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]

Group 1 - The company reported a revenue of 6.51 billion yuan for the year 2024, with a first-quarter revenue of 2.36 billion yuan in 2025, reflecting a year-on-year decline of 6.5% [1] - Despite challenges such as inventory adjustments and impairment provisions, the company maintained a high level of R&D investment at 908 million yuan, accounting for 13.94% of revenue, demonstrating a commitment to innovation [1] - The company is positioned as a leader in the traditional Chinese medicine sector, with a strong patent barrier and product matrix, which is expected to support future performance as new drugs are launched [1] Group 2 - The company has made significant progress in its innovative drug pipeline, with two new Class 1 traditional Chinese medicine drugs entering the application stage and several others in clinical trials [2] - The health sector expansion includes over 150 products based on the "meridian-nourishing" concept, and the approval of proprietary health food formulas further enriches the product line [2] - The company is accelerating its internationalization through 13 ANDA approvals in the U.S. and registrations in 53 countries, leveraging policies favoring traditional Chinese medicine and expanding its CDMO business [2] Group 3 - The traditional Chinese medicine industry is benefiting from favorable policies and market demand, particularly in chronic disease management due to an aging population [3] - The company's cardiovascular products accounted for over 50% of revenue in 2024, with key products maintaining a strong market share in public hospitals [3] - The company has established a competitive edge with 17 patented traditional Chinese medicines and 11 products covered by medical insurance, positioning it to benefit from industry consolidation [3]

Core Insights - Yiling Pharmaceutical has shown significant improvement in its financial performance, particularly in cash flow management and profitability, despite facing challenges in 2024 [1][3][6] - The company has successfully returned to a growth trajectory in Q1 2025, with notable increases in net profit and operating income [2][6] Financial Performance - In 2024, Yiling Pharmaceutical achieved operating revenue of 6.513 billion yuan, but faced challenges due to product expiration, rising raw material costs, and high R&D investments, impacting net profit [2] - In Q1 2025, the company reported operating revenue of 2.358 billion yuan and a net profit of 326 million yuan, marking a year-on-year increase of 7.25% [2] - The gross profit margin improved to 53.82%, up 2.34 percentage points, while the net profit margin rose to 13.82%, an increase of 1.85 percentage points [2] Cash Flow and Financial Health - The net cash flow from operating activities reached 611 million yuan in 2024, a year-on-year increase of approximately 293% [3] - In Q1 2025, the operating cash flow was 340 million yuan, nearly double the net profit for the same period [3] - Accounts receivable decreased significantly by 50% to 1.225 billion yuan, indicating effective measures in cash collection and asset quality improvement [3] R&D Investment and Innovation - Yiling Pharmaceutical's R&D investment in 2024 was 908 million yuan, accounting for 13.94% of operating revenue, positioning it among the top in the industry [4] - The company holds 17 patented traditional Chinese medicines and has received numerous national and provincial awards for its research efforts [4][5] - Ongoing R&D projects include two traditional Chinese medicines submitted for production and six in clinical stages, supported by successful completion of five evidence-based medical research projects [5] Marketing and Sales Strategy - The company has developed a multi-channel marketing strategy, enhancing collaboration with traditional medical institutions and expanding online sales through e-commerce platforms [6] - Yiling Pharmaceutical's product, Lianhua Qingwen Granules/Capsules, ranked first in the Chinese public medical market for cold medications, with a market share of 24.36% [6] - The marketing strategy focuses on brand building and community engagement to enhance brand recognition and consumer loyalty [6] Future Outlook - Yiling Pharmaceutical is expected to leverage its comprehensive advantages in R&D, production, and sales to continue innovating and contributing to public health [7]

Summary of Yiling Pharmaceutical Conference Call Company Overview - **Company**: Yiling Pharmaceutical - **Industry**: Pharmaceutical Key Financial Metrics - **Q1 2025 Revenue**: 2.358 billion CNY, a decrease of 6.5% year-on-year [2][4] - **Q1 2025 Net Profit**: 326 million CNY, an increase of 7.25% year-on-year [2][4] - **Operating Cash Flow**: 340 million CNY, an increase of 190% year-on-year [2][4] - **Accounts Receivable Turnover Days**: Decreased by 35 days year-on-year, indicating improved operational quality [2][4] Product Performance - **Lianhua Qingwen Sales**: Increased by nearly 30% year-on-year in Q1 2025 [2][6] - **Cardiovascular Prescription Drugs**: Experienced a decline due to policy impacts but expected to recover in Q2 2025 [2][6] - **Secondary Products**: Steady progress in products like Jing Shen Capsules and Compound Danshen Tablets, with OTC product Ba Zi Bu Shen Capsules seeing a 260% increase in shipments [2][7][5] Health Technology Sector - **Health Technology Products**: Focus on promoting blue hat health foods and functional plant beverages, with sales of Yi Meng beverage exceeding 120 million CNY and blood sugar regulation beverage sales exceeding 50 million CNY [2][8] Research and Development Achievements - **New Drug Approvals**: Mingmu Capsules for diabetic retinopathy entered medical insurance; Qi Fang Bi Tong Tablets for allergic rhinitis approved for market [2][9] - **Clinical Trials**: Six products in clinical stages, including pediatric Lianhua Qingwen granules in Phase III [2][9] - **Publications**: Five evidence-based medical research results published in top international journals [2][9] Chemical Biology Innovations - **Innovative Drugs**: Four innovative drugs in clinical stages, with multiple first-class innovative drugs in preclinical verification [2][10] Future Outlook - **2025 Goals**: Aim for gradual recovery across all business lines, enhance management efficiency, and optimize marketing strategies [2][11] Cost and Margin Analysis - **Gross Margin Trends**: Decline in gross margins for cardiovascular and respiratory products in 2024, but significant improvement noted in Q1 2025 [2][12] - **Inventory Levels**: Lianhua Qingwen inventory at historical lows, with expectations for respiratory product sales to return to normal levels in 2025 [2][12] Strategic Adjustments - **Market Strategy**: Adjustments in marketing strategies for cardiovascular products due to external policy impacts, with expectations for recovery starting Q2 2025 [2][21] - **Sales Team Optimization**: Continuous optimization of the sales team structure to enhance efficiency and reduce costs [2][24] Regulatory and Policy Impact - **Industry Policies**: Long-term policies expected to drive industry optimization and innovation, with stable pricing systems mitigating short-term impacts [2][16] International Expansion - **Overseas Strategy**: Plans to enhance the influence of traditional Chinese medicine abroad, with over 50 patented products approved in various countries [2][23] Conclusion - **Overall Performance**: After overcoming recent challenges, the company aims for improved performance in 2025, focusing on operational efficiency and market recovery [2][27]

Core Viewpoint - In 2024, Yiling Pharmaceutical (002603) faced competitive pressure in the pharmaceutical industry and adhered to a strategy focused on "standardization, professionalism, health, sustainability, and leapfrogging," aiming for brand success, scale formation, goal achievement, and profit creation [1] Financial Performance - In 2024, Yiling Pharmaceutical reported revenue of 6.513 billion yuan, a year-on-year decrease of 36.88%, and a net profit attributable to shareholders of -0.725 billion yuan, down 153.57% [2] - The decline in performance was attributed to the expiration of certain respiratory products, leading to reduced sales and inventory impairment losses, alongside rising raw material costs and sustained high R&D investments [2] - Despite the net loss, operating cash flow significantly improved, reaching 0.611 billion yuan, a year-on-year increase of 293%, with Q4 cash flow alone at 0.288 billion yuan, up over 26 times [2] - Accounts receivable decreased significantly, with a reduction of 1.176 billion yuan, a drop of 50%, and total liabilities decreased to 3.117 billion yuan, down 24.24 billion yuan or 43.75%, resulting in a debt-to-asset ratio decline of nearly 10 percentage points to 23.4% [2] R&D Investment - Yiling Pharmaceutical maintained a strong focus on R&D, with expenses reaching 0.908 billion yuan in 2024, accounting for 13.94% of revenue, reinforcing its leadership in traditional Chinese medicine innovation [3] - The company developed 17 innovative traditional Chinese medicines targeting eight major clinical disease systems, achieving industry leadership in cardiovascular and respiratory disease treatments [3] - New drug approvals included a treatment for allergic rhinitis and a new drug for gallbladder inflammation, with several patented traditional medicines included in the new medical insurance directory [3] Market Expansion and Strategic Initiatives - Yiling Pharmaceutical has registered products in over 50 countries and regions, actively entering the biopharmaceutical and health sectors, with recent approval for a breast cancer treatment [4] - Continuous R&D investment is expected to enhance product offerings and market share, while the transformation of technological innovations will improve product structure and competitiveness [4] - The company’s strategic focus on R&D and market trends positions it for greater growth in the pharmaceutical market [4] 2025 Outlook - In Q1 2025, Yiling Pharmaceutical reported revenue of 2.358 billion yuan and a net profit of 0.326 billion yuan, reflecting a year-on-year increase of 7.25% [5] - The company’s operating cash flow reached 0.34 billion yuan, nearly doubling year-on-year, with gross margin increasing by 2.34 percentage points to 53.82% [5] - The company aims to enhance its innovation capabilities, accelerate drug development, and implement a brand strategy while optimizing operational management and cost control [6]

Group 1 - The company announced a change in accounting policies based on new regulations issued by the Ministry of Finance, which will take effect on January 1, 2024, and December 31, 2024, respectively [2][3][4] - The change in accounting policies is deemed reasonable and will not have a significant impact on the company's financial status, operating results, or cash flow [5][6] Group 2 - The company appointed Zhongqin Wanxin Certified Public Accountants as the financial and internal control audit institution for the year 2025, with an audit fee of 2.9 million yuan [6][13] - Zhongqin Wanxin has been providing audit services to the company for 22 consecutive years and possesses the necessary qualifications for auditing listed companies [8][9] Group 3 - The company expects a total of 69.62 million yuan in daily related transactions for the year 2025 with its affiliated companies [21] - The related transactions are considered routine and do not pose significant risks to the company's operations or financial health [28][35] Group 4 - The company plans to conclude the "Lianhua Qingwen series product capacity enhancement project" and terminate the "Lianhua Qingwen capsule international registration project," reallocating the surplus funds to supplement working capital permanently [41][42] - The total surplus funds from these projects amount to 21.46 million yuan, which will be used to support the company's daily operations [52][53] Group 5 - The company will hold its 2024 annual general meeting on May 26, 2025, allowing shareholders to participate both in person and via online voting [56][58] - The meeting will address various resolutions that have been approved by the board and supervisory committee [65][66]