Core Viewpoint - The article highlights the resilience and growth of Yiling Pharmaceutical, a leading innovative traditional Chinese medicine company, following a challenging financial period, supported by favorable national policies and a strong focus on research and development. Financial Performance - In 2024, Yiling Pharmaceutical reported revenue of 6.513 billion yuan with a net loss of 0.725 billion yuan, but in Q1 2025, the company achieved revenue of 2.358 billion yuan and a non-net profit of 0.325 billion yuan, reflecting a year-on-year growth of 11.23% [2][3] - The company’s gross margin in Q1 2025 was 53.82%, an increase of 2.34 percentage points year-on-year, while the net margin was 13.82%, up by 1.85 percentage points [2][3] - Operating cash flow improved significantly, reaching 0.34 billion yuan in Q1 2025, nearly doubling the net profit for the same period [3] Debt and Receivables Management - By the end of 2024, accounts receivable stood at 1.225 billion yuan, down by 50% from the beginning of the year, while total liabilities decreased by 43.75% to 3.117 billion yuan [3] - The accounts receivable turnover days decreased to 55 days, down by 35 days year-on-year, indicating improved cash collection efficiency [3] Research and Development - Yiling Pharmaceutical's R&D investment exceeded 0.9 billion yuan in 2024, accounting for 13.9% of revenue, positioning the company as a leader in the industry [4][5] - Over the past six years, the cumulative R&D investment has approached 5 billion yuan, consistently exceeding industry averages [5] - As of the end of 2024, the company held 884 effective patents and had launched 17 patented traditional Chinese medicines covering eight major clinical disease systems [6][7] Product Development and Market Position - The company has received approval for new drugs targeting cardiovascular and respiratory diseases, with several products included in the national medical insurance directory [7][10] - Yiling Pharmaceutical is actively expanding its product portfolio, with ongoing clinical trials for six traditional Chinese medicines and over a hundred formulations in development [7][8] Policy Support and Industry Trends - The company benefits from supportive national policies aimed at revitalizing traditional Chinese medicine, including the inclusion of its products in the national medical insurance directory [10][11] - Yiling Pharmaceutical is also embracing digital transformation to enhance operational efficiency, completing significant research projects published in top medical journals [11] Strategic Vision - The company is evolving from a traditional medicine manufacturer to a health solution provider, aligning with national goals for high-quality development in the pharmaceutical industry [13]

Core Viewpoint - Yiling Pharmaceutical has made significant advancements in the field of traditional Chinese medicine, particularly in the development of the "Luo Disease Theory," which is now recognized as a major milestone in the history of Chinese medicine research [1][2]. Group 1: Luo Disease Theory Development - The company has systematically constructed the Luo Disease Theory, marking it as the "fourth milestone" in the history of Luo Disease research, following significant historical contributions [1]. - Yiling Pharmaceutical has published three key works: "Luo Disease Studies," "Pulse and Vessels Theory," and "Qi and Vessels Theory," which form the theoretical framework for Luo Disease treatment [1]. Group 2: Technological Innovation and Research - The company has established a national key laboratory for the innovation and transformation of Luo Disease Theory, leading to the formation of a research team headed by academicians and experts [2]. - Yiling Pharmaceutical has developed 17 innovative patented traditional Chinese medicines targeting seven major disease areas, including cardiovascular and respiratory diseases [2]. - The company has undertaken over 60 national and provincial-level research projects and completed more than 40 evidence-based medical studies, receiving six major national science and technology awards [2]. Group 3: Cardiovascular Disease Research - In the cardiovascular field, the company has developed three innovative patented traditional Chinese medicines: Tongxinluo Capsules, Shengsongyangxin Capsules, and Qiliqiangxin Capsules, addressing common ischemic cardiovascular diseases, arrhythmias, and heart failure [2]. - The company has successfully completed five evidence-based medical studies related to the prevention and treatment of cardiovascular event chains, with the project receiving an "excellent" performance evaluation [2]. Group 4: Anti-Aging Products - The company has launched the OTC product Baizi Bujin Capsules, which is designed to combat aging by replenishing kidney essence and balancing yin and yang [3]. - Research conducted by several authoritative institutions has shown that Baizi Bujin Capsules not only have anti-aging effects but also provide preventive treatment for various chronic diseases caused by aging [3].

Group 1: Conference Overview - The 2025 World Brand Moganshan Conference was held in Deqing, Zhejiang, focusing on the theme of "openness, cooperation, and win-win" to promote Chinese brands globally [1] - The conference highlighted the importance of traditional Chinese medicine (TCM) as a key to unlocking Chinese civilization and emphasized the supportive policies for the TCM industry since the 18th National Congress of the Communist Party [1] Group 2: Company Profile - Yiling Health, a subsidiary of Yiling Pharmaceutical, is dedicated to the health industry and embodies the cultural heritage of TCM while driving innovation [2] - The company has established a comprehensive health management system that integrates medicine, health, and wellness, emphasizing the shift from treatment to prevention [2] Group 3: Product Development - Yiling Health has developed a series of products based on the "Eight Principles of TCM Health Preservation," which include "Tongluo," "Yangjing," "Dongxing," and "Jingshen" [3][4][5] - The company has launched various health products, such as the "Tongluo Six Immortals" series, which addresses chronic diseases and promotes overall wellness [3] Group 4: Innovative Beverage Products - Yiling Health's herbal beverages, such as "Yimeng" and "Jinliwang," have gained popularity, becoming the sponsored drinks at the Moganshan Conference [6][8] - These beverages utilize TCM ingredients to address health concerns like blood sugar and sleep quality, aligning with consumer trends towards natural foods [6][8] Group 5: Market Strategy and Expansion - The company is leveraging the global health consumption upgrade to create a cooperative ecosystem, collaborating with various industries to expand its market reach [9] - Yiling Health aims to enhance its brand presence through a comprehensive online and offline operational matrix, targeting over 100 billion online exposures and gaining over 500,000 new users by 2023-2024 [10]

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]

Core Insights - The article emphasizes the growing global recognition of Traditional Chinese Medicine (TCM) and its integration into modern health needs, showcasing the potential of TCM as a strategic resource in the global health industry [1][8] - Yiling Health is leveraging TCM culture and innovative product development to meet contemporary health demands, particularly through its unique product offerings and operational strategies [7][8] Group 1: TCM Cultural Integration - Yiling Health is deeply rooted in TCM culture and aims to merge traditional wisdom with modern health requirements, as demonstrated at the 2025 World Brand Moganshan Conference [1] - The company promotes the TCM preventive health concept of "treating before illness" and emphasizes the holistic approach of TCM, which addresses modern health challenges [1][2] Group 2: Product Development and Innovation - Yiling Health has developed a diverse product matrix based on the "Tongluo Health Eight Principles," which combines TCM wisdom with modern life sciences, focusing on circulation, nutrition, exercise, and mental health [2][3] - The company has created over a hundred product concepts and formulations targeting 18 common health scenarios, showcasing its strong R&D capabilities [3] Group 3: Market Trends and Consumer Demand - The rise of herbal health and the concept of "food as medicine" are becoming mainstream, with products like Yiling Health's plant-based beverages gaining popularity among health-conscious consumers [4][6] - The company's flagship products, Yimeng and Jinliwang, have achieved significant sales milestones, with Yimeng surpassing 100 million in sales in its first year [6] Group 4: Operational Strategies - Yiling Health has established a comprehensive operational system that includes online and offline sales strategies, collaborating with major e-commerce platforms and leveraging social media for brand exposure [7] - The company has successfully integrated technology and innovation into its operations, resulting in over 10 billion online exposures and the acquisition of more than 500,000 new users in 2023-2024 [7] Group 5: Future Outlook - Yiling Health aims to continue exploring the depths of TCM culture while innovating its products and services, contributing to the promotion of Chinese brands and TCM culture on a global scale [8]

Group 1 - The core initiative of Yiling Pharmaceutical is to promote the "Quality China" construction and high-quality development by enhancing brand recognition and storytelling for Chinese brands, particularly in the context of the upcoming "China Brand Day" in 2025 [3] - Yiling Pharmaceutical has launched the "5·10 Yiling Brand Month" series of activities in collaboration with nearly a hundred well-known chain pharmacies across the country, focusing on the theme "Technology Empowers Health, Brand Leads the Future" [3][4] - The activities will include public welfare science popularization, chronic disease management, and digital services to improve public health literacy and contribute positively to the construction of a healthy China [3][4] Group 2 - During the "5·10 Yiling Brand Month," Yiling Pharmaceutical will integrate quality medical resources through a multi-dimensional approach, including online science popularization and offline services, to provide comprehensive health service experiences for consumers [4] - The initiative will involve expert online live broadcasts and offline health screenings and consultations for chronic diseases, promoting the concept of "early screening, early diagnosis, early intervention" [4] - Yiling Pharmaceutical will collaborate with well-known chain pharmacies to conduct public health science roadshows across the country, aiming to enhance public access to health knowledge and services [4] Group 3 - Yiling Pharmaceutical has established a unique technological core competitiveness through the systematic construction of the theory of collateral diseases, which has led to significant technological innovations and the completion of multiple major projects [5][6] - The company has received six national science and technology awards and has developed patented new drugs for prevalent and major diseases, gaining recognition from clinical experts and patients [6] - Yiling's products, such as Lianhua Qingwen capsules and Tongxinluo capsules, have been approved for sale in over 50 countries and regions, showcasing the global reach of traditional Chinese medicine [6] Group 4 - As a national key high-tech enterprise, Yiling Pharmaceutical adheres to the principle of "inheritance and innovation for the benefit of humanity," actively engaging in social responsibility initiatives [7] - The company has achieved a water resource reuse rate of 97% through clean production and low-carbon energy practices, contributing to green development [7] - Yiling Pharmaceutical has created over 60 high-standard Chinese medicinal herb bases across more than 20 provinces, providing numerous job opportunities and revitalizing rural industries [7]

Group 1 - The "2025 China Brand Day Ninth Brand Development Co-Creation Conference" focused on themes of fair competition and brand consumption, gathering industry leaders and experts to discuss brand innovation and sustainable development [1] - The conference highlighted the transformation of Chinese brands from "Made in China" to "Created in China," emphasizing the shift from product output to cultural output [2] - The demand for traditional Chinese medicine (TCM) is growing due to increased health awareness, but TCM brands face challenges in distinguishing themselves in modern medical competition and international markets [4] Group 2 - Cultural confidence is a lasting force in national development, with TCM recognized globally as a treasure of Chinese civilization, leading to increased international attention and validation of its theoretical value [5] - Yiling Pharmaceutical, a leading innovative TCM company, has developed the Ba Zi Bu Shen capsule, which meets international scientific standards and promotes the integration of TCM evaluation systems with global practices [5] - The Ba Zi research team has collaborated with international medical research institutions, publishing nearly 20 high-quality SCI articles to enhance the brand's presence among professional audiences [5] Group 3 - Chinese brands, including TCM, are gaining recognition on the global stage, with Ba Zi Bu Shen approved for sale in eight countries, including Canada and Singapore, and available on major cross-border platforms [7] - The international success of TCM products like Ba Zi Bu Shen contributes to the promotion of TCM's influence abroad and fosters dialogue between Eastern and Western medicine [7]

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].