Investment Rating - The industry rating is maintained at "Overweight" [8] Core Views - The Chinese medicine sector saw a 3.12% increase last week, with the overall pharmaceutical sector rising by 2.95% [2] - The PE (ttm) for the Chinese medicine sector is 29.58X, up 0.89X week-on-week, while the PB (lf) is 2.45X, up 0.08X week-on-week [3] - The "Thousand-Year Herbal" initiative aims to establish a comprehensive communication system for the entire lifecycle of Chinese medicine, focusing on resource protection, quality control, and technological innovation [5] - The recent implementation of centralized procurement for Chinese medicine pieces is expected to drive industry standardization and enhance competitive advantages for companies with strong management and innovation capabilities [6] Market Performance - The Chinese medicine II index closed at 6845.97 points, reflecting a 3.12% increase, while the chemical pharmaceuticals index rose by 5.01% [2][14] - The performance of leading companies includes Qizheng Tibetan Medicine and Zhongsheng Pharmaceutical, while companies like Qidi Pharmaceutical and Kangmei Pharmaceutical lagged behind [2] Valuation - The Chinese medicine sector's PE (ttm) is at 29.58X, which is at the 35.13% percentile since 2013, while the PB (lf) is at 2.45X, at the 8.52% percentile since 2013 [3] Supply Chain Insights - The market for Chinese medicinal materials is currently balanced, with the price index remaining stable despite fluctuations in supply due to extreme weather [4] Investment Suggestions - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform [11] - Companies with strong R&D capabilities and unique products are recommended, along with those less affected by centralized procurement [12]

金融界消息 截至2025年8月1日收盘，佐力药业（300181）报收于18.94元，上涨1.12%，换手率4.8%， 成交量28.93万手，成交金额5.55亿元。 资金流向方面，今日主力资金净流入2773.59万元，占比成交额5.0%。其中，超大单净流入1915.44万 元、占成交额3.45%，大单净流入858.14万元、占成交额1.55%，中单净流出流入991.49万元、占成交额 1.79%，小单净流出3765.07万元、占成交额6.79%。 天眼查商业履历信息显示，浙江佐力药业股份有限公司，成立于2000年，位于湖州市，是一家以从事医 药制造业为主的企业。企业注册资本70138.7335万人民币，实缴资本70138.7335万人民币。公司法定代 表人为汪涛。 通过天眼查大数据分析，浙江佐力药业股份有限公司共对外投资了10家企业，参与招投标项目4947次， 知识产权方面有商标信息100条，专利信息33条，此外企业还拥有行政许可163个。 来源：金融界 佐力药业最新一期业绩显示，截至2025一季报，公司营业总收入8.24亿元、同比增长22.52%，归属净利 润1.81亿元，同比增长27.20%，扣非净利润1. ...

Group 1 - The total salary of A-share listed company secretaries in 2024 reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - Among the A-share listed companies, 1,144 secretaries earned over 1 million yuan annually, accounting for over 21% [1] - The age distribution of secretaries shows that those aged 40-50 constitute 42%, while those over 50 account for 29%, and those under 40 make up 26% [1] Group 2 - The educational background of secretaries indicates that 5% have an associate degree, 42% hold a bachelor's degree, 49% possess a master's degree, and 4% have a doctoral degree, with over half holding a master's degree or higher [3] - Only three secretaries hold a doctoral degree, specifically from Yiling Pharmaceutical, Kunming Pharmaceutical Group, and Jinhua Co., Ltd. [3] Group 3 - The average annual salary of secretaries in A-share listed Chinese medicine companies is 742,400 yuan, with 39% earning below 500,000 yuan, 42% earning between 500,000 and 1 million yuan, and 15% earning between 1 million and 2 million yuan [5] - The top five highest-paid secretaries are from China Resources Sanjiu, Jichuan Pharmaceutical, Tianjin Pharmaceutical, Yiling Pharmaceutical, and Yibai Pharmaceutical, with salaries ranging from 1.3935 million to 2.5587 million yuan [7] Group 4 - There is significant variation in the number of investor receptions among listed companies, with 59% receiving fewer than 10 times a year, while 3% received between 300 and 1,000 times [9] - The five companies with the highest number of investor receptions are Zoli Pharmaceutical, Qizheng Pharmaceutical, Yunnan Baiyao, Jinghua Pharmaceutical, and Pianzihuang, with receptions ranging from 207 to 410 times [9]

Core Insights - The report highlights that the total salary for A-share listed company secretaries in 2024 reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - A total of 1,144 company secretaries earn over 1 million yuan annually, accounting for more than 21% of the total [1] Salary Distribution - The average annual salary for company secretaries in the A-share traditional Chinese medicine sector is 742,400 yuan [5] - The distribution of salaries is as follows: below 500,000 yuan (27 individuals, 39%), between 500,000-1,000,000 yuan (29 individuals, 42%), between 1,000,000-2,000,000 yuan (10 individuals, 15%), between 2,000,000-3,000,000 yuan (2 individuals, 3%), and above 3,000,000 yuan (1 individual, 1%) [5] Age and Educational Background - The age distribution of company secretaries shows that those aged 40-50 constitute 42%, while those over 50 account for 29%, and those under 40 make up 26% [1] - In terms of educational qualifications, 5% have an associate degree, 42% hold a bachelor's degree, 49% possess a master's degree, and 4% have a doctoral degree, with over half of the secretaries holding a master's degree or higher [3] Top Earners and Investor Relations - The top five highest-paid company secretaries are: - Xing Jian from China Resources Sanjiu (2.5587 million yuan) - Cao Wei from Jichuan Pharmaceutical (2.4107 million yuan) - Yu Jie from Tian Shi Li (2.525 million yuan) - Wu Rui from Yiling Pharmaceutical (1.89 million yuan) - Jiang Xianhong from Yibai Pharmaceutical (1.3935 million yuan) [7] - The frequency of investor meetings varies significantly among companies, with 41 companies hosting fewer than 10 meetings annually (59%), 17 companies holding 10-100 meetings (25%), 9 companies conducting 100-300 meetings (13%), and 2 companies having 300-1000 meetings (3%) [7] Most Active Companies in Investor Relations - The five companies with the highest number of investor meetings are: - Zoli Pharmaceutical (410 meetings) - Qizheng Tibetan Medicine (404 meetings) - Yunnan Baiyao (298 meetings) - Jinghua Pharmaceutical (221 meetings) - Pian Zai Huang (207 meetings) [9]

Core Insights - The report highlights that the total salary for A-share listed company secretaries in 2024 reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - A total of 1,144 company secretaries earn over 1 million yuan annually, accounting for more than 21% of the total [1] Salary Distribution - The average annual salary for company secretaries in the A-share traditional Chinese medicine sector is 742,400 yuan [5] - The distribution of salaries is as follows: - Below 500,000 yuan: 27 individuals (39%) - 500,000-1,000,000 yuan: 29 individuals (42%) - 1,000,000-2,000,000 yuan: 10 individuals (15%) - 2,000,000-3,000,000 yuan: 2 individuals (3%) - Above 3,000,000 yuan: 1 individual (1%) [5] Age and Educational Background - The age distribution of company secretaries shows that those aged 40-50 constitute 42%, while those over 50 account for 29%, and those under 40 make up 26% [1] - The educational background indicates that 5% have an associate degree, 42% hold a bachelor's degree, 49% possess a master's degree, and 4% have a doctoral degree, with over half of the secretaries holding a master's degree or higher [3] Top Earning Company Secretaries - The top five highest-paid company secretaries are: - Xing Jian from China Resources Sanjiu: 2.5587 million yuan - Cao Wei from Jichuan Pharmaceutical: 2.4107 million yuan - Yu Jie from Tianjin Tasly: 2.525 million yuan - Wu Rui from Yiling Pharmaceutical: 1.89 million yuan - Jiang Xianhong from Yibai Pharmaceutical: 1.3935 million yuan - Their tenure at the companies ranges from less than 1 year to 15 years [7] Investor Engagement - There is significant variation in the number of investor meetings held by companies: - Less than 10 meetings: 41 companies (59%) - 10-100 meetings: 17 companies (25%) - 100-300 meetings: 9 companies (13%) - 300-1000 meetings: 2 companies (3%) [7] - The five companies with the highest number of investor meetings are: - Zoli Pharmaceutical: 410 meetings - Qizheng Pharmaceutical: 404 meetings - Yunnan Baiyao: 298 meetings - Jinghua Pharmaceutical: 221 meetings - Pianzihuang: 207 meetings [9]

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年 度A股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪75.43万元。 分行业来看，统计数据显示，A股共有69家上市中药公司，董事会秘书聘任总体情况如下（部分统计口 径剔除无效数据）。 从董秘的年龄分布来看，介于40-50岁的董秘是市场的中坚力量，占比达到42%；50岁以上的董秘占比 为29%；小于40岁的董秘群体占比为26%。其中，最年轻的上市公司董秘年仅32岁，为特一药业的许紫 兰。 从董秘的学历分布看，拥有大专、本科、硕士、博士学历的董秘占比分别为5%、42%、49%、4%，硕 士及以上学历董秘占比已超过半数。其中，获得博士学历的董秘仅三人，分别为以岭药业（维权）的吴 瑞、昆药集团的张梦珣、金花股份（维权）的张朝阳。 从薪酬分布看，A股中药上市公司董秘年薪平均值为74.24万元。经统计，处于50万以下、50万-100万、 100万-200万、200万-300万、300万以上各区间的人数分别为27 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Views - The market performance shows that the Chinese medicine sector has increased by 1.39% last week, while the overall pharmaceutical sector continues its upward trend, with Chinese medicine lagging behind [3][6] - The price governance of traditional Chinese medicine (TCM) is being implemented across multiple regions, with various local health insurance bureaus issuing notifications regarding price risk management for certain TCM products [9] - The valuation metrics for the Chinese medicine sector indicate a PE (ttm) of 28.69X, which has increased by 0.41X week-on-week, and a PB (lf) of 2.37X, which has also risen by 0.03X week-on-week [7] Summary by Sections Market Performance - The Chinese medicine sector reported a closing index of 6638.77 points, reflecting a 1.39% increase, while the overall pharmaceutical index closed at 8580.75 points, up by 1.9% [6][22] - The performance of individual companies within the sector varied, with notable gainers including Zhendong Pharmaceutical and Yabao Pharmaceutical, while Wanbangde and Weikang Pharmaceutical showed declines [6][22] Valuation - The current PE (ttm) for the Chinese medicine sector is 28.69X, with a one-year maximum of 30.13X and a minimum of 22.58X, placing it at the 32.65% percentile since 2013 [7] - The PB (lf) stands at 2.37X, with a one-year maximum of 2.65X and a minimum of 1.99X, positioning it at the 7.04% percentile since 2013 [7] Price Governance - Recent notifications from various local health insurance bureaus indicate a focus on price governance for TCM, with specific measures being taken in regions such as Ningxia and Jilin [9] - The governance aims to address price risks associated with TCM products, particularly those that exceed local minimum treatment costs [9] Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform [11][12] - Specific recommendations include companies with strong R&D capabilities and unique products, as well as those less affected by centralized procurement [12]

Core Viewpoint - The development of traditional Chinese medicine (TCM) is positioned as a significant component of the new era of socialism with Chinese characteristics, with substantial improvements expected in 2024 regarding the environment, service systems, and public health literacy [1] Company Overview - Founded in 1995, Zhaoli Pharmaceutical has focused on the mission of supporting human health and the development of national medicine, specializing in the production of TCM using medicinal fungi fermentation technology [1][4] - The company has established a strong competitive barrier with its unique technology and the national Class I new drug qualification of its core product, Wuling Capsule, which is the leading brand in the tranquilizer TCM market [1][5] Strategic Development - Zhaoli Pharmaceutical is leveraging the favorable policies for TCM to implement its "One Body, Two Wings" strategy, focusing on the core product Wuling series, which has over 1 billion in sales [2][5] - The company aims to expand its market presence by transitioning from B-end to C-end markets, targeting health consumers directly [9][10] Market Trends - According to the China Sleep Research Society, 64% of residents in China experience poor sleep quality, indicating a significant market opportunity for Zhaoli Pharmaceutical's products aimed at improving sleep and mental health [3] - The OTC drug market in China is projected to exceed 500 billion by 2025, with the TCM OTC segment expected to surpass 200 billion, highlighting the growth potential in consumer-driven markets [9] Product Innovation - Zhaoli Pharmaceutical has successfully industrialized the rare medicinal fungus "Wuling" to address resource bottlenecks and enhance product offerings [3][7] - The company is expanding its product matrix to include health management solutions for chronic diseases, focusing on sleep disorders, anxiety, and Alzheimer's disease [11][12] Research and Development - The collaboration with Zhejiang University has been pivotal in the company's R&D efforts, leading to the successful development of key products and the establishment of a new joint research center [8] - The company is committed to green production practices, utilizing advanced fermentation technology to ensure sustainable sourcing of medicinal fungi [7] Future Outlook - Zhaoli Pharmaceutical aims to solidify its position in the C-end market by enhancing its product offerings and expanding its sales channels, including e-commerce platforms [10][12] - The company has set ambitious growth targets, including a net profit growth rate of no less than 110% by 2027, supported by a new equity incentive plan [11][13]

Group 1: Financial Performance - The company's revenue for the first half of 2025 is expected to grow by approximately 12% year-on-year, primarily due to a decline in sales of traditional Chinese medicine products compared to the previous year [1] - The net cash flow from operating activities is projected to be between 270 million and 290 million CNY, an improvement from 215.35 million CNY in the same period last year [3] Group 2: Cost Management - The company implements measures such as lean management, cost reduction, and comprehensive budget management to enhance expense control and improve efficiency [1] - Sales expense ratio is expected to fluctuate based on marketing strategies and product promotion, with a historical decline due to centralized procurement [2] Group 3: Market Expansion Strategies - The company plans to strengthen strategic partnerships with leading pharmacy chains and enhance patient education and promotion activities [4] - Digital marketing initiatives will be advanced through O2O strategies to capture the young consumer market [4] - Collaboration with Zhejiang University aims to develop innovative health products leveraging AI technology [5] Group 4: Research and Development - The company is focused on developing innovative traditional Chinese medicine, with several projects in clinical and preclinical stages [5] - Ongoing research includes secondary development of existing products and expanding indications for current medications [5]

二、股东股份解除质押基本情况 | 股东 | 是否为控 股股东或 | 本次解除质 | 占其所持 | 占公司 | 原质押 | 解除质押 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 第一大股 | 押股份数量 | 股份比例 | 总股本 | 起始日 | 日期 | | | | | 东及其一 | （股） | (%) | 比例(%) | | | | | | | 致行动人 | | | | | | | | | 俞有强 | 是 | 11,500,000 | 8.85 | 1.64 | 2024 年 7 | 2025 7 | 年 | 上海海通证券资 | | | | | | | 月 24 日 | 月 11 | 日 | 产管理有限公司 | 1 证券代码：300181 证券简称：佐力药业 公告编号：2025-045 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" ...