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]

董事会 证券代码：002603 证券简称：以岭药业 公告编号：2024-034 石家庄以岭药业股份有限公司 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与本 次互动交流，活动时间为 2024 年 10 月 15 日（周二）15:30-17:00。届时公司董事长、 总经理吴相君，董事、董事会秘书吴瑞，董事、财务负责人李晨光将在线就公司业绩、 公司治理、发展战略、经营状况和可持续发展等投资者关心的问题，与投资者进行沟 通与交流，欢迎广大投资者踊跃参与！ 特此公告。 石家庄以岭药业股份有限公司 关于参加 2024 年河北辖区上市公司投资者网上集体接待日 暨 2024 年半年报业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，石家庄以岭药业股份有限公司（以下简称 "公司"）将参加由河北证监局、河北省上市公司协会与深圳市全景网络有限公司联合 举办的"2024 年河北辖区上市公司投资者网上集体接待日暨 2024 ...

关于中药新药"连花御屏颗粒"药物临床试验申请获得 受理的公告 证券代码：002603 证券简称：以岭药业 公告编号：2024-033 石家庄以岭药业股份有限公司 受 理 号：CXZL2400063 受理日期：2024 年 9 月 29 日 剂 型：颗粒剂 申请事项：境内生产药品注册临床试验 申 请 人：北京以岭药业有限公司 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、连花御屏颗粒相关情况 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"）全资子公司北京以岭药 业有限公司于 2024 年 9 月 29 日收到国家药品监督管理局核准签发的《受理通知 书》（受理号：CXZL2400063），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：连花御屏颗粒 公司后续将关注国家药品监督管理局的审评情况，根据审评进度，按照相关 新药临床研究的技术要求准备临床研究的开展。 由于药物研发的特殊性，从临床试验的申请到药物成功获批上市，周期长、 环节多，易受 ...

Investment Rating - The report initiates coverage with an "Accumulate" rating for Yiling Pharmaceutical [2][7]. Core Views - Yiling Pharmaceutical, guided by the theory of collateral diseases, focuses on innovative traditional Chinese medicine (TCM) development, with a strong market position in cardiovascular and respiratory disease treatments [4][5]. - The company has a significant market share in the oral cardiovascular drug sector, exceeding 15%, and its flagship products have shown robust sales performance [4][5]. - The report anticipates a recovery in sales for the Lianhua series of products, particularly Lianhua Qingwen, as social inventory levels normalize [5][9]. Summary by Sections Company Overview - Yiling Pharmaceutical originated from Huangdi Pharmaceutical Factory and was established as a limited company in 1996, later going public in 2011 [17][18]. - The company focuses on the research, development, and production of patented TCM, with 14 patented new drugs, primarily in cardiovascular and respiratory disease areas [21][24]. Financial Performance - In 2023, Yiling achieved revenues of 10.32 billion yuan, a year-on-year decline of 17.7%, with a net profit of 1.35 billion yuan, down 42.8% [24]. - For the first half of 2024, revenues are projected at 4.60 billion yuan, reflecting a 32.2% decrease, with a net profit of 530 million yuan, down 67% [6][24]. Product Analysis - The company has developed three main innovative TCM products for cardiovascular diseases: Tongxinluo Capsule, Cansongyangxin Capsule, and Qilichangxin Capsule, which address common ischemic cardiovascular conditions [4][40]. - The Lianhua series, particularly Lianhua Qingwen, has a market share close to 20% in the respiratory drug market, significantly above pre-pandemic levels [5][9]. Market Outlook - The report forecasts Yiling's revenues for 2024 to be 9.30 billion yuan, with a projected growth rate of -9.9%, followed by growth rates of 13.8% and 13.0% in 2025 and 2026, respectively [7][8]. - The estimated target market capitalization for Yiling is 30 billion yuan, indicating a potential upside of 19% from its current valuation [7].

证券代码：002603 证券简称：以岭药业 公告编号：2024-032 | 以岭医 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 药科技 有限公 | 526,775,963 | 31.53% | —— | —— | —— | —— | —— | —— | —— | | 司 | | | | | | | | | | | 吴相君 | 347,728,119 | 20.81% | 15,000,000 | 4.31% | 0.90% | —— | —— | 260,796,089 | 78.38% | | 吴瑞 | 39,096,008 | 2.34% | 8,460,000 | 21.64% | 0.51% | 5,860,000 | 69.27% | 23,462,006 | 76.58% | | 合计 | 913,600,090 | 54.68% | 23,460,000 | 2.57% | 1.40% | 5,860,000 | 24.98% | 284,258,095 | 31.93% ...