ZUO LI YAO YE(SZ:300181) 光大证券研究·2025-07-10 16:07Core Viewpoint - Zhaoli Pharmaceutical is expected to achieve significant growth in net profit and cash flow for the first half of 2025, driven by strong sales in core products and improved operational efficiency [3][4]. Financial Performance - For the first half of 2025, Zhaoli Pharmaceutical anticipates a net profit of 368-388 million yuan, representing a year-on-year increase of 24%-31%. The expected net profit for the second quarter is projected to be 187-207 million yuan, with a year-on-year growth of 21%-34% [3]. - The company expects to generate operating cash flow of 270-290 million yuan in the first half of 2025, reflecting a year-on-year increase of 25%-35%, with a significant improvement in cash flow for the second quarter [3][4]. Revenue Growth - The sales revenue of core products, such as Wuling Capsules and Lingze Tablets, continues to show strong market growth, with expectations for accelerated sales in the second half of 2025 due to ongoing procurement agreements and expansion in OTC channels [4]. - The revenue growth rate for the Bai Ling series in the second quarter of 2025 is expected to exceed that of the first quarter, influenced by the national procurement policy for traditional Chinese medicine [4]. Strategic Initiatives - The company has launched the "一路向C" strategy to enhance its OTC business and focus on innovative health products. This includes changes in packaging, deepening collaborations with pharmacies and online channels, and digital marketing efforts [5][6]. - A strategic partnership with Zhejiang University has been established to leverage AI technology for developing innovative health products, which is expected to strengthen the company's technological capabilities and expand its market presence [6].