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]

Investment Rating - The report gives a "Buy" rating for the company, with a projected revenue growth of 28.86% in 2024 and a PE ratio of 20.70 [23]. Core Insights - The company's unique product, Wuling Capsule, is benefiting significantly from centralized procurement, leading to increased sales volume. The market share in urban and county-level public hospitals reached 14% and 10% respectively in 2022 [20]. - The report highlights the transition to larger packaging sizes for Wuling Capsule, which is expected to enhance sales further. The product's price was reduced by 21% under centralized procurement, making it more accessible [14][20]. - The company is also seeing growth in its second-line products, such as Lingze Tablets, which have improved their market ranking significantly in recent years [21]. Summary by Sections Wuling Series - Wuling Capsule has shown a continuous increase in usage frequency and sales amount from 2017 to 2020, maintaining a leading position in the market [11]. - The product's market share in public hospitals has been steadily increasing, with a notable rise in 2022 [14]. - The centralized procurement has allowed for a switch to larger packaging, which is expected to drive sales growth [14][15]. Bailing Series - Bailing Tablets have experienced a decline in revenue due to centralized procurement but are expected to recover as the restrictions on insurance coverage are relaxed [21]. - The introduction of Bailing Capsules is anticipated to contribute to revenue growth in 2024 [21]. Traditional Chinese Medicine - The company has seen a consistent growth rate of over 20% in its traditional Chinese medicine segment, with revenues reaching 460 million yuan in 2023 [21]. - The recovery in the Chinese medicine granule business is also noted, with a significant increase in revenue due to the completion of national and provincial standard filings [21]. Financial Projections - The company is projected to achieve revenues of 25.03 billion yuan in 2024, with a net profit of 5.30 billion yuan, reflecting a growth rate of 40.27% [24].

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 ...

Group 1: Investor Relations Activities - The company conducted investor relations activities including site visits and analyst meetings on May 15 and May 17, 2024 [2][3][4] - Key participants included representatives from Shenwan Hongyuan, Pengyang Fund, Dongfang Caifu, and Southern Fund [2][3] Group 2: Product Recognition and Clinical Application - Wuling Capsule has been recognized in 65 clinical guidelines and expert consensus for its efficacy in treating anxiety, depression, and related disorders [2][3] - The product's acceptance is supported by its safety profile and GABA mechanism of action, leading to its use across multiple medical departments [3][4] Group 3: Sales Strategy and Market Coverage - Since 2018, the company has strengthened its marketing team to enhance hospital coverage through a dual model of self-operated and commissioned sales [3][4] - The sales target for Wuling Capsule is to reach a scale of 2 billion CNY, with 90% of revenue currently coming from hospital sales [4][5] Group 4: Product Development and Market Expansion - The company aims to expand the market for Lingze Tablets, targeting a sales goal of 500 million CNY initially, with a long-term goal of 1 billion CNY [5][6] - Lingze Tablets are recognized for their effectiveness in treating benign prostatic hyperplasia and have entered 12 clinical guidelines [4][5] Group 5: Competitive Advantage and Future Plans - The company is focusing on developing traditional Chinese medicine (TCM) products, leveraging its established production capabilities in herbal pieces and formula granules [6][7] - Plans include enhancing OTC market coverage to increase consumer accessibility, aiming for at least 20% of sales from the OTC segment [7]

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 ...

东方华银关于佐力药业 2023 年度股东大会的法律意见书 本所律师根据法律法规和《公司章程》的要求，按照律师行业公认的业务标 准、道德规范和勤勉尽责精神，现出具法律意见如下： 一、本次股东大会召集、召开的程序 2024年4月17日，贵司第七届董事会第十九次会议作出决议，决定召开2023 年度股东大会。贵司已于2024年4月19日将本次股东大会的召开时间、地点及审 议事项等相关的决议公告、通知刊载在符合中国证监会规定条件的媒体和证券交 上海东方华银律师事务所 关于浙江佐力药业股份有限公司 2023 年度股东大会的法律意见书 致：浙江佐力药业股份有限公司 上海东方华银律师事务所（以下简称"本所"）接受浙江佐力药业股份有限 公司（以下简称"贵司"或"公司"）委托，就贵司召开 2023 年度股东大会的有 关事宜，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股 东大会规则》（以下简称"《大会规则》"）等法律、法规和其他规范性文件以及《浙 江佐力药业股份有限公司章程》（以下简称"《公司章程》"）的有关规定，出具本 法律意见书。 为出具本法律意见书，本所律师审查了公司提供的本次股东大会的相关资料， 包 ...

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。 二、监事会会议审议情况 1、审议通过《关于选举公司第八届监事会主席的议案》 根据《公司法》《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、规范性文件以及《公司章程》的有关规定，公司 第八届监事会选举周城华先生为监事会主席，任期三年，自本次监事会审议通过 之日起至第八届监事会任期届满之日止。 具体内容详见公司于同日披露在中国证监会指定的创业板信息披露网站巨 潮资讯网上的《关于完成董事会、监事会换届选举并聘任高级管理人员、审计部 负责人、证券事务代表的公告》（公告编号：2024-043）。 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"）第八届监事会第一次会议 通知于 2024 年 5 月 10 日公司召开的 2023 年度股东大会换届选举第八届监事 会成员取得表决结果后，以现场、电话等通知的形式送达全体监事。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，经全体监事共同推选，本次 会议由周城华先生主持，会议的召开符合《公司法》和《公司章程》等 ...