ZUO LI YAO YE(SZ:300181) Zheng Quan Shi Bao Wang·2025-12-02 14:16Core Viewpoint - Zhaoli Pharmaceutical plans to issue convertible bonds to raise up to 1.556 billion yuan for the construction of an intelligent traditional Chinese medicine health factory, the "Wuling+X" product development project, and to supplement working capital, supporting the company's core business upgrade and innovation [1][2]. Fundraising Purpose - The funds will primarily be allocated to the construction of an intelligent traditional Chinese medicine health factory, which will include GMP-compliant facilities and production lines for medicinal fungi fermentation and extraction, addressing future capacity needs for Wuling capsules and improving competitiveness in the pharmaceutical manufacturing industry [1][2]. - The "Wuling+X" product development project aims to expand the product pipeline with innovative drugs targeting gastrointestinal, urology, and other high-demand clinical areas, leveraging the established market foundation of the Wuling series products [2]. Financial Performance - In Q3 2025, Zhaoli Pharmaceutical reported revenue of 2.28 billion yuan, a year-on-year increase of 11.48%, and a net profit of 510 million yuan, with both metrics reaching historical highs for the same period [2]. - The company plans to use part of the raised funds to optimize its financial structure and alleviate daily operational funding pressures, ensuring support for market expansion as it continues to invest in OTC market layout and multi-channel development [2]. Strategic Focus - Zhaoli Pharmaceutical has adopted a "one body, two wings" strategy, focusing on core business areas and forming three main business segments: finished medicines, decoction pieces, and formula granules [3]. - The company aims to build brand recognition in the consumer market and develop a product matrix covering various health scenarios, establishing the "Wuling+" health brand as a second growth curve [3].