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 （线上会议） | | 参与单位名称及 | 华泰资产：黄俊岭、张珈玮、曹耀元、王金成；东吴证券：朱 | | 人员姓名 | 国广、向潇。 | | 时间 2025 | 年 12 月 23 日 15:00-16:00 | | 地点 | 线上会议 | | 上市公司接待人 | 董事、总经理：汪涛先生 | | | 董事、常务副总经理：冯国富先生 | | 员姓名 | 董事会秘书：吴英女士 | | | 问题一：公司收购资产组的产能是否能够支撑销量增长？ | | | 答：公司收购资产组多微产品主要是委托许昌未来生产，该资 | | | 产组今年对应的产品销量约 400 多万支，以行业常规产能水平 | | | 估算，许昌未来现有产能完全可为后续销量提升提供充分保 | | 投资者关系活动 障。 | | | 主要内容介绍 | | | | 问题二：多微（III）产品上市后的前景如何？收购 ...

Core Viewpoint - Zhaoli Pharmaceutical plans to issue convertible bonds to raise up to 1.556 billion yuan for the development of an intelligent traditional Chinese medicine health factory and product research, while also supplementing working capital [1] Group 1: Fundraising and Investment Projects - The company intends to allocate 1.08 billion yuan for the intelligent traditional Chinese medicine health factory, 216 million yuan for the "Wuling + X" product research project, and 250 million yuan for working capital [1] - Prior to the funds being raised, the company will use self-raised funds based on project progress and will replace them with raised funds once available [1] - The board may adjust the order and amount of funds allocated to the projects based on actual needs without changing the nature of the fundraising projects [1] Group 2: Financial Performance and Shareholder Returns - The company has experienced rapid growth in recent years, with a return on invested capital (ROIC) performance that is commendable, although shareholder earnings remain negative due to large capital investments [1] - The company has maintained a stable financial position with a debt ratio around 30%, indicating good debt repayment capability [2] - The company has consistently paid substantial dividends, with a total cash dividend of 942 million yuan from 2022 to 2024, accounting for over 80% of the net profit attributable to shareholders during that period [2] Group 3: Revenue and Profit Growth - The company has shown stable growth in revenue and net profit, with a reported revenue of 2.28 billion yuan for the first three quarters of 2025, representing an 11.48% year-on-year increase, and a net profit of 510 million yuan, up 21.0% year-on-year [4]

Core Viewpoint - Zhaoli Pharmaceutical plans to issue convertible bonds to raise up to 1.556 billion yuan for the construction of an intelligent traditional Chinese medicine health factory, the "Wuling+X" product development project, and to supplement working capital, supporting the company's core business upgrade and innovation [1][2]. Fundraising Purpose - The funds will primarily be allocated to the construction of an intelligent traditional Chinese medicine health factory, which will include GMP-compliant facilities and production lines for medicinal fungi fermentation and extraction, addressing future capacity needs for Wuling capsules and improving competitiveness in the pharmaceutical manufacturing industry [1][2]. - The "Wuling+X" product development project aims to expand the product pipeline with innovative drugs targeting gastrointestinal, urology, and other high-demand clinical areas, leveraging the established market foundation of the Wuling series products [2]. Financial Performance - In Q3 2025, Zhaoli Pharmaceutical reported revenue of 2.28 billion yuan, a year-on-year increase of 11.48%, and a net profit of 510 million yuan, with both metrics reaching historical highs for the same period [2]. - The company plans to use part of the raised funds to optimize its financial structure and alleviate daily operational funding pressures, ensuring support for market expansion as it continues to invest in OTC market layout and multi-channel development [2]. Strategic Focus - Zhaoli Pharmaceutical has adopted a "one body, two wings" strategy, focusing on core business areas and forming three main business segments: finished medicines, decoction pieces, and formula granules [3]. - The company aims to build brand recognition in the consumer market and develop a product matrix covering various health scenarios, establishing the "Wuling+" health brand as a second growth curve [3].

Core Viewpoint - Zhejiang Zuoli Pharmaceutical Co., Ltd. recently hosted an investor research event, providing an opportunity for investors to gain insights into the company's operations [1]. Group 1: Research Activity Details - The investor relations activity was a site visit held on September 12, 2025, from 10:00 to 11:00 and 15:30 to 17:00, at the company's conference room [2]. - Participating institutions included CITIC Securities, Hunan Huizhi Rongda, Zhiyuan Capital, among 16 others, with the company represented by Secretary of the Board, Ms. Wu Ying [2]. Group 2: Key Insights from the Research - The collection rhythm for Wuling capsules shows that there are still six provinces not included in the collection, with ongoing renewal work for traditional Chinese medicine collections in Guangdong and the Beijing-Tianjin-Hebei "3+N" alliance expected to be completed this year [3]. - The company is leveraging its collection status to enhance market expansion, focusing on hospitals and grassroots markets to increase market share and strengthen competitiveness [3]. - In the first half of 2025, sales revenue from traditional Chinese medicine formula granules grew by 56.60% year-on-year, leading to an increase in accounts receivable due to longer payment terms compared to general commercial companies [3]. - The company plans to improve accounts receivable management to enhance cash flow stability [3]. - Linglianhua granules, as a unique product in the Wuling series, transitioned to OTC sales last year, targeting health-conscious menopausal women through internet marketing and partnerships with major e-commerce platforms [3]. - The company is actively conducting clinical research to explore different indications and build academic evidence for this product [3]. - The company is seeking acquisition opportunities in advantageous fields such as neurology and psychiatry, focusing on targets that can create synergies with existing products and resources [3]. - After the expansion of the digital workshop for medicinal fungi fermentation, the total production capacity for Wuling mushroom powder will reach 900 tons per year, supporting approximately 2.5 billion yuan in output value [3]. - The digital workshop for solid pharmaceutical preparations is expected to be operational by the end of the year, meeting related demand [3]. - The high sales proportion in the East China region is attributed to the concentration of traditional Chinese medicine sales in Zhejiang Province, benefiting from early channel layout and deep penetration in the economically developed region [3]. - Sales in provinces such as Guangdong, Henan, Beijing, and Hebei are rapidly increasing as the company expands its market beyond Zhejiang and participates in collections [3].

Group 1: Sales and Market Expansion - The sales revenue of traditional Chinese medicine formula granules increased by 56.60% compared to the same period last year [2] - The company aims to strengthen market expansion and deepen coverage in hospitals and grassroots markets to enhance market share and competitiveness [1] - The company is focusing on the online marketing of Linglianhua granules, targeting health-conscious menopausal women [3] Group 2: Financial Management - The company's accounts receivable decreased compared to the first quarter of 2025, indicating stable management of accounts receivable [2] - The company plans to continue improving accounts receivable management to ensure healthy cash flow [2] Group 3: Production Capacity - After the expansion of the medicinal mushroom fermentation digital workshop, the total production capacity of Wuling mushroom powder will reach 900 tons per year, supporting approximately 2.5 billion yuan in output value [5] - The digital workshop for solid pharmaceutical preparations is expected to be operational by the end of the year, meeting the demand for capsule and tablet products [5] Group 4: Strategic Investments - The company is looking for acquisition targets that extend its core business, particularly in neurology and psychiatry, or those that can create synergies with existing products [4] - The focus is on unique or scarce products that can empower the company's development [4] Group 5: Regional Sales Performance - The high sales proportion in the East China region is attributed to the company's strong presence in Zhejiang province, where it is located, and the economic development of the region [6] - As the company expands sales of traditional Chinese medicine formula granules outside the province, the market share in other provinces is expected to increase [6]

Group 1: Strategic Direction - The company is focusing on the "一路向 C" strategy to enhance its presence in the consumer health market, particularly through the optimization of its OTC business and the development of innovative health products [2][3]. - The partnership with Zhejiang University aims to leverage AI technology for the deep development of medicinal fungi, enhancing the company's research capabilities and product innovation [10]. Group 2: Market Opportunities - External factors such as government support for traditional Chinese medicine and an aging population (22% of the population aged 60 and above by the end of 2024) are creating favorable conditions for the company's C-end market expansion [3]. - The company's C-end revenue currently accounts for just over 10%, indicating significant growth potential in the future [3]. Group 3: Operational Initiatives - In the first half of 2025, the company implemented several measures to boost C-end sales, including the development of large packaging products and strengthening partnerships with online platforms like Meituan and Ele.me [4][5]. - The establishment of the OTC division aims to enhance tactical layouts and execution capabilities, facilitating a smoother transition to consumer-oriented sales [5]. Group 4: Financial Performance - The net cash flow from operating activities for the first half of 2025 is projected to be between 27 million and 29 million, showing significant improvement compared to the first quarter [7]. - The company is confident in achieving a 30% net profit growth target for 2025, supported by its core business strategy and the "一路向 C" initiative [8]. Group 5: Competitive Advantage - The unique raw material, 乌灵菌粉, provides a competitive edge due to its differentiated efficacy in treating various health issues, making it difficult for competitors to replicate [6]. - The 乌灵 series products have been recommended in 82 clinical guidelines and textbooks, establishing a strong academic and brand influence that supports market expansion [3].