石家庄以岭药业股份有限公司 证券代码：002603 证券简称：以岭药业 公告编号：2024-037 关于公司药品通过谈判纳入《国家医保目录》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。 根据国家医疗保障局网站于 2024 年 11 月 28 日发布的《关于印发<国家基本 医疗保险、工伤保险和生育保险药品目录(2024 年)>的通知》（医保发【2024】 33 号），石家庄以岭药业股份有限公司（以下简称"公司"）独家产品通络明 目胶囊通过了医保谈判，首次被纳入《国家基本医疗保险、工伤保险和生育保险 药品目录（2024 年）》（以下简称"《国家医保目录》"）。具体情况如下： 生产厂家：石家庄以岭药业股份有限公司 剂型：胶囊剂 药品注册分类：中药 1.1 类 功能主治：化瘀通络，益气养阴，止血明目。用于 2 型糖尿病引起的中度非 增殖性糖尿病视网膜病变血瘀络阻、气阴两虚证所致的眼底点片状出血、目睛干 涩、面色晦暗、倦怠乏力，舌质淡，或舌暗红少津，或有瘀斑瘀点，脉细，或脉 细数，或脉涩。 是否独家品种：是 药品分类及代码：扶正剂 ZE02 医保支付标准：2. ...

Core Viewpoint - The strategic collaboration between Hangzhou Changxi Pharmaceutical Co., Ltd. and Shijiazhuang Yiling Pharmaceutical Co., Ltd. focuses on the development of innovative drugs for lung and related diseases, leveraging Changxi's expertise in inhalation powder technology [1] Company Summary - Hangzhou Changxi Pharmaceutical Co., Ltd. is a subsidiary of Yipinhong and specializes in the development of inhalation powder formulations [1] - Shijiazhuang Yiling Pharmaceutical Co., Ltd. is engaged in the research and development of innovative drug molecules targeting lung diseases [1] Industry Summary - The collaboration aims to combine the strengths of both companies to ensure the market success of the developed products in the therapeutic area of lung diseases [1]

Investment Rating - The report maintains a "Buy" rating for Yiling Pharmaceutical (002603 SZ) [2] Core Views - Yiling Pharmaceutical's Q3 revenue decline narrowed, with respiratory drug demand expected to recover in Q4, potentially stabilizing revenue [2] - The company reported a 25 76% YoY decline in revenue to 6 365 billion yuan and a 68 46% YoY drop in net profit to 555 million yuan for the first three quarters of 2024 [2] - Q3 revenue was 1 761 billion yuan, down 1 3% YoY, with net profit falling 84 07% to 24 32 million yuan [2] - Gross margin decreased by 7 62 percentage points to 53 39%, while net margin dropped by 11 82 percentage points to 8 63% [2] - High prices of traditional Chinese medicine raw materials, such as Coptis, contributed to the margin decline [2] R&D and Innovation - Yiling Pharmaceutical's core competitiveness lies in its strong R&D capabilities, particularly in the field of collateral disease theory [3] - The company invested 572 million yuan in R&D in the first three quarters of 2024, with an R&D expense ratio of 8 99% [3] - Several new drugs, including Qifang Bitong Tablets and Chaihuang Lidan Capsules, have been accepted for new drug applications [3] - Seven drugs are currently in clinical stages, with two in Phase III clinical trials [3] - The company plans to submit 1-2 new drug applications annually, focusing on respiratory, endocrine, gastrointestinal, and pediatric fields [3] Financial Projections - Revenue for 2024-2026 is projected to be 8 841 billion yuan, 9 928 billion yuan, and 11 436 billion yuan, respectively, with YoY growth rates of -14 3%, 12 3%, and 15 2% [5] - Net profit attributable to shareholders is expected to be 870 million yuan, 1 111 billion yuan, and 1 364 billion yuan for 2024-2026 [5] - EPS is forecasted at 0 52 yuan, 0 67 yuan, and 0 82 yuan for the respective years [5] - The PE ratio is estimated at 32 45x, 25 40x, and 20 70x for 2024-2026 [5] Key Financial Metrics - Gross margin is expected to remain stable at around 55 7%-55 9% from 2024-2026 [6] - ROE is projected to recover from 7 4% in 2024 to 10 5% in 2026 [6] - The company's debt-to-asset ratio is forecasted to decrease from 32 6% in 2023 to 30 8% in 2026 [6]

Investment Rating - The report maintains a "Buy" rating for Yiling Pharmaceutical (002603 SZ) [1][3] Core Views - Yiling Pharmaceutical's Q3 2024 performance was under pressure, with revenue of 6 365 billion yuan, down 25 8% YoY, and net profit attributable to parent company of 550 million yuan, down 68 5% YoY [1] - The company's respiratory product sales are expected to gradually recover as external factors stabilize, with Lianhua Qingke tablets showing strong growth potential after OTC approval [1] - Yiling Pharmaceutical is deepening academic promotion efforts in the cardiovascular field, aiming to drive stable growth of its Tongcanqi product [1] - The company has a robust innovation pipeline, with 7 products in clinical stages, including Lianhua Qingke Granules for children and Luobitong Tablets for rheumatoid arthritis [1] Financial Performance - For Q3 2024, Yiling Pharmaceutical reported revenue of 1 761 billion yuan, down 1 3% YoY, and net profit attributable to parent company of 24 million yuan, down 84 1% YoY [1] - The company's 2024-2026 net profit forecasts are adjusted to 814 million yuan, 1 078 billion yuan, and 1 248 billion yuan, with growth rates of -39 8%, 32 5%, and 15 8% respectively [1] - Yiling Pharmaceutical's 2024E revenue is projected at 8 7 billion yuan, with a YoY decline of 15 7%, while 2025E and 2026E revenues are expected to grow by 15 5% and 14 4% respectively [2] Valuation Metrics - The company's 2024E-2026E P/E ratios are 37X, 28X, and 24X respectively [1] - Yiling Pharmaceutical's 2024E-2026E P/B ratios are 2 5X, 2 4X, and 2 2X respectively [2] - The stock's closing price on November 7, 2024 was 17 92 yuan, with a total market capitalization of 29 939 billion yuan [3] Product Pipeline - Yiling Pharmaceutical plans to submit 1-2 new drug applications annually, with Qifang Bitong Tablets for persistent allergic rhinitis and Chaihuang Lidan Capsules for chronic cholecystitis currently under review [1] - The company's Qiluo Mingmu Capsule for diabetic retinopathy was approved in 2023, adding to its innovative product portfolio [1] Market Position - Yiling Pharmaceutical operates in the traditional Chinese medicine sector, with a strong presence in respiratory and cardiovascular therapeutic areas [1][3] - The company's Lianhua Qingke tablets have demonstrated rapid market penetration since their launch, benefiting from the company's established respiratory product brand and distribution channels [1]

Investment Rating - The report maintains a "Recommend" rating for Yiling Pharmaceutical with a target price of 22.8 RMB, compared to the current price of 16.90 RMB [1] Core Views - Yiling Pharmaceutical experienced a significant decline in revenue and profits in 1-3Q24, with revenue at 6.36 billion RMB (-26% YoY) and net profit at 550 million RMB (-68% YoY) [1] - The company's respiratory product line is expected to recover in 2025 after inventory adjustments, with Lianhua Qingwen projected to see a significant rebound in shipments by mid-2025 [2] - The cardiovascular and cerebrovascular product line remains relatively stable, with expected gross margin recovery in 2025 as raw material costs decline [2] - Yiling Pharmaceutical continues to advance its innovative traditional Chinese medicine pipeline, with several new drugs either approved or in the approval process [2] Financial Performance - 3Q24 revenue was 1.76 billion RMB (-1.3% YoY), with net profit of 20 million RMB (-84% YoY) [1] - The company's gross margin declined significantly due to changes in product mix and raw material costs [1] - Forecasted net profit for 2024-2026 is 900 million RMB, 1.08 billion RMB, and 1.30 billion RMB, with year-on-year growth rates of -33%, +20%, and +20% respectively [2] Valuation - The report uses a sum-of-the-parts valuation method, estimating a fair value of 38.2 billion RMB [2] - For existing products, a PE multiple of 20x is applied to 2025 estimated profits of 1.08 billion RMB, resulting in a valuation of 21.7 billion RMB [2] - For innovative traditional Chinese medicines, a 3x peak sales multiple is used, contributing 16.5 billion RMB to the valuation [2] Product Analysis - Respiratory products: Lianhua Qingwen is expected to see a shipment recovery in mid-2025, while Lianhua Qingke is expected to grow through marketing strategy adjustments [2] - Cardiovascular and cerebrovascular products: Sales are expected to stabilize in 2025 with improved marketing compliance and academic promotion [2] - Innovative drugs: Several new drugs, including Jieyu Chufan and Yishen Yangxin Anshen, are expected to contribute to growth [2] Financial Projections - Revenue is projected to decline by 12.8% in 2024 but grow by 12% in both 2025 and 2026 [3] - Gross margin is expected to recover from 53.4% in 2024 to 55.4% in 2026 [6] - ROE is forecasted to improve from 7.6% in 2024 to 9.6% in 2026 [6] Market Performance - The stock has underperformed the CSI 300 index over the past 12 months [5] - The 12-month high/low price range is 25.97/14.43 RMB [4]

证券时报e公司讯，企查查APP显示，近日，承德仟药兴中药材有限公司成立，法定代表人为周晓林， 注册资本为200万元，经营范围包含：中草药种植；地产中草药（不含中药饮片）购销；初级农产品收 购；食用农产品初加工等。 企查查股权穿透显示，该公司由以岭药业间接全资持股。 ...

证券代码： 002603 证券简称：以岭药业 石家庄以岭药业股份有限公司投资者关系活动记录表 编号：20241029 | --- | --- | --- | |----------------|--------------------------------|-----------------------------------------------------------------------------------------------| | 投 资 者 关 | □特定对象调研 | □ 分析师会议 | | 系 活 动 类 别 | □ 媒体采访 | ☑ 业绩说明会（电话会议） | | | □ 新闻发布会 □ | 路演活动 | | | □ 现场参观 | | | | □ 其他 | （请文字说明其他活动内容） | | 参 与 单 位 | | 华创证券、国盛证券、海通证券、中信建投证券、中金公司、兴业证券、华泰 | | 名 称 及 人 | | 证券、华福证券、浙商证券、申万宏源、中泰证券、招商证券、德邦证券、东 | | 员姓名 | | 北证券、中邮证券、开源证券、华西证券、西部证券 以及其他通过华创证券电话会 ...

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]