证券研究报告 2026 年 02 月 27 日 湘财证券研究所 行业研究 中药行业 价值重塑之年，寻找确定性α 相关研究： 1. 《行业未来五年有望迎来快 速转型发展期》 20260208 2. 《基药目录管理办法发布， 中药行业将进入循证驱动新周 期》 20260215 行业评级：增持（维持） 近十二个月行业表现 -10 0 10 20 30 25/02 25/05 25/08 25/11 沪深300_累计 中药_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -1 | -7 | -19 | | 绝对收益 | -1 | -2 | 2 | | | | 注：相对收益与沪深 300 相比 | | 分析师：许雯 证书编号：S0500517110001 Tel：021-50293534 Email：xw3315@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 从历次全国中成药集采来看，呈现出覆盖范围扩大、集采规则优化、 敬请阅读末页之重要声明 ❑ 2025 年行业在阵痛中筑底，2026 年关注政 ...

晨 会 纪 要 [2026]第 34 号 1、中药行业（许雯）：基药目录管理办法发布，中药行业将进入循证驱动新周期 市场表现：节前一周中药Ⅱ下跌1.75%，跌幅在医药二级子板块中相对较大 根据wind数据，节前一周（2026.02.08-2026.02.14）医药生物报收8282.27点，下跌0.81%； 中药Ⅱ报收6330.48点，下跌1.75%；化学制药报收12612.89点，下跌0.54%；生物制品报收 6102.95点，下跌0.89%；医药商业报收5319.03点，下跌2.68%；医疗器械报收6556.15点，下 跌1.07%；医疗服务报收6932.33点，上涨0.22%。医药二级子板块中，仅医疗服务上涨，其余 板块均下跌，中药板块跌幅相对较大。 主 题：对近期重要经济金融新闻、行业事件、公司公告等进行点评 时 间：2026 年 02 月 27 日 8:50-9:30 会议形式：腾讯会议 参会人员：曹旭特 仇华 许雯 王攀 蒋栋 轩鹏程 文正平 张智珑 郭怡萍 李育文 李正威 邢维洁 马丽明 汪炜 聂孟依 张弛 周成 整理记录：许雯 研究所今日晨会要点如下: 一、行业公司 从公司表现来看，根据wind ...

证券代码：300181 证券简称：佐力药业 公告编号：2026-004 浙江佐力药业股份有限公司 关于控股子公司涉诉的进展公告 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。 重要内容提示： 二、本次诉讼的进展情况 近日，珠峰药业收到最高院送达的《上诉案件应诉通知书》（2026）最高法 知民终 71 号，主要内容如下： 上诉人华东制药因与被上诉人珠峰原料、珠峰药业、华东药房侵害发明专利 权纠纷一案，不服浙江省高级人民法院（2023）浙知民初 3 号民事判决，向最高 院提出上诉。一审法院已经将一审案卷及上诉状报送最高院。经审查，最高院决 定予以受理。 三、其他尚未披露的诉讼仲裁事项 1、案件所处的诉讼阶段：原告杭州中美华东制药有限公司（以下简称"华东 制药"）在一审判决被驳回全部诉讼请求后提出上诉，二审中华人民共和国最高 人民法院（以下简称"最高院"）已受理，尚未开庭审理。 2、上市公司控股子公司所处的当事人地位：被告。 3、涉案金额：111,375,804.89 元。 4、对上市公司损益产生的影响：本次诉讼二审尚未开庭审理，后续判决结 果尚存在不确定性，暂时无 ...

分红方面，佐力药业A股上市后累计派现14.42亿元。近三年，累计派现9.42亿元。 机构持仓方面，截止2025年9月30日，佐力药业十大流通股东中，创新药（159992）位居第八大流通股 东，持股685.49万股，相比上期增加28.07万股。南方中证1000ETF（512100）位居第十大流通股东，持 股641.72万股，相比上期减少5.88万股。中欧责任投资混合A（009872）退出十大流通股东之列。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 2月24日，佐力药业涨1.75%，成交额1.60亿元。两融数据显示，当日佐力药业获融资买入额1847.99万 元，融资偿还2125.40万元，融资净买入-277.40万元。截至2月24日，佐力药业融资融券余额合计5.95亿 元。 融资方面，佐力药业当日融资买入1847.99万元。当前融资余额5.92亿元，占流通市值的5.00%，融资余 额超过近一年70%分位水平，处于 ...

经济观察网佐力药业（300181）近期有多项事件值得关注。公司拟收购资产、发行可转债用于项目建 设，并披露了2025年前三季度的业绩增长情况。 近期事件 公司项目推进 此外，公司于2025年12月披露拟发行不超过15.56亿元可转换公司债券，用于智能化中药大健康工厂等 项目，目前处于推进阶段。 业绩经营情况 根据公开信息，公司于2025年12月15日公告拟以总价3.56亿元收购西藏未来生物医药股份有限公司及其 子公司的资产组，包括多种微量元素注射液系列产品，付款节奏将根据技术资料交接、上市许可变更等 事项分阶段进行。2026年1月15日，公司在机构调研中表示，2026年将加强"院内+院外"双轮驱动，目标 将院外销售占比提升至20%-30%，并推进OTC渠道建设和品牌营销。2026年2月1日，公司举行30周年庆 典，宣布乌灵品牌战略升级，计划通过院内市场夯实和院外拓展，推动"乌灵菌+X"生态布局，目标开 发10个复方制剂并提升C端影响力。 财务方面，2025年1-9月，公司实现营业收入22.80亿元，归母净利润5.10亿元，同比分别增长11.48%和 21.00%。 以上内容基于公开资料整理，不构成投资建议。 ...

Group 1 - The core announcement indicates that Zhejiang Zhaoli Pharmaceutical Co., Ltd. has won the bid for the supply of traditional Chinese medicine formula granules for Jinhua Maternal and Child Health Hospital [1][2] - The bidding project is categorized as a non-government procurement initiative [1] - The announcement was published on February 8, 2026, by Jinhua Sunshine Bidding Agency [2] Group 2 - Zhejiang Zhaoli Pharmaceutical has made investments in 10 companies and participated in 5,035 bidding projects [1] - The company holds 219 trademark registrations, 33 patents, and 12 copyright registrations [1] - Additionally, Zhejiang Zhaoli Pharmaceutical possesses 257 administrative licenses [1]

Core Viewpoint - Zhaoli Pharmaceutical has shown a mixed performance in financing activities and stockholder dynamics, with significant revenue growth and profit increase reported for the year 2025. Financing Activities - On February 3, Zhaoli Pharmaceutical's financing buy-in amounted to 18.73 million yuan, while financing repayment was 19.85 million yuan, resulting in a net financing outflow of 1.11 million yuan [1] - As of February 3, the total financing and securities balance for Zhaoli Pharmaceutical was 604 million yuan, with the financing balance accounting for 5.03% of the circulating market value, indicating a high level compared to the past year [1] - The company had a securities lending balance of 2.75 million yuan, with a lending volume of 162,000 shares, also reflecting a high level compared to the past year [1] Company Performance - For the period from January to September 2025, Zhaoli Pharmaceutical achieved an operating income of 2.28 billion yuan, representing a year-on-year growth of 11.48% [2] - The net profit attributable to the parent company for the same period was 510 million yuan, showing a year-on-year increase of 21.00% [2] Shareholder Dynamics - As of September 30, 2025, the number of shareholders for Zhaoli Pharmaceutical reached 41,400, an increase of 7.31% compared to the previous period [2] - The average circulating shares per person decreased by 6.82% to 14,562 shares [2] - The company has distributed a total of 1.442 billion yuan in dividends since its A-share listing, with 942 million yuan distributed in the last three years [3]

Core Viewpoint - Zhaoli Pharmaceutical is focusing on bridging the gap between hospital and consumer markets, aiming to reconstruct the value chain in the C-end consumer market and achieve a revenue target of 10 billion yuan [1] Strategic Upgrade and Brand Development - Zhaoli Pharmaceutical plans to leverage policies and partnerships to strengthen its core products and operational capabilities, establishing the Wuling brand as a super brand in the market [2] - The company has historically relied on the hospital market for growth, with its core product, Wuling Capsule, being a major item in the traditional Chinese medicine sector [2][3] - The launch of the Wuling brand's "super symbol" marks an upgrade in the company's strategy towards the C-end market, aiming to enhance brand recognition among the general public [2] C-end Market Strategy - The core of the Wuling brand strategy is to effectively convert product strength and brand recognition from hospitals to direct consumer influence [3] - Zhaoli has established an independent OTC division and is enhancing partnerships with major pharmacy chains while expanding into e-commerce and O2O retail channels [3] - The company has seen positive results in certain markets, with membership management leading to a product repurchase rate increase from 10% to 25% [3] Opportunities in Sleep Health - Zhaoli's C-end strategy is built on the clinical efficacy of its products, particularly the Wuling Capsule, which has shown benefits in improving sleep and cognitive function [4] - The company recognizes the significant market opportunity in addressing sleep disorders, with nearly 48.5% of adults in China experiencing sleep issues [4] - Currently, C-end revenue accounts for only about 10% of total revenue, with a goal to increase this to 30% [4] Multi-layered C-end Marketing Strategy - The company plans to implement a comprehensive C-end marketing strategy in 2026, focusing on building brand recognition through online media and community education initiatives [5] - Collaborations with pharmacy chains will include creating dedicated "Wuling Sleep Zones" to enhance sales capabilities [5] Building a New Health Consumption Ecosystem - Zhaoli's push into the C-end market is a critical step in reshaping its brand and business ecosystem, with the Wuling brand's super symbol serving as a foundation for future growth [6] - The company aims to develop a comprehensive "Wuling + X" ecosystem, with ongoing research and development in various health-related areas [6] - A diverse growth matrix is emerging, with continued penetration in hospital markets and rapid expansion in retail [6] Conclusion - Zhaoli Pharmaceutical is at a pivotal moment, balancing its established hospital market presence with ambitious plans for consumer market expansion, reflecting broader trends in the modernization of traditional Chinese medicine under the Healthy China strategy [7]

Core Viewpoint - The pharmaceutical sector is experiencing significant capital inflow, driven by the emergence of Nipah virus cases in India, which has heightened interest in vaccines and innovative drugs, alongside the continuous expansion of Chinese pharmaceutical companies in overseas markets [1] Group 1: Market Dynamics - On January 26, the pharmaceutical sector saw a notable increase in capital inflow, with market sentiment becoming more active due to multiple factors, including marginal improvements in industry fundamentals and supportive policies [1] - The emergence of overseas pandemic events, such as Nipah virus infections, has reignited market focus on vaccines, antiviral drugs, and public health defense systems, reinforcing long-term investment confidence in the pharmaceutical sector, particularly in innovative drugs, vaccines, and diagnostics [1] Group 2: Structural Opportunities - Recent institutional insights indicate that structural opportunities within the pharmaceutical sector are becoming clearer, with the strong momentum of innovative drugs continuing to be a core driver of the sector [1] - By January 2026, several companies, including Yilian Biotech and Rongchang Biotech, have achieved licensing agreements, validating the global competitiveness of Chinese innovative drugs, especially in cutting-edge technology areas like ADC, bispecific antibodies, and small nucleic acids [1] Group 3: Sector Developments - Progress in specific subfields is enhancing confidence in the sector, with small nucleic acid drugs showing positive clinical data in chronic hepatitis B and metabolic diseases, attracting accelerated investments from leading domestic and international companies [2] - Breakthroughs in oral immunomodulatory drugs targeting new pathways provide new treatment options for difficult diseases such as psoriasis and ulcerative colitis, warranting ongoing monitoring of related domestic companies' clinical advancements [2] - The GLP-1 class products maintain high demand in the weight loss and diabetes markets, with a gradually forming domestic pricing system and rapid overseas market expansion opening up further growth opportunities [2] Group 4: Investment Strategies - Institutions suggest investors focus on the following main lines for pharmaceutical sector investments: - Concentrate on cutting-edge areas of innovative drugs, particularly in the accelerating overseas expansion of bispecific antibodies, ADC, and small nucleic acids, such as YK Pharma and Sunlight Novo [3] - Capitalize on innovative breakthroughs in tumor therapeutic vaccines [3] - Invest in the CXO and research service industry chain that supports innovative research and development, such as Yinos and Zhaoyan New Drug [3] - Pay attention to traditional Chinese medicine and pharmacy sectors with overseas potential or high dividend defensive attributes, such as Zoli Pharmaceutical, Dong'e Ejiao, and Yifeng Pharmacy [3]

Group 1 - The core point of the news is that Zhaoli Pharmaceutical conducted a block trade on January 26, with a total of 157,200 shares traded at a price of 13.62 yuan, which represents a discount of 22.22% compared to the market closing price of 17.51 yuan [1][2]. Group 2 - The transaction amount for the block trade was 2.1411 million yuan, accounting for 0.44% of the total trading volume on that day [1][2]. - The buyer of the shares was Bohai Securities Co., Ltd., while the seller was Guodu Securities Co., Ltd. [2].