Group 1 - The 2025 World Brand Moganshan Conference was held in Deqing, Zhejiang, where Yiling Pharmaceutical was awarded the title of "Brand Innovation Pioneer" [1] - Yiling Pharmaceutical is recognized as a leading innovative traditional Chinese medicine (TCM) company, focusing on overseas brand development with the core philosophy of "inheritance and innovation" [3] - The company has developed 17 innovative patented TCM products targeting major diseases such as cardiovascular diseases, respiratory diseases, tumors, diabetes, neurological diseases, and urinary system diseases [3] Group 2 - Yiling Pharmaceutical's research shows that Tongxinluo capsules can reduce the risk of acute myocardial infarction death by 30% and the risk of recurrence by 74% [4] - The company has published its research findings in prestigious international medical journals, enhancing its credibility and market trust [4] - The innovative TCM product Bazibu Shen capsules has been shown to effectively intervene in 10 internationally recognized aging mechanisms, contributing positively to addressing the challenges of population aging [4] Group 3 - The report highlights Yiling Pharmaceutical's efforts to align TCM efficacy with international standards through evidence-based medicine, enhancing the global recognition of TCM [5] - The company utilizes modern medical language to interpret traditional wisdom, thereby increasing TCM's influence in the global health sector [5] - This is the fourth consecutive year that the report on the overseas communication capabilities of Chinese enterprises has been published, analyzing data from approximately 3,000 overseas mainstream media and social media platforms [5]

以通络养生八字经为核心理论，以岭健康科技构建起一套系统且丰富的健康产品体系，涵盖通络 - 循环 系统、养精 - 营养免疫系统、动形 - 运动系统、静神 - 神经系统四大健康管理方案，不仅满足了职场精 英、银发人群及Z世代人群的多领域、多场景市场需求，而且市场占有率持续提升，市场发展潜力巨 大。这些产品是针对人体亚健康状态下的18种常见场景需求而开发出的一系列具有独家配方专利和申报 批文的产品，目前已储备百余种产品概念与配方，展现强大研发实力。在产品形态上，依托 3 大现代化 生产基地，构建起自主生产与代工生产结合的完备供应链体系，可实现硬胶囊、软胶囊、颗粒剂等多种 形态产品的大规模及灵活小单生产，保障产品稳定供应与品质。 当世界的目光聚焦中国品牌，中医药文化正以其跨越千年的智慧结晶，成为全球健康领域的璀璨明珠。 以岭健康扎根深厚的中医药文化沃土，在 2025 世界品牌莫干山大会上，将传统中医药文化精髓与现代 健康需求深度融合，展现出强大的品牌生命力与创新力。其明星产品怡梦、津力旺植物饮料作为赞助饮 品亮相多个论坛和晚宴，不仅彰显产品实力，更释放出大健康产业招商的多元利好信号。 怡梦、津力旺成为大会多个论坛赞助 ...

打造中国知名自主品牌，讲好中国品牌故事，是推动"品质中国"建设，推进高质量发展的重要举措。值此 2025年"中国品牌日"之际，作为中国民族医药企业的代表，以岭药业积极响应"品牌强国"战略号召，以"中 国品牌·世界共享"为指引，联合全国百家知名连锁药店，正式启动"5▪10以岭品牌月"系列活动。本次活动 以"科技赋能健康，品牌引领未来"为主题，通过公益科普、慢病管理、数智化服务等多维度创新，深化工 商协同，助力全民健康素养提升，为健康中国建设贡献积极力量。 聚力品牌联动 守护国民健康 慢性病防治是健康中国行动的核心议题。"5▪10以岭品牌月"活动期间，以岭药业将联合全国近百座城市的 数万家连锁药店，整合优质医疗资源，通过"线上科普+线下服务"的立体化活动形式，为消费者带来全方 位的健康服务体验，切实满足消费者的健康需求。 据悉，本次活动以连锁药店为服务阵地，通过专家线上直播科普等形式，帮助连锁会员及消费者获取专业 健康知识，提升药店健康服务水平。同时，线下将联合医院专家同步开展心脑血管慢病筛查、慢病义诊等 活动，积极倡导"早筛查、早诊断、早干预"的慢病管理理念，通过一系列的健康科普活动，普及科学用药 知识，协同连 ...

5月7日，以"公平竞争与品牌消费"为主题的"2025中国品牌日第九届品牌发展共创会"盛大举行。会议汇聚了行业领袖、专家学者等各 界精英，围绕品牌创新、可持续发展以及在公平竞争环境下如何推动品牌消费等核心议题展开深度交流，为中国品牌发展注入新动 能。而以岭药业（002603）旗下的八子补肾胶囊，作为中医药领域抗衰老的创新成果，在此次共创会上备受瞩目。 全新时代，品牌传播呈现多维价值融合 在开幕式致辞中，《中国品牌》杂志社总编辑宛枫指出，从2017年第一个中国品牌日设立至今，中国品牌经历了从"中国制造"到"中国 智造"，从产品输出到文化输出的华丽蜕变。 确实，据《中国企业海外传播力分析报告(2024)》显示，多个行业的中国品牌海外评价表现良好，美誉度呈现整体提升态势。中国品 牌的形象建构正在经历从"单一功能输出"向"多维价值融合"的转型。 在这一时代背景下，中医药品牌既面临着前所未有的发展机遇，也面临诸多挑战。随着人们健康意识的提升和对传统医学的重新审 视，中医药市场需求持续增长。但同时，如何在现代医学的竞争中突出特色、在国际市场中讲好中医药故事、在激烈的品牌竞争中脱 颖而出，成为中医药品牌亟待解决的问题。 文化 ...

证券时报·数据宝统计显示，今日机构研报共发布141条买入型评级记录，共涉及129只个股。拓普集 团、伯特利等关注度最高，均有3次机构买入型评级记录。 129只个股今日获机构买入型评级，以岭药业最新评级被调高，11股机构首次关注。 机构今日买入型评级个股 | 代码 | 简称 | 买入评级家数 | 今日涨跌幅（%） | 动态市盈率（倍） | 行业 | | --- | --- | --- | --- | --- | --- | | 603596 | 伯特利 | 3 | 0.09 | 32.54 | 汽车 | | 601689 | 拓普集团 | 3 | -2.86 | 39.09 | 汽车 | | 603277 | 银都股份 | 2 | -0.77 | 12.27 | 机械设备 | | 688169 | 石头科技 | 2 | -0.49 | | 家用电器 | | 601888 | 中国中免 | 2 | -0.87 | 16.74 | 商贸零售 | | 002223 | 鱼跃医疗 | 2 | 1.23 | 14.21 | 医药生物 | | 300616 | 尚品宅配 | 2 | -1.25 | | 轻工制造 | | 6 ...

证券代码：002603 证券简称：以岭药业 公告编号：2025-021 石家庄以岭药业股份有限公司（以下简称"公司"）于2025年5月7日接到保 荐机构中国国际金融股份有限公司（以下简称"中金公司"）《关于更换石家庄 以岭药业股份有限公司持续督导保荐代表人的说明》。中金公司原委派的保荐代 表人贾义真先生和张磊先生因工作安排，不再担任公司的持续督导保荐代表人。 中金公司决定指派李胤康先生、韩佰洋先生接替贾义真先生、张磊先生继续履行 对公司持续督导的相关职责和义务。 此次保荐代表人变更后，公司持续督导保荐代表人为李胤康先生和韩佰洋 先生，持续督导期至中国证券监督管理委员会和深圳证券交易所规定的持续督 导义务结束为止。 特此公告。 石家庄以岭药业股份有限公司 董事会 石家庄以岭药业股份有限公司 关于更换持续督导保荐代表人的公告 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。 2025 年 5 月 10 日 附： 李胤康先生简历 李胤康先生，A股保荐代表人，金融学硕士，现就职于中金公司投资银行 部，曾负责和参与的项目包括恒润达生科创板IPO、泽璟制药科创板增发、怡 和 ...

Group 1 - Yiling Pharmaceutical actively responds to national policies and drives the upgrade of the traditional Chinese medicine industry through full industry chain innovation practices, achieving significant results in quality control, technological innovation, and international layout [1][3] - The company adopts a "company + base + farmer" model for the cultivation of medicinal materials, establishing over 60 standardized bases across seven major medicinal material production areas in China, covering more than 700,000 acres and over 40 varieties [1] - Yiling Pharmaceutical's quality control laboratory is equipped with advanced instruments, and has maintained a 100% annual inspection pass rate for its products, demonstrating its commitment to stringent quality standards [1][2] Group 2 - Research and innovation are core driving forces for the company's development, with R&D investment reaching 13.94% in 2024, significantly higher than the industry average [2] - The company has launched 17 patented traditional Chinese medicines, with 11 included in the national medical insurance directory and 5 in the national essential drug list, addressing major diseases such as cardiovascular and respiratory conditions [2] - Yiling Pharmaceutical has established international collaborations with institutions like Leiden University and Cardiff University, publishing over 300 SCI papers and promoting the global dissemination of traditional Chinese medicine culture [2][3] Group 3 - The company's practices span the entire industry chain of traditional Chinese medicine, showcasing a development philosophy of "inheriting the essence and maintaining innovation" [3] - The implementation of national policies is expected to usher in a golden period of high-quality development for the traditional Chinese medicine industry, with Yiling Pharmaceutical's efforts enhancing its competitiveness and driving industry improvement [3][5]

Core Viewpoint - Yiling Pharmaceutical has significantly improved its profitability, driven by a robust innovation pipeline and high R&D investment, despite facing temporary losses in 2024 due to specific product issues [2][3][5]. Financial Performance - In Q1 2025, the company achieved revenue of 2.358 billion yuan, with a net profit of 326 million yuan, reflecting a year-on-year growth of 7.25% [2][3]. - For the full year 2024, Yiling reported a total revenue of 6.513 billion yuan but incurred a net loss of 725 million yuan due to inventory write-downs and reduced sales from certain respiratory products [3][4]. - The gross margin for Q1 2025 was 53.82%, an increase of 2.34 percentage points year-on-year, while the net margin rose by 1.85 percentage points to 13.82% [4]. R&D Investment - Yiling's R&D expenditure reached over 900 million yuan in 2024, accounting for 13.94% of its revenue, marking a six-year high and positioning the company as a leader in the industry [2][5]. - Cumulatively, from 2019 to 2024, the company invested 4.828 billion yuan in R&D, supporting its innovation pipeline [5]. Product Development - The company has expanded its innovative traditional Chinese medicine portfolio to 17 products, covering eight major clinical disease systems, with leading positions in cardiovascular and respiratory medications [2][5]. - New drug approvals include the treatment for allergic rhinitis and applications for drugs targeting cholecystitis and rheumatoid arthritis [5][6]. Market Position and Expansion - Yiling has successfully integrated 11 patented traditional Chinese medicines into the new medical insurance directory, enhancing its market presence [6]. - The company is also expanding into biopharmaceuticals and health sectors, with recent approvals for cancer treatment drugs, indicating a broadening of its business scope [6].

Investment Rating - The report maintains a "Recommended" rating for Yiling Pharmaceutical [2][8] Core Views - A turning point has been observed, with innovation leading the next journey for the company [2] - In 2024, the company reported a revenue of 6.51 billion yuan, a decrease of 36.9% year-on-year, and a net profit attributable to shareholders of -720 million yuan, down 153.6% year-on-year. In Q1 2025, revenue was 2.36 billion yuan, a decrease of 6.5% year-on-year, but net profit attributable to shareholders was 330 million yuan, an increase of 7.3% year-on-year [2][4] Financial Summary - **Revenue Forecasts**: - 2024: 6.51 billion yuan - 2025: 9.03 billion yuan (38.7% growth) - 2026: 10.05 billion yuan (11.3% growth) - 2027: 11.14 billion yuan (10.8% growth) [4] - **Net Profit Forecasts**: - 2024: -725 million yuan - 2025: 1.24 billion yuan (270.9% growth) - 2026: 1.44 billion yuan (16.4% growth) - 2027: 1.64 billion yuan (14.0% growth) [4] - **Earnings Per Share (EPS)**: - 2024: -0.43 yuan - 2025: 0.74 yuan - 2026: 0.86 yuan - 2027: 0.98 yuan [4] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 18 times, with a target price of 18.5 yuan based on a P/E of 25 times [4][8] Market Performance - The company’s stock price as of April 30, 2025, was 13.74 yuan, with a target price of 18.5 yuan indicating potential upside [4][8] Innovation and Growth Drivers - The company is recognized as a leader in innovative traditional Chinese medicine, with a robust pipeline of new products expected to contribute to revenue growth [2][8] - The report highlights the expected recovery in core product categories and the steady advancement of the innovation pipeline as key growth drivers [2][8]

Investment Rating - The report maintains a "Recommended" rating for Yiling Pharmaceutical [2][8] Core Views - A turning point has been observed, with innovation leading the next journey for the company [2] - In 2024, the company reported a revenue of 6.51 billion yuan, a decrease of 36.9% year-on-year, and a net profit attributable to shareholders of -720 million yuan, down 153.6% year-on-year [2][4] - For Q1 2025, the company achieved a revenue of 2.36 billion yuan, a decrease of 6.5% year-on-year, but a net profit of 330 million yuan, an increase of 7.3% year-on-year [2][4] Financial Summary - **Revenue Forecasts**: - 2024: 6.51 billion yuan - 2025: 9.03 billion yuan (38.7% growth) - 2026: 10.05 billion yuan (11.3% growth) - 2027: 11.14 billion yuan (10.8% growth) [4] - **Net Profit Forecasts**: - 2024: -720 million yuan - 2025: 1.24 billion yuan (270.9% growth) - 2026: 1.44 billion yuan (16.4% growth) - 2027: 1.64 billion yuan (14.0% growth) [4] - **Earnings Per Share (EPS)**: - 2024: -0.43 yuan - 2025: 0.74 yuan - 2026: 0.86 yuan - 2027: 0.98 yuan [4] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 18 times, with a target price of 18.5 yuan based on a P/E of 25 times [4][8] Market Performance and Trends - The company is expected to stabilize and recover in its core categories, with innovative traditional Chinese medicine driving long-term growth [2][8] - The report highlights a significant improvement in operational quality, with a net cash flow of 610 million yuan in 2024, a year-on-year increase of 293% [2][8] - The report anticipates a recovery in the respiratory category, projecting revenue to return to a reasonable level in 2025 [2][8]