Investment Rating - The industry rating is maintained at "Overweight" [8] Core Views - The market performance of the traditional Chinese medicine (TCM) sector showed a slight increase of 1.29%, which is the smallest among secondary sub-sectors [1] - The price governance of Chinese patent medicines is being actively implemented across multiple regions, aiming to create a unified and competitive drug market [4][5] - The valuation metrics for the TCM sector indicate a PE (ttm) of 27.72X and a PB (lf) of 2.33X, with both metrics showing slight increases compared to the previous week [2] Market Performance - The TCM sector reported a market index of 6501.99 points, reflecting a 1.29% increase over the last week [1] - The overall pharmaceutical and biological sector index rose to 8430.03 points, with a 2.67% increase [1] Valuation Metrics - The TCM sector's PE (ttm) is at 27.72X, up by 0.36X week-on-week, with a one-year maximum of 30.26X and a minimum of 24.72X [2] - The PB (lf) stands at 2.33X, increasing by 0.02X from the previous week, with a one-year maximum of 2.54X and a minimum of 2.17X [2] Supply Chain Insights - The market for TCM raw materials has shown signs of recovery, with a price index of 225.55 points, reflecting a 0.4% increase from the previous week [3] - The market sentiment for TCM raw materials is improving, with increased foot traffic and positive investment sentiment [3] Policy and Regulatory Environment - Multiple regions have initiated price governance for Chinese patent medicines, focusing on high-priced products with significant price discrepancies [4][5] - The ongoing supply-side reforms are expected to reshape competitive factors within the industry, with a shift from channel-driven to value and cost-driven competition [5] Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform [11] - Specific recommendations include companies with strong R&D capabilities, unique products, and those less affected by centralized procurement [12]

Core Insights - The avian influenza concept sector experienced a decline of 0.76%, ranking among the top losers in the market, with major stocks like Zhongsheng Pharmaceutical hitting the limit down, while a few stocks like Wens Foodstuff and Weilan Biology saw gains of 1.80% each [1][2] Market Performance - The top-performing concept sectors included Titanium Dioxide with a gain of 4.31%, and Hainan Free Trade Zone with a gain of 3.54%, while the avian influenza sector was among the worst performers [1] - The avian influenza sector saw a net outflow of 784 million yuan, with 18 stocks experiencing net outflows, led by Zhongsheng Pharmaceutical with a net outflow of 684 million yuan [1] Stock Performance - Stocks with significant net outflows included: - Zhongsheng Pharmaceutical: -10.00% with a turnover rate of 18.78% and a net outflow of 683.65 million yuan - Yiling Pharmaceutical: -2.40% with a net outflow of 35.71 million yuan - Lianhuan Pharmaceutical: -1.79% with a net outflow of 25.69 million yuan - Hualan Biological: -6.60% with a net outflow of 18.13 million yuan [1] - Conversely, stocks with net inflows included: - Tiankang Biological: +1.26% with a net inflow of 16.52 million yuan - Shanghai Kaibao: -1.70% with a net inflow of 5.06 million yuan - Jinhai Biological: +0.16% with a net inflow of 3.82 million yuan [2]

Group 1 - The Chinese medicine sector experienced a decline of 0.83% on November 28, with Yue Wannianqing leading the drop [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] - Key stocks in the Chinese medicine sector showed mixed performance, with Tai Long Pharmaceutical rising by 5.37% to a closing price of 8.04 [1] Group 2 - Yue Wannianqing saw a significant drop of 13.71%, closing at 22.84, with a trading volume of 296,100 shares [2] - Other notable declines included Zhongsheng Pharmaceutical, which fell by 10.00% to 23.95, and Te Yi Pharmaceutical, which decreased by 6.41% to 14.01 [2] - The overall net capital flow in the Chinese medicine sector indicated a net outflow of 981 million yuan from main funds, while retail investors contributed a net inflow of 766 million yuan [2]

Group 1 - Chinese medicine concept stocks are experiencing a downturn, with notable declines including Guangdong Wannianqing down over 13%, Zhongsheng Pharmaceutical hitting the daily limit down, Yiling Pharmaceutical down over 2%, and Pian Zai Huang down over 1% [1] - Related ETFs for Chinese medicine have also dropped by over 1% [1] Group 2 - Several brokerages express optimism regarding the recovery of consumption in the context of macroeconomic improvement and domestic demand stimulation, which is expected to boost sales of consumer-oriented Chinese medicine [2] - The aging population and increased health awareness among residents are identified as significant long-term drivers for consumer-oriented Chinese medicine [2] - The characteristics of the Chinese medicine industry, including its long industrial chain and the "prevention-treatment-nurturing" model, are anticipated to be more fully realized [2] - There is a favorable outlook for leading Chinese medicine companies with advantages in formulas, raw materials, and brand recognition, as well as for consumer-oriented Chinese medicine that extends the industrial chain [2]

Core Viewpoint - The company announced the withdrawal of the drug registration application for "Chai Huang Li Dan Capsule" by its wholly-owned subsidiary, Beijing Yiling Pharmaceutical Co., Ltd, as per the notification from the National Medical Products Administration [1][2]. Group 1: Drug Registration Update - Beijing Yiling received approval to withdraw the registration application for "Chai Huang Li Dan Capsule," an innovative traditional Chinese medicine developed by the company [1]. - The capsule is intended for treating chronic cholecystitis with liver and gallbladder damp-heat, and related gastrointestinal symptoms [1]. - The new drug registration application was initially accepted by the National Medical Products Administration in June 2024 [1]. Group 2: Future Actions and Impact - Beijing Yiling will enhance the registration materials according to the latest requirements from the National Medical Products Administration and will resubmit the application promptly [2]. - The withdrawal of the registration application is not expected to have a significant impact on the company's current and future operations and performance [2]. - The company emphasizes the importance of drug research and development while managing R&D costs, acknowledging the high risks and long cycles associated with drug development [2].

Core Viewpoint - Yiling Pharmaceutical (002603.SZ) has withdrawn its drug registration application for "Chaihuang Lidan Capsules" as per the notice from the National Medical Products Administration (NMPA) [1] Group 1: Drug Development and Regulatory Updates - The "Chaihuang Lidan Capsules" is an innovative traditional Chinese medicine developed by Yiling, aimed at treating conditions such as chronic cholecystitis and gastrointestinal issues [1] - The NMPA had accepted the new drug registration application for "Chaihuang Lidan Capsules" in June 2024 [1] - Yiling will enhance the registration materials according to the latest NMPA requirements and will resubmit the drug registration application promptly [1] Group 2: Impact on Company Operations - The withdrawal of the registration application is not expected to have a significant impact on the company's current and future operations and performance [1] - The company emphasizes the importance of drug research and development while strictly controlling R&D costs, acknowledging the high risks and long cycles associated with drug development [1] - Yiling will closely monitor the progress of this drug development matter and fulfill its information disclosure obligations as required [1]

格隆汇11月27日丨以岭药业(002603.SZ)公布，全资子公司北京以岭药业有限公司（简称"北京以岭"）收 到国家药品监督管理局关于同意其撤回"柴黄利胆胶囊"药品注册申请的通知。柴黄利胆胶囊是公司自主 研制的中药创新药，其功能主治为：清热利湿，疏肝利胆，和胃止痛。用于慢性胆囊炎肝胆湿热、胃失 和降证，症见右上腹胀痛或不适，晨起口苦，口干咽干，脘腹胀满，或伴有恶心欲吐，厌食油腻，纳 呆，嗳气，身重困倦，烦躁易怒，胸闷不舒，小便黄赤，大便不爽或秘结，舌质红，苔黄腻，脉弦滑 数。2024年6月，北京以岭"柴黄利胆胶囊"新药注册申请获国家药监局受理。 北京以岭将根据国家药监局最新要求进一步完善注册资料，并尽快重新提交药品注册申请。北京以岭本 次撤回注册申请预计不会对公司当期及未来的生产经营与业绩产生重大影响。公司重视药品研发，并严 格控制研发成本，但药品研发风险高、周期长，存在诸多不确定性，公司将密切关注该药品研发事项的 后续进展情况，按规定及时履行信息披露义务。 ...

以岭药业公告称，其全资子公司北京以岭收到国家药监局同意撤回"柴黄利胆胶囊"药品注册申请的通 知。该药品为公司自主研制的中药创新药，2024年新药注册申请获受理。北京以岭将完善注册资料并尽 快重新提交申请，此次撤回预计不会对公司当期及未来生产经营与业绩产生重大影响。公司会关注后续 进展并及时披露。 ...

石家庄以岭药业股份有限公司 近日，石家庄以岭药业股份有限公司（以下简称"公司"）全资子公司北京 以岭药业有限公司（以下简称"北京以岭"）收到国家药品监督管理局关于同意 其撤回"柴黄利胆胶囊"药品注册申请的通知。 柴黄利胆胶囊是公司自主研制的中药创新药，其功能主治为：清热利湿，疏 肝利胆，和胃止痛。用于慢性胆囊炎肝胆湿热、胃失和降证，症见右上腹胀痛或 不适，晨起口苦，口干咽干，脘腹胀满，或伴有恶心欲吐，厌食油腻，纳呆，嗳 气，身重困倦，烦躁易怒，胸闷不舒，小便黄赤，大便不爽或秘结，舌质红，苔 黄腻，脉弦滑数。2024年6月，北京以岭"柴黄利胆胶囊"新药注册申请获国家 药监局受理。 北京以岭将根据国家药监局最新要求进一步完善注册资料，并尽快重新提交 药品注册申请。北京以岭本次撤回注册申请预计不会对公司当期及未来的生产经 营与业绩产生重大影响。公司重视药品研发，并严格控制研发成本，但药品研发 风险高、周期长，存在诸多不确定性，公司将密切关注该药品研发事项的后续进 展情况，按规定及时履行信息披露义务。 敬请投资者谨慎决策，注意投资风险。 特此公告。 证券代码：002603 证券简称：以岭药业 公告编号：2025-04 ...

Core Insights - Yiling Pharmaceutical was awarded the title of "Outstanding Drug R&D Innovation Enterprise of the Year" for its continuous innovation and strong R&D capabilities [1] - The company has maintained a high level of R&D investment, with R&D expenses reaching 544 million yuan in the first three quarters of 2025, accounting for 9.27% of its revenue [1] - Yiling Pharmaceutical has cumulatively invested over 5 billion yuan in R&D from 2019 to 2024, leading the industry in R&D spending [1] R&D Achievements - The company has successfully launched its patented traditional Chinese medicine "Qifang Nasal Congestion Tablets" in early 2025, becoming the first registered innovative traditional Chinese medicine in Macau [1] - Yiling Pharmaceutical has a target of producing five new drugs every five years, currently holding 17 innovative traditional Chinese medicine varieties covering eight major disease areas [1] - Among these, 11 varieties are included in the national medical insurance catalog, and 5 are in the national essential drug catalog, indicating broad market and clinical recognition [1] Pipeline and Future Prospects - The company has a rich pipeline with three new traditional Chinese medicine products, including Qigui Luobitong Tablets and Children's Lianhua Qingwen Granules, having submitted applications for market approval [2] - Additionally, five innovative traditional Chinese medicines are in various clinical stages, and one class 1 new chemical drug, Benanilofen Injection, has also submitted for market approval [2] - The company demonstrates a forward-looking layout in diverse drug development, with three class 1 innovative chemical drugs, including XY0206 tablets for solid tumors and leukemia, currently in clinical trials [2] Industry Recognition - The "21st Century Health Industry Competitiveness Research 'Sunshine' Case" aims to discover and promote outstanding enterprises and cutting-edge technologies in the health industry [2] - This year's event focused on seven dimensions, including innovation R&D, business development achievements, innovative drugs and devices, ESG practices, emerging enterprises, digital applications, and corporate health management, showcasing the industry's innovative vitality and exemplary practices [2]