证券研究报告 2025 年 12 月 14 日 湘财证券研究所 行业研究 中药行业周报 全国医保工作会议召开，价格与市场格局重塑仍是 2026 中药行业大方向 相关研究： 核心要点： ❑ 市场表现：上周中药Ⅱ下跌 2.03%，跌幅相对较大 根据 wind 数据，上周（2025.12.07-2025.12.13）医药生物报收 8280.55 点，下跌 1.04%；中药Ⅱ报收 6372.09 点，下跌 2.03%；化学制药报收 13271.69 点，下跌 0.75%；生物制品报收 6234.22 点，下跌 1.85%；医药商业报收 5257.6 点，下跌 4.26%；医疗器械报收 6373.39 点，下跌 1.79%；医疗服务报收 6344.37 点，上涨 1.67%。医药二级子板块中，仅医疗服务录得正收益，其他板块均回调，中药 板块跌幅相对较大。 从公司表现来看，根据 wind 数据，表现居前的公司有：佐力药业、江中药业、 葵花药业、东阿阿胶、马应龙；表现靠后的公司有：粤万年青、太龙药业、信 邦制药、益盛药业、维康药业。 ❑ 估值：上周中药板块 PE（ttm）为 27.17X，PB（lf）为 2.29X 根据 ...

Corporate Changes - Wang Ying, the chairman of Pudong Jinqiao, has resigned due to work transfer [2] - Xu Yinghui has become the new actual controller of Gu Ao Technology after a voting rights entrustment agreement [4][5] Profit Distribution - Xiangsheng Medical plans to distribute a cash dividend of 3 yuan per 10 shares for the first three quarters of 2025 [3] Investment Projects - Jiaze New Energy intends to invest approximately 3.557 billion yuan in a green hydrogen and methanol co-production project in Jixi City, Heilongjiang Province [6] - Longfei Optical Fiber's subsidiary plans to participate in establishing an investment fund with a total subscription amount of 830 million yuan [11] Financing Activities - Jinpan Technology has received approval from the China Securities Regulatory Commission to issue convertible bonds to unspecified investors [7] Acquisitions - Zoli Pharmaceutical has signed an agreement to acquire a multi-trace element injection asset group from Future Medicine for a total price of 356 million yuan [8] Product Approvals - Nine安 Medical's U.S. subsidiary has received pre-market notifications from the FDA for its multi-detection kits for various viruses [9] National Projects - Saiyi Information has been approved to lead a national major science and technology project focused on intelligent manufacturing systems and robotics [10]

据悉，未来医药的多种微量元素注射液已在京津冀"3+N"联盟集中带量采购、河北省联盟(省)集采到期 接续药品集中带量采购、广东联盟接续集中带量采购等中选，浙江、广东、安徽等20多个省份已执行。 多种微量元素注射液(III)作为在研品种已于2025年2月27日完成上市申报(受理号：CYHS2500882)，目前 处于技术审评阶段。 此次收购后，公司有望凭借自身营销体系，与资产组优势互补推动发展。多种微量元素注射液有着坚实 的市场基础，未来医药已有的集采中标资格将为产品准入提供便利。同时，公司有着集采和基药产品的 市场优势，可充分发挥"多科室、重循证"的临床推广经验，与多种微量元素注射液产品组合实现协同发 展，更好满足日益增长的多元化临床需求。 据了解，未来医药的多种微量元素注射液(Ⅰ)和多种微量元素注射液(Ⅱ)已有多年的推广应用经验，在 多家医院得到应用。根据中汇会计师出具的《模拟审计报告》，该资产组2025年1—9月实现净利润为 4578.92万元，本次收购完成后，将会增强公司盈利能力，提升企业市场竞争力。(厉平) 12月14日，浙江佐力药业（300181）股份有限公司(300181.SZ)发布公告称，公司董事 ...

Group 1 - Pudong Jinqiao's chairman Wang Ying has resigned due to job transfer, ceasing to hold positions as director, chairman, and committee member [2] - Xiangsheng Medical plans to distribute a cash dividend of 3 yuan per 10 shares to all shareholders based on the total share capital [3] - Gu Ao Technology's actual controller has changed to Xu Yinghui, with stock resuming trading on December 15 [4] Group 2 - Jiaze New Energy plans to invest approximately 3.557 billion yuan in a green hydrogen and aviation fuel chemical co-production project in Jixi City [5] - Jinpan Technology has received approval from the China Securities Regulatory Commission to issue convertible bonds to unspecified investors [6] - Zoli Pharmaceutical intends to acquire a multi-trace element injection asset group for a total price of 356 million yuan [7] Group 3 - Jiuan Medical's U.S. subsidiary has received pre-market notifications from the FDA for four and three-in-one testing products [8] - Saiyi Information has been approved for a national major science and technology project focusing on intelligent manufacturing systems and robotics [9] - Changfei Fiber's subsidiary plans to participate in establishing an investment fund with a total subscription amount of 830 million yuan [10] Group 4 - Chengfeng Technology's shareholder, Hangzhou Hongwo, plans to reduce its stake by up to 3% of the company's shares [12] - Minxin Co., Ltd.'s deputy general manager plans to reduce holdings by up to 220,000 shares, representing 0.3925% of the total share capital [13] - Xinle Energy's director plans to reduce holdings by up to 400,000 shares, accounting for 0.07% of the total share capital [14]

格隆汇12月14日丨佐力药业(300181.SZ)发布公告，公司于2025年12月12日与西藏未来生物医药股份有 限公司(以下简称"西藏未来")及其两家全资子公司许昌未来制药有限责任公司(以下简称"许昌未来")和 合肥市未来药物开发有限公司(以下简称"合肥未来")(以上交易对方合称"未来医药")签署了《多种微量 元素注射液资产组收购协议书》，拟以总价(含税)人民币35,600万元收购其多种微量元素注射液资产组 (以下简称"资产组")。资产组的内容包括已上市品种"多种微量元素注射液(Ⅰ)"、"多种微量元素注射液 (Ⅱ)"和在研品种"多种微量元素注射液(Ⅲ)"的研发/生产技术资料、上市许可、商标、专利、合同权利与 义务、员工劳动关系等。 ...

Core Viewpoint - Zhaoli Pharmaceutical (300181) announced the acquisition of a multi-trace element injection asset group from Tibet Future Biopharmaceutical Co., Ltd. for a total price of 356 million yuan, which includes both marketed and research products [1] Group 1: Acquisition Details - The asset group includes the marketed products "Multi-trace Element Injection (I)" and "Multi-trace Element Injection (II)", as well as the research product "Multi-trace Element Injection (III)" [1] - The acquisition encompasses research and production technical data, marketing licenses, trademarks, patents, contractual rights and obligations, and employee labor relations [1] Group 2: Strategic Implications - The acquisition is expected to optimize the company's product structure and expand its treatment areas, particularly focusing on diseases affecting women, children, and the elderly [1] - This move aligns with the national health development strategy, aiming to establish a comprehensive health product and service chain that covers all age groups from children to the elderly [1]

每经AI快讯，佐力药业（SZ 300181，收盘价：18.32元）12月14日晚间发布公告称，根据公司战略布局 和经营发展需要，为了进一步优化产品结构，巩固和提升公司的综合竞争力及可持续发展能力，公司拟 购买西藏未来及其两家全资子公司许昌未来和合肥未来的"多种微量元素注射液资产组"，并签署《多种 微量元素注射液资产组收购协议书》。根据天源资产评估有限公司出具的资产评估报告，并经各方友好 协商，资产组的转让总价（含税）为人民币3.56亿元。 2025年1至6月份，佐力药业的营业收入构成为：医药制造占比78.39%，医药流通占比21.35%，其他业 务占比0.26%。 （记者 王晓波） 截至发稿，佐力药业市值为128亿元。 每经头条（nbdtoutiao）——美股AI突变！OpenAI沦为"股价毒药"，硅谷八巨头一夜蒸发3.8万亿元市 值，专家：看好谷歌，其拥有两项致胜"法宝" ...

Core Viewpoint - Zhaoli Pharmaceutical has signed an asset acquisition agreement to purchase a variety of trace element injection assets from Tibet Future Biopharmaceutical Co., Ltd. for a total price of 356 million yuan, including tax [1] Group 1: Acquisition Details - The acquisition includes the research and production technical data, marketing approvals, trademarks, patents, contractual rights and obligations, and employee labor relations related to the products [1] - The asset group consists of the already marketed products "Multiple Trace Element Injection (I)" and "Multiple Trace Element Injection (II)", as well as the in-development product "Multiple Trace Element Injection (III)" [1]

2、本次收购所涉资产组委托生产药品上市许可证（B证）办理、药品上市 许可持有人变更、集采中选省份变更等需要履行相关审批手续，且推进时间较长， 产品未来的具体销售情况可能受到市场环境变化等因素影响，均存在一定的不确 定性，敬请投资者注意投资风险。 3、本次交易不构成关联交易，亦不构成《上市公司重大资产重组管理办法》 规定的重大资产重组，无需提交公司股东会审议。 一、交易概述 证券代码：300181 证券简称：佐力药业 公告编号：2025-067 浙江佐力药业股份有限公司 关于购买资产组暨签署收购协议的公告 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、浙江佐力药业股份有限公司（以下简称"公司"、"佐力药业"、"甲方"） 于2025年12月12日与西藏未来生物医药股份有限公司（以下简称"西藏未来"）及 其两家全资子公司许昌未来制药有限责任公司（以下简称"许昌未来"）和合肥市 未来药物开发有限公司（以下简称"合肥未来"）（以上交易对方合称"未来医药"） 签署了《多种微量元素注射液资产组收购协议书》，拟以总价（含税）人民币35,600 万元收购其多种 ...

证券代码：300181 证券简称：佐力药业 公告编号：2025-068 浙江佐力药业股份有限公司 第八届董事会第十一次（临时）会议决议公告 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。 一、董事会会议召开情况 浙江佐力药业股份有限公司（以下简称"公司"）第八届董事会第十一次（临 时）会议于 2025 年 12 月 12 日在公司会议室以现场结合通讯方式召开。会议通 知于 2025 年 12 月 7 日以专人送达、电话、传真及电子邮件等相结合方式送达各 董事。会议应出席董事 9 人，实际出席董事 9 人（其中独立董事朱建先生以通讯 表决方式审议表决）。会议由公司董事长俞有强先生主持，公司高管列席会议。 会议的召开符合《中华人民共和国公司法》《公司章程》的规定。 二、董事会会议审议情况 1、审议通过《关于购买资产组暨签署收购协议的议案》 为落实战略布局和经营发展需要，进一步优化产品结构，巩固和提升公司的 综合竞争力及可持续发展能力，同意公司购买西藏未来生物医药股份有限公司及 其两家全资子公司许昌未来制药有限责任公司和合肥市未来药物开发有限公司 的多种微量元素注射 ...