近日，浙江佐力药业股份有限公司举行了一场电话会议形式的投资者关系活动，吸引了包括东吴证券、 平安证券等在内的70余家机构参与。公司董事、常务副总经理冯国富先生，董事会秘书吴英女士接待了 来访机构。 本次投资者关系活动主要分为两部分，首先由董事会秘书吴英女士对公司2025年上半年业绩情况进行简 要介绍，随后进入Q&A环节，机构们就公司核心产品及业务发展等方面提出诸多问题。 在产品推广与集采进展方面，乌灵胶囊作为公司重点产品，推广重点在于加强医院覆盖，深耕现有医院 科室并强化C端健康科普。具体举措包括深化心身同治理念、推进在MCI领域应用以及加强患者教育 等。集采方面，目前仍有上海、浙江等6个省份未进入集采，公司预计下半年完成相关续约工作，并通 过集采扩大市场份额。乌灵胶囊近年来医院覆盖数量和销售规模稳健增长，市场份额持续领先，公司力 争实现2025年净利润增长率30%的股权激励目标。 乌灵大健康食品方面，公司今年7月与浙江大学共建联合研发中心，利用AI技术研发创新型大健康产 品，针对失眠、焦虑等需求，计划今年研发出不少于1款乌灵菌发酵液相关产品，明年首款特色产品上 线。 百令系列产品中，百令片和百令胶囊均参与全 ...

证券代码：300181 证券简称：佐力药业 编号：2025-013 问题三：百令系列下半年集采执行节奏及全年增长预期？ 答：百令片和百令胶囊均参与了全国中成药采购联盟集采，目 前已有 28 个省份发布集采执行通知，随着集采的推进，公司 将在更多省份完成挂网和销售工作，预计下半年集采落实执行 将进入全面铺开阶段。2025 年上半年，百令系列销售收入较 上年同期增长了 38.51%，展望全年，百令系列有望通过以价 换量的方式，进一步扩大市场份额。同时，百令胶囊作为新产 品，公司选择优质代理商快速覆盖市场，同时积极向县级医院、 基层医疗机构下沉，预计全年销售将实现显著增长。 问题四：中药饮片和中药配方颗粒业务目前市场拓展情况？ 答：中药配方颗粒目前已经完成 468 个国标和省标的备案， 浙江佐力药业股份有限公司 投资者关系活动记录表 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | 其他 （电话会议） | | 参与单位名称及 | 东吴证券；平安证券；国海证券；申万宏 ...

[Table_Title2] 佐力药业(300181) [Table_Summary] 事件概述 证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 22 日 [Table_Title] 盈利能力呈现提升中，百令系列贡献业绩弹性 公司公告 2025 年中报：25H1 实现收入 16.0 亿元，同比增长 11.99%、实现归母净利润 3.74 亿元，同比增长 26.16%、实现 扣非净利润 3.72 亿元，同比增长 27.24%。 分析判断: ► 盈利能力呈现提升中，百令系列贡献业绩弹性 公司 25H1 实现收入 16.0 亿元，同比增长 11.99%，其中 25Q2 实 现收入 7.75 亿元，同比增长为 2.60%，25Q2 增速有所放缓，主 要受中药配方颗粒等基数相对较高影响。公司 25Q2 毛利率和净 利率分别为 65.26%和 25.26%，相对 24Q2 和 25Q1 均呈现提升趋 势，我们判断核心受益于高毛利率业务占比提升以及降本增效等 措施影响。展望未来，考虑到乌灵系列产品渗透率持续提升和百 令系列产品受益于集采等因素带来的市场份额提升，叠加中药饮 片配方颗粒业务呈现放 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.599 billion yuan for the first half of 2025, representing a year-on-year growth of 11.99%. The net profit attributable to shareholders was 374 million yuan, up 26.16% year-on-year, while the net profit after deducting non-recurring gains and losses was 372 million yuan, reflecting a growth of 27.24% year-on-year [2][4]. - In Q2 2025, the company achieved a revenue of 775 million yuan, which is a 2.60% increase year-on-year. The net profit attributable to shareholders for this quarter was 192 million yuan, showing a year-on-year growth of 25.20%, and the net profit after deducting non-recurring gains and losses was 190 million yuan, up 28.30% year-on-year [2][4]. Financial Performance - The company’s core products, including the Wuling series and the Bailing series, have shown significant growth, with increases of 7.23%, 38.51%, and 56.60% respectively in H1 2025, contributing to the overall revenue growth [10]. - The gross profit margin for H1 2025 was 63.01%, an increase of 0.39 percentage points year-on-year, while the net profit margin was 23.35%, up 2.62 percentage points year-on-year [10]. - The company’s sales expenses were 500 million yuan, a year-on-year increase of 2.31%, with a sales expense ratio of 31.23%, down 2.96 percentage points year-on-year. Management expenses decreased by 9.15% year-on-year to 49 million yuan, with a management expense ratio of 3.03% [10]. Future Outlook - The company expects to achieve net profits of 660 million yuan, 845 million yuan, and 1.084 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding earnings per share (EPS) of 0.94 yuan, 1.21 yuan, and 1.55 yuan [10].

非药行业研究框架培训 20250815 摘要 DRG 支付方式对医疗器械使用有何影响？ DRG 支付方式会影响到医院使用的一些产品，因为它采用总包打包付费模式。 这意味着某些产品，如普通 X 射线设备、超声设备等，其使用年限一般为 3 到 4 年，而大型设备如核磁共振和 CT 则通常超过 10 年。过去几年，由于医疗新 基建扩建医院需要大量采购设备，2021 至 2022 年达到高峰，但随后在 2023 至 2024 年出现下滑。预计今年（2025 年）下半年将开始看到报表业绩体现。 体外诊断市场有哪些特点？ 医疗器械国产化率提升显著，尤其在 2018-2020 年，但电生理设备等 领域仍有提升空间。集采政策虽未影响出厂价，但压缩中间商利润，导 致终端价格下降，行业经历量价双杀后，目前接近尾声。 DRG 支付方式影响医院对普通 X 射线、超声设备（3-4 年）及大型设备 如核磁共振、CT（超 10 年）的使用年限。2021-2022 年医疗新基建 高峰后，2023-2024 年采购下滑，预计 2025 年下半年报表业绩将有所 体现。 体外诊断市场设备和试剂并重，集采主要针对试剂。生化分子基本实现 国产替代，但 ...

Core Viewpoint - Yunnan Baiyao announced the acquisition of 100% equity in An Guo Shi Ju Yao Tang Pharmaceutical Co., Ltd. for a total consideration of 660 million yuan to enhance its national business layout and scale expansion [1][3] Company Overview - Yunnan Baiyao's market capitalization reached 99.8 billion yuan, with a stock price of 55.96 yuan per share as of August 15 [2] - The target company, Ju Yao Tang, specializes in the production and sales of traditional Chinese medicine (TCM) pieces and has a comprehensive product line with 1,567 types of TCM pieces and 240 registered formula granules [3][4] Financial Performance and Commitments - Ju Yao Tang reported a net profit of 69.33 million yuan for 2024 and 11.49 million yuan for the first quarter of this year [4] - The acquisition includes performance commitments for Ju Yao Tang to achieve main business revenues of 624 million yuan, 616 million yuan, and 666 million yuan from 2025 to 2027, with net profits of 66 million yuan, 59.7 million yuan, and 63.9 million yuan respectively [4] Strategic Implications - The acquisition aligns with Yunnan Baiyao's strategy to expand its market presence outside Yunnan and enhance its product offerings, thereby improving its competitive edge in the industry [6] - Ju Yao Tang's established online sales channels and extensive B2B customer base are expected to provide significant strategic synergies, enhancing the efficiency of Yunnan Baiyao's TCM supply chain [6] Industry Development Goals - The "Three-Year Action Plan for High-Quality Development of Yunnan's Traditional Chinese Medicine Industry (2025-2027)" aims to establish Yunnan Baiyao as the leader in a comprehensive service system for the TCM industry by 2027 [5] - Yunnan Baiyao is committed to integrating traditional medicine into modern life, with a diverse product portfolio of 40 categories and 416 varieties [5]

Core Viewpoint - Anhui Jiren Pharmaceutical Co., Ltd. is restarting its IPO process after previously withdrawing its application in February 2025, with the same underwriting team and legal and accounting firms involved in the new attempt [3][5]. Company Overview - Company Name: Anhui Jiren Pharmaceutical Co., Ltd. [5] - Established: April 19, 2001 (as a limited company), December 20, 2021 (as a joint-stock company) [7] - Industry: Pharmaceutical manufacturing [8] - Registered Capital: 361.81 million yuan [8] - Main Products: Modern Chinese medicine, including traditional Chinese medicine pieces and formula granules [5]. Financial Performance - Revenue from 2021 to the first half of 2024: 805 million yuan (2021), 1.025 billion yuan (2022), 1.134 billion yuan (2023), and 593 million yuan (first half of 2024) [5]. - Net profit for the same period: 95.17 million yuan (2021), 157 million yuan (2022), 131 million yuan (2023), and 80.16 million yuan (first half of 2024) [5]. - Total assets as of June 30, 2024: 1.627 billion yuan, with a total liability ratio of 51.67% [6]. - Basic earnings per share for the first half of 2024: 0.22 yuan [6]. Shareholding Structure - Controlling shareholder: Zhu Yuxin, holding 87.06% of the shares [8]. - Family members of Zhu Yuxin collectively control 99.12% of the shares [8][10].

Core Viewpoint - Jilin Aodong Pharmaceutical Group Co., Ltd. is leveraging its unique resources from the Changbai Mountain region to enhance its competitiveness in the traditional Chinese medicine industry, with a projected net profit growth of 130% to 140% year-on-year for the first half of the year [1] Group 1: Resource Utilization and Quality Control - The company has established the largest GAP-certified deer farm in Asia and a medicinal herb base in Changbai Mountain, ensuring the quality and stable supply of medicinal materials [2] - Jilin Aodong has built a standardized and large-scale medicinal herb planting base and employs a gene identification system for medicinal herbs, enhancing product innovation and quality control [2][3] - The company has developed a comprehensive database for northern medicinal herbs, addressing key challenges in seed breeding and standardized planting [3] Group 2: Innovation in Production and Technology - Jilin Aodong is focusing on modernizing traditional Chinese medicine through the development of granule formulations, which are seen as a key competitive advantage [4] - The company has invested 1 billion yuan in a granule formulation project, which will have an extraction capacity of 5,000 tons annually and is set to begin operations by the end of 2024 [4] - The extraction process has been fully automated, ensuring precise control over various parameters and enhancing product traceability and optimization [5] Group 3: Research and Development - The company has conducted over 5,000 studies on the processes and testing of granule formulations, successfully applying dynamic extraction and low-temperature concentration techniques [6] - Jilin Aodong has developed 525 varieties of granule formulations, including over 20 types of local medicinal materials from Jilin Province [6] Group 4: Talent Development and Financial Strategy - The company is building a diverse team of innovative talents and has established various national and local standards for the industry [7] - Jilin Aodong is enhancing its development model through a multi-wheel drive strategy that integrates medicine, finance, and health, with financial capital playing a crucial role [7] - The company aims to redefine the modernization path of the traditional Chinese medicine industry by integrating financial resources and digital technology to drive growth [7]

Group 1: Ginseng Industry - Jilin Province is a significant ginseng production area, accounting for 60% of China's output and 40% of the global market, with 80% of the national trading volume [3][5] - Jilin Boda Agricultural and Forestry Biotechnology Co., Ltd. has developed a production base of nearly 100 hectares, producing around 1,000 tons of fresh ginseng annually and offering nearly 350 ginseng products [3][5] - The "High-Quality Development Plan for the Ginseng Industry in Jilin Province (2025-2030)" aims for the industry chain's output value to reach 150 billion yuan by 2027 and exceed 200 billion yuan by 2030 [5] Group 2: Traditional Chinese Medicine and Modern Technology - Jilin Aodong Pharmaceutical Group has transformed from a state-owned enterprise into a modern company with a 122-hectare industrial park, focusing on the integration of traditional Chinese medicine and modern technology [6][8] - The company has implemented a fully automated production line for traditional Chinese medicine granules, ensuring stable and controllable effective components [7][8] Group 3: Sock Industry - The sock industry in Liaoyuan, Jilin Province, produces over 1 billion pairs of socks annually, generating an output value exceeding 12 billion yuan [9][11] - Liaoyuan North Sock Group has developed a complete industrial chain from weaving to sales, with 1,200 enterprises in the park and 41,000 sock machines, producing up to 3.5 billion pairs of socks [11][12] - The company is focusing on innovation, developing high-tech products such as heated ski socks and conductive silver fiber socks, holding 725 patents [12][13] Group 4: Economic Impact and Future Outlook - The emerging industries in Jilin Province are becoming engines for local income generation, providing jobs for around 45,000 people, with skilled workers earning over 5,000 yuan monthly [12][13] - The province aims to enhance its industrial capabilities by attracting upstream enterprises in raw material research and advanced manufacturing to strengthen the entire industrial chain [13][16]

Group 1: Market Position and Product Overview - The main product, Panlong Seven Tablets, holds a market share of 8.05% in the traditional Chinese medicine market for musculoskeletal diseases in urban and county public hospitals as of H1 2024 [3] - Panlong Seven Tablets is a unique patented product, classified as a Class A drug under medical insurance, and recognized as a brand product in Shaanxi Province [4] - The product has been included in eight national clinical guidelines and four expert consensus documents, highlighting its clinical efficacy and safety [4][8] Group 2: Future Development Strategies - The company aims to implement a "one body, two wings, three depths" development strategy, focusing on chronic orthopedic diseases and enhancing brand integration [3] - Plans to establish over 20 standardized planting bases to ensure the authenticity and traceability of raw materials [6] - The company targets to increase the number of registered traditional Chinese medicine formula granules to over 400 by leveraging technological innovation [6] Group 3: Clinical Research and Product Efficacy - Panlong Seven Tablets is widely used for conditions such as rheumatoid arthritis and knee osteoarthritis, demonstrating significant therapeutic effects [4] - The company emphasizes the importance of evidence-based medicine and has initiated multiple high-quality clinical research projects [4] - The product's clinical value is supported by its inclusion in national guidelines and textbooks, reinforcing its market position [4][8] Group 4: Risk Management and Competitive Advantage - The company maintains a strategic reserve of core medicinal materials to mitigate the impact of raw material price fluctuations [6][8] - The stable pricing system of Panlong Seven Tablets is attributed to its unique market position and comprehensive supply chain management [8] - Future strategies include enhancing product research and development, expanding into underdeveloped markets, and accelerating the launch of potential high-revenue products [8]