Ge Long Hui A P P·2025-12-04 06:57Core Viewpoint - Dongwu Securities report indicates that Zhaoli Pharmaceutical plans to issue convertible bonds to build capacity and develop "Wuling + X" products, supporting long-term growth [1] Group 1: Production and Capacity Expansion - The production scale of Wuling capsules and Bailing capsules is expected to continue growing in the near future [1] - The new production base and capacity expansion project are necessary measures to ensure market supply, consolidate industry position, and support strategic goals [1] Group 2: Research and Development Investment - Increased R&D investment will enrich the Wuling product series [1] - The main purpose of the fundraising project is for the development of innovative drugs and health products in the Wuling series [1] Group 3: Shareholder Returns - The company has maintained a dividend payout ratio around 80% since 2022, ranking among the top in the industry [1] - Considering the company's combination of high growth and high dividends, and the expected continuous release of core product performance in 2026, a "buy" rating is maintained [1]