佐力药业一边大笔分红一边大举募资

Core Viewpoint - Zhaoli Pharmaceutical plans to issue convertible bonds to raise up to 1.556 billion yuan for the development of an intelligent traditional Chinese medicine health factory and product research, while also supplementing working capital [1] Group 1: Fundraising and Investment Projects - The company intends to allocate 1.08 billion yuan for the intelligent traditional Chinese medicine health factory, 216 million yuan for the "Wuling + X" product research project, and 250 million yuan for working capital [1] - Prior to the funds being raised, the company will use self-raised funds based on project progress and will replace them with raised funds once available [1] - The board may adjust the order and amount of funds allocated to the projects based on actual needs without changing the nature of the fundraising projects [1] Group 2: Financial Performance and Shareholder Returns - The company has experienced rapid growth in recent years, with a return on invested capital (ROIC) performance that is commendable, although shareholder earnings remain negative due to large capital investments [1] - The company has maintained a stable financial position with a debt ratio around 30%, indicating good debt repayment capability [2] - The company has consistently paid substantial dividends, with a total cash dividend of 942 million yuan from 2022 to 2024, accounting for over 80% of the net profit attributable to shareholders during that period [2] Group 3: Revenue and Profit Growth - The company has shown stable growth in revenue and net profit, with a reported revenue of 2.28 billion yuan for the first three quarters of 2025, representing an 11.48% year-on-year increase, and a net profit of 510 million yuan, up 21.0% year-on-year [4]