Group 1 - The core viewpoint of the article is that Zhaoli Pharmaceutical reported significant growth in both revenue and net profit for the first half of 2025, indicating a positive financial performance [2] Group 2 - The company achieved operating revenue of 1,599,453,446.18 yuan, representing a year-on-year increase of 11.99% [2] - The net profit attributable to shareholders of the listed company was 373,500,159.82 yuan, reflecting a year-on-year growth of 26.16% [2]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% compared to the benchmark index within six months [10][14]. Core Insights - The company has demonstrated rapid revenue growth, with a 11.99% increase in revenue to 1.599 billion yuan in H1 2025, and a 26.16% rise in net profit to 374 million yuan [3][4]. - The company's strategic focus on channel expansion and product development is evident, particularly in the "one body, two wings" strategy aimed at enhancing market penetration [6][9]. - The financial outlook is positive, with projected revenues of 3.125 billion yuan, 3.761 billion yuan, and 4.442 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 661 million yuan, 851 million yuan, and 1.050 billion yuan [10][12]. Company Overview - The latest closing price is 20.28 yuan, with a total market capitalization of 14.2 billion yuan [2]. - The company has a total share capital of 701 million shares, with 603 million shares in circulation [2]. - The major shareholder is Yu Youqiang [2]. Financial Performance - In H1 2025, the gross margin was 63.01%, and the net profit margin was 23.35%, indicating strong profitability [4]. - The company reported a significant increase in operating cash flow, which rose by 34.47% to 290 million yuan [3]. - The sales expense ratio decreased by 2.95 percentage points to 31.23%, while the management expense ratio fell by 0.71 percentage points to 3.03% [4]. Business Segments - The pharmaceutical manufacturing segment achieved revenue of 1.254 billion yuan, growing by 10.28%, while the pharmaceutical distribution segment saw a 19.32% increase to 341 million yuan [5]. - Key products such as the Wuling series and traditional Chinese medicine formula granules showed notable growth, with the Wuling series revenue increasing by 7.23% to 897 million yuan and the formula granules by 56.60% to 74 million yuan [5]. Strategic Initiatives - The company is actively enhancing its marketing system and channel layout, focusing on the outpatient market and establishing strategic partnerships with leading chains [6][9]. - A recent investment of 20 million yuan in Lingyi Biotechnology allows the company to secure distribution rights for a Parkinson's treatment in mainland China [9].

Group 1 - The core viewpoint of the report is that Zhaoli Pharmaceutical (300181.SZ, latest price: 19.9 yuan) is given a "buy" rating due to its stable revenue growth from its Wuling and Bailing product series, with most products showing steady improvement in gross margins [2] - The company is focusing on innovation in its advantageous fields, leveraging technology to drive growth [2] Group 2 - The report highlights the potential risks, including policy fluctuations, underperformance in product sales, and slower-than-expected progress in new product development [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.599 billion yuan in H1 2025, representing a year-on-year increase of 11.99%. The net profit attributable to shareholders was 374 million yuan, up 26.16% year-on-year. The net profit excluding non-recurring items was 372 million yuan, an increase of 27.24% year-on-year [4][5] - The company maintains a positive outlook on the growth potential of its Wuling and Bailing product series and has kept its profit forecasts for 2025-2027 unchanged, expecting net profits of 667 million yuan, 845 million yuan, and 1.067 billion yuan respectively for those years [4][5] Financial Performance Summary - In H1 2025, the company's gross margin was 63.01%, an increase of 0.39 percentage points, and the net profit margin was 23.71%, up 2.71 percentage points. The sales expense ratio decreased by 2.95 percentage points to 31.23%, while the management expense ratio fell by 0.71 percentage points to 3.03% [4] - The revenue from the Wuling series was 897 million yuan, a growth of 7.23%, with a gross margin of 86.66%. The Bailing series saw revenue of 113 million yuan, up 38.51%, with a gross margin of 63.95% [5] - The company has established a joint research and development center with Zhejiang University to leverage AI technology for the development of innovative health products, which is expected to enhance future performance [6] Financial Projections - The company forecasts revenues of 3.246 billion yuan, 3.814 billion yuan, and 4.472 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 25.9%, 17.5%, and 17.3% [7][9] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.95 yuan, 1.20 yuan, and 1.52 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 21.3, 16.8, and 13.3 [7][9]

| | | | 浙江佐力药业股份有限公司 | | 2025 年半年 | | --- | --- | --- | --- | --- | --- | | 度报告摘要 | | | | | | | 证券简称：佐力药业 | 证券代码：300181 | | | | 公告编号： | | 2025-050 | | | | | | | 浙江佐力药业股份有限公司 2025 年半年度报告摘要 | | | | | | | 一、重要提示 | | | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | | | | | 资者应当到证监 | | | | | | | 会指定媒体仔细阅读半年度报告全文。 | | | | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | | | | 非标准审计意见提示 | | | | | | | □适用 | ?不适用 | | | | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | | | | | □适用 | ?不适用 | | | | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | ...

Core Viewpoint - Zhejiang Zuoli Pharmaceutical Co., Ltd. reported a revenue increase of 11.99% in the first half of 2025, driven by strong sales in its main product lines, particularly the Wuling series and traditional Chinese medicine products [4][17]. Company Overview and Financial Indicators - The company operates in the pharmaceutical industry, focusing on traditional Chinese medicine and has a strong market position with its proprietary products [6][24]. - Key financial metrics for the first half of 2025 include: - Revenue: CNY 1,599,453,446.18, up from CNY 1,428,254,689.36 [4]. - Net profit attributable to shareholders: CNY 371,685,120.24, a 27.24% increase from the previous year [4]. - Basic earnings per share: CNY 0.5325, up 26.15% [4]. - Total assets: CNY 4,599,395,633.76, a 15.22% increase from the end of the previous year [4]. Industry Development - The pharmaceutical industry in China is undergoing structural adjustments, with a focus on innovation, compliance, and digital transformation [6][7]. - Despite challenges, the overall market remains resilient due to factors such as an aging population and increased health awareness [6][7]. Market Position - The company is a leader in the medicinal fungus pharmaceutical sector, with its Wuling series products ranking in the top 10 for market share in various hospital categories [8][9]. - The company has received recognition for its brand and innovation capabilities, ranking among the top 50 in Chinese traditional medicine R&D [9][10]. Main Business and Products - The company’s main products include Wuling capsules, Lingze tablets, and various traditional Chinese medicine formulations [10][11]. - Wuling capsules are recognized as a national class I new drug, widely used in various medical fields [10][24]. - Lingze tablets and Linglianhua granules are also significant products, with clinical guidelines recommending their use for specific health conditions [10][11]. Business Model and Sales Strategy - The company employs a multi-channel sales strategy, including direct sales, partnerships, and e-commerce platforms [16][17]. - The marketing strategy focuses on expanding market coverage and enhancing brand influence through digital marketing and community health initiatives [17][18]. Research and Development - The company emphasizes R&D in medicinal fungi, with ongoing projects aimed at expanding the clinical applications of its products [19][23]. - Collaborations with academic institutions enhance the company’s innovation capabilities and support the development of new health products [19][23]. Sustainability and Governance - The company is committed to sustainable practices, integrating environmental considerations into its operations and enhancing its governance structure [21][22]. - An ESG management system has been established to improve the company's social responsibility and environmental impact [21][22].

Core Points - The document outlines the information disclosure management system of Zhejiang Zoli Pharmaceutical Co., Ltd, emphasizing the importance of timely, accurate, and complete disclosure of information that may significantly impact the company's stock and derivatives trading prices [1][2][3]. Group 1: General Principles - The company and other information disclosure obligors must fulfill their disclosure obligations in a timely manner, ensuring that the information is true, accurate, complete, and easy to understand [3][4]. - All disclosed information must be made available to all investors simultaneously, without prior disclosure to any individual or organization [2][3]. - In the event of insider information, those privy to such information must not disclose or use it for insider trading before it is legally disclosed [3][4]. Group 2: Disclosure Procedures - The company must publish disclosed information on the stock exchange's website and in media that meet the requirements set by the China Securities Regulatory Commission [4][5]. - If there is a leak of undisclosed significant information or abnormal stock trading, the company must take immediate measures to report to the Shenzhen Stock Exchange and announce the situation [4][5]. - The company can apply for a delay in disclosure under certain conditions, such as if the information has not leaked and relevant insiders have committed to confidentiality [6][7]. Group 3: Reporting Requirements - The company is required to disclose periodic reports, including annual, semi-annual, and quarterly reports, within specified timeframes after the end of each accounting period [7][8]. - Any significant risks that may adversely affect the company's core competitiveness and future development must be disclosed [8][9]. - If there are significant changes in expected annual performance, the company must issue a profit warning within one month after the end of the accounting year [9][10]. Group 4: Management of Disclosure - The board of directors is responsible for establishing and ensuring the effective implementation of the information disclosure management system [33][34]. - The company secretary is tasked with managing information disclosure and ensuring compliance with relevant laws and regulations [34][35]. - All departments and subsidiaries must designate responsible individuals to report significant information to the company secretary [44][45]. Group 5: Confidentiality and Penalties - Information disclosure obligors and those who come into contact with undisclosed information have a confidentiality obligation and must not leak any undisclosed information [59][60]. - Violations of the disclosure management system may result in disciplinary actions, including warnings or termination, and potential legal liability for significant breaches [61][62].

Core Points - The company has established a system for managing external information users to strengthen the management of individuals who have access to undisclosed significant information [1][2] - The system applies to all departments, subsidiaries, and personnel who can access insider information, including directors and senior management [1] - Insider information includes any undisclosed information that could significantly impact the company's operations, finances, or stock prices [1] Summary by Sections External Information Users - The system defines "external information users" as specific units and personnel authorized to request information from the company, including government departments [1] - The company reserves the right to refuse requests for insider information that do not comply with legal regulations or the company's articles of association [1] Confidentiality Obligations - Directors, senior management, and other relevant personnel have a confidentiality obligation during the preparation of regular and interim reports and major corporate events [2] - Information must not be leaked in any form before public disclosure, including during earnings calls, analyst meetings, or media interviews [2] Information Disclosure Procedures - The company must follow internal procedures for disclosing information, requiring approval from various levels of management before external communication [2] - When disclosing undisclosed information, the company must register the recipients as insider information recipients and inform them of their confidentiality obligations [2] Consequences of Breach - If external information users leak or misuse insider information, the company may pursue compensation based on the severity of the breach [3] - In cases of improper confidentiality leading to leaks, the company must notify the stock exchange and announce the breach promptly [3] Implementation and Amendments - The system is effective from the date of approval by the board of directors and will be revised as necessary [3]

浙江佐力药业股份有限公司 重大信息内部报告制度 第一章 总则 第一条 为规范浙江佐力药业股份有限公司（以下简称"本公司"或"公 司"）重大信息内部报告工作的管理，保证公司内部重大信息的快速传递、归集 和有效管理，及时、准确、全面、完整地披露信息，明确公司各部门、各子公司 及有关人员重大信息内部报告的程序和职责，维护投资者的合法权益，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司信息披露管理办法》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》等有关法律、法规、规章、规范性文件 和本公司《公司章程》的有关规定，结合公司实际情况，制定本制度。 第二条 公司重大信息内部报告制度是指当出现、发生或即将发生可能对公 司股票及其衍生品种交易价格产生较大影响的情形或事件（以下简称"重大信息"、 "重大事件"或"重大事项"）时，按照本制度规定负有报告义务的有关人员， 应当在第一时间将相关信息向公司责任领导、董事会秘书、董事长进行报告，确 保董事会秘书第一时间获悉公司重大信息的制度。董事会秘书需了解重大事项的 情况和进展时，相关部门（包括公司全 ...

Core Points - The company has established a long-term mechanism to prevent the occupation of funds by major shareholders and related parties, aiming to protect the company's financial interests [1][2] - The management system applies to the company and its subsidiaries, focusing on the management of financial transactions with major shareholders and related parties [1][2] - The company emphasizes the responsibilities of its board members, audit committee members, and senior management in safeguarding the company's financial security [1][3] Summary by Sections General Principles - Major shareholders and related parties are prohibited from occupying the company's interests in any form [2] - The company cannot provide funds directly or indirectly to major shareholders and related parties for various expenses, including salaries, loans, and guarantees without a legitimate business purpose [2][3] Prevention Measures - The company will conduct regular checks on non-operational financial transactions with major shareholders and related parties to prevent fund occupation [3] - All related transactions must comply with the company's established management procedures and require approval from the shareholders' meeting [3][4] Responsibilities and Accountability - The chairman of the board is the primary responsible person for preventing fund occupation and may form a working group for daily supervision [5] - The board of directors must take effective measures to stop any asset occupation by major shareholders and related parties and may initiate legal actions if necessary [5][6] Audit and Reporting - The company is required to hire a qualified accounting firm to audit any fund occupation and guarantee violations at the end of each fiscal year [6][7] - In case of fund occupation, the company must control the conditions for debt repayment through shares or assets and develop a clear repayment plan [7][8] Penalties and Enforcement - The board will impose penalties on directors and senior management who assist or condone the occupation of company assets [8] - The company will take protective measures to avoid losses due to fund occupation and pursue legal responsibility for those involved [8]