浙江佐力药业股份有限公司 2024年度独立董事述职报告 ——潘斌 各位股东及股东代表： 本人作为浙江佐力药业股份有限公司（以下简称"公司"）的第七届董事会独立 董事，根据《公司法》《上市公司独立董事管理办法》《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》及其他有关法律法规、规范性文件和《公司章程》《独立董事制度》 等规定，忠实履行独立董事的职责，积极出席公司相关会议，认真审议董事会各项 议案，充分发挥独立董事的作用，切实维护了公司和全体股东的利益，尤其是中小 股东的合法权益。现就本人2024年任期内的工作情况作汇报如下： 一、独立董事的基本情况 （一）个人简历 本人潘斌，1972年12月出生，中国国籍，无境外永久居留权，法学硕士。曾 任南方证券有限公司投资银行部副总经理、上海东方华银律所首席合伙人等职务。 现任上海虎博投资管理有限公司执行董事兼总经理、上海卓易科技股份有限公司 董事、浙江运达风电股份有限公司独立董事、广西桂冠电力股份有限公司独立董 事等职务。曾任公司独立董事，因公司第七届董事会任期届满，于2024年5月10 日卸任公司独立董事职务 ...

Financial Performance - The company's revenue for Q1 2025 was ¥824,425,237.08, representing a year-on-year increase of 22.52% compared to ¥672,899,096.57 in the same period last year[4]. - The net profit attributable to shareholders was ¥181,151,432.46, up 27.20% from ¥142,415,333.77 in the previous year[4]. - The company reported a basic earnings per share of ¥0.2583, reflecting a 27.24% increase from ¥0.2030 in the same period last year[4]. - The company's net profit margin improved, with net profit attributable to the parent company increasing to ¥1,028,239,002.42, compared to ¥847,087,569.96 previously, reflecting a growth of 21.4%[16]. - The net profit for the current period is CNY 183,386,181.52, an increase of 27.3% compared to CNY 144,106,493.76 in the previous period[19]. - The total comprehensive income for the current period is CNY 305,543,707.70, up from CNY 135,283,665.64 in the previous period, representing a growth of 126.5%[19]. - Basic and diluted earnings per share for the current period are both CNY 0.2583, compared to CNY 0.2030 in the previous period, reflecting a 27.2% increase[19]. Cash Flow - The net cash flow from operating activities was -¥77,438,380.01, a significant decrease of 553.72% compared to ¥17,067,450.04 in the same period last year[4]. - The net cash outflow from operating activities was 77.44 million yuan, an increase of 94.51 million yuan year-on-year, representing a growth of 553.72%[10]. - The net cash outflow from investing activities was 129.98 million yuan, an increase of 204.14 million yuan year-on-year, representing a growth of 275.27%[10]. - The net cash inflow from financing activities was 140.08 million yuan, an increase of 162.73 million yuan year-on-year, representing a growth of 718.67%[10]. - Cash flow from operating activities shows a net outflow of CNY -77,438,380.01, a decline from a net inflow of CNY 17,067,450.04 in the previous period[21]. - Cash flow from investing activities results in a net outflow of CNY -129,980,161.09, compared to a net inflow of CNY 74,160,686.49 in the previous period[21]. - Cash flow from financing activities shows a net inflow of CNY 140,083,303.45, a significant improvement from a net outflow of CNY -22,642,770.73 in the previous period[22]. Assets and Liabilities - The total assets at the end of the reporting period were ¥4,569,270,953.55, an increase of 14.46% from ¥3,991,955,854.40 at the end of the previous year[4]. - Current assets totaled ¥2,436,673,465.92, a rise of 11.9% from ¥2,177,445,545.68 at the beginning of the period[16]. - Non-current assets increased to ¥2,132,597,487.63, up 17.5% from ¥1,814,510,308.72[16]. - Current liabilities rose to ¥1,211,726,378.45, an increase of 14.7% from ¥1,056,049,174.34[16]. - Non-current liabilities totaled ¥176,247,420.58, up 51.5% from ¥116,465,923.94[16]. - The company's total liabilities increased, with short-term borrowings rising by 22.23% to ¥46,119.37 million[8]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 38,228[11]. - The largest shareholder, Yu Youqiang, holds 18.52% of the shares, totaling 129,890,463 shares, with 64,500,000 shares pledged[11]. - The company plans to grant 5.855 million restricted stocks at a price of 8.07 yuan per share as part of its 2024 incentive plan[13]. - The company will complete the transfer of 5.975 million shares to the 2024 employee stock ownership plan at a price of 8.07 yuan per share[13]. - The repurchase account holds 8,920,074 shares, accounting for 1.27% of the total share capital[12]. - The company has no preferred shareholders or significant changes in the top 10 shareholders due to margin trading[13]. - The company has not disclosed any related party relationships among the top 10 shareholders[12]. Operating Performance - The company's gross profit margin decreased due to a higher growth rate in operating costs (43.77%) compared to revenue growth (22.52%)[9]. - The sales revenue of the company's traditional Chinese medicine products increased significantly, with a 50.64% growth in Chinese medicine formula granules and a 26.39% increase in Chinese medicine pieces[9]. - Total operating revenue for the current period reached ¥824,425,237.08, an increase of 22.5% compared to ¥672,899,096.57 in the previous period[18]. - Total operating costs amounted to ¥623,213,469.79, up 20.1% from ¥519,085,030.36 in the prior period[18]. Other Comprehensive Income - The company’s other comprehensive income increased by 119.42% to ¥20,762.59 million, primarily due to the rise in market value of its investment in CARsgen Therapeutics Holdings Limited[8]. - The other comprehensive income attributable to the parent company is CNY 113,000,598.02, compared to a loss of CNY -8,161,468.92 in the previous period[19].

Financial Performance - The company's operating revenue for 2024 reached ¥2,577,878,166.87, representing a 32.71% increase compared to ¥1,942,440,446.03 in 2023[16]. - Net profit attributable to shareholders for 2024 was ¥507,771,934.85, up 32.60% from ¥382,936,093.79 in the previous year[16]. - The basic earnings per share for 2024 increased to ¥0.73, a rise of 32.73% from ¥0.55 in 2023[16]. - The total assets of the company at the end of 2024 were ¥3,991,955,854.40, reflecting a 10.06% growth from ¥3,627,038,970.51 at the end of 2023[16]. - The company's net assets attributable to shareholders increased by 1.47% to ¥2,768,884,681.97 at the end of 2024, compared to ¥2,728,743,064.49 in 2023[16]. - The cash flow from operating activities for 2024 was ¥297,047,240.40, showing a slight increase of 2.98% from ¥288,461,038.46 in 2023[16]. - The weighted average return on equity for 2024 was 18.55%, an increase of 4.74% from 13.81% in 2023[16]. - The company reported a net profit of ¥507,684,220.81 after deducting non-recurring gains and losses, which is a 35.89% increase from ¥373,610,235.02 in 2023[16]. Market and Industry Insights - The Chinese pharmaceutical industry saw a revenue of ¥29,762.7 billion in 2024, remaining flat year-on-year, with profits declining by 0.9% to ¥4,050.9 billion[25]. - The number of registered traditional Chinese medicine (TCM) applications reached 2,407 in 2024, with clinical submissions (IND) hitting 100, marking a 48.15% increase year-on-year[26]. - The market sales for the 2024 medical insurance drug list reached ¥1.2 trillion in 2023, with TCM contributing ¥255.5 billion, representing 20.53% of the total[26]. - The company is positioned to benefit from the increasing demand for TCM in chronic disease management and preventive healthcare, driven by an aging population and rising health awareness[27]. - The government continues to enhance support for the TCM industry, indicating a long-term growth opportunity in the sector[27]. Product Development and Innovation - The company’s main business includes the research, production, and sales of various traditional Chinese medicine products, including Wuling series and Bailing series[36]. - The company aims to enhance the quality of traditional Chinese medicine and promote high-quality development in the industry through innovation and reform[31]. - The company has developed a traceability system for over 100 traditional Chinese medicine varieties, with 438 national and provincial standard filings completed for traditional Chinese medicine formula granules[42]. - The company is conducting secondary development of Wuling Capsules for Alzheimer's treatment and is researching mild cognitive impairment in the elderly[38]. - The company has entered the registration process for two new drugs: Lingxiang Pian is in Phase II clinical trials, while the application for Jukapofen Calcium Granules is under review[45]. Corporate Governance and Management - The company has established a strict procurement management system, ensuring appropriate inventory levels based on production plans and sales conditions[43]. - The company has a diverse management team with backgrounds in pharmaceuticals, finance, and healthcare[142][143][144][145][146][147]. - The company is committed to improving information disclosure quality and enhancing investor relations management[127]. - The company has a dedicated audit committee to oversee internal and external audit communications and ensure compliance with internal control systems[132]. - The company has established an independent financial department and management system, ensuring no shared bank accounts with controlling shareholders[136]. Environmental and Social Responsibility - The company has been designated as a key pollutant discharge unit for water environment in 2024[178]. - The company has obtained an environmental permit from the Huzhou Ecological Environment Bureau, valid from November 29, 2024, to November 28, 2029[179]. - The company has implemented a wastewater treatment system that ensures compliance with discharge standards, with real-time monitoring of key indicators[182]. - The company continues to fulfill its social responsibility by actively participating in poverty alleviation and rural revitalization efforts, as detailed in the ESG report[185]. Future Outlook and Strategic Initiatives - The company aims to achieve a revenue target of RMB 10 billion by focusing on its core pharmaceutical business and expanding its product lines through innovation and acquisitions[99]. - The company plans to invest CNY 590 million in the "Intelligent Traditional Chinese Medicine Production Base Construction and Upgrade Project," which includes four sub-projects aimed at enhancing production capacity[93]. - The company will continue to implement a strategy of "one body and two wings," enhancing channel layout, market coverage, and talent acquisition to maximize market share and product coverage[107]. - The company is actively exploring digital transformation and enhancing its quality management systems to ensure product safety and effectiveness[52]. - The company recognizes the risk of industry policy changes and plans to adapt its business strategies accordingly to maintain competitiveness in the pharmaceutical sector[111].

Investment Rating - The industry investment rating is "Outperform the Market" [1][50]. Core Insights - Eli Lilly's first oral small molecule GLP-1 drug, Orforglipron, has successfully completed Phase 3 clinical trials, which is expected to change the landscape of weight loss medications [3][4]. - The ACHIEVE-1 trial showed that Orforglipron significantly reduced HbA1c levels by 1.3% to 1.6% from a baseline of 8.0% after 40 weeks, with over 65% of patients achieving HbA1c levels ≤6.5% [3][4]. - Patients receiving the highest dose of Orforglipron lost an average of 7.3 kg, indicating potential for further weight loss [4]. - Eli Lilly plans to submit a global application for Orforglipron for weight management by the end of this year and for type 2 diabetes treatment in 2026 [4][5]. Summary by Sections Industry Overview - The successful Phase 3 trial of Orforglipron positions it as a potential second oral GLP-1 drug in the U.S., following Novo Nordisk's Rybelsus [5]. Investment Strategy - Focus on "innovation," "overseas expansion," "equipment upgrades," and "consumer recovery" as key investment themes [7]. - Recommended companies include innovative drug developers and those with strong overseas market potential [7]. Key Companies to Watch - **Nocera Health**: Expected to achieve over 1 billion yuan in revenue from its core product, with a projected 49% year-on-year growth [8]. - **Sihuan Pharmaceutical**: Strong fundamentals with a stable growth outlook, particularly in the ADC market [11]. - **China Biopharmaceutical**: Rapid revenue growth with a focus on innovative products [13]. - **Aier Eye Hospital**: Benefiting from increasing demand in ophthalmology and ongoing overseas expansion [22]. Market Performance - The pharmaceutical sector saw a decline of 0.36% last week, while the broader market index rose by 0.59% [25][36].

来源：金融界 公开信息显示，现任基金经理梁静静女士:国籍中国,北京大学药物化学专业硕士,历任上海普霖贝利生物 医药有限公司分析部研究员、东北证券研究所医药研究员、安信证券研究中心医药研究员。2018年7月 进入公司工作,曾任高级分析师,现担任高级分析师兼基金经理助理。2020年7月11日起担任中海医药健康 产业精选灵活配置混合型证券投资基金基金经理。现任中海医疗保健主题股票型证券投资基金基金经 理。 截止2024年12月31日，中海医疗保健主题股票A前十持仓占比合计59.15%，分别为：人福医药 （9.43%）、药明康德（7.24%）、恒瑞医药（6.35%）、开立医疗（6.02%）、爱博医疗（5.80%）、泰 格医药（5.12%）、百济神州-U（5.12%）、泽璟制药-U（4.90%）、佐力药业（4.64%）、华海药业 （4.53%）。 4月17日，中海医疗保健主题股票A（399011）下跌0.85%，最新净值1.05元，连续3个交易日下跌，区 间累计跌幅1.95%。 据了解，中海医疗保健主题股票A成立于2012年3月，基金规模5.64亿元，成立来累计收益率165.78%。 从持有人结构来看，截至2024年末 ...

Core Insights - The overall performance of traditional Chinese medicine (TCM) companies shows a divergent trend amid intensified market competition, fluctuating raw material prices, and changing policy environments [1] - Companies are actively seeking new growth avenues for long-term development [1] Revenue Performance - Baiyunshan leads with a revenue of 749.93 billion, but experienced a slight decline of 0.69% year-on-year [3] - Yunnan Baiyao follows with a revenue of 400.33 billion, maintaining steady growth supported by diversified products [3] - Taiji Group and Kangyuan Pharmaceutical saw significant revenue declines, with Taiji's revenue dropping by 20.72% to 123.86 billion [3][4] - Taiji's flagship product, Huoxiang Zhengqi Oral Liquid, faced a 35.34% drop in sales, indicating market share erosion [3][4] Profitability Analysis - Yunnan Baiyao reported a leading net profit of 47.49 billion, up 16.02%, while Huaren Sanjiu's net profit grew by 18.05% to 33.68 billion [6] - Six out of fifteen companies experienced a decline in net profit, indicating severe profitability challenges [6] - Taiji Group's net profit plummeted by 96.76% to 0.27 billion, attributed to tax payment issues [6][7] Cost Pressures - Rising raw material prices significantly impacted profit margins, with notable increases in costs for key ingredients [8][9] - For instance, the price of natural cow bile used in Tongrentang's products surged from 650,000 to 1,650,000 per kilogram, leading to a decrease in gross margin [8] R&D and Innovation Challenges - Many TCM companies face low R&D investment and high sales expenses, limiting their growth potential [9][10] - Approximately 40% of the surveyed companies had R&D expenses below 200 million, with seven companies reporting a year-on-year decline in R&D spending [9] - Companies are increasingly relying on traditional products, hindering innovation and the introduction of competitive new products [9] Strategic Shifts - Companies are exploring new growth strategies, such as East A Ejiao's focus on men's health products and Jichuan Pharmaceutical's partnerships for business development [10][11] - Some companies are integrating AI and digital technologies into their operations to modernize and enhance product offerings [11]

Group 1 - 18 companies listed on the ChiNext board have announced their first-quarter performance forecasts, with 14 expecting profit increases, 1 expecting profit, and 1 expecting a decline [1] - The median expected net profit growth for the companies forecasting profit increases is significant, with the highest being 568.02% for Hanyu Pharmaceutical [1] - The sectors represented include pharmaceuticals, electronics, automotive, environmental protection, and defense, indicating a diverse range of industries performing well [1] Group 2 - The company HanShuo Technology is forecasting a profit decline of 26% [2] - The latest closing price for HanShuo Technology is 54.02, with a year-to-date decline of 19.28% [2]

Group 1 - The report emphasizes the focus on "April Decision" under the economic context, indicating a shift from expectation-driven trading to fundamental pricing, with economic data, performance realization, and policy changes forming a "stress test" framework for stock prices [4][6][9] - The report highlights a selection of "golden stocks" across various sectors, including mechanical, electronic, environmental, coal and steel, computing, electric new energy, media internet, and pharmaceuticals, with detailed financial metrics provided for each [2][6][72] - The report suggests that the "April Decision" may lead to increased volatility in high-odds growth stocks, while larger, value-oriented stocks tend to perform better historically during this period [4][6] Group 2 - For the mechanical sector, the report recommends Niuwei Co., which is positioned as a global leader in industrial valves, benefiting from strong demand in LNG and marine industries, with expected overseas order growth of over 30% in the first half of 2024 [9][10][11] - In the electronic sector, Tianyue Advanced is highlighted for its core role in AR glasses components, with anticipated demand growth driven by major tech companies' product launches [15][16][17] - The environmental sector's Huanlan Environment is noted for its strong dividend growth and improved cash flow from debt resolution, with significant operational scale expansion through acquisitions [20][21][24] - In the coal and steel sector, Shanjin International is expected to benefit from rising gold prices amid economic stagnation risks, with a strong production outlook and low cost per gram of gold [27][29][30] - Dongtu Technology in the computing sector is recognized for its advanced operating system and AI-driven robotics, positioning it well for future growth in industrial automation [33][34][35] - Keda Li in the electric new energy sector is projected to maintain strong profit growth driven by high lithium battery demand, with a favorable valuation outlook [38][39][41] - XGIMI Technology in the media internet sector is expected to see revenue growth from domestic recovery and international expansion, particularly in the automotive sector [44][45][48] - In the pharmaceutical sector, Sanofi Pharmaceutical is noted for its solid fundamentals and multiple new product launches, contributing to revenue diversification [50][51][53] - Innovent Biologics is highlighted for its robust pipeline and international expansion potential, with several new drugs expected to drive revenue growth [55][56][61] - Zoli Pharmaceutical is recognized for its steady growth in traditional Chinese medicine products and successful new product launches, with ambitious profit targets [65][66][68]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's core products have shown robust growth, with a significant increase in revenue and net profit for 2024 and Q1 2025. The revenue for 2024 is projected to be 2.58 billion yuan, a year-on-year increase of 32.81%, and the net profit is expected to be 505 million yuan, up 31.79% year-on-year [4][6] - The company has successfully launched a stock incentive plan, indicating confidence in future growth and talent retention [7] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.58 billion yuan, a year-on-year increase of 32.81%, and a net profit of 505 million yuan, up 31.79% [4] - For Q1 2025, the expected net profit is between 178 million and 189 million yuan, representing a year-on-year growth of 24.99% to 32.71% [6] Product Performance - The Wuling series generated a revenue of 1.44 billion yuan, a year-on-year increase of 17.14%. Sales volume and revenue for Wuling capsules grew by 22.62% and 15.96%, respectively [5] - The Chinese medicine decoction pieces series saw a revenue increase of 45.82%, while the formula granules experienced a remarkable growth of 145.34% due to increased registrations [5] Future Projections - Revenue projections for 2024, 2025, and 2026 are 2.58 billion, 3.30 billion, and 4.17 billion yuan, respectively, with year-on-year growth rates of 32.8%, 27.9%, and 26.4% [9] - The expected net profits for the same years are 505 million, 688 million, and 925 million yuan, with growth rates of 31.8%, 36.3%, and 34.5% [9] Incentive Plan - The company has introduced a stock incentive plan for 112 individuals, granting up to 6.605 million shares at a price of 8.07 yuan per share, with performance targets set for net profit growth over the next three years [7]

佐力药业(300181)：核心产品稳健放量 25Q1业绩表 现亮眼 事件 公司发布2024 年业绩快报和2025 年第一季度业绩预告，2024 年实现营业收入25.80 亿元，同比 +32.81%；归母净利润5.05 亿元，同比+31.79%；扣非归母净利润5.03 亿元，同比+34.75%。 分析点评 24 年业绩稳定，乌灵系列稳步放量 1)乌灵系列营业收入为14.38 亿元，同比增长17.14%，其中，乌灵胶囊的销售数量和销售金额较上 年同期分别增长22.62%和15.96%，灵泽片的销售数量和销售金额较上年同期分别增长23.17%和 22.64%，乌灵系列稳步放量，收入与销量稳健增长。 2)百令片的销售数量增长15.25%，但由于集采价格的下降，收入减少7.23%； 3)中药饮片系列营业收入同比增长45.82%；中药配方颗粒主要由于受国标省标备案增加等原因，营 业收入同比增长145.34%。 4)子公司佐力医药实现新增营业收入1.58 亿元。 25Q1 业绩亮眼，三大核心产品预计持续增长 25Q1 公司归母净利润预计为1.78-1.89 亿元，同比增长24.99%-32.71%，扣非归母净利润预计为 1 ...