Investment Rating - The industry rating is maintained at "Overweight" [6] Core Insights - The Chinese medicine sector saw a 1.27% increase last week, lagging behind other pharmaceutical segments, with the overall pharmaceutical sector rising by 3.64% [2] - The price-to-earnings (PE) ratio for the Chinese medicine sector is 27.57X, up 0.34X week-on-week, while the price-to-book (PB) ratio is 2.28X, also showing a slight increase [3] - The market for traditional Chinese medicine materials is experiencing increased supply but declining prices, with a 0.5% drop in the total price index last week [4] Summary by Sections Market Performance - The Chinese medicine sector's performance is weaker compared to other pharmaceutical segments, with notable companies like Jiuzi Tang and Zoli Pharmaceutical performing well, while others like Mayinglong and Dong'e Ejiao lag behind [2][15] Valuation - The current PE ratio of 27.57X places the sector at the 29.53% percentile since 2013, while the PB ratio of 2.28X is at the 5.37% percentile [3] Supply Chain Dynamics - The market for Chinese medicinal materials is characterized by increased production and declining prices, with a significant number of categories experiencing price drops [4] Policy Developments - The dual-track system for medical insurance and commercial insurance is being implemented, allowing for dynamic adjustments and submissions for inclusion in the basic medical insurance directory [5][6] Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform, highlighting companies with strong R&D capabilities and unique products [11][12][13]

Industry Overview - The Chinese medicine sector experienced a decline of 0.32% last week, while the overall pharmaceutical sector showed mixed performance with a 1.4% increase in the pharmaceutical and biological index [3][4] - The performance of the Chinese medicine sector is relatively weak compared to other pharmaceutical sub-sectors, with chemical pharmaceuticals showing the best performance with a 3.53% increase [3][4] Company Performance - Top-performing companies in the Chinese medicine sector include Kanghui Pharmaceutical, Enwei Pharmaceutical, Kangyuan Pharmaceutical, Zhongsheng Pharmaceutical, and Zhendong Pharmaceutical [4] - Underperforming companies include Wanbangde, Longjin Retreat, Biological Valley, Guangyuyuan, and Jiu Zhitang [4] Valuation Metrics - The price-to-earnings (PE) ratio for the Chinese medicine sector is 27.68X, reflecting a decrease of 0.1X week-on-week, with a one-year maximum of 30.13X and a minimum of 22.58X [5] - The price-to-book (PB) ratio stands at 2.29X, down 0.01X from the previous week, with a one-year maximum of 2.65X and a minimum of 1.99X [5] - The current PE is at the 29.83% percentile since 2013, while the PB is at the 5.56% percentile during the same period [6] Raw Material Market - The market for raw Chinese medicinal materials is under pressure, with a total index price of 241.57 points, reflecting a 0.7% decrease week-on-week [7] - Among the twelve categories of medicinal materials, five categories saw price increases while seven experienced declines, with the plant leaf category showing the largest drop [7] Policy and Market Dynamics - The third batch of national collection for traditional Chinese medicine began implementation in April 2025, with at least 19 provinces releasing results [8] - The collection involves 20 product groups and 95 products, with 174 selected drugs, indicating a trend towards price rationalization in the sector [8] - There is a need for further optimization of selection rules due to insufficient completion rates in local collections [8] Investment Recommendations - The report maintains an "overweight" rating for the industry, suggesting three main investment themes: price governance, consumption recovery, and state-owned enterprise reform [9][10][11] - Price governance focuses on the impact of collection and negotiation on drug prices, with a recommendation to pay attention to companies with strong R&D capabilities and unique products [9] - Consumption recovery is driven by macroeconomic improvement and aging population, favoring companies with brand and material advantages [10] - State-owned enterprise reform presents opportunities for performance improvement and efficiency gains in the Chinese medicine sector [11] - Recommended investment targets include Zoli Pharmaceutical, Pian Zai Huang, and Shou Xian Gu, which are expected to benefit from these trends [11]

证券代码：300181 证券简称：佐力药业 公告编号：2025-035 浙江佐力药业股份有限公司 关于控股股东、实际控制人部分股份 质押及解除质押的公告 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"或"本公司"）近日接到公 司控股股东、实际控制人俞有强先生的函告，获悉其所持有本公司的部分股份办 理了质押及解除质押业务，具体事项如下： 注：上述质押股份不存在负担重大资产重组等业绩补偿义务。 二、股东股份解除质押基本情况 | | 是否为控 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股股东或 | 本次解除质 | 占其所持 | 占公司 | 原质押 | 解除质押 | | | | 第一大股 | 押股份数量 | 股份比例 | 总股本 | | | 质权人 | | 名称 | | | | | 起始日 | 日期 | | | | 东及其一 | （股） | (%) | 比例(%) | | | | | | 致行动人 | | | | | | | ...

Core Viewpoint - The article discusses the significant impact of centralized procurement policies on the traditional Chinese medicine (TCM) industry, highlighting the challenges and potential restructuring within the sector as it enters a new era of competition and pricing pressures [1][2][3]. Group 1: Impact of Centralized Procurement - The centralized procurement system has greatly affected the Western medicine industry, and similar pressures are now being felt in the TCM sector as it officially enters the "procurement era" [1][3]. - The scope of centralized procurement for TCM has expanded from 15 provinces to nationwide, with the number of products increasing to 45, indicating a growing impact on the industry [10][9]. - Many selected companies are pricing their products close to cost, leading to expectations of profit declines in the TCM industry by 2025 [11][12]. Group 2: Market Dynamics and Price Trends - Despite the challenges, the price of raw materials for TCM has significantly decreased this year, with the Chinese herbal medicine price index dropping over 20% from its peak [14][13]. - Some companies that won bids in the procurement process are experiencing unexpectedly high profits due to fixed hospital procurement prices, leading to optimistic sales forecasts [17]. - The average price drop for selected products in the latest procurement round was 47.38%, with some products seeing reductions as high as 69.3% [37][38]. Group 3: Industry Restructuring and Future Outlook - The TCM industry is expected to undergo significant restructuring, with a potential reduction in the number of suppliers as centralized procurement becomes more prevalent [23][24]. - The government has issued policies aimed at enhancing the quality and development of the TCM industry, indicating a push towards modernization and improved standards [25]. - The performance of TCM companies has been under pressure, with a reported 4.6% decline in total revenue and an 18.7% drop in net profit for 75 listed TCM companies in 2024 [29][28]. Group 4: Competitive Landscape - The competitive landscape is shifting, with traditional TCM giants facing challenges as their unique product strategies are tested by centralized procurement [33][40]. - Companies that previously opted out of insurance reimbursement to avoid price cuts are now facing increased pressure as more exclusive products enter centralized procurement [34][36]. - The article suggests that only companies with strong R&D capabilities, unique products, and brand advantages will thrive in the increasingly competitive environment [44][42].

证券代码：300181 证券简称：佐力药业 公告编号：2025-034 浙江佐力药业股份有限公司 关于为控股子公司向银行申请授信额度提供担保的 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。 一、担保情况概述 浙江佐力药业股份有限公司（以下简称"公司"）于 2024 年 4 月 17 日召开了 第七届董事会第十九次会议、第七届监事会第十七次会议，审议通过了《关于为控 股子公司向银行申请授信额度提供担保的议案》，同意为控股子公司青海珠峰冬虫 夏草药业有限公司(以下简称"珠峰药业")向银行申请授信额度不超过人民币（含） 3,000 万元提供连带责任担保。该授信及担保额度期限自第七届董事会第十九次会 议审议通过之日起 2 年内有效。2024 年 5 月 23 日，公司与招商银行股份有限公 司西宁分行（以下简称"招商银行西宁分行"）签署了《最高额不可撤销担保书》， 同意公司为珠峰药业向招商银行西宁分行申请的 2,000 万元人民币的授信额度提 供连带保证责任。上述具体内容详见公司分别于 2024 年 4 月 19 日、2024 年 5 月 24 日在巨潮资讯 ...

证券代码：300181 证券简称：佐力药业 公告编号：2025-033 1 股东 名称 是否为 控股股 东或第 一大股 东及其 一致行 动人 本次质押 数量（股） 占其 所持 股份 比例 (%) 占公 司总 股本 比例 (%) 是 否 为 限 售 股 是否 为补 充质 押 质押 起始日 质押 到期日 质权人 质押 用途 俞有强 是 11,502,000 8.86 1.64 否 否 2025 年 5月30日 解除质 押之日 国泰海通 证券股份 有限公司 股票质 押融资 置换 合计 - 11,502,000 8.86 1.64 - - - - - - 一、股东股份质押基本情况 浙江佐力药业股份有限公司 关于控股股东、实际控制人部分股份 质押及解除质押的公告 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"或"本公司"）近日接到公 司控股股东、实际控制人俞有强先生的函告，获悉其所持有本公司的部分股份办 理了质押及解除质押业务，具体事项如下： 注：上述质押股份不存在负担重大资产重组等业绩补偿义务。 二、股东股份解除质押基本情况 ...

Group 1: OTC Sales Strategy - The company is implementing a strategy to enhance C-end sales through various reforms in the OTC sector, including restructuring the sales and marketing teams to improve efficiency [1] - Initiatives include promoting large packaging of products, enhancing staff and consumer education, and strengthening partnerships with chain pharmacies to boost OTC sales [2] - The company is focusing on O2O online operations and collaborating with platforms like Meituan to cater to the trend of online medication purchases among younger consumers [2] Group 2: Development Strategy for 2025 - The company maintains a strategic focus on finished medicines, with traditional Chinese medicine as a complementary aspect, aiming for steady growth through targeted marketing and research [3] - There is an active exploration of the health product sector, particularly in the research of Wuling mushroom powder liquid, while keeping an eye on overseas registration policies to seize market opportunities [3] Group 3: Product Development and Market Position - The development of Polycabophil Calcium Tablets was driven by significant market demand in the digestive field and its synergy with Wuling Capsules, positioning it as a competitive product with a clear market advantage [4] - The product is the first in China to pass the consistency evaluation for generic drugs, which enhances its competitive barrier and is included in the national medical insurance list [5] - Sales of Polycabophil Calcium Tablets have been growing rapidly, with a focus on establishing model markets in regions like Zhejiang to enhance brand image and market share [5] Group 4: Financial Management and Inventory - The company has reduced inventory turnover significantly compared to the beginning of the year, with approximately 170 million RMB in acceptance bills maturing in the second quarter to improve cash flow [6] - As of the first quarter, the company had around 470 million RMB in inventory, which is aligned with production needs and market demand, ensuring a reasonable inventory level [7]

浙江佐力药业股份有限公司 2024年年度权益分派实施公告 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。 特别提示： 证券代码：300181 证券简称：佐力药业 公告编号：2025-032 1、浙江佐力药业股份有限公司（以下简称"公司"或"本公司"）通过回 购专用证券账户持有的公司股份 8,920,074 股不享有参与利润分配的权利。因此， 本次实际现金分红总额=实际参与现金分红的股本×剔除回购股份后每 10 股分 红金额/10 股=692,467,261 股×6.00 元/10 股=415,480,356.60 元；按公司总股 本折算每股现金分红=本次实际现金分红总额/公司总股本=415,480,356.60 元 /701,387,335 股=0.5923693 元（保留到小数点后七位，最后一位直接截取，不 四舍五入），即按公司总股本折算每 10 股现金分红 5.923693 元（保留到小数点 后六位，最后一位直接截取，不四舍五入）。 2、在保证本次权益分派方案不变的前提下，2024 年年度权益分派实施后的 除权除息价格按照上述原则及计算方式执行，即本次权益 ...

上海东方华银律师事务所 2024 年度股东大会的法律意见书 致：浙江佐力药业股份有限公司 上海东方华银律师事务所（以下简称"本所"）接受浙江佐力药业股份有限 公司（以下简称"贵司"或"公司"）委托，就贵司召开 2024 年度股东大会的有 关事宜，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股 东股东会规则》（以下简称"《股东会规则》"）等法律、法规和其他规范性文件以 及《浙江佐力药业股份有限公司章程》（以下简称"《公司章程》"）的有关规定， 出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的本次股东大会的相关资料， 包括但不限于公司召开 2024 年度股东大会的通知、公司 2024 年度股东大会的议 程、议案及决议等文件资料，同时听取了公司董事会秘书就有关事实的陈述和说 明。公司已向本所作出保证和承诺，保证公司向本所提供的资料和文件均为真实、 准确、完整，无重大遗漏。 本所律师仅就本法律意见书出具日以前所发生的事实以及本所律师对有关 法律法规的理解发表法律意见。 本法律意见书仅供公司为本次股东大会之目的使用，不得用于其他任何目的。 本所同意本法律意见书作为公司本次股东大会公 ...

证券代码：300181 证券简称：佐力药业 公告编号：2025-031 浙江佐力药业股份有限公司 2024年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召集人：浙江佐力药业股份有限公司（以下简称"公司"或"本公 司"）董事会 2、会议召开时间：（1）现场会议召开时间：2025年5月15日（星期四）下 午14:00（2）网络投票时间：通过深圳证券交易所（以下简称"深交所"）交易 系统进行网络投票的具体时间为：2025年5月15日（星期四）上午9:15—9:25，9:30 —11:30 和下午13:00—15:00；通过深交所互联网投票系统投票的具体时间为： 2025年5月15日（星期四）上午9:15至下午15:00期间的任意时间。 3、会议召开地点：浙江省德清县阜溪街道志远北路388号，浙江佐力药业股 份有限公司会议室。 4、会议召开方式：采取现场投票和网络投票相结合的方式。 5、会议主持人：公司董事长 ...