognized for its significant role in the "Belt and Road" initiative, operating in over 140 countries, and has been listed among the Fortune Global 500 for 19 consecutive years. The company emphasizes high-quality development and innovation in infrastructure [5][6] - **Master Kong**: Acknowledged for its long-term respect for consumers and commitment to quality. The company aims to promote Chinese culinary culture globally while focusing on technological upgrades and cultural heritage [8][9] - **China Pacific Insurance**: The company has a strong brand value and influence, providing comprehensive protection to 180 million customers. It has been ranked among the top five global insurance brands for several years [11] - **Guangzhou Baiyunshan Pharmaceutical**: As a World Fortune 500 company, it emphasizes high-quality products and social responsibility, with a brand value of 31.79 billion yuan, leading the pharmaceutical health sector in China [13] - **Haier Smart Home**: Transitioned from a home appliance leader to a smart living pioneer, serving over 1 billion users globally. The company focuses on technological innovation and sustainable development, holding the highest number of smart home invention patents for 13 consecutive years [15][16] - **Yiling Pharmaceutical**: Known for its innovative traditional Chinese medicine products, with 17 patented drugs, 11 of which are included in the national medical insurance directory. The company has successfully expanded its market presence in over 50 countries [17][18]

Core Viewpoint - The Chinese medicine sector is experiencing a mixed performance, with the leading Chinese medicine ETF (560080) showing resilience despite market fluctuations, attracting significant capital inflows and demonstrating strong growth potential in the context of regulatory changes and industry innovation efforts [1][4][6]. Market Performance - The Chinese medicine ETF (560080) recorded a slight decline but maintained a premium throughout the day, with a trading volume exceeding 71 million yuan. Over the past 10 days, it has seen net inflows on 9 occasions, totaling over 150 million yuan, and its latest scale has surpassed 2.4 billion yuan, leading its peers [1][4]. - Major components of the ETF index mostly experienced pullbacks, with Renhe Pharmaceutical declining over 1%, while Panlong Pharmaceutical rose over 1% [3][5]. Financing and Investment Trends - Leveraged funds are increasingly utilizing the ETF to invest in the high-value Chinese medicine consumer sector, with the latest financing balance approaching 80 million yuan and a financing buy-in amount exceeding 12 million yuan as of September 16, 2025 [4]. - The Chinese medicine industry is viewed as having stable cash flow and high dividends, with companies like Huaren Sanjiu and Jiangzhong Pharmaceutical showing strong performance in their incentive plans, which are expected to drive new growth [7][8]. Regulatory Developments - The National Medical Products Administration has announced new regulations for Chinese medicine production supervision, effective March 1, 2026, emphasizing quality control throughout the entire production process [5]. Innovation and Growth Strategies - Chinese medicine companies are actively pursuing innovation and transformation into chemical and biological pharmaceuticals through self-research, mergers and acquisitions, and strategic partnerships, aiming to create a second growth curve [6]. - The industry is expected to see improved performance in the second half of 2025, driven by reduced cost pressures from declining raw material prices and enhanced operational efficiencies [7][9]. Dividend and Profitability Insights - A significant number of central state-owned enterprises in the Chinese medicine sector are projected to have dividend yields exceeding 3% in 2024, with Jiangzhong Pharmaceutical and Dong'e Ejiao leading in dividend rates [8][9]. - Despite facing growth pressures in the first half of 2025, many companies have managed to achieve positive growth in net profit through quality improvement and efficiency enhancement strategies [9]. Market Sentiment and Future Outlook - The Chinese medicine index is gradually recovering, with institutional holdings remaining light. The sector is expected to attract more capital as it combines attributes of new consumer demand and pharmaceutical needs [10][12].