Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company achieved a total revenue of 2.58 billion yuan in 2024, representing a year-on-year growth of 32.81%, and a net profit attributable to shareholders of 505 million yuan, up 31.79% year-on-year [1]. - For Q1 2025, the company forecasts a net profit attributable to shareholders between 178 million and 189 million yuan, indicating a growth of 24.99% to 32.71% year-on-year [1]. - The core product, the Wuling series, saw a revenue increase of 17.14% in 2024, with Wuling capsules' sales volume and revenue growing by 22.62% and 15.96% respectively [2]. - The company is focusing on expanding its market share for Bailing tablets, which have been affected by price reductions due to centralized procurement [2]. - The company has successfully increased its market presence in traditional Chinese medicine, with revenues from traditional Chinese medicine pieces growing by 45.82% and from formula granules by 145.34% in 2024 [2]. - The company is expected to achieve revenues of 3.12 billion yuan and 3.77 billion yuan in 2025 and 2026 respectively, with net profits of 659 million yuan and 846 million yuan [3]. Financial Projections - The company’s projected revenues for 2024, 2025, and 2026 are 2.58 billion yuan, 3.12 billion yuan, and 3.77 billion yuan respectively, with growth rates of 32.81%, 20.82%, and 21.02% [13]. - The projected net profits for the same years are 505 million yuan, 659 million yuan, and 846 million yuan, with growth rates of 31.79%, 30.64%, and 28.31% [13]. - The earnings per share (EPS) are expected to be 0.72 yuan, 0.94 yuan, and 1.21 yuan for 2024, 2025, and 2026 respectively [13].

Group 1: Market Strategy and Product Promotion - The company will leverage core products like Wuling Capsules and Bailing Capsules to enhance hospital coverage and penetrate deeper into lower-tier cities and community health service centers [2][3] - The company aims to strengthen its OTC market presence by enhancing brand planning and conducting various promotional activities to improve patient education and product awareness [3][4] - A strategic partnership with Baidu Health has been established to enhance digital marketing and patient education, facilitating better service experiences for patients [5][6] Group 2: Sales Performance and Growth Projections - Bailing Capsules, launched in December 2024, is expected to capitalize on the recent procurement results to expand market presence through self-operated and agency-driven models [4] - Lingze Tablets are projected to see a sales volume and revenue increase of 23.17% and 22.64% respectively in 2024 compared to the previous year [6] - Linglianhua Granules, targeting middle-aged women, has achieved an exposure of 180 million and over 250,000 potential patient interactions since its online launch in July 2024 [6] Group 3: Financial Outlook and Shareholder Returns - The company proposes a cash dividend of RMB 6.00 per 10 shares for 2024, maintaining a high dividend payout rate [7][8] - Estimated stock incentive expenses for 2025 are projected to be around RMB 30 million [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][20]. Core Insights - The company achieved a revenue of 2.58 billion yuan in 2024, representing a year-on-year growth of 32.81%, and a net profit of 505 million yuan, with a growth rate of 31.79% [2][3]. - The company continues to show strong performance in its core products, with all three major products achieving over 15% growth in sales [2]. - The company has a high dividend payout ratio of 98.58%, reflecting management's confidence in future growth [9]. Financial Performance Summary - Revenue projections for 2024-2026 are 25.8 billion yuan, 33.85 billion yuan, and 42.73 billion yuan, with respective year-on-year growth rates of 33%, 31%, and 26% [9]. - Net profit projections for the same period are 5.05 billion yuan, 6.7 billion yuan, and 8.68 billion yuan, with year-on-year growth rates of 32%, 33%, and 30% [9]. - The company’s return on equity (ROE) is expected to increase from 14.1% in 2023 to 22.6% in 2026 [11]. Product Performance Summary - The company’s core product, Wuling Capsule, has a significant market presence, with 6 provinces yet to implement centralized procurement, indicating potential for continued growth [3]. - The sales of the Lingze Tablets and the Bailing Tablets are expected to recover post-2024 due to improved pricing strategies and market conditions [3]. - The Chinese herbal medicine series has seen a substantial revenue increase of 45.82% due to the popularity of Wumei Soup [2]. Market Strategy Summary - The company is focusing on both hospital and online markets, leveraging its core products' status as national essential medicines to enhance market penetration [4]. - A dual-channel strategy is being employed, combining offline pharmacy networks with online platforms to create a comprehensive consumer engagement model [4].

Investment Rating - The report assigns a "Buy" rating for Zuo Li Pharmaceutical (300181) based on its strong growth prospects and market positioning [1]. Core Views - Zuo Li Pharmaceutical is expected to achieve significant revenue growth driven by its core products, including Wu Ling capsules, Ling Ze tablets, and Bai Ling series, alongside new business contributions from traditional Chinese medicine [1][3][4]. - The company anticipates a revenue of 2.58 billion yuan for 2024, representing a year-on-year growth of 32.81%, and a net profit of 505 million yuan, reflecting a growth of 31.79% [1][6]. Summary by Sections Revenue and Profit Forecast - For 2024, the company projects total revenue of 2.58 billion yuan, with a year-on-year growth of 32.81%. The expected net profit is 505 million yuan, up 31.79% year-on-year [1][6]. - In Q1 2025, the forecasted net profit is between 178 million to 189 million yuan, indicating a growth of 24.99% to 32.71% [1]. Product Performance - Wu Ling capsules are expected to leverage their status as a national essential medicine to capture new growth opportunities, targeting a market size of 2 billion yuan [3]. - Ling Ze tablets are also positioned to reach a market size of 1 billion yuan through accelerated promotion in medical institutions [3]. - The Bai Ling series is anticipated to benefit from synergies between Bai Ling capsules and tablets, aiming for a similar market size [4]. New Business Contributions - The traditional Chinese medicine segment, including herbal pieces and formula granules, has shown robust growth, with herbal pieces revenue increasing by 45.82% and formula granules by 145.34% year-on-year [4][5]. - The company’s subsidiary, Zuo Li Medicine, contributed an additional revenue of 158 million yuan [4]. Strategic Initiatives - The company has implemented a stock incentive plan to align employee interests with long-term growth, targeting a net profit growth rate of no less than 30% from 2025 to 2027 [4]. - Zuo Li Pharmaceutical aims to maintain a strategic focus on traditional Chinese medicine while expanding its market share through new product development and enhanced distribution channels [5].

Investment Rating - The report assigns a "Buy" rating for Zuo Li Pharmaceutical (300181) based on its strong growth prospects and market positioning [1]. Core Views - Zuo Li Pharmaceutical is expected to achieve significant revenue growth driven by its core products, including Wu Ling capsules, Ling Ze tablets, and Bai Ling series, alongside new business contributions from traditional Chinese medicine [1][3][4]. - The company anticipates a revenue of 2.58 billion yuan for 2024, representing a year-on-year growth of 32.81%, and a net profit of 505 million yuan, reflecting a growth of 31.79% [1][6]. Summary by Sections Business Performance - Wu Ling capsules are projected to become a major product with a market size of 2 billion yuan, leveraging its status as a national essential medicine and expanding hospital coverage [3]. - Ling Ze tablets are also expected to reach a scale of 1 billion yuan through accelerated promotion in medical institutions [3]. - Bai Ling series products are showing strong sales synergy, with Bai Ling capsules and tablets experiencing a sales volume increase of 15.25% and a sales value decrease of 7.23% due to price reductions from centralized procurement [4]. Financial Forecast - The company forecasts a revenue of 3.06 billion yuan and a net profit of 653 million yuan for 2025, with an EPS of 0.93 yuan [6][7]. - The projected growth rates for net profit from 2025 to 2027 are set at no less than 30%, 66%, and 110%, respectively, indicating a compound annual growth rate of around 30% [4]. New Business Contributions - The revenue from traditional Chinese medicine segments, including herbal pieces and formula granules, is expected to grow significantly, with herbal pieces increasing by 45.82% and formula granules by 145.34% year-on-year [4][5]. - The company has established over 100 cooperative herbal planting bases across the country, enhancing its supply chain and product offerings [5].

一、提议的内容和理由 公司自上市以来，高度重视股东利益，致力于为股东创造长期价值并积极回 馈股东。基于对公司未来发展前景的坚定信心和长期价值的高度认可，在符合《公 司法》《公司章程》等相关规定、保证公司正常经营和长远发展的前提下，俞有 强先生提议： 证券代码：300181 证券简称：佐力药业 公告编号：2025-011 浙江佐力药业股份有限公司 关于收到控股股东、实际控制人、董事长 2024年度利润分配提议函的公告 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。 浙江佐力药业股份有限公司（以下简称"公司"）董事会于 2025 年 3 月 6 日收到公司控股股东、实际控制人、董事长俞有强先生出具的《关于浙江佐力药 业股份有限公司 2024 年度利润分配预案的提议和承诺》，内容主要如下： 1 1、公司董事会收到提议人俞有强先生提交的《关于浙江佐力药业股份有限 公司 2024 年度利润分配预案的提议和承诺》后，召集半数以上董事对本次利润 分配预案进行了讨论，结合相关法律法规及公司实际经营和盈利情况、未来发展 规划和近年来现金分红情况等进行分析，认为该提议具备合法性、 ...

Financial Performance - The estimated net profit attributable to shareholders for Q1 2025 is projected to be between RMB 178 million and RMB 189 million, representing a year-on-year growth of 24.99% to 32.71% compared to RMB 142.42 million in the same period last year[2]. - The estimated net profit after deducting non-recurring gains and losses is expected to be between RMB 177.8 million and RMB 189.8 million, reflecting a growth of 23.79% to 32.14% from RMB 143.63 million in the previous year[2]. - The company anticipates a net profit of RMB 185 million to RMB 196 million after accounting for a reduction of approximately RMB 7 million in net profit due to share-based payment expenses related to the 2024 restricted stock incentive plan[2][5]. - Non-recurring gains and losses are expected to impact net profit by an amount ranging from RMB -800,000 to RMB 200,000[5]. - The financial data in this earnings forecast has not been audited by an accounting firm[3]. - The specific financial data will be detailed in the company's Q1 2025 report[6]. Product Growth - The growth is attributed to the market expansion of three core products: Wuling Capsules, Bailing Tablets, and Lingze Tablets, which are included in the national essential drug list[4]. - The company has seen continuous growth in traditional Chinese medicine formula granules as the number of registered varieties increases year-on-year[4].

Financial Performance - Total revenue for 2024 reached CNY 2,579,748,294.85, a year-on-year increase of 32.81%[5] - Operating profit for the period was CNY 604,416,890.81, reflecting a growth of 34.70% compared to the previous year[5] - Net profit attributable to shareholders was CNY 504,677,015.63, up 31.79% from the same period last year[5] - The company’s basic earnings per share rose to CNY 0.72, a 30.91% increase compared to the previous year[5] Asset and Equity Growth - Total assets at the end of the reporting period amounted to CNY 3,999,238,077.12, an increase of 10.26% from the beginning of the period[5] - The company's equity attributable to shareholders increased to CNY 2,772,453,313.70, a growth of 1.60%[5] Product Revenue Growth - The sales revenue of the core product Wuling capsules grew by 17.14%, with sales volume and revenue increasing by 22.62% and 15.96% respectively[7] - The revenue from traditional Chinese medicine pieces increased by 45.82% year-on-year[7] - The revenue from Chinese medicine formula granules surged by 145.34% due to increased regulatory approvals[7] Profitability Improvement - The company’s expense ratio decreased due to the scale effect of sales growth, leading to improved profitability[8]

社会信用代码：91330000147115443M 注册地址：浙江省德清县阜溪街道志远北路 388 号 法定代表人：汪涛 证券代码：300181 证券简称：佐力药业 公告编号：2025-010 浙江佐力药业股份有限公司 关于公司药品生产许可证变更的公告 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。 浙江佐力药业股份有限公司（以下简称"公司"）于近期完成了《药品生产 许可证》的变更登记并取得了浙江省药品监督管理局换发的《药品生产许可证》， 同意公司《药品生产许可证》副本新增车间和生产线情况，其他内容不变。现将 有关情况公告如下： 一、《药品生产许可证》的基本情况 企业名称：浙江佐力药业股份有限公司 三、对公司的影响及风险提示 公司本次《药品生产许可证》的变更登记主要涉及生产车间和生产线情况的 变更，有利于公司优化产能，完善产品结构，更好地满足市场需求，短期内对公 司业绩无重大影响，敬请投资者注意投资风险。 特此公告。 浙江佐力药业股份有限公司 有效期限至：2025 年 11 月 24 日 1、在车间和生产线情况中新增 | 类型 | 生产地址 | | | 车间 ...

Group 1: Sales and Market Strategy - The company has implemented a strategy of "price for volume" in regions where centralized procurement is executed, leading to sustained growth of selected products [1][2] - The company is expanding its outreach to the C-end market by collaborating with chain pharmacies and utilizing new media platforms like Xiaohongshu and Douyin for brand promotion [2] - The positioning of products is being upgraded, with the promotion of Wuling capsules evolving to address mild cognitive impairment (MCI) and enhancing brand awareness through consumer education [2] Group 2: Sales Team Development - The company currently employs over 600 sales personnel, with more than 100 in the OTC team, emphasizing the importance of talent in sales [3] - There is a focus on both external talent acquisition and internal training to enhance management capabilities and professional skills within the sales team [3] - The company aims to optimize collaboration among sales teams for various product lines to improve resource utilization [3] Group 3: Product Competitive Advantage - Wuling capsules are unique as a single-component formulation, ensuring high safety and patient compliance, and are recognized in 79 clinical guidelines and expert consensus [4][5] - The daily medication cost of Wuling capsules is reasonable, and they are classified as a basic national drug, which lowers out-of-pocket expenses for patients in centralized procurement areas [5] Group 4: Supply Chain and Quality Control - The company operates over 100 medicinal herb planting bases across the country, some of which are cooperative bases, and is advancing GAP planting base construction to ensure product quality [6] - Continuous optimization of the supply chain is being pursued to guarantee traceability from cultivation to consumption, aiming for steady economic growth [6] Group 5: Research and Development Focus - Recent R&D efforts include the innovation of Wuling series traditional Chinese medicine, with ongoing clinical trials and the development of new indications for existing products [7] - The company is actively participating in the establishment of national and provincial standards for traditional Chinese medicine formula granules, supporting sales growth [7] - Collaboration with renowned universities and research institutions is being enhanced to facilitate the application of new technologies [7] Group 6: Target Demographics for Wuling Capsules - Wuling capsules are suitable for a wide age range, addressing issues like insomnia and anxiety prevalent among students and the elderly [8] - The product's high safety profile and efficacy make it a preferred choice for students facing academic pressure [8]