浙江佐力药业股份有限公司 2024年度独立董事述职报告 ——姚杰 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"）的第八届董事会独 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 本人姚杰，1989年2月出生，中国国籍，无境外永久居留权，本科学历，四 级律师。曾任浙江三星新材股份有限公司独立董事。现任浙江莫干山律师事务所 律师、合伙人。2024年5月10日起担任公司独立董事。 （二）独立性说明 在担任公司独立董事期间，本人未在公司担任独立董事及董事会各相关专门 委员会委员以外的任何职务，也未在公司主要股东单位担任任何职务，与公司及 主要股东之间不存在利害关系或其他可 ...

浙江佐力药业股份有限公司董事会 关于独立董事独立性情况的专项意见 根据《上市公司独立董事管理办法》《上市公司自律监管指引第 2 号——创 业板上市公司规范运作》等要求，浙江佐力药业股份有限公司（以下简称"公司"） 董事会就公司现任独立董事朱建先生、王萍先生、姚杰先生的独立性情况进行评 估，并出具如下专项意见： 经核查公司独立董事朱建先生、王萍先生、姚杰先生的兼职、任职情况以及 其签署的独立性自查情况报告，上述人员未在公司担任独立董事及董事会各相关 专门委员会委员以外的任何职务，也未在公司主要股东单位担任任何职务，与公 司及主要股东之间不存在利害关系或其他可能妨碍其进行独立客观判断的关系， 因此，公司独立董事符合《上市公司独立董事管理办法》《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》等法律法规及《公司章 程》《独立董事制度》中对独立董事任职资格及独立性的要求。 浙江佐力药业股份有限公司 董 事 会 2025 年 4 月 25 日 ...

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].

Core Viewpoint - The China Ocean Medical Care Theme Stock A has experienced a decline of 0.85% on April 17, with a net value of 1.05 yuan, marking a cumulative drop of 1.95% over three consecutive trading days [1] Group 1: Fund Performance - The fund was established in March 2012 with a total size of 564 million yuan and has achieved a cumulative return of 165.78% since inception [1] - As of the end of 2024, the top ten holdings of the fund account for a total of 59.15% of the portfolio [2] Group 2: Holder Structure - As of the end of 2024, institutional investors hold 5.9 million shares, representing 10.54% of the total shares, while individual investors hold 49.8 million shares, accounting for 89.46% of the total [1] Group 3: Fund Management - The current fund manager, Ms. Liang Jingjing, has a master's degree in pharmaceutical chemistry from Peking University and has held various research positions in the pharmaceutical sector before becoming the fund manager [1]

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]

Market Overview - After the Spring Festival and during the Two Sessions, the TMT sector led by Deepseek has initiated a "revaluation of Chinese assets" trend, supported by a relatively stable RMB exchange rate and positive policy expectations[1] - The A-share and Hong Kong technology sectors currently exhibit a high risk appetite, although adjustments have been observed since mid-March due to uncertainties surrounding the new round of "reciprocal tariffs" from the US and concerns over AI "computing power bubbles"[1] - In March, the Shanghai Composite Index, CSI 300 Index, and ChiNext Index recorded gains of +0.45%, -0.07%, and -3.07%, respectively[1] Policy and Economic Outlook - The 2025 Two Sessions emphasized expanding domestic demand and promoting consumption as primary objectives, with a focus on addressing low domestic inflation and external uncertainties[2] - The "Consumption Promotion Action Plan" issued on March 16 aims to enhance consumer capacity and stabilize the stock market, with expectations for new capital market policies to accelerate implementation[2] - The central bank reiterated the need for a moderately loose monetary policy, with potential for reserve requirement ratio (RRR) and interest rate cuts based on economic conditions[2] Investment Recommendations - Focus on large consumption and cyclical industries in Q2, particularly those showing signs of recovery or strong performance[3] - Continue to monitor defensive sectors such as banking and dividend stocks due to external uncertainties[4] - The long-term trend for AI remains positive, with significant investment from major domestic companies, presenting potential short-term investment opportunities during market corrections[5] Selected Stock Portfolio - The recommended portfolio includes stocks from various sectors: China Mobile, Hongri Da, Lu Wei Optoelectronics, Sinovac Biotech, and others, covering telecommunications, pharmaceuticals, machinery, and non-bank financials[5]