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].

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 ...

证券代码：300181 证券简称：佐力药业 编号：2025-017 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 | 华安证券；国泰海通证券；甬兴证券；中信证券；东吴证券； | | 人员姓名（以上 | 长江医药；光大证券；中信建投；北京岑峰；壹同创业投资； | | | 红杉资本；华鑫国际信托；恒穗资产；大兴华旗；六妙星私募； | | 排名不分先后） | 量利资本；大橡私募；伟晟私募；安徽海富投资；致新资本等。 | | | 荣泽石资产；博远基金；信达证券；江海证券；上海恒穗资产； | | | 泰达宏利；华安证券；建信基金；佳润实业；国投证券；华安 | | | 证券；西部医药；中金资管；国金证券；北京含章私募；宁波 | | | 量利私募；甬兴证券；贵源投资；恒基浦业资管；国源信达资 | | | 本；太平资产；宝盈基金；中融汇信投资；东吴证券；开源证 | | | 券；钧泽 ...

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]

通常来说，健康人群通过均衡膳食即可摄入足量微量元素，但对于存在临床营养风险的患者，微量元素一旦缺乏或比例失 调，将影响机体正常代谢与功能，甚至导致疾病，因而必须通过医学营养支持进行补充。多种微量元素注射液便成为肠外营养 中补充微量元素的主要来源。 据悉，目前国内拥有多种微量元素注射液批文的企业屈指可数，形成了天然的高市场壁垒。其中，多种微量元素注射液 （Ⅰ）作为儿童专用制剂，更是国内仅有两家生产企业。而用于成人的多种微量元素注射液（Ⅱ），主要生产厂家也仅为四 家。 业绩增长稳健 本报讯 （记者吴文婧）12月14日晚，浙江佐力药业股份有限公司（以下简称"佐力药业"）公告称，公司与西藏未来生物医 药股份有限公司及其全资子公司签署《多种微量元素注射液资产组收购协议书》，拟以3.56亿元（含税）收购其核心资产多种 微量元素注射液资产组。 收购高壁垒稀缺品种 布局临床营养关键领域 公告显示，资产组的内容包括已上市品种"多种微量元素注射液（Ⅰ）"、"多种微量元素注射液（Ⅱ）"和在研品种"多种微 量元素注射液（Ⅲ）"的研发/生产技术资料、上市许可、商标、专利、合同权利与义务、员工劳动关系等。其中，多种微量元 素注射液（Ⅰ） ...

据悉，未来医药的多种微量元素注射液已在京津冀"3+N"联盟集中带量采购、河北省联盟(省)集采到期 接续药品集中带量采购、广东联盟接续集中带量采购等中选，浙江、广东、安徽等20多个省份已执行。 多种微量元素注射液(III)作为在研品种已于2025年2月27日完成上市申报(受理号：CYHS2500882)，目前 处于技术审评阶段。 此次收购后，公司有望凭借自身营销体系，与资产组优势互补推动发展。多种微量元素注射液有着坚实 的市场基础，未来医药已有的集采中标资格将为产品准入提供便利。同时，公司有着集采和基药产品的 市场优势，可充分发挥"多科室、重循证"的临床推广经验，与多种微量元素注射液产品组合实现协同发 展，更好满足日益增长的多元化临床需求。 据了解，未来医药的多种微量元素注射液(Ⅰ)和多种微量元素注射液(Ⅱ)已有多年的推广应用经验，在 多家医院得到应用。根据中汇会计师出具的《模拟审计报告》，该资产组2025年1—9月实现净利润为 4578.92万元，本次收购完成后，将会增强公司盈利能力，提升企业市场竞争力。(厉平) 12月14日，浙江佐力药业（300181）股份有限公司(300181.SZ)发布公告称，公司董事 ...

Core 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]

Macro Strategy - The macro environment is influenced by both domestic and overseas factors, leading to a decline in market confidence due to a drop in manufacturing PMI and uncertainty in macroeconomic data [1][15] - Domestic liquidity support through fiscal issuance and monetary policy is stabilizing the valuation environment, while industry policies in sectors like renewable energy and satellite IoT provide long-term support for related sectors [1][15] - The consumer technology sector shows structural differentiation in earnings reports, with companies like Meituan, JD, and Alibaba facing profit declines due to intense competition, while Tencent and Xiaomi achieve profit growth through international expansion and premiumization [1][15] Industry Analysis - The Nasdaq 100 index experienced volatility driven by concerns over AI bubbles and mixed macroeconomic data, with strong non-farm employment data coexisting with rising unemployment rates, complicating the Federal Reserve's assessment of economic health [2][4][16] - The semiconductor sector's performance is shaped by the earnings of companies like Broadcom and Micron, which validate demand trends [4][17] - The gold market is influenced by interest rate expectations, geopolitical tensions, and the performance of other precious metals, with a significant focus on the upcoming Federal Reserve meetings and inflation data [5][18][19] Index Outlook - The Hang Seng Technology Index is expected to maintain a bottoming and slightly upward trend in December 2025, influenced by macroeconomic conditions and policy expectations [1][15] - The Nasdaq 100 index is projected to experience a volatile upward trend, supported by the AI industry revolution and commercial validation, despite potential pullbacks if key economic data underperform [4][17] - The gold price is anticipated to remain strong in the short term, with a bullish medium-term outlook, contingent on the Federal Reserve's policy direction and macroeconomic data releases [5][18][19] ETF Products - The Huaxia Hang Seng Technology ETF (513180) closely tracks the Hang Seng Technology Index, with a total market value of 47.745 billion yuan as of November 28, 2025 [1][15] - The GF Nasdaq 100 ETF (159941.SZ) also closely follows the Nasdaq 100 Index, with a circulating scale of 29.915 billion yuan as of November 28, 2025 [4][17] - The Huaan Gold ETF (518880.SH) tracks domestic gold spot price returns, with a total market value of 90.631 billion yuan as of November 28, 2025 [5][18][19]