证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 2026 版基药目录调整在即，利好拟纳入目录 的中药标的 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 具体思路:看好的子行业排序分别为:创新药>科研服务>CXO>中药>医疗器械>药店 等。具体标的思路：从中药基药角度，建议关注佐力药业、方盛制药、盘龙药业等。 从 CXO、上游科研服务角度，建议关注药明康德、皓元医药、奥浦迈、百奥赛图、 百普赛斯、纳微科技等。从 PD1 PLUS 角度，建议关注三生制药、康方生物、信达生 物、泽璟制药等。从 ADC 角度，建议关注映恩生物、科伦博泰、百利天恒等。从小 核酸角度，建议关注前沿生物、福元医药、悦康药业等。从自免角度，建议关注康 诺亚、益方生物-U、一品红等。从创新药龙头角度，建议关注百济神州、恒瑞医药 等。从医疗器械角度，建议关注联影医疗、鱼跃医疗等。从 AI 制药角度，建议关注 晶泰控股、英矽智能等。从 GLP1 角度，建议关注联邦制药、博瑞医药、众生药业 等。 ◼ 风险提示：药品或耗材降价超预期；医保政策风险等；产品销售及研发进度不及预 期。 2026 年 03 ...

Core Viewpoint - Zhaoli Pharmaceutical is focusing on bridging the gap between hospital and consumer markets, aiming to reconstruct the value chain in the C-end consumer market and achieve a revenue target of 10 billion yuan [1] Strategic Upgrade and Brand Development - Zhaoli Pharmaceutical plans to leverage policies and partnerships to strengthen its core products and operational capabilities, establishing the Wuling brand as a super brand in the market [2] - The company has historically relied on the hospital market for growth, with its core product, Wuling Capsule, being a major item in the traditional Chinese medicine sector [2][3] - The launch of the Wuling brand's "super symbol" marks an upgrade in the company's strategy towards the C-end market, aiming to enhance brand recognition among the general public [2] C-end Market Strategy - The core of the Wuling brand strategy is to effectively convert product strength and brand recognition from hospitals to direct consumer influence [3] - Zhaoli has established an independent OTC division and is enhancing partnerships with major pharmacy chains while expanding into e-commerce and O2O retail channels [3] - The company has seen positive results in certain markets, with membership management leading to a product repurchase rate increase from 10% to 25% [3] Opportunities in Sleep Health - Zhaoli's C-end strategy is built on the clinical efficacy of its products, particularly the Wuling Capsule, which has shown benefits in improving sleep and cognitive function [4] - The company recognizes the significant market opportunity in addressing sleep disorders, with nearly 48.5% of adults in China experiencing sleep issues [4] - Currently, C-end revenue accounts for only about 10% of total revenue, with a goal to increase this to 30% [4] Multi-layered C-end Marketing Strategy - The company plans to implement a comprehensive C-end marketing strategy in 2026, focusing on building brand recognition through online media and community education initiatives [5] - Collaborations with pharmacy chains will include creating dedicated "Wuling Sleep Zones" to enhance sales capabilities [5] Building a New Health Consumption Ecosystem - Zhaoli's push into the C-end market is a critical step in reshaping its brand and business ecosystem, with the Wuling brand's super symbol serving as a foundation for future growth [6] - The company aims to develop a comprehensive "Wuling + X" ecosystem, with ongoing research and development in various health-related areas [6] - A diverse growth matrix is emerging, with continued penetration in hospital markets and rapid expansion in retail [6] Conclusion - Zhaoli Pharmaceutical is at a pivotal moment, balancing its established hospital market presence with ambitious plans for consumer market expansion, reflecting broader trends in the modernization of traditional Chinese medicine under the Healthy China strategy [7]

Core Viewpoint - Insomnia has become a significant health issue in China, with a sleep disturbance rate of 48.5% among individuals aged 18 and above, indicating a need for scientific approaches to address sleep problems [2]. Summary by Sections Definition of Insomnia - Insomnia is defined by three dimensions: insufficient sleep quality and quantity, functional impairment during the day, and excessive anxiety about not being able to sleep. Chronic insomnia disorder is diagnosed when these symptoms occur at least three times a week for over a month [4]. Catalysts for Insomnia - The core issue of sleep disorders in modern individuals is attributed to multiple overlapping factors, including long-term stress leading to emotional disturbances, poor lifestyle habits, and physical health issues or medication effects. Young professionals in major cities are particularly affected [5]. Long-term Consequences of Insomnia - Chronic insomnia can significantly increase the risk of hypertension by 3.7 times and diabetes by 2.5 times. It also hinders the brain's ability to clear beta-amyloid protein, a key factor in Alzheimer's disease. Additionally, the likelihood of developing new depression is 3-4 times higher in chronic insomniacs compared to those without insomnia [6]. Assessment and Treatment of Insomnia - Hospitals typically conduct comprehensive assessments for insomnia patients, utilizing detailed interviews, sleep diaries, and monitoring tools. Cognitive Behavioral Therapy for Insomnia (CBT-I) is the preferred treatment, focusing on correcting misconceptions about sleep and adjusting harmful behaviors [7]. Classification of Sleep Medications - Sleep medications are categorized into several classes, including benzodiazepines, non-benzodiazepines, antidepressants, and melatonin receptor agonists, each with different focuses and side effects. Newer medications like dual orexin receptor antagonists are noted for their safety and lower dependency risks [9][11]. Key to Healthy Sleep - Establishing a stable sleep rhythm, eliminating sleep disturbances, and aligning with the body's natural sleep needs are crucial for achieving healthy sleep. Recommendations include creating a quiet and comfortable sleep environment, avoiding stimulants before bed, and engaging in moderate exercise [12].

Core Viewpoint - Zhaoli Pharmaceutical is acquiring a multi-element injection asset group from Future Pharmaceutical, focusing on enhancing its product structure and marketing synergy in the field of parenteral nutrition [11][12][46]. Acquisition Details - The asset group includes already listed types I and II, and the in-review type III injection, focusing on trace element supplementation for parenteral nutrition. The net profit for the first nine months of this year was 45.79 million yuan, indicating good profitability [2][37]. - The acquisition will be paid in cash in phases and will not affect the company's stable dividend strategy [4][38]. Synergy and Market Outlook - The integration of sales channels is expected, with Zhaoli covering over 15,000 hospitals and Future Pharmaceutical covering over 1,000 specialized hospitals. This will enhance academic promotion systems and leverage Zhaoli's experience in centralized procurement to penetrate grassroots markets [2][37]. - The market for multi-element injections is projected to reach approximately 1.8 billion yuan in 2024, with continued growth expected, particularly in pediatric and adult critical nutrition support [12][46]. Production and R&D - Current production capacity can meet demand for the next 2-3 years, but new factory construction is planned for future expansion. The "Wuling + X" R&D project will focus on digestive systems, male health, and the broader health sector, expanding the Wuling product line [2][37]. Sales Forecast - Wuling capsules are expected to maintain steady growth due to their essential medicine status, with a focus on grassroots medical institutions and strengthening OTC and online channels [3][37]. - The Bailing series is anticipated to achieve a scale of 1 billion yuan by 2026, benefiting from nationwide centralized procurement [3][38]. Financial Projections - The company forecasts net profits of 667 million yuan, 842 million yuan, and 1.067 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.95, 1.20, and 1.52 yuan per share [11][48].

Core Viewpoint - Zhaoli Pharmaceutical plans to acquire a group of trace element injection assets from Future Pharmaceutical for 356 million yuan, aiming to optimize its product structure and expand its treatment areas, despite facing a 6.22% drop in stock price following the announcement [1][3]. Group 1: Acquisition Details - The acquisition includes various trace element injection products, specifically "Trace Element Injection (I)", "Trace Element Injection (II)", and the under-research "Trace Element Injection (III)", along with associated technical data, licenses, trademarks, and employee relations [2][4]. - The acquisition price of 356 million yuan is significantly lower than the previously proposed price of up to 480 million yuan by Nanxin Pharmaceutical, indicating a market-driven adjustment in asset valuation [1][4][5]. Group 2: Strategic Implications - The acquisition is expected to enhance Zhaoli Pharmaceutical's product offerings and align with national health strategies, focusing on health management for women, children, and the elderly, thereby establishing a comprehensive health service chain [3][5]. - Zhaoli Pharmaceutical aims to leverage its marketing strengths and Future Pharmaceutical's sales channels to achieve rapid market entry and deeper penetration of the acquired products [3][5]. Group 3: Financial Context - Prior to the acquisition announcement, Zhaoli Pharmaceutical disclosed a plan to raise up to 1.556 billion yuan through convertible bonds, with part of the funds allocated for working capital [6]. - The company reported a revenue of approximately 2.28 billion yuan for the first three quarters of the year, reflecting a year-on-year growth of 11.48%, and a net profit of about 510 million yuan, up 21% [6][5].

Core Viewpoint - Zhaoli Pharmaceutical is acquiring a multi-element injection asset group for 356 million yuan, aiming to enhance its product portfolio and market presence in the pediatric and obstetric fields [1][4][11]. Group 1: Acquisition Details - Zhaoli Pharmaceutical announced the acquisition of the multi-element injection asset group from Tibet Future Biopharmaceutical Co., Ltd. for a total price of 356 million yuan, including tax [1][11]. - The asset group includes three types of multi-element injections, specifically designed for infants, pregnant women, and patients requiring intravenous nutrition [2][13]. Group 2: Strategic Intent - The acquisition is part of Zhaoli Pharmaceutical's strategy to create a comprehensive health product and service chain covering all age groups, from children to the elderly [2][14]. - The company aims to leverage its existing marketing strengths and the sales channels of Tibet Future to facilitate the rapid entry and penetration of new products [15]. Group 3: Financial Performance - The asset group is projected to achieve a net profit of 45.79 million yuan from January to September 2025, indicating strong profitability [3][14]. - Zhaoli Pharmaceutical reported a revenue of 2.28 billion yuan in the first three quarters of 2025, reflecting an 11.48% year-on-year growth, with a net profit of 509 million yuan, up 22.51% [4][17]. Group 4: Market Context - The multi-element injection market has seen a decline in sales since 2021, with a total market sales of only 1.44 billion yuan in 2024, down 16.32% year-on-year [8][20]. - The competitive landscape is concentrated, with Aquitaine Pharmaceuticals holding a dominant market share of 50.45%, while Tibet Future's sales have decreased by 22.17% to 447 million yuan in 2024 [20][22].

Group 1: Company Overview and Recent Activities - Zhejiang Zoli Pharmaceutical Co., Ltd. held investor relations activities including site visits and conference calls with various securities firms and investment entities [1][2]. - The management team provided a brief overview of recent operational performance and the acquisition of the future pharmaceutical asset group [2]. Group 2: Acquisition Details - The acquired asset group includes multiple products, notably "Multiple Trace Element Injection (I)" and "Multiple Trace Element Injection (II)", which focus on parenteral nutrition and have established a strong academic brand in pediatric and maternal health [2][3]. - The asset group achieved a net profit of CNY 45.79 million from January to September 2025, indicating strong profitability [2]. Group 3: Product Pipeline and Regulatory Outlook - The "Multiple Trace Element Injection (III)" is currently under technical review and is expected to be approved in 2026, enhancing the company's product line in adult trace elements [3]. - The new version of the National Essential Medicines List is likely to prioritize pediatric medications, increasing the chances of the company's products being included [3]. Group 4: Synergy and Market Strategy - The integration of the acquired asset group is expected to leverage existing sales channels, with over 15,000 hospitals covered by Zoli's core product, enhancing market penetration [4]. - The company plans to utilize its market advantages in centralized procurement and essential medicines to facilitate the sales of the new products across more than 20 provinces [4]. Group 5: Production Capacity and Future Plans - Current production capacity for the core product, Wuling Capsule, is 900 tons, with high utilization rates. The company is planning to expand capacity to meet future demand [5]. - The "Wuling+X" product development project aims to create a family of 10 innovative products targeting digestive and urological conditions [5]. Group 6: Sales Projections and Market Trends - For 2026, Wuling Capsule is expected to maintain steady growth through enhanced distribution in county-level medical institutions and online channels, with a focus on consumer education [6]. - The Bailing series is projected to achieve a sales scale of CNY 1 billion, supported by participation in national centralized procurement across 31 provinces [6]. Group 7: Financial Strategy and Shareholder Returns - The acquisition will be financed through phased cash payments, with the company maintaining a stable dividend policy in line with profit distribution principles [10][11].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is expected to achieve stable growth through its "One Body, Two Wings" strategy, focusing on expanding its core products while developing its two auxiliary business segments [18][21] - The core product, Wuling Capsule, has a clear mechanism of action, good efficacy, and high market recognition, which provides a multi-dimensional advantage [29][34] - The company is positioned to benefit from ongoing centralized procurement and market expansion strategies, which will drive revenue growth [11][49] Summary by Sections 1. Company Strategy and Performance - The company has adopted a "One Body, Two Wings" strategy to enhance its market presence in traditional Chinese medicine and modern healthcare [18] - From 2019 to 2024, the company achieved a compound annual growth rate (CAGR) of 23.12% in revenue and 81.76% in net profit [21] - In 2024, the company reported revenue of 2.578 billion yuan, a year-on-year increase of 32.71% [22] 2. Core Product Advantages - The Wuling series, including Wuling Capsule, Lingze Tablets, and Linglianhua Granules, consists of unique products with significant market potential [29] - Wuling Capsule has been included in the national essential drug list and has shown strong sales growth post-centralized procurement [40] - The company anticipates further growth from expanding its product matrix and enhancing its marketing strategies [11][49] 3. Auxiliary Business Growth - The company has established a strong foothold in the traditional Chinese medicine market, focusing on herbal pieces and formula granules [9][10] - The auxiliary businesses are expected to contribute significantly to overall revenue growth, leveraging the company's first-mover advantage [8][9] 4. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 2.922 billion yuan, 3.415 billion yuan, and 4.059 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 656 million yuan, 829 million yuan, and 992 million yuan [11][13] - The report maintains a "Buy" rating based on the company's competitive advantages and growth potential in both core and auxiliary segments [11]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is acquiring a quality asset group from Future Pharmaceuticals for a total price of RMB 356 million, which includes various injectable products and their associated rights [7] - The acquisition is expected to enrich the company's product pipeline and enhance profitability, particularly in the pediatric medication sector [7] - The company has successfully defended against a lawsuit, which is anticipated to remove valuation pressure on its products [7] - The core products, including the Wuling and Bailing series, are expected to see steady growth in production and sales, supported by a planned issuance of convertible bonds for capacity expansion [7] - The company's projected net profit for 2025 is RMB 660 million, with upward adjustments for 2026 and 2027 net profits to RMB 910 million and RMB 1.13 billion, respectively [7] Financial Projections - Total revenue is forecasted to grow from RMB 2.58 billion in 2024 to RMB 4.52 billion in 2027, with a compound annual growth rate (CAGR) of approximately 16.25% [1][8] - The net profit attributable to the parent company is expected to increase from RMB 508 million in 2024 to RMB 1.13 billion in 2027, reflecting a CAGR of 24.22% [1][8] - The earnings per share (EPS) is projected to rise from RMB 0.72 in 2024 to RMB 1.61 in 2027 [1][8] - The price-to-earnings (P/E) ratio is expected to decrease from 23.83 in 2024 to 10.72 in 2027, indicating improving valuation metrics [1][8]

Core Viewpoint - Zhejiang Zuoli Pharmaceutical Co., Ltd. announced the acquisition of core assets related to multi-trace element injection solutions from Tibet Future Biopharmaceutical Co., Ltd. for 356 million yuan (including tax) [1] Group 1: Acquisition Details - The asset group includes already marketed products "Multi-trace Element Injection (I)" and "Multi-trace Element Injection (II)", as well as the in-development "Multi-trace Element Injection (III)", along with relevant R&D and production technical data, marketing licenses, trademarks, patents, contractual rights and obligations, and employee labor relations [2] - The "Multi-trace Element Injection (I)" is the first exclusive pediatric-specific parenteral nutrition preparation in China, with very few companies holding the relevant approvals for such products, creating a natural high market barrier [2] Group 2: Company Performance - Zuoli Pharmaceutical has shown a strong growth trend, achieving a revenue of 2.28 billion yuan in the first three quarters of 2025, a year-on-year increase of 11.48%, and a net profit attributable to shareholders of 510 million yuan, up 21.00% year-on-year [3] - The company has developed a product matrix centered around Wuling Capsules, with a focus on expanding into lower-tier markets and enhancing clinical value recognition through targeted marketing strategies [3] Group 3: Strategic Advantages - The company can leverage its market advantages in centralized procurement and essential drug products to synergize with the multi-trace element injection product group, meeting the growing diversified clinical needs [4] - This acquisition is expected to enhance the company's marketing capabilities and team potential, facilitating rapid market entry and deep penetration of the new products [4]