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。 一、董事会会议召开情况 浙江佐力药业股份有限公司 第八届董事会第八次（临时）会议决议公告 证券代码：300181 证券简称：佐力药业 公告编号：2025-056 根据《中华人民共和国公司法》《上市公司章程指引》等相关法律法规、规 范性文件的规定，公司对第八届董事会审计委员会成员和召集人进行确认，公司 第八届董事会审计委员会仍由朱建先生（独立董事）、王萍先生（独立董事）、 郑学根先生组成，其中朱建先生为审计委员会召集人且为会计专业人士。任期自 本次董事会审议通过之日起至第八届董事会任期届满之日止。 表决结果：同意 9 票，反对 0 票，弃权 0 票，获得通过。 2、审议通过《关于补选第八届董事会战略与 ESG 委员会委员的议案》 因公司治理结构调整，沈月红女士辞去公司第八届董事会非独立董事、战略 与 ESG 委员会委员职务。同时，公司于近日召开职工代表大会，经全体与会职 工代表表决，选举沈月红女士为公司第八届董事会职工代表董事。 公司董事会重新选举沈月红女士为公司第八届董事会战略与 ESG 委员会委 员，任期自本次 ...

Core Viewpoint - The company is focusing on the research and development of innovative traditional Chinese medicine, particularly the Wuling series products [1] Group 1 - The company is actively implementing a strategic layout of "initiating a batch, conducting clinical trials for a batch, and launching a batch" [1] - Currently, the company has innovative drugs under research, including Lingxiang tablets, which are undergoing Phase II clinical trials [1] - There are three other innovative traditional Chinese medicines from the Wuling series that are in preclinical toxicology and pharmaceutical research [1]

Group 1 - The core business of the company includes various products such as the Wuling series (Wuling capsules, Lingze tablets, Linglianhua granules), the Bailing series (Bailing tablets, Bailing capsules), traditional Chinese medicine pieces, and traditional Chinese medicine formula granules, as well as Pugakabofe calcium tablets [2] - The Wuling series is a unique product line, and the company aims to develop new products based on Wuling mushroom powder according to famous doctors' prescriptions, with a goal of expanding the Wuling series into a family of 10 products to create a stronger product moat [2]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, driven by the success of its product lines and strategic initiatives [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.599 billion yuan, a year-on-year increase of 11.99%, and a net profit attributable to shareholders of 374 million yuan, up 26.16% [1]. - The adjusted net profit, excluding stock incentive plan costs, was approximately 387 million yuan, reflecting a growth of 30.83% [1]. - For Q2 2025, revenue reached 775 million yuan, with a year-on-year growth of 2.60%, and net profit attributable to shareholders was 192 million yuan, up 25.20% [1]. Business Segment Performance - The Wuling series generated sales of 897 million yuan in H1 2025, a growth of 7.23%, benefiting from participation in centralized procurement programs [2]. - The Bailing series saw a significant revenue increase of 38.51%, reaching 113 million yuan, attributed to its involvement in national procurement initiatives [2]. - The Chinese herbal medicine segment experienced a decline of 10.10% in revenue to 349 million yuan, primarily due to high base effects from the previous year [2]. - The Chinese herbal granules segment reported a revenue increase of 56.60%, totaling 74 million yuan [2]. Strategic Initiatives - The company is enhancing its channel layout and building its C-end market, focusing on the Wuling capsule's clinical value and expanding its presence in county and grassroots markets [3]. - A new packaging of the Wuling capsule and strategic partnerships with major chains are aimed at creating a new model for chronic disease management [3]. - The company is also strengthening its OTC division by merging sales and marketing functions to improve organizational efficiency [3]. Product Development - Ongoing research on the Wuling series includes the completion of animal efficacy studies for the modified Wuling capsule and the initiation of Phase II clinical trials for Lingxiang tablets [4]. - The company has established a joint research center with Zhejiang University to leverage AI technology for developing innovative health products [4]. - In April 2025, the company invested 20 million yuan to acquire a 3.15% stake in Lingyi Biotechnology, gaining distribution rights for a Parkinson's treatment in mainland China [4]. Investment Outlook - The company anticipates revenue growth rates of 22.0%, 17.5%, and 16.2% for 2025 to 2027, with net profit growth rates of 30.2%, 27.2%, and 25.5% respectively [5]. - A buy rating is maintained with a target price of 23.57 yuan, reflecting a 25x dynamic P/E ratio for 2025 [5].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 23.57 CNY, compared to the current stock price of 19.89 CNY [4]. Core Insights - The company reported strong performance in H1 2025, with revenue of 1.599 billion CNY, a year-on-year increase of 11.99%, and a net profit of 374 million CNY, up 26.16% [1]. - The growth in the company's product lines, particularly the Wuling series and the Bailing series, indicates robust market expansion, with the Wuling series achieving sales of 897 million CNY (up 7.23%) and the Bailing series reaching 113 million CNY (up 38.51%) in H1 2025 [2]. - The company is actively enhancing its C-end market strategy, focusing on channel development and clinical value recognition, which is expected to drive sales growth [3]. Financial Performance - In H1 2025, the company achieved a net profit of approximately 372 million CNY after deducting non-recurring items, reflecting a growth of 27.24% year-on-year [1]. - The second quarter of 2025 saw a revenue of 775 million CNY, with a net profit of 192 million CNY, marking a year-on-year increase of 25.20% [1]. - The company anticipates revenue growth rates of 22.0%, 17.5%, and 16.2% for 2025 to 2027, with net profit growth rates of 30.2%, 27.2%, and 25.5% respectively [9]. Product Development and Market Expansion - The company is advancing its product development, with ongoing clinical trials and research for various products, including the Wuling series and the development of new health products using AI technology [8]. - The establishment of a joint research center with Zhejiang University aims to leverage cutting-edge technology for innovative product development [8]. - The company has made strategic investments, including a 20 million CNY stake in Lingyi Biotechnology, which is expected to enhance its long-term growth prospects [8].

Group 1 - The company held an investor relations event via conference call, attracting over 70 institutions including Dongwu Securities and Ping An Securities [1] - The event featured a presentation by the board secretary on the company's performance for the first half of 2025, followed by a Q&A session addressing core products and business development [1] - The company aims to achieve a 30% net profit growth rate by 2025 through stock incentives, focusing on the promotion of its key product, Wuling Capsules, and expanding market share through collective procurement [1] Group 2 - The Bailing series products, including Bailing tablets and capsules, have participated in the national Chinese medicine procurement alliance, with 28 provinces issuing procurement execution notices, expecting a 38.51% year-on-year sales growth in the first half of 2025 [2] - The company is optimizing its market layout and sales team for rapid growth in the Chinese medicine granule business, while the Chinese medicine decoction pieces have shown stable growth after excluding special factors [2] - The company is implementing a multi-dimensional strategy for the C-end market, including organizational optimization, market expansion, O2O online operations, and consumer education to increase C-end sales proportion [2]

Group 1: Company Performance and Strategy - The company aims for a 30% growth in net profit for 2025, leveraging the dual advantages of its core product, Wuling Capsule, as a national essential medicine and a procurement variety [3] - In the first half of 2025, the sales revenue of the Bailing series increased by 38.51% year-on-year, with expectations for further market share expansion through price-volume strategies [5] - The sales revenue of traditional Chinese medicine granules grew by 56.60% year-on-year in the first half of 2025, indicating robust market performance [6] Group 2: Product Development and Market Expansion - Wuling Capsule's promotion focuses on enhancing hospital coverage and deepening existing relationships, with plans to penetrate community health services and township hospitals [2] - The company has initiated the development of innovative health products targeting insomnia, anxiety, and memory improvement, in collaboration with Zhejiang University [4] - The company has completed the filing of 468 national and provincial standards for traditional Chinese medicine granules, indicating a strong market presence [6] Group 3: C-end Market Strategy - The company is implementing a multi-dimensional strategy to enhance its C-end market presence, including optimizing organizational structure and strengthening market expansion efforts [7] - Plans include promoting online operations and enhancing consumer education regarding the benefits of Wuling Capsule in cognitive function improvement [7] - The company aims to increase C-end sales significantly, with a gradual rise in market share [7] Group 4: Clinical Development and Collaborations - The clinical pipeline of Lingyi Biotech, in which the company has invested, is progressing well, with several projects in various stages of clinical trials [9] - The company is exploring deeper collaborations with Lingyi Biotech in the neurological and psychiatric fields [9] - The focus remains on identifying synergistic opportunities for external development to empower business growth [10]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company's revenue for the first half of 2025 reached 1.6 billion yuan, representing a year-on-year growth of 11.99%, while the net profit attributable to shareholders was 374 million yuan, up 26.16% year-on-year [1][2] - The company's gross margin and net margin for Q2 2025 were 65.26% and 25.26%, respectively, showing an upward trend compared to Q2 2024 and Q1 2025, primarily due to an increase in the proportion of high-margin businesses and cost reduction measures [2] - Future growth is anticipated due to the increasing penetration of the company's products and market share gains from collective procurement initiatives [2] Financial Summary - The company adjusted its revenue forecasts for 2025-2027, predicting revenues of 3.221 billion, 3.871 billion, and 4.626 billion yuan, respectively, with corresponding EPS estimates of 0.95, 1.20, and 1.50 yuan [3] - The company reported a significant increase in revenue from its core products, with the Wuling series generating 897 million yuan in H1 2025, a 7.23% increase year-on-year, and the Bailing series achieving 113 million yuan, up 38.5% year-on-year [7] - The traditional Chinese medicine granule business showed rapid growth, with revenues of 74 million yuan in H1 2025, marking a 56.6% year-on-year increase [7] Financial Projections - The projected operating revenues for 2025, 2026, and 2027 are 3.221 billion, 3.871 billion, and 4.626 billion yuan, respectively, with net profits expected to be 676 million, 854 million, and 1.073 billion yuan [9] - The company's gross margin is projected to be 58.9% in 2025, with a net profit margin of 20.6% [9] - The return on equity (ROE) is expected to increase from 18.3% in 2024 to 21.1% in 2025, reaching 30.3% by 2027 [9]

Industry Overview - The pharmaceutical industry is experiencing steady growth, driven by core products and strategic market expansions [3][4]. Company Performance - The company reported a revenue of 1.599 billion yuan for H1 2025, an increase of 11.99% year-on-year, and a net profit of 374 million yuan, up 26.16% year-on-year [4][5]. - The gross margin was 63.01%, reflecting a year-on-year increase of 0.39 percentage points, while the net margin reached 23.71%, up 2.72 percentage points [4]. Core Product Growth - The core products, including the Wuling series and Bailing series, have shown robust growth, with Wuling series sales reaching 897 million yuan (up 7.23%) and Bailing series sales at 113 million yuan (up 38.51%) [5][6]. Strategic Initiatives - The company is implementing a "one body, two wings" strategy, focusing on marketing and R&D to enhance operational performance [6]. - The company is expanding its C-end business by launching larger packaging for Wuling capsules and forming strategic partnerships with major chains [6]. Clinical Validation and R&D Progress - The core product Wuling capsules have received validation from international journals, confirming their safety and efficacy in treating mild depression in Parkinson's patients [7]. - The company has made significant progress in clinical trials, with multiple products entering various stages of development [7]. Profit Forecast - The company is expected to achieve revenues of 3.231 billion yuan, 3.687 billion yuan, and 4.265 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 25.4%, 14.1%, and 15.7% [8]. - Net profits are projected to be 661 million yuan, 839 million yuan, and 986 million yuan for the same years, with growth rates of 30.2%, 26.9%, and 17.4% [8][9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Insights - The company has demonstrated strong profit growth, with a reported revenue of 1.599 billion yuan in H1 2025, reflecting a year-on-year increase of 11.99%. The net profit attributable to shareholders reached 374 million yuan, up 26.16% year-on-year [2][3]. - The core products, including Wuling Capsules and Lingze Tablets, are listed in the national essential drug list, with Wuling Capsules being a unique product. The company is expected to achieve revenue of 29.72 billion yuan in 2025, with a year-on-year growth of 15.3% [9]. Financial Performance Summary - Revenue and Profit Growth: - 2023A: Revenue of 1,942 million yuan, net profit of 383 million yuan - 2024A: Revenue of 2,578 million yuan, net profit of 508 million yuan - 2025E: Revenue of 2,972 million yuan, net profit of 663 million yuan - 2026E: Revenue of 3,459 million yuan, net profit of 800 million yuan - 2027E: Revenue of 4,012 million yuan, net profit of 971 million yuan [1][10]. - Profitability Metrics: - The company’s return on equity (ROE) is projected to increase from 14.1% in 2023 to 25.4% in 2027, indicating improving profitability [1][10]. - The net profit margin for H1 2025 was reported at 23.35%, an increase of 2.62 percentage points year-on-year [3]. Product Performance - In H1 2025, the revenue breakdown by product was as follows: - Wuling series: 897 million yuan (+7.23% YoY) - Bailing Tablets: 113 million yuan (+38.51% YoY) - Traditional Chinese Medicine pieces: 349 million yuan (-10.10% YoY) - Chinese medicine formula granules: 74 million yuan (+56.60% YoY) [3][4]. Marketing and R&D Strategy - The company is enhancing its marketing and R&D efforts, focusing on expanding its channel layout and market coverage. It has partnered with Baidu Health and various pharmacy chains to strengthen its influence in the consumer market [4]. - R&D initiatives include deepening studies on the Wuling series and expanding clinical applications, with Wuling Capsules now included in 83 clinical guidelines and pathways [4].