2025 年 08 月 25 日 佐力药业(300181.SZ) 2025H1 利润端表现强劲，C 端拓展与产 股价表现 资料来源：Wind 资讯 升幅% 1M 3M 12M 相对收益 1.2 9.6 2.4 绝对收益 7.5 21.4 34.6 李奔 分析师 SAC 执业证书编号：S1450523110001 liben@essence.com.cn 冯俊曦 分析师 SAC 执业证书编号：S1450520010002 fengjx@essence.com.cn 胡雨晴 分析师 SAC 执业证书编号：S1450524080002 huyq4@essence.com.cn 相关报告 乌灵胶囊通过集采快速放 量，经营性现金流大幅增长 2024-07-30 乌灵系列市场空间广阔，百 令胶囊上市放量可期 2024-04-19 -20% -10% 0% 10% 20% 30% 40% 2024-08 2024-12 2025-04 2025-08 佐力药业 沪深300 品研发可期 事件：公司发布 2025 年中报。 2025 年上半年公司实现营业收入 15.99 亿元，同比增长 11.99%；实 现归母净利润 3.74 ...

Group 1 - The company held an investor relations event via conference call, attracting over 70 institutions including Dongwu Securities and Ping An Securities [1] - The event featured a presentation by the board secretary on the company's performance for the first half of 2025, followed by a Q&A session addressing core products and business development [1] - The company aims to achieve a 30% net profit growth rate by 2025 through stock incentives, focusing on the promotion of its key product, Wuling Capsules, and expanding market share through collective procurement [1] Group 2 - The Bailing series products, including Bailing tablets and capsules, have participated in the national Chinese medicine procurement alliance, with 28 provinces issuing procurement execution notices, expecting a 38.51% year-on-year sales growth in the first half of 2025 [2] - The company is optimizing its market layout and sales team for rapid growth in the Chinese medicine granule business, while the Chinese medicine decoction pieces have shown stable growth after excluding special factors [2] - The company is implementing a multi-dimensional strategy for the C-end market, including organizational optimization, market expansion, O2O online operations, and consumer education to increase C-end sales proportion [2]

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 ...

Industry Overview - The pharmaceutical industry is experiencing steady growth, driven by core products and strategic market expansions [3][4]. Company Performance - The company reported a revenue of 1.599 billion yuan for H1 2025, an increase of 11.99% year-on-year, and a net profit of 374 million yuan, up 26.16% year-on-year [4][5]. - The gross margin was 63.01%, reflecting a year-on-year increase of 0.39 percentage points, while the net margin reached 23.71%, up 2.72 percentage points [4]. Core Product Growth - The core products, including the Wuling series and Bailing series, have shown robust growth, with Wuling series sales reaching 897 million yuan (up 7.23%) and Bailing series sales at 113 million yuan (up 38.51%) [5][6]. Strategic Initiatives - The company is implementing a "one body, two wings" strategy, focusing on marketing and R&D to enhance operational performance [6]. - The company is expanding its C-end business by launching larger packaging for Wuling capsules and forming strategic partnerships with major chains [6]. Clinical Validation and R&D Progress - The core product Wuling capsules have received validation from international journals, confirming their safety and efficacy in treating mild depression in Parkinson's patients [7]. - The company has made significant progress in clinical trials, with multiple products entering various stages of development [7]. Profit Forecast - The company is expected to achieve revenues of 3.231 billion yuan, 3.687 billion yuan, and 4.265 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 25.4%, 14.1%, and 15.7% [8]. - Net profits are projected to be 661 million yuan, 839 million yuan, and 986 million yuan for the same years, with growth rates of 30.2%, 26.9%, and 17.4% [8][9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Insights - The company has demonstrated strong profit growth, with a reported revenue of 1.599 billion yuan in H1 2025, reflecting a year-on-year increase of 11.99%. The net profit attributable to shareholders reached 374 million yuan, up 26.16% year-on-year [2][3]. - The core products, including Wuling Capsules and Lingze Tablets, are listed in the national essential drug list, with Wuling Capsules being a unique product. The company is expected to achieve revenue of 29.72 billion yuan in 2025, with a year-on-year growth of 15.3% [9]. Financial Performance Summary - Revenue and Profit Growth: - 2023A: Revenue of 1,942 million yuan, net profit of 383 million yuan - 2024A: Revenue of 2,578 million yuan, net profit of 508 million yuan - 2025E: Revenue of 2,972 million yuan, net profit of 663 million yuan - 2026E: Revenue of 3,459 million yuan, net profit of 800 million yuan - 2027E: Revenue of 4,012 million yuan, net profit of 971 million yuan [1][10]. - Profitability Metrics: - The company’s return on equity (ROE) is projected to increase from 14.1% in 2023 to 25.4% in 2027, indicating improving profitability [1][10]. - The net profit margin for H1 2025 was reported at 23.35%, an increase of 2.62 percentage points year-on-year [3]. Product Performance - In H1 2025, the revenue breakdown by product was as follows: - Wuling series: 897 million yuan (+7.23% YoY) - Bailing Tablets: 113 million yuan (+38.51% YoY) - Traditional Chinese Medicine pieces: 349 million yuan (-10.10% YoY) - Chinese medicine formula granules: 74 million yuan (+56.60% YoY) [3][4]. Marketing and R&D Strategy - The company is enhancing its marketing and R&D efforts, focusing on expanding its channel layout and market coverage. It has partnered with Baidu Health and various pharmacy chains to strengthen its influence in the consumer market [4]. - R&D initiatives include deepening studies on the Wuling series and expanding clinical applications, with Wuling Capsules now included in 83 clinical guidelines and pathways [4].

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].

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-08-20 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 20.28 | | --- | --- | | 总股本/流通股本（亿股）7.01 | / 6.03 | | 总市值/流通市值（亿元）142 | / 122 | | 52 周内最高/最低价 | 20.53 / 11.58 | | 资产负债率(%) | 29.4% | | 市盈率 | 27.78 | | 第一大股东 | 俞有强 | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 佐力药业(300181) 业绩高速增长，"一路向 C"加快渠道布局 l 业绩高速增长，盈利能力持续提升 公司发布2025年中报：2025H1营业收入 15.99 亿元（+11.99%）， 归母净利润 3.74 亿元（+26.16%），扣除限制性股票激励计划和员工 持股计划涉及的股份支 ...

Core Viewpoint - Zhaoli Pharmaceutical (300181.SZ) has demonstrated strong profitability with a cumulative return of 154.14% over three years, despite a generally lackluster performance in the traditional Chinese medicine sector [1] Financial Performance - The company's net profit attributable to shareholders increased from 25.59 million yuan in 2019 to 508 million yuan in 2024 [1] - The gross profit margin for Zhaoli Pharmaceutical has decreased from 71.43% in 2021 to 60.95% currently, a decline of approximately 10 percentage points [7] Key Products - Zhaoli Pharmaceutical specializes in traditional Chinese medicine products, with its flagship product, Wuling Capsule, generating 1.438 billion yuan in revenue in 2024, accounting for 55.79% of total revenue [3] - Wuling Capsule, used for treating insomnia, is a 1 billion yuan-level product with a stable gross profit margin exceeding 80% [4][5] Market Position and Competitive Advantage - Wuling Capsule benefits from unique barriers to entry, including proprietary technology and its inclusion in the National Essential Medicines List, which limits competition and maintains pricing power [3][5] - The company has successfully increased the packaging size of Wuling Capsule to enhance sales and reduce marginal costs [5] Strategic Focus - Zhaoli Pharmaceutical is committed to its core business of traditional Chinese medicine while expanding into the rapidly growing market for traditional Chinese medicine pieces and granules [11] - The company aims to develop its Bailing series products into a 1 billion yuan-level product by 2025, despite facing competition from established players [12] Sales Channels and Growth Strategy - The company is shifting its sales strategy from primarily hospital sales to a more consumer-oriented approach, targeting online retail and chain pharmacies to tap into the broader health market [13]

Core Viewpoint - The development of traditional Chinese medicine (TCM) is positioned as a significant component of the new era of socialism with Chinese characteristics, with substantial improvements expected in 2024 regarding the environment, service systems, and public health literacy [1] Company Overview - Founded in 1995, Zhaoli Pharmaceutical has focused on the mission of supporting human health and the development of national medicine, specializing in the production of TCM using medicinal fungi fermentation technology [1][4] - The company has established a strong competitive barrier with its unique technology and the national Class I new drug qualification of its core product, Wuling Capsule, which is the leading brand in the tranquilizer TCM market [1][5] Strategic Development - Zhaoli Pharmaceutical is leveraging the favorable policies for TCM to implement its "One Body, Two Wings" strategy, focusing on the core product Wuling series, which has over 1 billion in sales [2][5] - The company aims to expand its market presence by transitioning from B-end to C-end markets, targeting health consumers directly [9][10] Market Trends - According to the China Sleep Research Society, 64% of residents in China experience poor sleep quality, indicating a significant market opportunity for Zhaoli Pharmaceutical's products aimed at improving sleep and mental health [3] - The OTC drug market in China is projected to exceed 500 billion by 2025, with the TCM OTC segment expected to surpass 200 billion, highlighting the growth potential in consumer-driven markets [9] Product Innovation - Zhaoli Pharmaceutical has successfully industrialized the rare medicinal fungus "Wuling" to address resource bottlenecks and enhance product offerings [3][7] - The company is expanding its product matrix to include health management solutions for chronic diseases, focusing on sleep disorders, anxiety, and Alzheimer's disease [11][12] Research and Development - The collaboration with Zhejiang University has been pivotal in the company's R&D efforts, leading to the successful development of key products and the establishment of a new joint research center [8] - The company is committed to green production practices, utilizing advanced fermentation technology to ensure sustainable sourcing of medicinal fungi [7] Future Outlook - Zhaoli Pharmaceutical aims to solidify its position in the C-end market by enhancing its product offerings and expanding its sales channels, including e-commerce platforms [10][12] - The company has set ambitious growth targets, including a net profit growth rate of no less than 110% by 2027, supported by a new equity incentive plan [11][13]

Group 1: Financial Performance - The company's revenue for the first half of 2025 is expected to grow by approximately 12% year-on-year, primarily due to a decline in sales of traditional Chinese medicine products compared to the previous year [1] - The net cash flow from operating activities is projected to be between 270 million and 290 million CNY, an improvement from 215.35 million CNY in the same period last year [3] Group 2: Cost Management - The company implements measures such as lean management, cost reduction, and comprehensive budget management to enhance expense control and improve efficiency [1] - Sales expense ratio is expected to fluctuate based on marketing strategies and product promotion, with a historical decline due to centralized procurement [2] Group 3: Market Expansion Strategies - The company plans to strengthen strategic partnerships with leading pharmacy chains and enhance patient education and promotion activities [4] - Digital marketing initiatives will be advanced through O2O strategies to capture the young consumer market [4] - Collaboration with Zhejiang University aims to develop innovative health products leveraging AI technology [5] Group 4: Research and Development - The company is focused on developing innovative traditional Chinese medicine, with several projects in clinical and preclinical stages [5] - Ongoing research includes secondary development of existing products and expanding indications for current medications [5]