（一）会议召开情况 证券代码：300181 证券简称：佐力药业 公告编号：2025-070 浙江佐力药业股份有限公司 2025年第二次临时股东会决议公告 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、本次股东会未出现否决议案的情形； 2、本次股东会未涉及变更以往股东会已通过的决议。 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：2025年12月19日（星期五）下 午14:00（2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间 为2025年12月19日9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互 联网投票系统投票的具体时间为2025年12月19日9:15至15:00的任意时间。 3、会议召开地点：浙江省德清县阜溪街道志远北路388号，浙江佐力药业股 份有限公司会议室。 4、会议召开方式：现场表决与网络投票相结合。 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：本次临时 ...

Core Viewpoint - The recent patent infringement lawsuit between Huadong Medicine and Zhaoli Pharmaceutical has concluded with Huadong Medicine's subsidiary losing the case, which involved over 1.11 billion yuan in claims, highlighting the competitive dynamics in the market for fermented Cordyceps sinensis products [1][7]. Group 1: Lawsuit Details - The lawsuit focused on the patent rights related to the invention of fermented Cordyceps sinensis powder and its formulations, with Huadong Medicine claiming infringement by Zhaoli Pharmaceutical's product, Bailin tablets [2][8]. - The Zhejiang High Court ruled that the accused products did not fall under the protection of the claimed patent, leading to the dismissal of all claims by Huadong Medicine and requiring them to pay over 590,000 yuan in court fees [3][10]. Group 2: Market Dynamics - The dispute reflects a significant market battle over the Bailin series, which has historically generated substantial revenue for Huadong Medicine, with sales peaking at 3.486 billion yuan in 2019 [4][11]. - Zhaoli Pharmaceutical has disrupted Huadong Medicine's market dominance by acquiring an 81% stake in Qinhai Zhu Feng Winter Worm Summer Grass Pharmaceutical Co., thus integrating Bailin tablets into its portfolio [5][12]. - Zhaoli Pharmaceutical's Bailin series has seen a 38.51% increase in sales revenue, aided by its inclusion in multiple national insurance and basic drug catalogs, indicating a rapid market penetration [5][12]. Group 3: Strategic Implications - The failed acquisition attempt by Huadong Medicine to gain control over Zhaoli Pharmaceutical in 2019 has intensified the competitive landscape, leading to a reliance on patent litigation as a defense strategy [6][12]. - Analysts suggest that the lawsuit's outcome is critical not only for the 1.11 billion yuan claim but also for Huadong Medicine's market influence in a sector valued at 30 billion yuan [6][12].

（编辑 任世碧） 证券日报网讯 12月18日，佐力药业在互动平台回答投资者提问时表示，随着全国中成药采购联盟集采 全面落地执行，百令系列明年有望通过以价换量的方式，实现销售额的持续增长，未来公司力争把百令 系列打造成10亿元规模的大品种。 ...

Core Viewpoint - The patent dispute between two listed pharmaceutical companies, Huadong Medicine and Zhaoli Pharmaceutical, centers on the ownership of the invention patent for fermented Cordyceps sinensis powder, which is a key ingredient in the Bailing capsule product line. The competition is intensifying as Zhaoli Pharmaceutical's Bailing capsule has been approved, breaking Huadong Medicine's previous monopoly in this market segment [3][5][10]. Group 1: Patent Dispute Details - Huadong Medicine's Bailing capsule previously generated annual sales exceeding 3 billion yuan, and the core ingredient is fermented Cordyceps sinensis powder [3][11]. - Huadong Medicine filed a lawsuit against Zhaoli Pharmaceutical and its subsidiaries, claiming patent infringement and seeking approximately 1.11 billion yuan in damages [5][6]. - The Zhejiang High Court ruled against Huadong Medicine in the first instance, dismissing all claims and ordering it to bear over 590,000 yuan in court fees [7][8]. Group 2: Market Impact and Financial Performance - The Bailing series, which includes Bailing capsules, Bailing granules, and Bailing tablets, is a significant market segment, with both companies nearly splitting the market [10][11]. - Huadong Medicine's Bailing capsule sales peaked at 3.486 billion yuan in 2019, but sales have since declined to around 1.8 billion yuan in 2022 due to price reductions [11][12]. - Zhaoli Pharmaceutical's Bailing tablet series generated 2.02 billion yuan in revenue in 2023, reflecting a 21.23% decline from the previous year due to competitive pressures [12][13]. Group 3: Future Prospects - Zhaoli Pharmaceutical aims to develop the Bailing series into a 1 billion yuan product line, indicating strong growth ambitions [15]. - The Bailing series, including both Bailing tablets and capsules, contributed 1.13 billion yuan in revenue in the first half of 2025, marking a 38.51% increase year-on-year [14]. - As of December 16, the market capitalization of Huadong Medicine was approximately 69.1 billion yuan, while Zhaoli Pharmaceutical's market cap was around 11.9 billion yuan [16].

Core Viewpoint - The article discusses the patent dispute between two listed pharmaceutical companies, Huadong Medicine and Zhaoli Pharmaceutical, focusing on the core ingredient of the Bailing capsule, which has historically generated significant sales revenue for Huadong Medicine [5][8]. Group 1: Patent Dispute Details - The lawsuit centers on the patent rights of fermented Cordyceps sinensis powder, which is the main ingredient in the Bailing capsule, previously a unique product for Huadong Medicine with annual sales exceeding 3 billion yuan [8][12]. - Huadong Medicine filed a lawsuit against Zhaoli Pharmaceutical and its subsidiaries, claiming infringement of its patent rights and seeking approximately 1.11 billion yuan in damages [11][12]. - The Zhejiang High Court ruled against Huadong Medicine in the first instance, dismissing all claims and ordering it to bear over 590,000 yuan in court fees [13][14]. Group 2: Market Competition - The competition between Huadong Medicine and Zhaoli Pharmaceutical is intensifying, with both companies nearly splitting the market for Bailing products [8][17]. - Huadong Medicine's Bailing capsule was a major product, achieving sales of over 3 billion yuan in 2019, but faced a decline in sales due to price reductions after being included in the medical insurance directory [17][18]. - Zhaoli Pharmaceutical, through acquisitions, has positioned itself in the Bailing market, with its Bailing tablet generating revenue of 2.02 billion yuan in 2023, down 21.23% from the previous year due to competitive pressures [18][19]. Group 3: Future Outlook - Zhaoli Pharmaceutical aims to grow its Bailing series into a 1 billion yuan product line, with expectations of increased revenue as the product gains market traction following its recent approval [19]. - As of December 16, 2023, Huadong Medicine's market capitalization was approximately 69.1 billion yuan, while Zhaoli Pharmaceutical's was around 11.9 billion yuan, indicating a significant disparity in market valuation [19].

Core Viewpoint - The article discusses recent developments in the pharmaceutical industry, particularly focusing on the acquisition of a multi-trace element injection asset group by Zhaoli Pharmaceutical, which is expected to enhance its product portfolio and market position [4][5][6]. Group 1: Legal and Financial Developments - Zhaoli Pharmaceutical's subsidiary, Qinghai Zhuofeng Pharmaceutical, won a lawsuit against Huadong Pharmaceutical, with the court dismissing all claims from Huadong and ordering it to bear the legal costs of 598,732 yuan [4]. - Zhaoli Pharmaceutical signed an agreement to acquire a multi-trace element injection asset group for a total price of 356 million yuan, which includes both marketed and in-development products [5]. Group 2: Product and Market Insights - The acquired products, including "Multi-trace Element Injection (I)" and "Multi-trace Element Injection (II)," are classified as Category B drugs under national medical insurance and have been recommended in various clinical guidelines, indicating their efficacy and safety [6]. - The market for multi-trace element injections is projected to reach approximately 1.8 billion yuan by 2024, with stable growth in sales volumes for both products from 2020 to 2024, showing a compound annual growth rate of 12.44% for Injection (I) and 35.58% for Injection (II) [7]. Group 3: Financial Projections and Competitive Landscape - The asset group is expected to generate a net profit of approximately 60 million yuan for the full year of 2025, enhancing Zhaoli Pharmaceutical's profitability [8]. - The acquisition is valued at about 6 times the price-to-earnings ratio, indicating a favorable cost-benefit ratio, and the payment will be made in stages to alleviate cash flow pressure [8].

Core Viewpoint - The lawsuit between two listed pharmaceutical companies regarding the patent rights of a high-revenue traditional Chinese medicine product has progressed, with the first-instance judgment rejecting all claims from the plaintiff, Huadong Medicine [1][3]. Group 1: Lawsuit Details - Huadong Medicine's subsidiary, Zhongmei Huadong Pharmaceutical, filed a lawsuit against three defendants, including Qinghai Zhu Feng Winter Worm Summer Grass Raw Material Co., Ltd., Qinghai Zhu Feng Winter Worm Summer Grass Pharmaceutical Co., Ltd., and Hangzhou Huadong Wulin Pharmacy Co., Ltd. [3][5]. - The lawsuit involves a patent related to the "enzyme, gene, and application of adenosine acid synthesis from Cordyceps sinensis," which Huadong Medicine claims is being infringed upon by the defendants [4][5]. - The disputed amount in the lawsuit is 110 million yuan, and Huadong Medicine plans to appeal the decision to the Supreme People's Court of China [1][3]. Group 2: Financial Implications - The sales revenue of the Bailing series, which includes Bailing capsules owned by Huadong Medicine, exceeded 3 billion yuan in 2019, indicating significant market presence [3][4]. - The Bailing series saw a year-on-year revenue growth of 38.51% in the first half of 2025, highlighting its competitive position in the market [3]. Group 3: Company Responses - In response to the lawsuit, the defendants, particularly Zhaoli Pharmaceutical, stated that they respect intellectual property rights and have conducted thorough due diligence regarding the patent issues related to the raw materials used in their products [6][7]. - Zhaoli Pharmaceutical emphasized that their production and sales of Bailing tablets comply with national laws and regulations, asserting that they do not infringe on Huadong Medicine's patent rights [6][7].

Core Viewpoint - Zhaoli Pharmaceutical is acquiring a multi-element injection asset group from Future Pharmaceutical, focusing on enhancing its product structure and marketing synergy in the field of parenteral nutrition [11][12][46]. Acquisition Details - The asset group includes already listed types I and II, and the in-review type III injection, focusing on trace element supplementation for parenteral nutrition. The net profit for the first nine months of this year was 45.79 million yuan, indicating good profitability [2][37]. - The acquisition will be paid in cash in phases and will not affect the company's stable dividend strategy [4][38]. Synergy and Market Outlook - The integration of sales channels is expected, with Zhaoli covering over 15,000 hospitals and Future Pharmaceutical covering over 1,000 specialized hospitals. This will enhance academic promotion systems and leverage Zhaoli's experience in centralized procurement to penetrate grassroots markets [2][37]. - The market for multi-element injections is projected to reach approximately 1.8 billion yuan in 2024, with continued growth expected, particularly in pediatric and adult critical nutrition support [12][46]. Production and R&D - Current production capacity can meet demand for the next 2-3 years, but new factory construction is planned for future expansion. The "Wuling + X" R&D project will focus on digestive systems, male health, and the broader health sector, expanding the Wuling product line [2][37]. Sales Forecast - Wuling capsules are expected to maintain steady growth due to their essential medicine status, with a focus on grassroots medical institutions and strengthening OTC and online channels [3][37]. - The Bailing series is anticipated to achieve a scale of 1 billion yuan by 2026, benefiting from nationwide centralized procurement [3][38]. Financial Projections - The company forecasts net profits of 667 million yuan, 842 million yuan, and 1.067 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.95, 1.20, and 1.52 yuan per share [11][48].

Core Viewpoint - The patent dispute between two listed pharmaceutical companies, Huadong Medicine and Zhaoli Pharmaceutical, centers on the invention patent rights of fermented Cordyceps sinensis powder, which is a key ingredient in Huadong's previously exclusive product, Bailing Capsules [2][4][5]. Group 1: Legal Proceedings - Huadong Medicine's subsidiary, Hangzhou Zhongmei Huadong Pharmaceutical, received a civil judgment from the Zhejiang High Court, which dismissed all of Huadong's claims regarding the patent dispute [2][8]. - The case involved a claim for approximately 1.1139 billion yuan, which increased by 10,600 yuan from the initial disclosure [2][7]. - Huadong Medicine plans to appeal to the Supreme People's Court following the unfavorable ruling [4][9]. Group 2: Market Impact - The dispute is significant as it affects the market for Bailing products, which has historically generated substantial revenue, with Bailing Capsules achieving sales exceeding 30 billion yuan in previous years [4][11]. - Following the approval of Zhaoli Pharmaceutical's Bailing Capsules as a same-name product in January 2024, the market dynamics shifted, leading to a near equal division of the Bailing product line between the two companies [4][13]. - Zhaoli Pharmaceutical's Bailing series, including Bailing Capsules and Bailing Tablets, reported a combined revenue of 1.88 billion yuan in 2024, with expectations for future growth as they aim to establish the series as a 1 billion yuan product [12][14]. Group 3: Financial Performance - Huadong Medicine's Bailing Capsules had sales of 34.86 billion yuan in 2019, but faced a decline due to price reductions after being included in the medical insurance directory, stabilizing around 18 billion yuan in 2022 [11]. - Zhaoli Pharmaceutical's Bailing Tablets generated 2.02 billion yuan in revenue in 2023, reflecting a 21.23% decline due to competitive pressures and pricing strategies [12].

Core Viewpoint - Zhaoli Pharmaceutical plans to acquire a multi-trace element injection asset group from Future Pharmaceutical to enrich its product structure and enhance marketing synergy [1] Group 1: Acquisition Details - The company signed an asset acquisition agreement for the multi-trace element injection group with Tibet Future and its two wholly-owned subsidiaries, Xuchang Future and Hefei Future, for a total price of RMB 356 million (including tax) [1] - The acquisition aims to optimize the company's product structure and expand its treatment areas for diseases [1] Group 2: Market Potential - The multi-trace element injection is a major source of trace elements in parenteral nutrition, with an overall market size projected to reach approximately RMB 1.8 billion in 2024 [1] - The company's advantages in centralized procurement and basic drug products will allow it to leverage its clinical promotion experience for synergistic development with the multi-trace element injection products [1] Group 3: Investment Outlook - The external acquisition opens up growth opportunities for the company, maintaining a "buy" rating [1]