Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [20][31]. Core Insights - The company is projected to achieve significant revenue growth, with an estimated revenue of approximately 14.26 billion yuan for the first half of 2024, representing a year-on-year increase of 41% [7]. - The net profit attributable to the parent company for the same period is expected to be between 2.95 billion and 3.10 billion yuan, reflecting a growth of 49.24% to 56.83% year-on-year [7]. - The company is experiencing robust growth in its product lines, particularly in the sales of Wu Ling capsules and Ling Ze tablets, with a notable increase in sales from traditional Chinese medicine slices [7][21]. Financial Projections - Revenue projections for 2023 to 2026 are as follows: 1,942 million yuan in 2023, 2,503 million yuan in 2024, 3,069 million yuan in 2025, and 3,725 million yuan in 2026, with growth rates of 7.61%, 28.86%, 22.60%, and 21.39% respectively [10][31]. - The net profit attributable to the parent company is forecasted to be 382.94 million yuan in 2023, increasing to 530.16 million yuan in 2024, 691.48 million yuan in 2025, and 886.49 million yuan in 2026, with growth rates of 40.27%, 38.45%, 30.43%, and 28.20% respectively [10][31]. - The earnings per share (EPS) are expected to rise from 0.55 yuan in 2023 to 1.26 yuan in 2026 [10][31]. Market Performance - The stock has shown a performance decline of 27% over the past year, with a current price of 15.55 yuan [5][17]. - The company has a total market capitalization of 10.9 billion yuan and a circulating market value of 9.3 billion yuan [18]. Company Overview - The company operates in the pharmaceutical and biotechnology sector, focusing on the development and sales of traditional Chinese medicine products [29].

Financial Forecast - The company forecasts a net profit attributable to shareholders between RMB 295 million and RMB 310 million for the first half of 2024, representing a year-on-year growth of 49.24% to 56.83% compared to RMB 197.66 million in the same period last year[6] - The net profit after deducting non-recurring gains and losses is expected to be between RMB 291 million and RMB 306 million, indicating a year-on-year increase of 50.23% to 57.97% from RMB 193.73 million last year[6] - The impact of non-recurring gains and losses on the company's net profit is estimated to be around RMB 3.95 million[16] Revenue Growth - The company achieved approximately 41% year-on-year growth in operating revenue during the reporting period, driven by strong sales of core products including Wuling Capsules and Lingze Tablets[16] - Sales revenue from traditional Chinese medicine (TCM) decoction pieces significantly increased due to a surge in online hospital sales in June, contributing to the overall revenue growth[16]

Hospital Coverage and Market Expansion - The number of hospitals covered by the company's core product, Wuling Capsule, has increased from over 3,000 in 2018 to more than 10,000 currently, with approximately 2,000-3,000 new hospitals added annually [2] - The company's other core products, Bailing Tablets and Lingze Tablets, are also rapidly expanding their hospital coverage [2] - The company plans to leverage its status as a national essential drug and centralized procurement participant to accelerate hospital coverage and deepen market penetration [2] - The national health commission's promotion of tightly-knit county-level medical consortia will help the company expand into county-level hospitals and primary medical institutions [2] Wuling Capsule Market Position and Strategy - Wuling Capsule is a proprietary product with high industry barriers, competing mainly with other traditional Chinese medicine products for calming and sleep disorders [3] - Wuling Capsule has consistently ranked first in terms of drug usage amount and DDDs (Defined Daily Doses) among nine cities and 121 hospitals from 2017 to 2020 [3] - The company aims to increase Wuling Capsule's OTC sales proportion to over 20% by expanding retail pharmacy coverage and conducting community health activities [3][4] - Wuling Capsule is included in 67 clinical guidelines, expert consensuses, and monographs, enhancing its brand influence [3] Production Capacity and Future Growth - The company's current production capacity is sufficient, with plans for technological upgrades and intelligent transformation to expand capacity [4] - The annual production of Wuling Capsule's key ingredient, Wuling fungus powder, will increase from 600 tons to 900 tons after the completion of the fundraising project [4] - Future growth will be driven by the conversion to larger packaging in existing hospitals and the development of new hospitals in previously under-covered provinces [4] - The national health commission's detailed assessment of essential drug prescription ratios in public hospitals will benefit the sales of essential drugs like Wuling Capsule [4] Research and Development - The company is conducting secondary development of Wuling Capsule and researching its potential in treating mild cognitive impairment (MCI) [5] - Wuling Capsule's indication for "forgetfulness" in its instructions supports its use in preventing or delaying Alzheimer's disease (AD) through early screening and treatment [5] - The company aims to leverage traditional Chinese medicine's "preventive treatment" advantage in the growing market for MCI and AD prevention [5]

股票投资评级 乌灵胶囊是公司独家产品，为纯乌灵菌粉制剂。乌灵菌粉系从我国珍稀药用真菌乌灵参中 分离获得菌种，运用生物发酵技术精制而成的现代中药材。乌灵菌粉和乌灵胶囊皆在 1998 年 4 月获得一类新药证书。 | --- | --- | --- | --- | --- | --- | --- | |--------------------|--------------------------------------------|-------------------------------|--------------------------------------------------------|-------|---------------------|--------------------------------------| | 图表 6 | 粒每盒的 3 \n：乌灵胶囊在广东联盟 6 | 类规格。 | 个省（自治区）、北京、江苏、福建、天津、重庆已执行集采 | | | | | 执行单位 | 涉及区域 | 包装规格 | | | 销量占比 | 备注 | | 广东联盟 | 广东 / 海南 / 河南 ...

Group 1: Marketing Strategy - The company began its marketing reform in 2019, shifting from a self-operated sales model to a recruitment model to accelerate hospital coverage [2] - The recruitment model allows the company to leverage agents with resource advantages across the country, enhancing the speed of market penetration [2] Group 2: Product Packaging and Pricing - For the hospital sector, the packaging specifications for Wuling capsules vary, with non-collection areas primarily using 36 capsules per box, while collection areas start with 54 capsules per box [3] - OTC prices can be 15% higher than hospital prices, but retail pharmacies incur additional costs, leading to price differences [3] Group 3: Sales Volume and Market Expansion - The company utilizes centralized procurement to exchange price for volume, benefiting multiple parties; changing packaging from 36 to 54 capsules increases the quantity by 50% without significantly affecting prescription habits [3] - The implementation of centralized procurement varies by province, with new provinces expected to join the program monthly [3] Group 4: Clinical Evidence and Research - Wuling capsules have been included in expert consensus guidelines for Alzheimer's disease treatment, with ongoing clinical studies showing improvements in sleep and memory for patients with mild cognitive impairment [4] - The company plans to enhance clinical research and evidence accumulation for Wuling capsules, focusing on long-term safety and efficacy [4] Group 5: Future Development and Product Pipeline - The company aims to develop new products based on Wuling powder, with ongoing projects including clinical trials for Lingxiang tablets [5] - Future plans include acquiring quality pharmaceutical formulations and exploring synergistic effects with existing products in the neurology and psychiatry markets [5] Group 6: Market Impact and Incentives - The expansion of the indication for Bailing tablets to include chronic bronchitis and chronic kidney disease will help penetrate community hospitals and expand market reach [5] - The company is considering an equity incentive plan to attract and retain talent, which is essential for long-term development [5]

证券代码：300181 证券简称：佐力药业 编号：2024-009 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（现场交流） 中欧基金：赵磊；申万宏源：王道；淡水泉：王沛、吴竞尧； 参与单位名称及 浙商证券：安福廷；宁波宝隽：张瑞锦；盛熙基金：谢丙东； 人员姓名 优益增投资：刘敏；光证资管：刘天雄；华西证券：曹艳凯、 高瑛桥；华宝基金：齐震；广发资管：焦阳；中邮证券：古意 涵；循远资产；覃婷。 时间 2024年5月22日 13:30-14:30 2024年5月23日 13:00-15:00 地点 上海、公司会议室 上市公司接待人 董事、总经理：汪涛先生 ...

投资者关系活动记录表 证券代码：300181 证券简称：佐力药业 编号：2024-008 浙江佐力药业股份有限公司 | --- | --- | --- | |-----------------------|-------------------------------------------------------|--------------------------------------------------------| | | | | | 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 | | | 参与单位名称及 | 2024 年 5 月 15 日 9:30-10:30 | 申万宏源：王道；鹏扬基金： | | 人员姓名 | 赵世宏。 | | | | 2024 年 5 月 15 日 15:30-16:30 | 东方财富：欧阳胜杰。 | | | 2024 年 5 月 17 日 9:30-11:30 | 南方基金：章晖、蒋秋洁、卢 | | | 玉珊、谢巍、陈逸；东 ...

证券代码：300181 证券简称：佐力药业 公告编号：2024-045 浙江佐力药业股份有限公司 2023年年度权益分派实施公告 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"）2023 年年度权益 分派方案已获 2024 年 5 月 10 日召开的 2023 年度股东大会审议通过，现将权 益分派事宜公告如下： 一、股东大会审议通过利润分配方案等情况 1、经 2023 年度股东大会审议通过，公司 2023 年度利润分配方案为：以公 司 2023 年 12 月 31 日总股本 701,387,335 股为基数，向全体股东每 10 股派发 现金股利人民币 4.5 元（含税），共计派发现金股利人民币 315,624,300.75 元 （含税），不送红股，不以资本公积金转增股本，剩余未分配利润结转以后年度 分配； 3、本次实施的分配方案与股东大会审议通过的分配方案一致； 4、本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、本次实施的利润分配方案 本公司2023年年度权益分派方案为：以公司现有总股本7 ...

Group 1: Sales Performance - The sales volume and revenue of Wuling Capsule in Q1 2024 increased by 43.86% and 37.25% respectively compared to the same period last year, attributed to the execution of centralized procurement and the introduction of larger packaging in hospitals [2][3] - The company anticipates continued growth in the Beijing-Tianjin-Hebei "3+N" alliance as it expands into more provinces [2][3] Group 2: Mergers and Acquisitions - The company is actively seeking good acquisition opportunities, focusing on targets that have synergistic effects with existing products, particularly in neurology, psychiatry, and traditional Chinese medicine [3][4] - The company aims to leverage the current market conditions to identify quality acquisition targets that align with its development strategy [3][4] Group 3: OTC Sales and Marketing Strategy - OTC sales currently account for approximately 10% of the company's total sales, with an OTC team of about 100 members [3][4] - Future plans include enhancing C-end marketing, improving pharmacy coverage, and strengthening patient education to boost sales through e-commerce partnerships [3][4] Group 4: Product Development and R&D - The company will continue to focus on R&D in 2024, aiming for a balanced pipeline of projects at various stages of development [4] - Plans include developing a series of Wuling products, targeting a total of 10 varieties, and focusing on innovative drugs for Alzheimer's disease [4] Group 5: Revenue Distribution and Trends - Zhejiang province accounts for the highest sales revenue due to the company's local presence and the economic advantages of the region [4] - Other significant regions include Guangdong, Beijing, Shanghai, and Henan, with sales expected to increase as centralized procurement expands [4] Group 6: Sales Expense Trends - Sales expense ratios are expected to fluctuate with sales scale and new product launches, with a potential decrease in centralized procurement areas [4] - Increased marketing investments are anticipated with the launch of new products and efforts to enhance brand influence in the C-end market [4]

证券代码：300181 证券简称：佐力药业 公告编号：2024-040 浙江佐力药业股份有限公司 2023年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会未涉及变更以往股东大会已通过的决议。 4、会议召开方式：采取现场投票和网络投票相结合的方式。 5、会议主持人：公司董事长俞有强先生。 6、会议召开的合法、合规性：本次年度股东大会的召集、召开与表决程序 符合法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 （二）会议出席情况 出席现场会议和参加网络投票的股东及股东代表共40人，代表股份 162,178,099股，占公司总股份的23.1225％。其中：出席现场会议的股东及股东 代表30人，代表股份137,009,699股，占公司总股份的19.5341％；参加网络投票 一、会议召开和出席情况 1、会议召集人：浙江佐力药业股份有限公司（以下简称"公司"或"本公 司 "）董事会 2、会议召开时间：（1）现场会议召开时间：2024年5月10日（星期五）下 午14:00（2 ...