Financial Performance - Total revenue for 2024 reached CNY 2,579,748,294.85, a year-on-year increase of 32.81%[5] - Operating profit for the period was CNY 604,416,890.81, reflecting a growth of 34.70% compared to the previous year[5] - Net profit attributable to shareholders was CNY 504,677,015.63, up 31.79% from the same period last year[5] - The company’s basic earnings per share rose to CNY 0.72, a 30.91% increase compared to the previous year[5] Asset and Equity Growth - Total assets at the end of the reporting period amounted to CNY 3,999,238,077.12, an increase of 10.26% from the beginning of the period[5] - The company's equity attributable to shareholders increased to CNY 2,772,453,313.70, a growth of 1.60%[5] Product Revenue Growth - The sales revenue of the core product Wuling capsules grew by 17.14%, with sales volume and revenue increasing by 22.62% and 15.96% respectively[7] - The revenue from traditional Chinese medicine pieces increased by 45.82% year-on-year[7] - The revenue from Chinese medicine formula granules surged by 145.34% due to increased regulatory approvals[7] Profitability Improvement - The company’s expense ratio decreased due to the scale effect of sales growth, leading to improved profitability[8]

Investment Rating - The report maintains a strong investment rating for the biopharmaceutical industry, particularly for the traditional Chinese medicine (TCM) sector, which is expected to benefit from multiple factors in 2025 [2]. Core Insights - The TCM sector is anticipated to experience a gradual reduction in performance pressure in 2025, driven by factors such as improved earnings, favorable policies, decreasing costs, rising demand, and consolidation within the industry [4][6]. - The report identifies five main investment opportunities within the TCM sector, including high-end OTC products, state-owned enterprise reforms, hospital-based TCM, dividend-paying assets, and turnaround situations for struggling companies [4][7]. Summary by Sections 1. Performance Outlook - The TCM sector faced overall revenue decline in 2024, with a total revenue of 270.61 billion yuan, down 3.28% year-on-year, and a net profit of 29.88 billion yuan, down 8.55% year-on-year [10]. - The number of companies forecasting negative net profit growth in 2024 is 22 out of 34, while only 12 companies expect positive growth [16]. 2. Policy Developments - The third batch of national TCM procurement results showed an average price reduction of 63%, but the impact on listed companies is limited due to the small number of affected products [20]. - A new essential drug list is expected to be released in 2025, which may include more TCM products, enhancing their market presence [24]. 3. Cost Factors - The TCM material price index has been declining since July 2024, which is expected to alleviate cost pressures for TCM companies and improve their gross margins starting in 2025 [28]. 4. Demand Dynamics - The recent increase in flu cases has driven demand for related treatment products, leading to a quicker clearance of inventory for cold and cough medications [34]. 5. Competitive Landscape - The TCM industry is experiencing frequent mergers and acquisitions, which are likely to enhance industry concentration and provide performance flexibility for related listed companies [39]. 6. Investment Opportunities - The report highlights five key investment themes: 1. High-end OTC TCM products, particularly those using natural bezoar as a key ingredient, are expected to see improved margins as supply stabilizes [45][54]. 2. State-owned enterprise reforms are anticipated to yield positive changes in management and strategic planning [7]. 3. Hospital-based TCM products are expected to gain market share due to regulatory support [7]. 4. Companies with strong cash flow and high dividend potential are viewed favorably [7]. 5. Companies currently facing challenges are expected to improve as inventory pressures ease [7]. 7. Recommended Stocks - The report suggests monitoring companies such as Kunming Pharmaceutical, Tongrentang, Darentang, Jiangzhong Pharmaceutical, Dong'e Ejiao, China Resources Sanjiu, Yunnan Baiyao, Tianshili, Fangsheng Pharmaceutical, and others for potential investment opportunities [4].

社会信用代码：91330000147115443M 注册地址：浙江省德清县阜溪街道志远北路 388 号 法定代表人：汪涛 证券代码：300181 证券简称：佐力药业 公告编号：2025-010 浙江佐力药业股份有限公司 关于公司药品生产许可证变更的公告 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"）于近期完成了《药品生产 许可证》的变更登记并取得了浙江省药品监督管理局换发的《药品生产许可证》， 同意公司《药品生产许可证》副本新增车间和生产线情况，其他内容不变。现将 有关情况公告如下： 一、《药品生产许可证》的基本情况 企业名称：浙江佐力药业股份有限公司 三、对公司的影响及风险提示 公司本次《药品生产许可证》的变更登记主要涉及生产车间和生产线情况的 变更，有利于公司优化产能，完善产品结构，更好地满足市场需求，短期内对公 司业绩无重大影响，敬请投资者注意投资风险。 特此公告。 浙江佐力药业股份有限公司 有效期限至：2025 年 11 月 24 日 1、在车间和生产线情况中新增 | 类型 | 生产地址 | | | 车间 ...

Group 1: Sales and Market Strategy - The company has implemented a strategy of "price for volume" in regions where centralized procurement is executed, leading to sustained growth of selected products [1][2] - The company is expanding its outreach to the C-end market by collaborating with chain pharmacies and utilizing new media platforms like Xiaohongshu and Douyin for brand promotion [2] - The positioning of products is being upgraded, with the promotion of Wuling capsules evolving to address mild cognitive impairment (MCI) and enhancing brand awareness through consumer education [2] Group 2: Sales Team Development - The company currently employs over 600 sales personnel, with more than 100 in the OTC team, emphasizing the importance of talent in sales [3] - There is a focus on both external talent acquisition and internal training to enhance management capabilities and professional skills within the sales team [3] - The company aims to optimize collaboration among sales teams for various product lines to improve resource utilization [3] Group 3: Product Competitive Advantage - Wuling capsules are unique as a single-component formulation, ensuring high safety and patient compliance, and are recognized in 79 clinical guidelines and expert consensus [4][5] - The daily medication cost of Wuling capsules is reasonable, and they are classified as a basic national drug, which lowers out-of-pocket expenses for patients in centralized procurement areas [5] Group 4: Supply Chain and Quality Control - The company operates over 100 medicinal herb planting bases across the country, some of which are cooperative bases, and is advancing GAP planting base construction to ensure product quality [6] - Continuous optimization of the supply chain is being pursued to guarantee traceability from cultivation to consumption, aiming for steady economic growth [6] Group 5: Research and Development Focus - Recent R&D efforts include the innovation of Wuling series traditional Chinese medicine, with ongoing clinical trials and the development of new indications for existing products [7] - The company is actively participating in the establishment of national and provincial standards for traditional Chinese medicine formula granules, supporting sales growth [7] - Collaboration with renowned universities and research institutions is being enhanced to facilitate the application of new technologies [7] Group 6: Target Demographics for Wuling Capsules - Wuling capsules are suitable for a wide age range, addressing issues like insomnia and anxiety prevalent among students and the elderly [8] - The product's high safety profile and efficacy make it a preferred choice for students facing academic pressure [8]

证券代码：300181 证券简称：佐力药业 编号：2025-003 浙江佐力药业股份有限公司 投资者关系活动记录表 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | 其他 （线上会议） | | 参与单位名称及 | 摩根士丹利：潘海洋；浙商证券：吴天昊、丁健行。 | | 人员姓名 | 信达澳亚基金：杨珂。 | | 时间 | 2025 年 2 月 12 日 13:30-14:30；15:00-16:00 | | 地点 | 线上会议 | | 上市公司接待人 | 董事会秘书：吴英女士 | | 员姓名 | 问题一：公司主要产品和业务的发展如何促进三年股权激励计 | | | 划考核目标的实现？ 答：乌灵系列方面，乌灵胶囊作为公司核心产品，已经有了较 | | | 好的市场基础，公司将通过集采身份，实现以价换量，加强各 | | 投资者关系活动 | 级医疗机构的开发覆盖，并通过开展"脑效能健康管理"、加 | | 强 | C 端市场开拓等方式实现销售增长延续，同时乌灵胶囊已经 | ...

证券时报e公司讯，佐力药业(300181)1月24日晚间公告，近日，公司参与了广东联盟金莲花胶囊等中成 药集中带量采购工作，根据广东省药品交易中心于1月23日发布的《广东省药品交易中心关于公示广东 联盟金莲花胶囊等中成药集中带量采购拟中选结果的通知》显示，公司产品乌灵胶囊拟中选本次集中带 量采购。 ...

证券代码：300181 证券简称：佐力药业 公告编号：2025-009 药品名称 适应症 剂型 具体 规格 包装 规格 价格 单位 结果（拟中 选/拟中选 限量） 拟中选价 格（元） 乌灵胶囊 补肾健脑，养心安 神。用于心肾不交 所致的失眠、健忘、 心悸心烦、神疲乏 力、腰膝酸软、头 晕耳鸣、少气懒言、 脉细或沉无力；神 经衰弱见上述证候 者。 胶囊剂 0.33g 54 粒 /盒 粒 拟中选 0.8568 81 粒 /盒 135 粒 /盒 一、拟中选产品基本情况 江、安徽、江西、湖南、广西、海南、重庆、云南、陕西、青海、宁夏、新疆、新疆生产建 设兵团共 16 个省（区、市）。 二、本次拟中选对公司的影响 本次拟中选产品乌灵胶囊为国家医保及国家基药目录产品，乌灵胶囊 2024 年前三季度在本次联盟地区覆盖的 16 个省（区、市）的销售量占全国销量的 35.07%。 浙江佐力药业股份有限公司 关于公司参与广东联盟金莲花胶囊等中成药集中带量 采购拟中选的公告 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。 近日，浙江佐力药业股份有限公司（以下简称"公司"）参与了广东 ...

证券代码：300181 证券简称：佐力药业 公告编号：2025-008 浙江佐力药业股份有限公司 关于 2024 年员工持股计划首次受让股份非交易过户 完成的公告 截至本公告披露日，公司已在中国证券登记结算有限责任公司深圳分公司开 立了公司 2024 年员工持股计划证券专用账户，证券账户名称为"浙江佐力药业 股份有限公司-2024 年员工持股计划"，证券账户号码为"0899456646"。 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 2024 年 10 月 25 日召 开第八届董事会第三次会议和第八届监事会第三次会议，于 2024 年 11 月 20 日 召开 2024 年第一次临时股东大会，审议通过了《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《关于提请股东大会授权董事会办理公司 2024 年员工持股计划相关事宜 的议案》，同意公司实施 2024 年员工持股计划（以下简称"本次员工持股计划"）。 具体内容详见公司于 2024 年 ...

答：乌灵胶囊此前在广东联盟的降价幅度是 21%，根据本次广 东省联盟金莲花等中成药的集中带量采购目前已经发布采购 文件的相关规则来看，乌灵胶囊大概率是不用降价的，具体的 中选价格届时请以广东联盟官方发布的中选结果为准。 问题三：百令胶囊的销售费率大概是怎样的水平？ 答：百令胶囊虽然是集采中选品种、国家基本药物和国家医保 产品，但也属于公司新产品，在开发医院时也需要做一定的学 术推广，才能更好的实现医院终端覆盖，并让更多医生及患者 认知产品。同时，百令胶囊在开拓院外渠道的整个过程中，需 要我们通过相关宣传来加强消费者的教育工作，也会加强人员 团队方面的投入，所以前期市场开发时销售费用会相应增加。 问题四：乌灵胶囊二次开发目前的进展？ 答：乌灵胶囊在 AD 方面的二次开发是公司募投项目之一，整 证券代码：300181 证券简称：佐力药业 编号：2025-002 浙江佐力药业股份有限公司 投资者关系活动记录表 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | 其他 ...

证券代码：300181 证券简称：佐力药业 公告编号：2025-003 浙江佐力药业股份有限公司 第八届监事会第四次会议决议公告 本公司及监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、监事会会议召开情况 浙江佐力药业股份有限公司（以下简称"公司"）第八届监事会第四次会议 于 2025 年 1 月 10 日在公司会议室以现场表决的方式召开。会议通知于 2024 年 12 月 31 日以专人送达、电话、传真及电子邮件等相结合方式送达各监事。会议 应参加审议表决监事 3 人，实际参加审议表决监事 3 人，本次会议由监事会主席 周城华先生主持，会议的召开符合《中华人民共和国公司法》《公司章程》的有 关规定。 二、监事会会议审议情况 1、审议通过《关于调整 2024 年限制性股票激励计划并向激励对象首次授 予限制性股票的议案》 经审核，监事会认为： 1、公司对本次激励计划首次授予的激励对象名单的调整符合《上市公司股 权激励管理办法》（以下简称"《管理办法》"）、《深圳证券交易所创业板股票上 市规则》（以下简称"《上市规则》"）等法律法规和《2024 年限制性股票激 励计划 ...