Core Viewpoint - A new company, Chengde Qianyao Xing Traditional Chinese Medicine Co., Ltd., has been established with a registered capital of 2 million yuan, focusing on the cultivation and trading of traditional Chinese herbs and primary agricultural products [1] Company Summary - The legal representative of the newly established company is Zhou Xiaolin [1] - The company is indirectly wholly owned by Yiling Pharmaceutical [1] Industry Summary - The business scope includes the cultivation of traditional Chinese herbs, trading of real estate Chinese herbs (excluding Chinese medicine pieces), procurement of primary agricultural products, and initial processing of edible agricultural products [1]

Group 1: Research and Development - The company plans to submit 1-2 new drug applications annually, with 7 products currently in clinical stages, including "Luo Bi Tong Pian" and "Xiao Er Lian Hua Qing Granules" in phase III trials [1] - Future R&D focuses on respiratory diseases, endocrine disorders (e.g., diabetic retinopathy), gastrointestinal and liver diseases, gynecological and pediatric conditions, as well as rare diseases [2] - The company has published over 19 authoritative SCI papers, making it a leading representative in anti-aging research [3] Group 2: Sales and Marketing Strategies - The company aims to deepen academic promotion and expand product sales in key departments, targeting a 5% increase in sales through enhanced professional promotion [2] - The retail market is a key focus, with approximately 640,000 pharmacies, and the company has targeted 180,000 pharmacies for professional sales teams [4] - The "Ba Zi Bu Shen" product sales strategy includes broad coverage and brand building, with a focus on retail and online channels [3] Group 3: Financial Performance and Investment - R&D investment is higher than the overall chemical drug sector, with a focus on new drug development and secondary development of existing products [2] - The company has achieved a 90% average online rate for its formula granules across 14 provinces, with 452 varieties winning bids in collective procurement [3] - The gross profit margin is directly related to the prices of traditional Chinese medicinal materials, which remain high compared to previous years [3] Group 4: International Expansion - The company is enhancing the international influence of traditional Chinese medicine, with over 130 professional committees established globally [4] - It aims to innovate and develop more new drugs, with 50+ patents approved in various countries [5] - The company has been actively promoting its unique theory of "Luo Disease" internationally, contributing to the global understanding of traditional Chinese medicine [4] Group 5: Health Industry Developments - The company has developed a comprehensive health product system, integrating medical, pharmaceutical, and health management services [5] - Key products include health foods and functional beverages, with significant revenue growth in the functional beverage sector this year [5] - The company emphasizes the importance of managing health and body, leveraging traditional health theories combined with modern technology [5]

Financial Performance - The company's revenue for Q3 2024 was ¥1,760,955,184.28, a decrease of 1.30% compared to the same period last year[3]. - Net profit attributable to shareholders was ¥24,319,734.26, down 84.07% year-over-year[3]. - The net profit excluding non-recurring gains and losses was ¥2,571,866.06, a decline of 97.41% compared to the previous year[3]. - Total operating revenue for Q3 2024 was CNY 6,365,441,001.17, a decrease of 25.6% compared to CNY 8,574,678,320.29 in the same period last year[15]. - Net profit for Q3 2024 was CNY 549,086,852.74, a decline of 68.7% compared to CNY 1,753,936,733.34 in Q3 2023[16]. - The total comprehensive income for the third quarter was approximately CNY 549.64 million, a decrease from CNY 1.75 billion in the same period last year[17]. - Basic and diluted earnings per share for the quarter were CNY 0.3321, compared to CNY 1.0527 in the previous year[17]. Assets and Liabilities - The total assets at the end of the reporting period were ¥16,614,084,710.98, representing a decrease of 2.15% from the end of the previous year[3]. - The company's total assets decreased to CNY 16,614,084,710.98 from CNY 16,979,326,536.89 year-over-year, reflecting a reduction of 2.1%[14]. - Total liabilities decreased to CNY 5,128,442,387.30 from CNY 5,541,331,336.92, a reduction of 7.4% year-over-year[14]. - Long-term borrowings increased to CNY 667,102,581.96 from CNY 599,100,000.00, representing an increase of 11.4%[14]. Cash Flow - Cash flow from operating activities was ¥322,629,831.08, an increase of 123.08% compared to the same period last year[7]. - Cash inflow from operating activities was CNY 5.6 billion, down from CNY 7.66 billion year-on-year, indicating a decline of approximately 26.9%[18]. - The net cash flow from operating activities was CNY 322.63 million, an increase from CNY 144.62 million in the previous year[19]. - Cash outflow from investing activities totaled CNY 2.15 billion, compared to CNY 4.12 billion in the previous year, reflecting a decrease of approximately 47.9%[19]. - The net cash flow from financing activities was negative CNY 307.89 million, a decline from a positive CNY 147.18 million in the previous year[19]. - The cash and cash equivalents at the end of the period amounted to CNY 861.24 million, down from CNY 991.60 million at the end of the previous year[19]. - The company reported a decrease in cash paid to employees, totaling CNY 1.51 billion, compared to CNY 1.79 billion in the previous year[19]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 189,795[8]. - The largest shareholder, Yiling Pharmaceutical Technology Co., Ltd., holds 31.53% of the shares, totaling 526,775,963 shares[8]. - The second-largest shareholder, Wu Xiangjun, holds 20.81% of the shares, totaling 347,728,119 shares, with 260,796,089 shares pledged[8]. - The total number of preferred shareholders with restored voting rights is not applicable[8]. Other Financial Metrics - The weighted average return on equity was 0.27%, down 1.25% year-over-year[3]. - The company reported a significant decrease in financial expenses, which rose to ¥25,657,133.42, an increase of 171.42% year-over-year[7]. - The company’s contract liabilities decreased by 39.65% to ¥173,514,006.27 due to a reduction in advance payments received[7]. - The company’s other payables increased by 609.11% to ¥306,333,411.48, primarily due to accrued dividends[7]. - The company’s investment income increased by 228.64% to ¥501,146.91, attributed to gains from trading financial assets[7]. - Research and development expenses for Q3 2024 amounted to CNY 571,912,835.78, slightly down from CNY 593,708,782.64 in the previous year[16]. Inventory and Receivables - Accounts receivable increased to ¥2,778,342,773.44 from ¥2,401,186,364.09 at the beginning of the period[12]. - Inventory decreased to ¥1,940,905,922.51 from ¥2,458,692,034.90 at the beginning of the period[12]. - The company has a trading financial asset balance of ¥9,000,000.00, down from ¥205,968,611.11 at the beginning of the period[12]. - The company reported a significant increase in prepayments to ¥148,349,186.50 from ¥109,711,768.30 at the beginning of the period[12]. Audit and Reporting - The company has not undergone an audit for the third quarter report[20]. - The report was released by the board of directors on October 29, 2024[21].

石家庄以岭药业股份有限公司 关于化药创新药"G201-Na 胶囊"药物临床试验申请 证券代码：002603 证券简称：以岭药业 公告编号：2024-035 适 应 症：辅助生殖，用于控制性超促排卵治疗的患者，防止提前排卵。 申请事项：境内生产药品注册临床试验 申 请 人：石家庄以岭药业股份有限公司 获得受理的公告 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。 石家庄以岭药业股份有限公司（以下简称"公司"）于 2024 年 10 月 17 日收 到国家药品监督管理局核准签发的《受理通知书》，现将相关情况公告如下： 一、临床试验申请主要内容 药物名称：G201-Na 胶囊 受 理 号：CXHL2401101，CXHL2401102 受理日期：2024 年 10 月 17 日 剂 型：胶囊剂 通知书意见：自受理之日起 60 日内，未收到药审中心否定或质疑意见的， 申请人可以按照提交的方案开展临床试验。 二、G201-Na 胶囊相关情况 G201-Na胶囊项目是公司自主研发、具有独立知识产权的1类化学新药。本 品为小分子促性腺激素释放激素（GnRH）受体拮抗剂。可以 ...

Group 1: Company Overview and Market Position - Yiling Pharmaceutical has established a specialized marketing network covering the national market [4] - The company emphasizes the importance of retail channels and has set up a dedicated sales team for retail terminals [5] - The company aims to enhance its market share through a combination of brand, channel, terminal, and consumer marketing strategies [5] Group 2: Financial Performance and Projections - In the first half of 2024, the company's revenue from respiratory products was 1.284 billion, a decline of 58.42% compared to the same period in 2023 [7] - The company's R&D investment in the first half of 2024 was 411 million, accounting for 8.92% of its revenue, which is among the leading levels in the industry [9][10] - The company anticipates a recovery in sales of respiratory products as market demand stabilizes [4] Group 3: Product Development and Innovation - Yiling Pharmaceutical has launched 4 innovative traditional Chinese medicines in the past four years, making it one of the companies with the highest number of approvals [9] - The company currently holds 14 patented new drugs and has a pipeline of over 40 innovative traditional Chinese medicine products under development [3] - The company is actively exploring effective business models for its star product, Ba Zi Bu Shen capsules, which have shown potential in anti-aging [2][5] Group 4: Market Trends and Challenges - The market for cardiovascular drugs has shown a compound annual growth rate (CAGR) of 5.59% from 2015 to 2022, with a market share increase for oral formulations from 34.76% in 2015 to 60.84% in 2023 [6] - Despite a decline in the market size for traditional Chinese medicine injections due to policy impacts, oral formulations have experienced stable growth [6] - The company is addressing challenges related to inventory management and market fluctuations, particularly for its Lianhua Qingwen capsules [4][7] Group 5: Strategic Initiatives - The company is focusing on enhancing its brand through integrated marketing strategies that leverage technological innovation, product quality, and social responsibility [3] - Yiling Pharmaceutical is committed to expanding its international presence and has established over 130 professional committees for vascular disease research globally [10] - The company plans to continue its R&D efforts to develop new drugs and improve its product array, aligning with its long-term strategic goals [9][10]

董事会 证券代码：002603 证券简称：以岭药业 公告编号：2024-034 石家庄以岭药业股份有限公司 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与本 次互动交流，活动时间为 2024 年 10 月 15 日（周二）15:30-17:00。届时公司董事长、 总经理吴相君，董事、董事会秘书吴瑞，董事、财务负责人李晨光将在线就公司业绩、 公司治理、发展战略、经营状况和可持续发展等投资者关心的问题，与投资者进行沟 通与交流，欢迎广大投资者踊跃参与！ 特此公告。 石家庄以岭药业股份有限公司 关于参加 2024 年河北辖区上市公司投资者网上集体接待日 暨 2024 年半年报业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，石家庄以岭药业股份有限公司（以下简称 "公司"）将参加由河北证监局、河北省上市公司协会与深圳市全景网络有限公司联合 举办的"2024 年河北辖区上市公司投资者网上集体接待日暨 2024 ...

关于中药新药"连花御屏颗粒"药物临床试验申请获得 受理的公告 证券代码：002603 证券简称：以岭药业 公告编号：2024-033 石家庄以岭药业股份有限公司 受 理 号：CXZL2400063 受理日期：2024 年 9 月 29 日 剂 型：颗粒剂 申请事项：境内生产药品注册临床试验 申 请 人：北京以岭药业有限公司 通知书意见：自受理之日起 60 日内，未收到药审中心否定或质疑意见的， 申请人可以按照提交的方案开展临床试验。 二、连花御屏颗粒相关情况 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。 石家庄以岭药业股份有限公司（以下简称"公司"）全资子公司北京以岭药 业有限公司于 2024 年 9 月 29 日收到国家药品监督管理局核准签发的《受理通知 书》（受理号：CXZL2400063），现将相关情况公告如下： 一、临床试验申请主要内容 药物名称：连花御屏颗粒 公司后续将关注国家药品监督管理局的审评情况，根据审评进度，按照相关 新药临床研究的技术要求准备临床研究的开展。 由于药物研发的特殊性，从临床试验的申请到药物成功获批上市，周期长、 环节多，易受 ...

Investment Rating - The report initiates coverage with an "Accumulate" rating for Yiling Pharmaceutical [2][7]. Core Views - Yiling Pharmaceutical, guided by the theory of collateral diseases, focuses on innovative traditional Chinese medicine (TCM) development, with a strong market position in cardiovascular and respiratory disease treatments [4][5]. - The company has a significant market share in the oral cardiovascular drug sector, exceeding 15%, and its flagship products have shown robust sales performance [4][5]. - The report anticipates a recovery in sales for the Lianhua series of products, particularly Lianhua Qingwen, as social inventory levels normalize [5][9]. Summary by Sections Company Overview - Yiling Pharmaceutical originated from Huangdi Pharmaceutical Factory and was established as a limited company in 1996, later going public in 2011 [17][18]. - The company focuses on the research, development, and production of patented TCM, with 14 patented new drugs, primarily in cardiovascular and respiratory disease areas [21][24]. Financial Performance - In 2023, Yiling achieved revenues of 10.32 billion yuan, a year-on-year decline of 17.7%, with a net profit of 1.35 billion yuan, down 42.8% [24]. - For the first half of 2024, revenues are projected at 4.60 billion yuan, reflecting a 32.2% decrease, with a net profit of 530 million yuan, down 67% [6][24]. Product Analysis - The company has developed three main innovative TCM products for cardiovascular diseases: Tongxinluo Capsule, Cansongyangxin Capsule, and Qilichangxin Capsule, which address common ischemic cardiovascular conditions [4][40]. - The Lianhua series, particularly Lianhua Qingwen, has a market share close to 20% in the respiratory drug market, significantly above pre-pandemic levels [5][9]. Market Outlook - The report forecasts Yiling's revenues for 2024 to be 9.30 billion yuan, with a projected growth rate of -9.9%, followed by growth rates of 13.8% and 13.0% in 2025 and 2026, respectively [7][8]. - The estimated target market capitalization for Yiling is 30 billion yuan, indicating a potential upside of 19% from its current valuation [7].

证券代码：002603 证券简称：以岭药业 公告编号：2024-032 | 以岭医 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 药科技 有限公 | 526,775,963 | 31.53% | —— | —— | —— | —— | —— | —— | —— | | 司 | | | | | | | | | | | 吴相君 | 347,728,119 | 20.81% | 15,000,000 | 4.31% | 0.90% | —— | —— | 260,796,089 | 78.38% | | 吴瑞 | 39,096,008 | 2.34% | 8,460,000 | 21.64% | 0.51% | 5,860,000 | 69.27% | 23,462,006 | 76.58% | | 合计 | 913,600,090 | 54.68% | 23,460,000 | 2.57% | 1.40% | 5,860,000 | 24.98% | 284,258,095 | 31.93% ...

证券代码：002603 证券简称：以岭药业 公告编号：2024-031 石家庄以岭药业股份有限公司 关于实际控制人部分股份质押的公告 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。 石家庄以岭药业股份有限公司（以下简称"公司"）于2024年9月20日接到公 司实际控制人吴相君的通知，获悉吴相君所持有公司的部分股份办理了质押，具 体事项如下： 一、 股东部分股份质押的基本情况 | 股东名 | 是否为控股 股东或第一 | 本次质押数 | 占其所 | 占公司 | 是否为 | 是否为补 | 质押起始 | 质押到期 | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 持股份 | 总股本 | | | | | 质权人 | | | 称 | 大股东及其 | 量（股） | 比例 | 比例 | 限售股 | 充质押 | 日 | 日 | | 用途 | | | 一致行动人 | | | | | | | | | | | | 公司第二大 | | | | | | | | 中信证券 ...