以研发长跑穿越周期：以岭药业"五年五新药"背后的创新样本

Core Viewpoint - Yiling Pharmaceutical demonstrates strong resilience in a complex pharmaceutical industry environment, achieving significant growth in net profit and cash flow despite a slight decline in revenue [1][3][4]. Financial Performance - In the first half of 2025, the company reported revenue of 4.04 billion yuan, with a net profit of 669 million yuan, reflecting a year-on-year increase of 26.03% [3][4]. - Operating cash flow improved significantly by 214.97% year-on-year, indicating enhanced management efficiency in accounts receivable [4][5]. - The gross margin reached 59.48%, up by 6.11 percentage points, while the net profit margin increased by 5.03 percentage points to 16.47% [4]. R&D Investment - The company invested 399 million yuan in R&D in the first half of 2025, accounting for 9.87% of revenue, maintaining a leading position in the traditional Chinese medicine industry [3][4][5]. - Cumulatively, over the past six years, the total R&D investment exceeded 5 billion yuan, showcasing a strong commitment to innovation [4][5]. Product Development - Yiling Pharmaceutical has achieved a notable milestone with the approval of five new traditional Chinese medicine products over the past five years, averaging one new drug per year [6]. - The newly approved Qifang Nasal Tablet targets a significant patient population with allergic rhinitis, reflecting the company's focus on unmet clinical needs [7]. Internationalization Strategy - The company is advancing its internationalization strategy through its subsidiary Yiling Wanzhou, focusing on markets in Canada and Europe, with a gradual market entry approach [9][11]. - As of the report date, the company has registered innovative patented traditional Chinese medicines in over 50 countries, enhancing its global footprint [9][11]. Academic Influence - Yiling Pharmaceutical has published several evidence-based research findings in top international journals, which have garnered global attention and recognition [9][10]. - The company emphasizes the importance of academic innovation as a support for its internationalization strategy, establishing a comprehensive academic promotion system [10].