证券代码：300181 证券简称：佐力药业 公告编号：2025-036 浙江佐力药业股份有限公司 第八届董事会第六次（临时）会议决议公告 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。 一、董事会会议召开情况 浙江佐力药业股份有限公司（以下简称"公司"）第八届董事会第六次（临 时）会议于 2025 年 7 月 7 日在公司会议室以现场和通讯表决相结合的方式召开。 会议通知于 2025 年 7 月 2 日以专人送达、电话、传真及电子邮件等相结合方式 送达各董事。会议应出席董事 9 人，实际出席董事 9 人（其中独立董事朱建先生、 王萍先生以通讯表决方式审议表决）。会议由公司董事长俞有强先生主持，公司 监事、高管列席会议。会议的召开符合《中华人民共和国公司法》《公司章程》 的规定。 二、董事会会议审议情况 1、审议通过《关于调整 2024 年限制性股票激励计划授予价格及作废部分 已授予尚未归属的限制性股票的议案》 因公司 2024 年年度权益分派已实施完毕，根据公司《2024 年限制性股票激 励计划（草案）》（以下简称"《激励计划（草案）》"）的相关规定，董事会 ...

浙江佐力药业股份有限公司 关于调整 2024 年员工持股计划相关事项的公告 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 2025 年 7 月 7 日召开 第八届董事会第六次（临时）会议和第八届监事会第六次（临时）会议，审议通 过《关于调整 2024 年员工持股计划持有人份额及预留份额购买价格的议案》。 根据公司《2024 年员工持股计划》（以下简称"《持股计划》"）《2024 年员 工持股计划管理办法》（以下简称"《管理办法》"）的相关规定及 2024 年第 一次临时股东大会的授权，本次调整公司 2024 年员工持股计划（以下简称"本 次员工持股计划"）持有人份额及预留份额购买价格的事项在董事会审批权限范 围内，无需提交公司股东大会审议。现将有关事项公告如下： 一、本次员工持股计划已履行的相关审批程序 （一）2024 年 10 月 25 日，公司召开第八届董事会第三次会议，审议通过 《关于公司<2024 年员工持股计划（草案）>及其摘要的议案》《关于公司<2024 年员工持股计划管理办法>的议案》及《关于提请 ...

证券代码：300181 证券简称：佐力药业 公告编号：2025-042 浙江佐力药业股份有限公司 二、募集资金投资项目实施进度情况 截至 2025 年 6 月 30 日，公司募集资金使用情况如下： 单位：万元 | 序 | 项目名称 | 承诺投资 | 募集资金到位后 | 累计使用募 | 累计投入 | | --- | --- | --- | --- | --- | --- | | 号 | | 总额 | 承诺投资总额 | 集资金金额 | 进度（%） | | 1 | 智能化中药生产基地建 设与升级项目 | 59,000.00 | 59,000.00 | 31,575.25 | 53.52 | | 序 | 项目名称 | 承诺投资 | 募集资金到位后 | 累计使用募 | 累计投入 | | --- | --- | --- | --- | --- | --- | | 号 | | 总额 | 承诺投资总额 | 集资金金额 | 进度（%） | | 2 | 企业研发中心升级项目 | 6,000.00 | 6,000.00 | 2,817.98 | 46.97 | | 3 | 数字化运营决策系统升 | 4,800.00 | 4,800 ...

Group 1: Product Overview - Wuling Capsule is a unique traditional Chinese medicine with high safety and clear efficacy, suitable for standalone use or in combination with other medications [1] - The current National Essential Medicines List (2018 version) includes 685 varieties, with 268 being traditional Chinese medicines [1] - The company is expanding the market application of Wuling Capsule to areas like Alzheimer's Disease (AD) and Mild Cognitive Impairment (MCI) [2] Group 2: Research and Development Strategy - Future R&D will focus on proprietary compound preparations based on Wuling fungus powder, addressing unmet clinical needs and leveraging market demand [3] - The company aims to establish a reasonable layout for new drug development, with simultaneous projects in different stages: initiation, clinical trials, and market launch [3] Group 3: Financial Impact and Incentives - The stock incentive plan for 2025 involves share-based payment expenses of approximately 30 million yuan [4] Group 4: Health Sector Strategy - The company is pursuing a strategy termed "一路向 C" (Towards C-end), focusing on health products and leveraging its strengths in core hospital-end pharmaceuticals [5] - There is an emphasis on developing products that meet the growing health demands of the public [5] Group 5: Market Expansion Goals - The company aims to make the Bailin Capsule a 1 billion yuan product through accelerated sales efforts, with 26 provinces already issuing procurement execution notices for traditional Chinese medicine [5]

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 ...