截至9月30日，佐力药业股东户数4.14万，较上期增加7.31%；人均流通股14562股，较上期减少6.82%。 2025年1月-9月，佐力药业实现营业收入22.80亿元，同比增长11.48%；归母净利润5.10亿元，同比增长 21.00%。 分红方面，佐力药业A股上市后累计派现14.42亿元。近三年，累计派现9.42亿元。 机构持仓方面，截止2025年9月30日，佐力药业十大流通股东中，创新药（159992）位居第八大流通股 东，持股685.49万股，相比上期增加28.07万股。南方中证1000ETF（512100）位居第十大流通股东，持 股641.72万股，相比上期减少5.88万股。中欧责任投资混合A（009872）退出十大流通股东之列。 责任编辑：小浪快报 12月29日，佐力药业跌2.21%，成交额2.69亿元。两融数据显示，当日佐力药业获融资买入额5180.81万 元，融资偿还2877.98万元，融资净买入2302.83万元。截至12月29日，佐力药业融资融券余额合计5.86 亿元。 融资方面，佐力药业当日融资买入5180.81万元。当前融资余额5.84亿元，占流通市值的5.08%，融资余 额超过近一 ...

作者 | 晓琳 编辑 | 郑瑶 两个月前，南新制药（维权）近5亿的收购计划宣告失败。如今，佐力药业以3.56亿的价格接盘，多种微量元素注射液成了"香饽饽"。 01 豪掷3.56亿 佐力药业计划杀入营养赛道 12月14日，浙江佐力药业股份有限公司（以下简称"佐力药业"）发布公告称，拟以总价3.56亿元（含税）收购西藏未来生物医药股份有限公司及其两家全 资子公司的多种微量元素注射液资产组（以下简称"资产组"），并签署了收购协议书。 佐力药业成立于2000年，成立次年在创业板上市。其专注于用真菌生物发酵技术来生产中药，王牌产品包括乌灵系列（乌灵胶囊、灵泽片、灵莲花颗 粒）、百令系列（百令片、百令胶囊）等。 不过此次收购的资产组并非中药系列，而是多种微量元素注射液，包括： | 多种微量元素注射液(Ⅰ) 用于治疗或支持婴幼儿、小儿对微量元素的基本需要。 | | | --- | --- | | 多种微量元素注射液(II) | 为肠外营养的添加剂。妊娠妇女对微量元素的需要量轻度增高, | | 适用于妊娠妇女补充微量元素。 | | | 多种微量元素注射液(Ⅲ) | 满足患者静脉营养时对微量元素的基本和中等需要。 | | 为在 ...

Group 1 - The core viewpoint of the news is that Zhaoli Pharmaceutical's stock has experienced fluctuations, with a recent decline in share price and a mixed performance in terms of trading volume and capital flow [1] - As of December 3, Zhaoli Pharmaceutical's stock price was 16.89 yuan per share, with a market capitalization of 11.846 billion yuan and a trading volume of 83.0143 million yuan [1] - The company has seen a year-to-date stock price increase of 14.37%, but has experienced declines of 1.05% over the last five trading days, 1.57% over the last twenty days, and 8.80% over the last sixty days [1] Group 2 - For the period from January to September 2025, Zhaoli Pharmaceutical reported a revenue of 2.28 billion yuan, representing a year-on-year growth of 11.48%, and a net profit attributable to shareholders of 510 million yuan, reflecting a growth of 21.00% [2] - The company has distributed a total of 1.442 billion yuan in dividends since its A-share listing, with 942 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders increased to 41,400, while the average circulating shares per person decreased by 6.82% to 14,562 shares [2][3]

Core Insights - Zhaoli Pharmaceutical experienced a 2.16% decline in stock price on November 17, with a trading volume of 164 million yuan [1] - The company reported a financing net buy of -617,200 yuan on the same day, indicating a higher level of financing activity compared to the past year [1] - As of September 30, Zhaoli Pharmaceutical achieved a revenue of 2.28 billion yuan, reflecting a year-on-year growth of 11.48% [2] Financing and Trading Activity - On November 17, Zhaoli Pharmaceutical had a financing buy amount of 20.14 million yuan and a financing repayment of 20.75 million yuan, resulting in a net financing outflow [1] - The total financing and securities balance reached 570 million yuan, accounting for 4.71% of the circulating market value, which is above the 60th percentile of the past year [1] - The company had a securities lending balance of 1.68 million yuan, with a lending volume of 97,400 shares, indicating a high level of short selling activity [1] Shareholder and Profitability Information - As of September 30, the number of shareholders increased by 7.31% to 41,400, while the average circulating shares per person decreased by 6.82% [2] - The company reported a net profit attributable to shareholders of 510 million yuan for the first nine months of 2025, marking a 21% increase year-on-year [2] - Zhaoli Pharmaceutical has distributed a total of 1.442 billion yuan in dividends since its A-share listing, with 942 million yuan distributed in the last three years [3] Institutional Holdings - As of September 30, 2025, the eighth largest circulating shareholder is Innovation Drug, holding 6.85 million shares, an increase of 280,700 shares from the previous period [3] - The tenth largest circulating shareholder is Southern CSI 1000 ETF, holding 6.42 million shares, which is a decrease of 58,800 shares from the previous period [3] - The fund Zhongou Responsible Investment Mixed A has exited the list of the top ten circulating shareholders [3]

Core Viewpoint - Zhaoli Pharmaceutical's stock has experienced a decline of 2.05% on November 17, with a current price of 17.23 CNY per share and a market capitalization of 12.085 billion CNY, despite a year-to-date increase of 16.67% [1] Financial Performance - For the period from January to September 2025, Zhaoli Pharmaceutical reported a revenue of 2.28 billion CNY, reflecting a year-on-year growth of 11.48%, and a net profit attributable to shareholders of 510 million CNY, which is a 21.00% increase compared to the previous year [2] - Cumulative cash dividends since the company's A-share listing amount to 1.442 billion CNY, with 942 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 41,400, up by 7.31%, while the average number of circulating shares per person decreased by 6.82% to 14,562 shares [2] - Among the top ten circulating shareholders, the "Innovative Medicine" fund holds 6.8549 million shares, an increase of 280,700 shares, while the "Southern CSI 1000 ETF" holds 6.4172 million shares, a decrease of 58,800 shares [3] Stock Performance - Zhaoli Pharmaceutical's stock has seen a decline of 2.43% over the last five trading days, 6.92% over the last twenty days, and 13.29% over the last sixty days [1] - The stock's trading volume on November 17 was 58.7402 million CNY, with a turnover rate of 0.56% [1] Business Overview - Zhaoli Pharmaceutical, established on January 28, 2000, and listed on February 22, 2011, specializes in the research, production, and sales of medicinal fungi, traditional Chinese medicine pieces, and formula granules [1] - The company's main revenue sources include the Wuling series (56.07%), traditional Chinese medicine pieces (21.85%), and other products [1] Industry Classification - Zhaoli Pharmaceutical is classified under the pharmaceutical and biotechnology sector, specifically in traditional Chinese medicine [1] - The company is associated with various concept sectors, including value growth, cell therapy, precision medicine, cancer treatment, and innovative drugs [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 2.28 billion yuan for the first nine months of 2025, representing a year-on-year growth of 11.48%. The net profit attributable to the parent company was 510 million yuan, up 21.00% year-on-year [3][4]. - In Q3 2025, the company achieved a revenue of 680 million yuan, a year-on-year increase of 10.32%, with a net profit of 136 million yuan, growing 8.81% year-on-year [3][4]. - The core products, including the Wuling series and the Bailin series, have shown significant growth, with revenues increasing by 6.98%, 29.58%, and 57.41% respectively for the Wuling series, Bailin series, and traditional Chinese medicine formula granules [10]. Financial Performance - The gross profit margin for Q3 2025 was 59.72%, an increase of 0.47 percentage points year-on-year, while the net profit margin was 20.06%, a decrease of 0.28 percentage points year-on-year [10]. - The company’s R&D expenses increased by 42.55% year-on-year to 17 million yuan, with an R&D expense ratio of 2.44% [10]. - The company expects net profits for 2025, 2026, and 2027 to be 638 million yuan, 800 million yuan, and 1.018 billion yuan respectively, with corresponding EPS of 0.91 yuan, 1.14 yuan, and 1.45 yuan [10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][13]. Core Insights - The company's performance in the first three quarters of 2025 met expectations, with a revenue of 2.28 billion yuan, representing an 11.48% increase year-on-year, and a net profit attributable to shareholders of 510 million yuan, up 21.00% [3][4]. - The company is focusing on enhancing its C-end business and expanding its presence in the outpatient market, which is anticipated to create a new growth curve [6]. Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 62.03%, an increase of 0.42 percentage points, and a net profit margin of 22.37%, up 1.76 percentage points [4]. - The company reported a significant increase in revenue from its Bailing series (up 29.58%) and traditional Chinese medicine formula granules (up 57.41%) [5]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 2.895 billion yuan, 3.484 billion yuan, and 4.114 billion yuan, respectively, with net profits expected to reach 658 million yuan, 824 million yuan, and 1.001 billion yuan [7][11]. - The current price-to-earnings ratio (P/E) is projected to decrease from 20 in 2025 to 13 in 2027, indicating potential for stock price appreciation [7][11].

Core Viewpoint - Zhaoli Pharmaceutical's stock has shown a year-to-date increase of 25.88%, with a recent market capitalization of 13.039 billion yuan, indicating positive market sentiment and growth potential in the pharmaceutical sector [1]. Financial Performance - For the first half of 2025, Zhaoli Pharmaceutical reported a revenue of 1.599 billion yuan, reflecting a year-on-year growth of 11.99%, and a net profit attributable to shareholders of 374 million yuan, which is a 26.16% increase compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.442 billion yuan, with 942 million yuan distributed over the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 38,600, with an average of 15,627 circulating shares per shareholder, a slight decrease of 0.91% [2]. - New institutional shareholders include China Europe Responsibility Investment Mixed A and Innovation Medicine, both entering the top ten circulating shareholders [3]. Stock Performance - As of October 27, Zhaoli Pharmaceutical's stock price was 18.59 yuan per share, with a trading volume of 134 million yuan and a turnover rate of 1.22% [1]. - The stock has experienced a slight increase of 0.43% over the last five trading days and a 5.39% increase over the last 20 days, while showing a minor decline of 0.48% over the past 60 days [1]. Business Overview - Zhaoli Pharmaceutical, established on January 28, 2000, specializes in the research, production, and sales of medicinal fungi, traditional Chinese medicine pieces, and formula granules, with the main revenue sources being the Wuling series (56.07%) and traditional Chinese medicine pieces (21.85%) [1]. - The company operates within the pharmaceutical and biotechnology sector, focusing on traditional Chinese medicine and related concepts such as gene sequencing and pharmaceutical e-commerce [1].

Core Viewpoint - Zhaoli Pharmaceutical's stock price has shown a year-to-date increase of 26.83%, with recent trading activity indicating a slight decline of 2.04% on October 17, 2023, reflecting market volatility and investor sentiment [1]. Financial Performance - For the first half of 2025, Zhaoli Pharmaceutical reported a revenue of 1.599 billion yuan, representing a year-on-year growth of 11.99%. The net profit attributable to shareholders was 374 million yuan, marking a 26.16% increase compared to the previous year [2]. - Cumulatively, since its A-share listing, Zhaoli Pharmaceutical has distributed a total of 1.442 billion yuan in dividends, with 942 million yuan distributed over the last three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Zhaoli Pharmaceutical reached 38,600, an increase of 0.92% from the previous period. The average number of circulating shares per shareholder decreased by 0.91% to 15,627 shares [2]. - Notable new institutional shareholders include China Europe Responsibility Investment Mixed A and Innovation Medicine, both entering the top ten circulating shareholders [3].

Core Insights - Zhaoli Pharmaceutical's stock rose by 3.02% on September 24, with a trading volume of 317 million yuan, indicating positive market sentiment [1] - The company reported a net financing outflow of 11.47 million yuan on the same day, with a total financing and securities balance of 567 million yuan, suggesting a high level of trading activity [1] - As of June 30, 2025, Zhaoli Pharmaceutical achieved a revenue of 1.599 billion yuan, reflecting a year-on-year growth of 11.99%, and a net profit of 374 million yuan, up 26.16% year-on-year [2] Financing and Trading Activity - On September 24, Zhaoli Pharmaceutical had a financing buy-in of 38.06 million yuan, with a financing balance of 566 million yuan, accounting for 4.46% of its market capitalization [1] - The company’s financing balance is above the 70th percentile of the past year, indicating a relatively high level of leverage [1] - The short-selling activity on the same day included a repayment of 2,400 shares and a sale of 7,900 shares, with a short-selling balance of 121.75 million yuan, exceeding the 90th percentile of the past year [1] Shareholder and Dividend Information - As of June 30, 2025, Zhaoli Pharmaceutical had 38,600 shareholders, an increase of 0.92% from the previous period, with an average of 15,627 circulating shares per shareholder, a decrease of 0.91% [2] - The company has distributed a total of 1.442 billion yuan in dividends since its A-share listing, with 942 million yuan distributed over the last three years [3] - New institutional shareholders include China Europe Responsibility Investment Mixed A and Innovation Drug, both entering the top ten circulating shareholders [3]