Group 1 - The core viewpoint of the articles highlights the shift in health consumption among young people in China, with 83.7% identifying as health-conscious consumers, leading to a rise in demand for functional health products [1] - The trend in private domain selection is evolving from merely selling products to providing comprehensive health solutions, focusing on efficacy and service continuity [3] - Yiling Health is leveraging its "Eight Principles of Health Management" to create a modernized TCM health product matrix, addressing contemporary health issues such as abnormal blood lipids and blood sugar levels [3][8] Group 2 - The Yiming Plant Beverage, designed to regulate blood lipids, combines five natural ingredients and has achieved over 100 million in sales in its first year, becoming a top choice among health-conscious consumers [4] - The Jinliwang Plant Beverage targets blood sugar management, is sugar-free, and has generated over 10 million in monthly sales since its launch, catering to the growing demand for health drinks among those managing blood sugar levels [6] - The Lianhua respiratory health products, including the Lianhua throat spray, have demonstrated over 99.9% efficacy against various viruses and bacteria, addressing the increased demand for respiratory protection [7] Group 3 - Yiling Health's innovative approach combines precise health management with TCM cultural elements, creating a sustainable ecosystem for private domain operations and enhancing user retention and repurchase rates [8] - The company's strategy focuses on integrating scientific health management with traditional Chinese medicine, providing a unique value proposition in the competitive health market [8] - Yiling Health aims to redefine the health industry competition by leveraging its TCM wisdom in modern consumer scenarios, tapping into the trillion-dollar health market [8]

证券代码：002603 证券简称：以岭药业 公告编号：2025-022 石家庄以岭药业股份有限公司 2024 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会没有涉及变更前次股东大会决议。 一、会议召开和出席情况 3、会议召开方式：现场投票、网络投票相结合 4、会议召集人和主持人：公司董事会。董事长吴相君先生主持会议。 本次会议的召集、召开程序及表决方式符合有关法律、行政法规、部门规章、 规范性文件和公司章程的规定。 （二）会议出席情况 1、出席会议的总体情况 出席本次股东大会现场会议和参加网络投票的股东及股东代理人共 1,145 人， 代表股份 942,896,393 股，占公司总股本的 56.4370%。 （一）会议召开情况： 1、会议召开时间： （1）现场会议时间：2025 年 5 月 26 日下午 14:30 （2）网络投票时间：2025 年 5 月 26 日。其中，通过深圳证券交易所交易 系统进行网络投票的时间为 2025 年 5 月 26 日上午 9:15— ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于石家庄以岭药业股份有限公司 2024 年年度股东大会的 法律意见书 国枫律股字[2025]A0286 号 致：石家庄以岭药业股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并 见证贵公司 2024 年年度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》、《律 师事务所从事证券法律业务管理办法》（以下简称"《证券法律业务管理办法》"）、 《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法律业务执业规 则》"）等相关法律、行政法规、规章、规范性文件及《石家庄以岭药业股份有限公 司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程序、召 集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出具， ...

Core Viewpoint - The implementation of the "Private Economy Promotion Law" is a significant milestone for the legal framework supporting the private economy in China, emphasizing the importance of technological innovation and providing legal protections for private enterprises [1]. Group 1: Private Economy Promotion Law - The "Private Economy Promotion Law" officially took effect on May 20, marking the first foundational law specifically addressing the development of the private economy in China [1]. - The law highlights the government's commitment to supporting the private economy, particularly in the realm of technological innovation, which is crucial for high-quality development [1]. - The law establishes a legal framework that protects the rights and interests of private economic organizations and their operators, ensuring equal access to resources and support from the state [1]. Group 2: Technological Innovation - The private economy is recognized as a vital force in technological innovation, accounting for over 90% of national high-tech enterprises and contributing more than 70% of technological innovation outcomes [1]. - The law dedicates a specific chapter to technological innovation, encouraging private economic organizations to actively participate in national technology projects and to lead major technological breakthroughs [1]. - It emphasizes the protection of original innovations and the application of new technologies within private enterprises, signaling a legal commitment to fostering innovation [1]. Group 3: Company Development - Yiling Pharmaceutical, established for over 30 years, has focused on technological innovation and the transformation of research outcomes, successfully undertaking several national research projects and earning multiple national awards for significant scientific achievements [2]. - The company plans to leverage the new law to enhance its focus on technological innovation and research, aiming to develop more traditional Chinese medicines tailored to the genetic and health characteristics of the Chinese population [2].

主要财务指标与估值 2025E 2026E 2027E | 营业总收入(亿元) | 90.28 | 101.7 | 112.94 | | --- | --- | --- | --- | | 归母净利润(亿元) | 10.98 | 13.24 | 15.64 | | 每股收益(元) | 0.66 | 0.79 | 0.94 | | 市盈率(PE) | 22.45 | 18.63 | 15.77 | | 市净率(PB) | 2.26 | 2.1 | 1.94 | | 净资产收益率(%) | 10.1 | 11.3 | 12.3 | | 总资产收益率(%) | 7.8 | 8.5 | 9.2 | 国泰海通5月20日发布研报，维持以岭药业（002603）增持评级，目标价位16.5元。截至报告日，公司 最新收盘价为14.79元，较目标价有11.56%的上行空间。国泰海通预测，以岭药业2025年归母净利润 10.98亿元，同比增长251.55%。 注：数据获取自研报正文 | 研报日期 | 机构简 | 目标 | 本次评 | 详情 | | --- | --- | --- | --- | --- | | | 称 | 价 | 级 ...

Core Viewpoint - The article highlights the development of the honeysuckle industry in Julu County, Xingtai City, as a key agricultural sector that supports local farmers' income and promotes rural revitalization through collaboration with Yiling Pharmaceutical [1][10]. Industry Overview - Julu County is recognized as one of the three major production areas for honeysuckle in China, with a cultivation area of 130,000 acres and an annual production of 14,000 tons of dried flowers, accounting for over 60% of the national total [6]. - The local climate and soil conditions are ideal for honeysuckle cultivation, with the main variety "Juhua No. 1" yielding up to 200 kg of dried flowers per acre [8]. Company Initiatives - Yiling Pharmaceutical has established a "company + base + farmer" model in collaboration with local government and agricultural cooperatives, creating standardized honeysuckle planting bases covering 3,100 acres [10]. - The company provides technical guidance and management training to farmers, ensuring quality and yield, with guaranteed purchase agreements [12]. Economic Impact - The standardized planting bases have created over 2,000 jobs during the harvesting season, with daily wages of 100 yuan per worker, and potential earnings of around 20,000 yuan per acre [13]. - Farmers report high yields, with some achieving over 1,000 pounds of wet flowers per acre, translating to significant income during favorable market conditions [12]. Quality Control and Sustainability - Yiling Pharmaceutical implements comprehensive management from seed sourcing to processing, ensuring traceability and quality control throughout the supply chain [14]. - The company promotes standardized planting and green pest control, aligning with ecological protection and rural revitalization goals [14].

Group 1 - The company, Jihong Co., Ltd. (02603), plans to conduct an initial public offering (IPO) from May 19 to May 22, 2025, offering a total of 67.91 million shares, with 10% allocated for public sale in Hong Kong and 90% for international sale [1] - The proposed price range for the shares is between HKD 7.48 and HKD 10.68, with the expected listing date for H-shares on May 27, 2025 [1] - The company operates in cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG), providing a one-stop service for FMCG clients since its establishment in 2003 [1] Group 2 - Following its listing on the Shenzhen Stock Exchange in 2016, the company has successfully transformed and expanded its business, achieving notable results in both operational and financial aspects [2] - According to Zhi Shi Consulting, the company ranks second among B2C export e-commerce companies in China with a market share of 1.3% in 2024, focusing on the Asian market [2] - The company is also the leading paper packaging company for FMCG in mainland China, holding a market share of 1.2% in 2024 [2] Group 3 - At an offering price of HKD 9.08 per share, the company expects to net approximately HKD 505.4 million from the global offering, with around 40% allocated for overseas market expansion [2] - Approximately 35% of the funds will be used for technology development, including enhancing research and development capabilities, data analysis, and expanding revenue sources through Jimiaoyun [2] - About 15% will be allocated to expanding the brand portfolio and developing existing proprietary brands, while 10% will be used for working capital and general corporate purposes [2] Group 4 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to purchase shares worth USD 20 million at the offering price, including Timber Kangaroo Capital Limited and Yulong International Capital Limited [3] - Notable investors include Ms. Shen Zhenyu, the chairwoman of Harbin Yuheng Pharmaceutical Co., Ltd. (002437.SZ) [3]

Market Performance - The market rebounded last week, with the China Securities Xinhua National Brand Index rising by 0.94% to 1666.03 points [1] - The Shanghai Composite Index increased by 0.76%, the Shenzhen Component Index by 0.52%, the ChiNext Index by 1.38%, and the CSI 300 Index by 1.12% [1] Strong Stock Performances - Notable strong performers in the brand index included BGI Genomics, which rose by 17.27%, and Yiling Pharmaceutical, which increased by 9.81% [1] - Other significant gainers included Stone Technology and Marubi Biological, which rose by 7.18% and 6.79%, respectively [1] Year-to-Date Stock Gains - Since the beginning of 2025, Marubi Biological has surged by 60.82%, leading the gains, followed by Shanghai Jahwa with a 46.72% increase and BGI Genomics with a 34.45% rise [2] - Other stocks with notable increases include Anji Technology, Xintai, and Weir Shares, each rising over 20% [2] Market Outlook - Institutions expect the market to refocus on domestic economic fundamentals, with a positive policy response anticipated [2][3] - The current market is viewed as being in a high cost-performance range, with significant policy support expected to stabilize the economy and market [2] Economic Data Focus - Attention is drawn to upcoming economic data, particularly export performance and the sustainability of the export supply chain recovery [3] - The prevailing market conditions are supported by policy measures and liquidity easing, which are expected to bolster the stability of the domestic economy and capital markets [3]

Core Points - The article highlights a charitable drug donation event organized by Shijiazhuang Yiling Pharmaceutical Co., Ltd. in collaboration with the Beijing Aipu Cancer Patient Foundation, providing 330 boxes of a traditional Chinese medicine, totaling a value of 529,000 yuan, to cancer recovery members in Shaoyang City [1][3][9] Group 1: Company Initiatives - Shijiazhuang Yiling Pharmaceutical has been actively involved in public welfare projects for several years, focusing on the needs of cancer patients and adhering to the principle of "inheritance and innovation for the benefit of humanity" [3] - The company aims to deepen its public welfare cooperation and leverage technological innovation to provide high-quality medicines to more patients in the future [7] Group 2: Impact on Patients - The donation significantly alleviated the financial burden on cancer patients, with one patient expressing gratitude for the support, highlighting the high cost of medications [5][7] - The donated product, Can Ling Lan capsules, is known for its positive effects on enhancing immunity and improving the quality of life for cancer patients [9] Group 3: Community Engagement - The event was well-organized, with the Shaoyang Cancer Recovery Association ensuring a smooth distribution process and providing guidance on medication usage to the recipients [5] - The association's president emphasized the importance of social support for cancer patients and called for more community involvement in health initiatives [7]

Group 1: Company Performance - In Q1 2025, the company achieved a revenue of 2.358 billion yuan, a year-on-year decline of 6.52% [5] - The net profit attributable to shareholders was 326 million yuan, an increase of 7.25% year-on-year [10] - The operating cash flow reached 340 million yuan, showing a significant increase of 190.67% [5] Group 2: R&D and Innovation - The company has maintained a continuous increase in R&D investment, having launched 5 innovative traditional Chinese medicines in the past four years [10] - Currently, there are 17 innovative patented traditional Chinese medicines covering seven major disease areas [3] - The company is focusing on enhancing its core technological innovation capabilities and optimizing its marketing system to maintain stable product gross margins [9] Group 3: Market Strategy - The company plans to expand the market for its core product, Lianhua Qingwen, by exploring new application scenarios and implementing a comprehensive brand marketing strategy [6] - Lianhua Qingwen has obtained approvals in over 30 countries and regions, with efforts to enhance its brand influence overseas [6] - Future product development will focus on respiratory, endocrine, digestive, gynecological, and pediatric diseases [6] Group 4: Policy and Industry Outlook - The Chinese government is promoting the development of traditional Chinese medicine (TCM) through various policies, including the "14th Five-Year Plan for TCM Development" [8] - The government has emphasized the importance of TCM in disease prevention, treatment, and health maintenance, which is expected to drive industry growth [7] - The overall policy environment is favorable for the high-quality development of the TCM industry, supporting innovation and structural optimization [8] Group 5: Investor Relations and Value Management - The company aims to align market value with intrinsic value through transparent information disclosure and effective investor relations management [9] - A stable and high-quality investor base is being established to maximize overall company benefits and shareholder wealth [9] - The company has a structured plan for sustainable and scientific returns to investors, considering multiple factors such as operational conditions and development goals [2]