Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has received approval for its innovative traditional Chinese medicine, Qifang Bitong Pian, in Macau, marking it as the first approved OTC innovative traditional Chinese medicine for treating persistent allergic rhinitis [1]. - The company is increasing its R&D investment, with a projected 2024 R&D expenditure of 908 million yuan, accounting for 13.94% of revenue, which is a year-on-year increase of 4.88 percentage points, positioning it as a leader in the industry [2]. - The company is expected to see a gradual improvement in performance throughout 2025, with a projected revenue of 2.358 billion yuan in Q1 2025, reflecting a year-on-year decrease of 6.52%, but with a net profit of 326 million yuan, an increase of 7.25% year-on-year [3]. - The company has adjusted its profit forecasts for 2025 and 2026, now estimating net profits of 1.29 billion yuan and 1.46 billion yuan respectively, with a new estimate for 2027 at 1.64 billion yuan [4]. Summary by Sections Company Overview - The company is a leading player in the innovative traditional Chinese medicine sector, focusing on respiratory and cardiovascular fields, and has a competitive R&D system and product reserve [4]. Financial Performance - The company is projected to experience a decline in revenue in 2024, with an estimated revenue of 6.513 billion yuan, a decrease of 36.88% year-on-year, and a net profit forecast of -725 million yuan [5]. - The company’s earnings per share (EPS) is expected to recover to 0.77 yuan in 2025, with a projected growth rate of 12.93% in net profit for that year [5]. Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 19 for 2025, decreasing to 15 by 2027, indicating a favorable valuation for potential investors [5][12].

Investment Rating - The report maintains an optimistic outlook on the pharmaceutical industry, particularly for 2025, suggesting a potential for diverse investment opportunities as the sector recovers from low valuations and public fund allocations [10]. Core Insights - The pharmaceutical sector is currently experiencing low valuations, with public funds under-allocating to this area. The report anticipates a recovery driven by macroeconomic factors and significant product launches [10]. - The report emphasizes a shift in the innovative drug sector from quantity to quality, highlighting the importance of differentiated products and international expansion for profitability [10]. - The medical device sector is seeing a rebound in bidding volumes, particularly in imaging equipment, and is expected to benefit from domestic product upgrades and international market expansion [10]. - The report identifies a growing trend in the CXO and life sciences services sector, with expectations for increased investment and a recovery in demand [10]. - The traditional Chinese medicine sector is projected to benefit from policy changes and market dynamics, with specific companies recommended for investment based on their unique product offerings and market positions [12]. Summary by Sections Market Review - The report notes a 1.80% increase in the CITIC Pharmaceutical Index, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 sectors [7]. - The top-performing stocks include Frontline Bio-U, MediWest, and Lianhuan Pharmaceutical, while the worst performers include ST Weiming and Innovent Biologics [7]. Overall Perspective and Investment Themes - The report suggests that the pharmaceutical industry is poised for growth, with a focus on innovative drugs, medical devices, and traditional Chinese medicine. Specific companies are highlighted for their potential in these areas [10][12]. - The report also discusses the implications of policy changes and market trends for the pharmaceutical and medical device sectors, indicating a favorable environment for investment [10][12]. Company-Specific Insights - Companies like Baiyi, Xinda, and Kangfang are highlighted for their innovative drug pipelines and potential for growth in the coming years [10][12]. - The report provides detailed insights into the clinical progress of various drugs across different companies, indicating a robust pipeline that could drive future revenue [13][20][24][30][35][38].

Market Review - The CITIC Pharmaceutical Index increased by 1.80%, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 CITIC first-level industry indices [5] - The top ten stocks by increase this week include Frontier Biologics-U, Medici, Lianhuan Pharmaceutical, Kangchen Pharmaceutical, and others, with Frontier Biologics-U leading at 41.43% [4][5] - The bottom ten stocks by decrease include ST Weiming, Shenzhou Cell, and Shuotai Shen, with ST Weiming dropping by 18.51% [4][5] Overall Viewpoint and Investment Themes - The current valuation of the pharmaceutical sector is at a low point, with public funds (excluding pharmaceutical funds) having low allocation to the sector. The company remains optimistic about the growth of the pharmaceutical industry by 2025, driven by macroeconomic factors and the demand from major categories [9] - In the innovative drug sector, there is a shift from quantity logic to quality logic, focusing on differentiated domestic and international pipelines. The company suggests paying more attention to products and companies that can ultimately realize profits [9] - In the medical device sector, there is a noticeable recovery in bidding volumes for imaging equipment, and the home medical device market is expected to benefit from subsidy policies. The company highlights the potential for import substitution and growth in the orthopedic sector post-collection [9] - The innovation chain (CXO + life sciences services) is expected to see a rebound in overseas investment and a bottoming out in domestic investment, with a potential return to high growth by 2025 [9] - The pharmaceutical industry is anticipated to enter a new growth cycle, with a focus on specialty raw materials and the expiration of patents leading to new growth opportunities [9] Industry and Company Events - The company highlights the innovative layout of traditional Chinese medicine enterprises, with several products in clinical II and III phases, including those targeting chronic insomnia and primary acute gouty arthritis [29][30] - Yunnan Baiyao has several drugs in various clinical stages, including those for prostate cancer and other conditions, indicating a robust pipeline [16][19] - The company emphasizes the importance of the blood products sector, which is expected to see significant growth due to relaxed approval processes and increased production capacity [14] - The innovative drug pipeline of Yiling Pharmaceutical focuses on cardiovascular, respiratory, and endocrine diseases, with multiple drugs in clinical trials [20][21]

Core Viewpoint - The company is utilizing part of the idle funds raised from a non-public offering to temporarily supplement its working capital, which is deemed necessary for operational efficiency and financial management [1][5][6]. Summary by Sections 1. Non-Public Offering Fund Details - In 2017, the company raised a total of RMB 1,306,108,798.84 through a non-public offering of 74,720,183 shares at RMB 17.48 per share, with net proceeds amounting to RMB 1,288,808,798.84 after deducting issuance costs [1]. - As of June 30, 2025, the company has utilized RMB 910,351,700 for various projects, including RMB 224,940,400 for self-funded projects [2][3]. 2. Fund Utilization and Remaining Balance - The company has invested in several projects, with the following actual investment amounts: - Chemical Preparation International Industrialization Project: RMB 545,134,000 - Lianhua Qingwen Capsule International Registration Project: RMB 206,108,800 - Lianhua Qingwen Series Product Capacity Enhancement Project: RMB 254,866,000 - Supplementing Working Capital: RMB 300,000,000 - Total: RMB 1,306,108,800 [3][4]. - As of June 30, 2025, the remaining balance of the non-public offering funds is RMB 50,706,684.42 [4][5]. 3. Temporary Working Capital Supplement - The company plans to use up to RMB 150,000,000 of idle funds to temporarily supplement working capital, with a usage period not exceeding 12 months [5][6]. - The decision is based on the expectation that approximately RMB 150,000,000 will be idle in the Chemical Preparation International Industrialization Project over the next 12 months, aiming to enhance fund utilization efficiency and reduce financial costs [5][6]. 4. Approval and Compliance - The proposal to use idle funds for working capital has been approved by the company's board and is compliant with relevant regulations, ensuring that it does not affect the ongoing projects or shareholder interests [6][7].

Core Viewpoint - The company has approved the temporary use of part of the idle funds raised from a private placement to supplement its working capital, ensuring compliance with relevant regulations and not affecting ongoing investment projects [1][2]. Group 1: Meeting Details - The 11th meeting of the 8th Supervisory Board was held on July 11, 2025, with all three supervisors present for voting [1]. - The meeting was convened in accordance with the Company Law and the company's articles of association [1]. Group 2: Fund Usage Approval - The Supervisory Board approved the use of up to 150 million yuan of idle funds for temporary working capital, with a usage period not exceeding 12 months from the date of board approval [2]. - The voting results showed unanimous support, with 3 votes in favor and no opposition or abstentions [2].

中国国际金融股份有限公司 关于石家庄以岭药业股份有限公司 使用部分闲置非公开发行募集资金 暂时补充流动资金的核查意见 中国国际金融股份有限公司（以下简称"中金公司"、"保荐机构"）作为 石家庄以岭药业股份有限公司（以下简称"以岭药业"或"公司"）的持续督导 保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市 规则》《上市公司募集资金监管规则》及《深圳证券交易所上市公司自律监管指 引第 13 号——保荐业务》等有关法律法规的要求，对以岭药业使用部分闲置非 公开发行募集资金暂时补充流动资金事项进行了核查，核查意见如下： 一、2017年非公开发行募集资金基本情况 1、2017 年非公开发行股票 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 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 ...

证券代码：002603 证券简称：以岭药业 公告编号：2025-027 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 关于使用部分闲置非公开发行募集资金暂时补充流动资金 石家庄以岭药业股份有限公司（以下简称"公司""本公司"）于2025年7 月11日召开第八届董事会第十六次会议及第八届监事会第十一次会议，审议通过 了《关于使用部分闲置非公开发行募集资金暂时补充流动资金的议案》，同意公 司使用部分闲置募集资金人民币15,000万元暂时补充流动资金，使用期限自董事 会审议批准该议案之日起不超过12个月。具体内容如下： 一、公司 2017 年非公开发行募集资金基本情况 本公司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 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 ...

证券代码：002603 证券简称：以岭药业 公告编号：2025-026 石家庄以岭药业股份有限公司 关于芪防鼻通片获得澳门中成药注册证书的公告 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。 近日，石家庄以岭药业股份有限公司（以下简称"公司"）控股子公司以岭（澳门） 有限公司（以下简称"澳门以岭"）收到澳门特别行政区政府药物监督管理局核准签发 的《中成药注册证明书》。现就相关事项公告如下： 一、中成药注册证明书基本内容 名称：芪防鼻通片[以岭] 注册编号：MAC-C00194 剂型：片剂 甘草。 注册持有人：以岭（澳门）有限公司 审批结论：证明芪防鼻通片[以岭]已在澳门特别行政区注册。 二、药品的其他情况 芪防鼻通片是澳门药物监督管理局批准的第一个中成药创新药，用于治疗持续性变 应性鼻炎。其功能主治为：益气固表，健脾通窍。用于持续性变应性鼻炎改善肺脾两虚 证，症见喷嚏、流涕、鼻塞，鼻痒，自汗，恶风，神疲乏力，少气懒言，舌淡，苔白， 脉浮或脉细弱。 类别：非处方中成药（OTC） 中药成分：黄芪、白术、防风、辛夷、白芷、高良姜、羌活、牡丹皮、蝉蜕、乌梅、 公司拥有 ...

证券代码：002603 证券简称：以岭药业 公告编号：2025-029 第八届监事会第十一次会议决议公告 表决情况：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 石家庄以岭药业股份有限公司 石家庄以岭药业股份有限公司第八届监事会第十一次会议于 2025 年 7 月 11 日在公司会议室以现场方式召开。本次会议通知和文件于 2025 年 7 月 7 日以电 话通知并电子邮件方式发出。会议应参加表决监事3人，实际参加表决监事3人。 会议由公司监事会主席高学东主持。本次会议的召集程序、审议程序和表决方式 均符合《公司法》相关法律法规及本公司章程的规定。 会议以记名投票表决方式审议通过了《关于使用部分闲置非公开发行募集资 金暂时补充流动资金的议案》。 监事会认为：公司本次使用部分闲置非公开发行募集资金暂时补充流动资金 计划履行了必要的决策程序，符合《深圳证券交易所上市公司规范运作指引》以 及《公司章程》《募集资金使用管理办法》等相关法律、法规和规范性文件的相 关规定。本次使用部分闲置非公开发行募集资金暂时补充流动资金计划没有与募 集资金投资项目的实施计划相抵触，不影响募集资金投资项目的正常进行，不存 在变相 ...

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第八届董事会第十六次会议于 2025 年 7 月 11 日在公司会议室以现场方式结合通讯方式召开。本次会议通知和文件于 2025 年 7 月 7 日以电话通知并电子邮件方式发出。会议应参加表决董事 9 人，实际参加 表决董事 9 人，其中徐卫东、陈刚、刘骁悍、柴振国以通讯方式参加。会议由公 司董事长吴相君主持，监事会成员、公司高级管理人员列席了会议。本次会议的 召集程序、审议程序和表决方式均符合《公司法》相关法律法规及本公司章程的 规定。 会议以记名投票表决方式审议通过了《关于使用部分闲置非公开发行募集资 金暂时补充流动资金的议案》。公司决定使用部分闲置非公开发行募集资金不超 过 15,000 万元暂时补充流动资金，使用期限为自董事会批准之日起不超过 12 个 月。 表决情况：同意 9 票，反对 0 票，弃权 0 票。 证券代码：002603 证券简称：以岭药业 公告编号：2025-028 石家庄以岭药业股份有限公司 第八届董事会第十六次会议决议公告 董事会 详见同日披露于《中国证券报》 ...