在近期发布的中共中央关于"十五五"规划的建议中，"推进中医药传承创新，促进中西医结合"再度被提 及。近年来，中医药作为"民族瑰宝"不仅需要传承，更需要与时俱进推动创新，走向全球，已逐渐成为 越来越多业界人士的共识。 众多上市公司中，专利中药龙头公司以岭药业（002603.SZ）正是中医药现代化的践行者。近日，以岭 医药研究院副院长、中药研究院院长魏聪及以岭药业国际贸易中心负责人孙学非接受媒体采访，阐述了 以岭药业在中医药现代化及国际化层面的贡献。 孙学非介绍，在东南亚市场，通心络胶囊等通络中药以药品身份进入医保目录；而在东欧某些国家，受 限于当地法规，只能以保健品类别销售。针对这种情况，企业采取"本土化适配"策略：在越南，联合当 地医院开展临床观察；在非洲，与传统医学机构合作进行药物特性研究。孙学非回忆，这种"入乡随 俗"的严谨态度，让通心络胶囊成为该国首批以"草药与天然药物"身份获批进入医院销售的中国中成 药。 "如今，在加拿大温哥华的连锁药房、肯尼亚内罗毕的中医诊所，以岭药业的产品已不再是陌生面孔。 更值得关注的是，其自主研发的酸枣仁油软胶囊获得百余个国际批文。"孙学非表示，这种转变背后， 是中医药从"文 ...

Core Viewpoint - The biopharmaceutical sector is experiencing a significant surge in stock prices due to a rapid increase in flu activity across the country, particularly in Beijing, which has entered a high incidence period for respiratory infectious diseases [1] Group 1: Stock Performance - On November 25, stocks related to biopharmaceuticals saw notable gains, with Jindike hitting a 20% limit up, Hualan Vaccine rising over 10%, Hainan Haiyao also reaching a limit up, Yipinhong increasing by over 9%, and Yiling Pharmaceutical gaining more than 5% [1] Group 2: Market Demand - Since November, flu activity has escalated quickly, with sales of Oseltamivir soaring by 237% in the past week and sales of Favipiravir (also known as Mabalaosavir) increasing by 180% [1] - Data from Meituan's drug purchasing platform indicates that from November onwards, the demand for specific flu medications in Beijing has surged, with a more than 130% increase in the purchase of antiviral drugs, including a 110% rise for Favipiravir and an 85% increase for Oseltamivir granules [1] - According to Alibaba Health's platform, there has been a significant uptick in both attention and purchasing volume for flu season medications over the past two weeks (November 10 to November 23), with a more than 500% increase in the number of buyers for antiviral flu medications [1] Group 3: Industry Outlook - Institutions note that the current flu activity has reached levels not seen since 2022, leading to increased demand for flu medications and a heightened focus on the growth of respiratory system medication needs due to the flu outbreak [1]

Core Viewpoint - The article emphasizes the importance of traditional Chinese medicine (TCM) internationalization through theoretical foundations, scientific innovation, and cultural integration, highlighting Yiling Pharmaceutical's efforts in promoting TCM globally [5][7][9]. Group 1: Theoretical Foundation and Academic Development - Yiling Pharmaceutical has established a comprehensive theoretical framework for "Luo Disease" over 33 years, which is considered a significant milestone in TCM development [5]. - The company has published several authoritative texts on Luo Disease, including "Luo Disease Studies" and "Meridian Theory," which are used in international educational institutions to train TCM professionals [5][6]. - Yiling has created multiple academic exchange platforms globally, including various international associations and conferences, to promote the study and dissemination of Luo Disease theory [6]. Group 2: Market Strategies and Cultural Integration - The company adopts a differentiated market strategy, "one country, one policy," to align with the medical needs and cultural contexts of different regions [7]. - In developed countries, Yiling focuses on high-level clinical research to gain trust from the academic and regulatory communities, while in emerging markets, it integrates products into local healthcare systems [7]. - The successful inclusion of Tongxinluo capsules in Vietnam's medical insurance directory exemplifies the company's effective local integration [7]. Group 3: Evidence-Based Research and International Recognition - Yiling Pharmaceutical has pioneered evidence-based research in TCM since 1995, establishing a robust research system and innovation platform [9][10]. - The company has conducted over 40 high-quality evidence-based studies on its 17 innovative TCM products, with significant findings published in prestigious international medical journals [9][10]. - These studies validate the efficacy and safety of TCM, presenting its wisdom in modern scientific language, thus facilitating international recognition [10]. Group 4: Future Outlook and Challenges - Yiling Pharmaceutical acknowledges the challenges of cultural recognition and regulatory policies in non-Belt and Road countries for TCM's international expansion [12]. - The company believes that collaboration among government, industry, academia, and research institutions is essential to overcome these barriers [12]. - There is confidence that by balancing tradition and innovation, TCM can contribute significantly to global health governance [12].

Group 1 - The core viewpoint of the news highlights the strong performance of the Traditional Chinese Medicine (TCM) sector, driven by supportive government policies aimed at innovation and industrial transformation [1][2] - The Shanghai government has issued a document encouraging collaboration among medical institutions, research units, and pharmaceutical companies to create platforms for TCM innovation and industrial transformation [1] - The document supports the development of major TCM varieties and the secondary development of classic varieties, as well as the establishment of mechanisms for collecting and organizing human experience data for drug registration [1] Group 2 - China Galaxy Securities anticipates that policy-driven changes will continue to propel the pharmaceutical industry towards innovation and upgrades, with a focus on finding incremental opportunities in niche markets [2] - The report indicates that domestic innovative drugs are expected to yield results, with several second-generation I/O drugs and ADCs entering phase three clinical trials, which is promising for future developments [2] - The TCM prescription drug market is facing clinical re-evaluation, which may reshape the market landscape and potentially lead to a turning point in TCM gross margins [2] Group 3 - The TCM ETF closely tracks the Zhongzheng TCM Index, which selects listed companies involved in TCM production and sales to reflect the overall performance of TCM concept stocks [2] - As of October 31, 2025, the top ten weighted stocks in the Zhongzheng TCM Index account for 54.92% of the index, including companies like Yunnan Baiyao and Tongrentang [2]

Core Insights - The fifth Huaxia Health Industry Development and Rehabilitation Service Conference was held in Beijing, where Yiling Pharmaceutical was recognized for its achievements in traditional Chinese medicine innovation, being selected as a "2025 Annual Traditional Chinese Medicine Innovation Model Case" [1] Group 1: R&D Investment and Achievements - Yiling Pharmaceutical prioritizes R&D as the core driver of its development, with R&D investment reaching 544 million yuan in the first three quarters of 2025, accounting for 9.27% of its operating revenue, leading the industry [3] - Cumulatively, from 2019 to 2024, the company has invested over 5 billion yuan in R&D, establishing a virtuous cycle of "investment-transformation-reinvestment" to produce "Chinese medicine" that aligns with the genetic and physical characteristics of the Chinese population [3] - In 2025, Yiling Pharmaceutical's R&D pipeline has yielded significant results, including the approval of the traditional Chinese medicine Qifang Nasal Congestion Tablets by the National Medical Products Administration, which has also been registered in Macau, marking it as the first registered innovative traditional Chinese medicine in Macau [3] Group 2: Product Development and Market Impact - Four new traditional Chinese medicines, including Qigui Luobitong Tablets and Children's Lianhua Qingwen Granules, are in the application stage, while five others are undergoing clinical research, covering major diseases in respiratory, rheumatology, and neurology fields [3] - Yiling Pharmaceutical holds 17 patented traditional Chinese medicines that address major diseases such as cardiovascular, respiratory, and endocrine disorders, with 11 products included in the national medical insurance catalog and five in the national essential drug catalog, effectively reducing the medication burden on patients [3] Group 3: Evidence-Based Medicine and Global Outreach - The company emphasizes high-standard evidence-based medical research to promote traditional Chinese medicine globally, with its series of studies on vascular event chain interventions attracting international attention, published in top medical journals such as JAMA and Nature Medicine [4] - Yiling Pharmaceutical has initiated over 40 evidence-based medical studies, establishing a research evidence system that integrates traditional Chinese and Western medicine [4] Group 4: Industry Recognition and Innovation - The selection process for the innovation model cases involved extensive research and professional evaluation by hundreds of media outlets, experts, and industry scholars, highlighting representative and exemplary innovation cases across various dimensions, including corporate practices, technology applications, brand building, and cultural stories [4][5] - The release and display of these cases aim to convey a positive industry trend, promote a pragmatic and innovative spirit, and foster the healthy development of enterprises in the health sector [5]

Summary of Yiling Pharmaceutical Conference Call Company Overview - Yiling Pharmaceutical was established in 1992, focusing on the research, production, and sales of patented traditional Chinese medicine (TCM) [3][4] - The company has developed a synergistic industrial structure comprising patented TCM, chemical drugs, and health industries [2][3] Core Business Segments Cardiovascular Products - The cardiovascular product line includes Tongxinluo, Shensongyangxin, and Qiyiliqiangxin capsules, targeting ischemic cardiovascular diseases, arrhythmias, and heart failure [2][6] - These products have shown clinical efficacy through evidence-based medicine and have maintained a leading market share from 2017 to 2024 [6] - Shensongyangxin and Tongxinluo capsules consistently rank at the forefront of the market, while Qiyiliqiangxin has improved from 16th to 6th place [6] Respiratory Products - The respiratory product line features Lianhua Qingwen, Lianhua Qingke, and Qifang Bitong tablets [2][7] - Lianhua Qingwen significantly contributed to revenue during the pandemic from 2020 to 2022, and demand is expected to rebound in 2025 due to an increase in flu cases [7] - Lianhua Qingke transitioned to an OTC product in 2023, and Qifang Bitong tablets are anticipated to provide additional growth [7] Secondary Products - Secondary products include Bazibu Shen capsules, Jiyu Chufan capsules, and Yishen Yangxin Anshen tablets, targeting anti-aging, depression, and insomnia [2][8][9] - These products are promoted through retail and e-commerce channels, aiming for a breakout effect [10] Innovation and Regulatory Approvals - The company’s innovative TCM, Tongluoming Maimu capsules, was approved for diabetes retinopathy treatment and included in the 2024 edition of the Chinese Diabetes Prevention and Treatment Guidelines [2][11] - Yiling has 17 patented TCM products and several innovative drugs in development, with three 1.1 class new drugs in the application stage [12] Chemical Drug Sector - The chemical drug segment has achieved 15 ANDA products approved by the FDA and 13 products passing domestic consistency evaluations [5][13] - The company is focusing on innovative drug development, with several products in clinical trials, including Benlufen injection for postoperative pain [13] Health Industry Development - The health segment has established five core product series, including health drinks and sleep aids, which have performed well on e-commerce platforms [5][14][15] - These products cater to workplace elites, the elderly, and family health management needs [15] Future Growth Drivers - Key factors expected to drive future growth include: 1. Continued market share increase in core cardiovascular and respiratory products [10] 2. Gradual market penetration of new products like Lianhua Qingke and Qifang Bitong [10] 3. Promotion of secondary products through retail and e-commerce [10] 4. Ongoing evidence-based research to enhance clinical promotion [10] 5. Expansion of the anti-aging market and shifts in consumer health spending [10] Financial Projections - Projected revenues for 2025, 2026, and 2027 are 8.2 billion, 9.1 billion, and 10.1 billion CNY, representing year-on-year growth of 27%, 11%, and 10% respectively [16] - Significant recovery in net profit is expected in 2025, with growth rates in 2026 and 2027 anticipated to exceed revenue growth [16] Additional Considerations - Potential catalysts for future growth include the introduction of new basic drug management regulations, adjustments to the basic drug catalog, and the upcoming approval of the chemical new drug Benlufen injection [16] - An increase in flu-like cases may also boost demand for respiratory products like Lianhua Qingwen [16]

Core Insights - The core argument presented is that modern scientific technology can help demystify traditional Chinese medicine (TCM) and enhance investor confidence in the TCM innovation sector [2][3] Group 1: Challenges in Traditional Chinese Medicine - The main challenge facing the TCM industry is the "black box" nature of its mechanisms, which deters investors from entering the market [2] - There is a need to use quantifiable data to explain the efficacy of TCM, breaking traditional misconceptions [2] Group 2: Research and Development in TCM - The research on Yiling Pharmaceutical's well-known product Lianhua Qingwen involved the identification of 211 chemical components and the establishment of a multidimensional pharmacological evaluation model [3] - The study demonstrated clear synergistic effects among the components of Lianhua Qingwen, indicating that the absence of any one component would diminish the overall therapeutic effect [3] Group 3: Modernization of TCM - The conclusion drawn from the research is that the value of compound TCM lies not in the inclusion of specific ancient formulas but in the scientific combination of their essences to create a more effective whole [3] - Yiling Pharmaceutical aims to use modern scientific language to explain TCM principles, making its efficacy visible, tangible, and verifiable to attract capital investment [3]

Core Insights - Yiling Pharmaceutical has evolved from a local Hebei company to an international pharmaceutical group, establishing over 130 specialized committees for "Luo Disease" both domestically and internationally [3][5] - The company emphasizes technological innovation as its foundation, having developed 17 patented traditional Chinese medicines that address significant clinical gaps and are included in over 200 clinical guidelines [3][5] Group 1: Innovation and R&D - The "Luo Disease Theory" is a unique component of traditional Chinese medicine and serves as the core of Yiling's R&D system, leading to a five-in-one operational model that integrates theory, clinical practice, research, industry, and education [5][6] - In the first three quarters of the year, Yiling achieved a net profit of 1 billion yuan, representing an 80.33% year-on-year increase, with R&D expenses amounting to 544 million yuan, accounting for 9.27% of revenue [6][7] - The company's cardiovascular products have increased their market share from 13.64% in 2015 to 18.13% in 2024, demonstrating the direct correlation between R&D and market competitiveness [6][7] Group 2: International Expansion - Yiling is actively promoting traditional Chinese medicine globally, establishing over 130 specialized committees and conducting international academic exchanges to enhance its academic brand's influence [7][8] - The company’s products have been featured in top international medical journals, showcasing their efficacy in reducing risks associated with cardiovascular events [6][7] Group 3: Business Model and Future Growth - Yiling's business model consists of three main pillars: patented traditional Chinese medicine, chemical/biological drugs, and health industry, aiming for a synergistic development of the pharmaceutical health ecosystem [8] - The company is well-positioned for rapid growth in product lines related to aging, with a focus on cardiovascular health, anti-aging, and endocrine products over the next 3 to 5 years [8]

Group 1: Overview of Hebei Capital Market Development - Hebei's capital market is experiencing significant growth, with the number of listed companies expected to reach 84 and total market value rising to 1.43 trillion yuan by October 2025 [1] - Direct financing for various enterprises has exceeded 100 billion yuan, and the first public issuance of data center REITs has been successfully completed [1] - The development is driven by innovation and regulatory support, with companies like Yiling Pharmaceutical and Colin Electric leading the way in transformation and technological advancement [1][2] Group 2: Company Innovations and Performance - Yiling Pharmaceutical has developed 17 patented traditional Chinese medicines, focusing on a comprehensive operational model that integrates theory, clinical practice, research, industry, and education [1] - Colin Electric has transitioned from being an equipment supplier to a provider of integrated solutions in energy storage, achieving a 23.63% increase in revenue and a 45.90% rise in net profit year-on-year, with a staggering 705.48% increase in net profit for Q3 [2] - Wireless Media is evolving from IPTV services to a smart home ecosystem, serving nearly 15 million households in Hebei and launching innovative platforms like "Health for All" [2] Group 3: Financial Performance of Financial Institutions - Caida Securities, the only provincial securities firm, reported a 123.93% increase in net profit year-on-year, with brokerage fee income rising by 82.72% [3] - The firm is focusing on wealth management, investment banking, and technology finance, providing comprehensive services to specialized enterprises [3] Group 4: Regulatory Support and Market Initiatives - The Hebei Securities Regulatory Bureau has been actively guiding the development of the capital market, conducting visits to over 30 companies and facilitating the listing of one company on the Beijing Stock Exchange, raising 197 million yuan [3][4] - The bureau has implemented strict regulatory measures, issuing 16 administrative regulatory actions and 2 administrative penalties since 2025, while also promoting value enhancement strategies among listed companies [4] - Over 20 listed companies in Hebei have established market value management plans, with 74 instances of dividend distribution totaling over 28 billion yuan [4]

Core Viewpoint - The "Lianhua Accompanying, Health Protection Plan" initiated by Yiling Health aims to provide respiratory health protection support in schools during the flu season, reflecting the company's commitment to public health and education [1][6]. Group 1: Donation Actions - The donation initiative has been implemented in multiple schools, including Tianjin Normal University and Shijiazhuang No. 40 Middle School, providing targeted protective products and health support for students and staff [3][6]. - The plan will continue to expand its reach in Shijiazhuang and other universities in Tianjin, addressing the protective needs in densely populated school environments [3][6]. Group 2: Product Details - The donated products include Lianhua throat antibacterial spray and Lianhua sugar-free refreshing candy, designed to alleviate throat discomfort and enhance flu protection [4]. - Additional products such as Lianhua foam antibacterial hand wash and no-rinse antibacterial gel are provided to meet hygiene needs in public areas [4]. - The Lianhua refreshing plant beverage, containing various herbal ingredients, is included to promote respiratory comfort during dry winter conditions [4]. Group 3: Impact and Social Responsibility - The initiative is seen as a timely response to the pressure schools face during the flu season, enhancing their confidence and capability to manage flu outbreaks [6]. - Yiling Health emphasizes the importance of raising awareness about respiratory health and aims to create a safe and healthy campus environment through this donation [6]. - The "Lianhua Accompanying, Health Protection Plan" will continue to adapt its product offerings based on the needs of schools in Shijiazhuang and Tianjin, ensuring effective support for students and staff during the flu season [6].