Core Viewpoint - Yiling Pharmaceutical, as a national innovative enterprise, maintains a strong position in China's pharmaceutical industry through its deep accumulation and continuous innovation in patented traditional Chinese medicine (TCM) [1] Group 1: Financial Performance - In the first half of 2025, the company achieved a net profit of 669 million yuan, a year-on-year increase of 26.03%, reflecting significant improvement in profitability [12] - The overall gross profit margin increased by 6 percentage points to 59.52% compared to the same period last year, driven by a decrease in the prices of some Chinese medicinal materials and internal efficiency improvements [12][11] - The company’s operating revenue reached 4.04 billion yuan in the first half of 2025, with a notable contribution from cardiovascular products, which generated 1.96 billion yuan, accounting for 48.60% of total revenue [2][11] Group 2: Product Portfolio and Market Position - Yiling Pharmaceutical has developed 17 patented TCM products covering 8 major clinical disease systems, with key products like Tongxinluo and Lianhua Qingwen leading in their respective markets [2][4] - The market share of Tongxinluo, Sansong Yangxin Capsule, and Qiliqiangxin Capsule in the cardiovascular market increased from 13.64% in 2015 to 18.13% in 2024, ranking them among the top 10 in the public medical market [3] - Lianhua Qingwen remains the top cold medication in the public medical market with a market share of 20.74% in 2024 [4] Group 3: Research and Development - The company invested 399 million yuan in R&D in the first half of 2025, accounting for 9.87% of its operating revenue, which is significantly higher than industry peers [12][13] - Yiling Pharmaceutical holds over 870 valid patents, including 511 invention patents, establishing a strong technological barrier [13] - The company is actively pursuing innovation in TCM, with ongoing projects in various therapeutic areas, including respiratory, endocrine, and digestive systems [13][16] Group 4: Industry Outlook - The TCM industry is experiencing a golden development period driven by supportive policies, increasing demand, and technological advancements [17] - The Chinese government has introduced multiple policies to support TCM, enhancing quality and promoting modernization and internationalization [17] - The aging population and rising prevalence of chronic diseases in China are expanding the market space for TCM, highlighting its unique advantages in chronic disease management [17]

Core Viewpoint - Yiling Pharmaceutical, a leading innovative enterprise in traditional Chinese medicine, has demonstrated significant growth and resilience, with a net profit increase of 26.03% in the first half of 2025, driven by strong R&D investment and a robust product portfolio [1][7]. Group 1: Company Overview - Yiling Pharmaceutical has over 30 years of experience and has completed multiple national-level research projects, earning over 500 domestic and international drug invention patents [1]. - The company focuses on the R&D, production, and sales of patented traditional Chinese medicine, while also expanding into biopharmaceuticals and health industries [1]. Group 2: Product Portfolio - The company has 17 patented traditional Chinese medicine products covering 8 major clinical disease systems, with key products like Tongxinluo and Lianhua Qingwen included in national insurance and essential drug lists [2]. - In the cardiovascular sector, the company has developed innovative patented medicines that address common ischemic heart and cerebrovascular diseases, achieving a market share increase from 13.64% in 2015 to 18.13% in 2024 [3]. Group 3: Financial Performance - In the first half of 2025, the company achieved a revenue of 4.04 billion yuan, with cardiovascular products contributing 1.96 billion yuan (48.60% of total revenue) and respiratory products 921 million yuan (22.80%) [3]. - The overall gross profit margin improved by 6 percentage points to 59.52%, with net profit reaching 669 million yuan, reflecting a strong operational performance [7]. Group 4: R&D and Innovation - Yiling Pharmaceutical's R&D investment reached 399 million yuan in the first half of 2025, accounting for 9.87% of revenue, positioning the company as a leader in the industry [8]. - The company has a substantial patent portfolio with 870 effective patents, including 511 invention patents, which create significant technological barriers [8]. Group 5: Market Trends and Future Outlook - The traditional Chinese medicine industry is experiencing a golden development period driven by supportive policies, increasing demand, and technological advancements [11]. - Yiling Pharmaceutical is expected to strengthen its market position through innovation, cost structure optimization, and expansion into new therapeutic areas [12].

以岭药业（002603.SZ）9月9日在投资者互动平台表示，2025年6月19日，以岭药业一项"三环稠杂环类 PDE3/4双重抑制剂及其制备方法与应用"获得国际专利许可，专利申请号为PCT/CN2024/138683。 （记者 胡玲） 每经AI快讯，有投资者在投资者互动平台提问：以岭药业的PDE3/4抑制剂成功突破专利了吗？ ...

每经AI快讯，有投资者在投资者互动平台提问：本人在线下北京同仁堂药店中看到门口C位有八子补肾 胶囊的摆放，销售人员也在热情介绍八子的抗衰老功效，请问贵公司是和同仁堂合作了吗？ 以岭药业（002603.SZ）9月9日在投资者互动平台表示，在零售端，八子补肾产品主要集中在连锁药 店、特渠、线上渠道销售，目前公司已与多家连锁药店建立合作关系，共同探索抗衰老药物的有效销售 模式，识别和挖掘潜在需求客户。 （文章来源：每日经济新闻） ...

格隆汇9月9日丨以岭药业(002603.SZ)于投资者互动平台表示，在零售端，八子补肾产品主要集中在连 锁药店、特渠、线上渠道销售，目前公司已与多家连锁药店建立合作关系，共同探索抗衰老药物的有效 销售模式，识别和挖掘潜在需求客户。 ...

今日（9.8），大盘全天走势分化，沪指收涨0.38%。市场震荡环境下，业绩相对稳健、估值性价比更高的品种或受资金关注。以兼具消费和医药属 性的中药板块为例，中药ETF（560080）收涨1.35%，全天成交额超8500万元，环比放量15%，场内溢价坚挺！资金面上，中药ETF（560080）已连 续5日获资金青睐，累计净流入超7300万元！ 【中药ETF（560080）年初以来行情走势&成交额变化】 （1）中药创新药企业：部分企业受2024H1高基数、产品集采降价等影响因而业绩承压，但如方盛制药在部分集采产品稳健销售的同时，渠道覆盖 稳步推进，促使创新中药产品实现较快速的销售增长；以岭药业在经历去库存周期后叠加中药材原材料价格下降等因素迎来利润拐点。 （2）OTC及消费类企业：部分企业受核心药品市场需求下降、消费疲软影响大健康业务等因素致使业绩承压，但如羚锐制药受益于人口老龄化长 期发展逻辑；佐力药业乌灵胶囊具备"医保+基药"双目录资质，叠加集采大规格替换进而稳健放量。 （3）国企改革：部分企业受经营战略调整、业务结构优化等因素影响致使业绩承压。 【国资药企有望价值重估】 消息面上，8月27至30日，高层举办企 ...

Core Viewpoint - The establishment of the Rare and Endangered Chinese Medicinal Materials Professional Committee aims to enhance the protection and sustainable use of rare and endangered medicinal materials, aligning with national policies on traditional Chinese medicine [1] Group 1: Industry Developments - The Rare and Endangered Chinese Medicinal Materials Professional Committee was inaugurated in Nanning, Guangxi, with Yiling Pharmaceutical (002603) elected as the vice-chairman unit [1] - The committee's formation is a practical implementation of the central government's directive to strengthen the protection of rare and endangered medicinal plants and support the research and development of alternatives [1] Group 2: Company Initiatives - Yiling Pharmaceutical has actively pursued international expansion, with patented traditional Chinese medicine products launched in over 50 countries and regions [1] - The company aims to play a "bridge role" in the compliant trade of rare and endangered medicinal materials, transitioning from resource protection to sustainable models of "compliant use + industrial implementation + international promotion" [1] Group 3: Future Directions - The committee signifies a new phase of "industry collaboration and standardized development" in the protection and utilization of rare and endangered medicinal materials in China [1] - Future efforts will focus on resource protection, driven by technological innovation and regulated trade, to promote high-quality development of traditional Chinese medicine [1]

Investment Rating - The report maintains an "Overweight" rating for the traditional Chinese medicine sector [4]. Core Viewpoints - The traditional Chinese medicine sector is experiencing short-term performance pressure, but there are expectations for demand recovery in the future [7][10]. - The overall revenue and profit decline in the sector has narrowed compared to 2024, indicating a gradual recovery in industry sentiment [10]. - The report highlights the importance of brand OTC products, which are expected to see market share increases despite current demand pressures [7][26]. Summary by Sections 2025H1 Performance - In 2025H1, the total revenue of traditional Chinese medicine companies reached 172.9 billion yuan, a year-on-year decrease of 4.95% [10]. - The net profit excluding non-recurring items was 19.1 billion yuan, down 9.31% year-on-year [10]. - The operating cash flow improved significantly, reaching 16.96 billion yuan, an increase of 30.77% year-on-year [10]. OTC Market Analysis - The OTC segment is under pressure, with a median revenue growth rate of -7.6% and a net profit decline of -19.7% in Q2 2025 [26]. - The retail market for pharmaceuticals and non-pharmaceuticals in China saw a slight decline, with a total of 296.1 billion yuan in H1 2025, down 2.2% year-on-year [26][29]. - The report notes that the concentration of leading OTC brands is increasing, with significant market share gains for products like Huaren Sanjiu's Ganmaoling Granules [26][31]. Cost and Margin Outlook - The median gross margin for the sector in 2025H1 was 42.05%, a decrease of 1.01 percentage points year-on-year [10]. - The report anticipates a recovery in gross margins in H2 2025 as the pressure from high-priced raw materials eases [13]. - The median expense ratio for the sector was 44.5%, reflecting a stable cost structure despite slight increases in certain areas [15]. R&D and Innovation - The median R&D expense ratio for the sector remains around 3%, with leading companies like Kangyuan Pharmaceutical and Tian Shili investing over 10% of their revenue in R&D [24]. - The report emphasizes the potential for revaluation of innovative pipelines as companies increase their R&D investments [7].

Group 1 - The core viewpoint of the article highlights that Yiling Pharmaceutical (002603) has been awarded the "Outstanding Contribution Award for Beautiful China" in the 2025 ESG Model Enterprise List for its exceptional practices in ecological environment protection and sustainable development [1][2] - The evaluation gathered over 40 enterprises from various sectors including high-end manufacturing, green energy, digital technology, finance, and consumption, aiming to depict a corporate image that internalizes ESG concepts as a core driving force for high-quality development in the context of Chinese modernization [1][2] - Yiling Pharmaceutical has integrated environmental protection into its corporate development strategy, establishing an ESG practice system characterized by the traditional Chinese medicine industry, which includes ecological planting of medicinal materials and innovative green production processes [1][2] Group 2 - The recognition of Yiling Pharmaceutical signifies the high acknowledgment of ESG practices within the traditional Chinese medicine sector, providing a model for sustainable development in the industry [2] - The ongoing ESG model enterprise evaluation initiated by Observer Network since 2024 aims to promote the transition of ESG from a concept to actionable practices, focusing not only on environmental performance but also on social responsibility and corporate governance [2] - Under the guidance of high-quality development principles, Chinese enterprises like Yiling Pharmaceutical demonstrate that economic benefits and environmental benefits can mutually promote each other, contributing Chinese wisdom and solutions to global sustainable development [2]

本届全景投资者关系金奖评选经过严格筛选和综合评估，旨在表彰在投资者关系管理、价值传播、公司治理等方面表 现卓越的上市公司和个人。以岭药业在此次评选中脱颖而出，充分体现了市场对公司投资者关系管理工作的高度认 可。 日前，第六届全景投资者关系金奖评选结果正式揭晓，以岭药业（002603）因其在环境、社会及治理(ESG)领域的卓 越实践和卓越的价值传播成效，荣膺"杰出ESG价值传播奖"。同时，董秘吴瑞和团队分别荣获"杰出董秘"和"杰出IR团 队"奖项。 在实践层面，公司积极履行环境责任，推行绿色制造，降低能耗排放；恪守社会责任，在中药现代化、乡村振兴、公 益慈善等领域持续贡献"以岭力量"；不断完善公司治理结构，保障股东权益，追求高质量发展。 在价值传播方面，以岭药业积极践行可持续发展理念，将环境、社会和治理因素纳入企业战略和日常运营，并通过多 渠道、多形式向市场传播公司ESG价值和实践成果，形成了良好的示范效应。以岭药业在投资者关系管理和ESG价值 传播方面的优秀实践，为上市公司提供了宝贵经验，对推动资本市场健康发展具有积极意义。 据悉，全景投资者关系金奖评选已成为国内最具影响力的投资者关系管理奖项之一。在此次评选 ...