以岭药业8月27日晚间披露2025年中报，报告期内，该公司实现营业收入40.40亿元，归母净利润和扣非 后归母净利润分别达到6.69亿元和6.41亿元，同比分别增长26.03%和27.08%；实现经营活动净现金流 8.32亿元，同比大增214.97%；期末货币资金10.03亿元，资产负债率21.81%，财务安全边际显著提高。 在创新研发方面，以岭药业依然维持了较高的投入水平。根据中报，报告期内以岭药业研发支出依然达 到3.99亿元，占比处于行业领先水平。 开源节流促使盈利回升 近年来，以岭药业通过持续推进阿米巴经营，建立全链条的成本控制体系提升收入质量，实现整体提质 增效，成为其实现净利润逆势增长的核心动力。 根据中报显示，上半年该公司营业成本为16.37亿元，同比下降23.76%，其中，销售费用为9.13亿元， 同比下降超过15%。受此影响，报告期内公司整体毛利率达到59.52%，较前两年实现显著回升。 光大证券认为，该公司盈利能力的逐步改善主要受到产品收入结构调整和期间费用率下降等因素的影 响，叠加核心品类的渠道库存和发货节奏逐步恢复推动收入回稳，预计以岭药业全年业绩有望逐季向 好。 以岭药业也表示，未来 ...

Core Insights - The third China International Supply Chain Promotion Expo was held in Beijing from July 16 to 20, showcasing cutting-edge technologies and innovations in the supply chain sector [1] - The event highlighted the Ba Zi Bu Shen capsules, a prominent product in traditional Chinese medicine aimed at anti-aging, demonstrating its unique appeal and latest research findings [1][2] Company Insights - Ba Zi Bu Shen capsules are formulated with eight natural plant seeds and precious medicinal materials, effectively intervening in ten biological aging markers, thus delaying aging and preventing age-related diseases [2] - The capsules have been clinically validated in a study published in the journal "Phytomedicine," which involved 530 participants aged 30 to 78, showing a 76.7% increase in telomerase activity among users, indicating potential longevity benefits [2][7] - The product has successfully entered markets in eight countries and regions, including Canada and Singapore, with a cumulative consumption exceeding 226 million capsules, primarily among users aged 35 and above [7] Industry Insights - The expo served as a platform for promoting the unique advantages and application prospects of traditional Chinese medicine in the anti-aging field [7] - The company aims to enhance research and development efforts in traditional Chinese medicine, contributing to scientific advancements in anti-aging [7]

Group 1 - The third China International Supply Chain Promotion Expo (Chain Expo) was held from July 16 to 20 in Beijing, showcasing vibrant cooperation between domestic and foreign enterprises in the health and wellness sector [1] - Starbucks China participated for the third consecutive time, forming a carbon reduction alliance with strategic partners and showcasing its ready-to-drink business for the first time at the expo [2] - L'Oréal, the only foreign beauty company at the expo, highlighted its innovative capabilities in the daily chemical and beauty industry, with 62% of its sales coming from products manufactured in China [2][4] Group 2 - Tsingtao Group presented its complete supply chain system at the expo, celebrating the 50th anniversary of China-Thailand diplomatic relations and emphasizing the importance of China in the global supply chain [3] - The CEO of Tsingtao Group expressed confidence in China's economic prospects and the unique advantages of its supply chain, viewing the expo as a valuable opportunity for international collaboration [3] - Traditional Chinese medicine companies showcased innovative health experiences, with Yiling Pharmaceutical presenting a series of innovative traditional Chinese medicines based on the theory of collateral diseases [4] Group 3 - China Resources Group exhibited its comprehensive health industry ecosystem, focusing on the theme of "Guarding Health Across the Chain, Creating a Better Life" through multimedia interactions and core product displays [5] - Guangdong province, as the guest province, showcased 64 enterprises, including China Resources Group and TCL, highlighting the integration of traditional medicine and modern technology [5] - The health life chain exhibition area demonstrated China's core position in the global health industry chain and the innovative fusion of traditional medicine with modern technology [5]

Core Viewpoint - The third China International Supply Chain Promotion Expo showcases the development of traditional Chinese medicine (TCM) and its integration into modern health solutions, emphasizing the importance of quality in the TCM supply chain and innovation in product offerings [2][9]. Group 1: Supply Chain and Quality Management - The quality of traditional Chinese medicinal materials is fundamental to the industry's development, with Yiling Pharmaceutical implementing strict management protocols from seed to product [3]. - Yiling Pharmaceutical has established over 60 medicinal material cultivation bases across seven major production areas in China, covering tens of thousands of acres and involving over 40 varieties [3]. - The company’s model of "company + base + farmers" not only ensures the quality of medicinal materials but also provides stable income for local farmers, achieving a balance between environmental sustainability and economic growth [3]. Group 2: Innovation in Services and Products - Yiling Pharmaceutical has developed over 560 varieties of traditional Chinese medicine granules, streamlining the preparation process to enhance convenience for consumers [4]. - The company has created a complete industrial chain that includes cultivation, research, production, sales, and health services, reinforcing the foundation for high-quality development in TCM [4]. Group 3: Research and Development - Yiling Pharmaceutical has pioneered a unique innovation model that integrates theory, clinical practice, research, industry, and education, leading to the development of patented new drugs based on traditional theories [5]. - The company has undertaken over 60 national and provincial research projects and has received multiple national awards, showcasing its commitment to advancing TCM through scientific research [5][6]. Group 4: Health Product Development - Yiling Health, a subsidiary of Yiling Pharmaceutical, has developed a range of health products targeting various demographics, including fatigue relief for professionals and anti-aging formulas for seniors [8]. - The company has created over ten proprietary sub-health management products and has a pipeline of more than a hundred product concepts, demonstrating its adaptability in the health market [8]. Group 5: Global Outreach and Academic Exchange - Yiling Pharmaceutical has successfully entered international markets with its innovative TCM products, obtaining over a hundred international approvals for various health products [9]. - The company has been actively promoting TCM globally through academic exchanges and collaborations with international institutions, enhancing the recognition of TCM in the global academic community [9].

Core Viewpoint - The event "Traditional Chinese Medicine (TCM) Health and Wellness Market" held in Zhengding Ancient City showcases the integration of TCM culture with modern health practices, promoting public awareness and understanding of TCM's benefits for health management [1][12]. Group 1: Event Overview - The event took place from May 31 to June 2, featuring a large-scale market focused on TCM culture, organized by Yiling Pharmaceutical in collaboration with local authorities [1]. - The venue, Yanghe Tower, served as a historical bridge connecting ancient and modern practices, emphasizing the enduring appeal of TCM in health preservation [1]. Group 2: Interactive Experience Zones - Three interactive zones were established to enhance public engagement with TCM, including health markets, performance showcases, and hands-on TCM project experiences [2]. - The East Square featured demonstrations of "Chinese Meridian Exercises" and expert lectures on common health misconceptions, attracting many participants [3]. - The West Square offered free health consultations and screenings by TCM practitioners, alongside healthy culinary offerings from Yiling's hotel, promoting a holistic approach to health [4]. Group 3: Educational Initiatives - The second floor of Yanghe Tower hosted health-themed lectures that integrated the essence of Confucianism, Buddhism, Daoism, and TCM, focusing on the "Eight Principles of Meridian Health" [5]. - The cultural corridor presented a systematic overview of TCM's historical development and its relevance in modern health practices, including innovative research in anti-aging by Yiling Pharmaceutical [7]. Group 4: TCM Preventive Health Philosophy - The TCM philosophy of "Preventing Disease Before It Occurs" emphasizes early intervention and health management, rooted in ancient texts like the "Huangdi Neijing" [8]. - Yiling Pharmaceutical aligns its product development with this philosophy, offering a range of health management products aimed at various health demographics [8]. Group 5: Cultural Revival and Public Engagement - The event reflects a growing trend among younger generations to embrace TCM principles, supported by national policies promoting TCM's innovation and cultural transmission [12]. - Attendees expressed a desire for more such events to deepen their understanding and appreciation of TCM culture, highlighting the importance of public engagement in health education [12].

Group 1 - The fifth "Asian Healthcare Summit" held in Hong Kong attracted over 2,800 participants from more than 40 countries and regions, focusing on future development and cooperation opportunities in the global healthcare sector [1] - A key topic discussed was scientific anti-aging and achieving healthy aging in the context of the global "silver wave," with significant interest in the research on Ba Zi Bu Shen capsules based on traditional Chinese medicine [1][2] - The population aged 60 and above in China exceeded 300 million by the end of last year, accounting for 22% of the total population, highlighting the increasing health issues associated with aging [2] Group 2 - The theory of Qi Luo and the essence-spirit theory posits that the core of aging is "kidney essence deficiency," and "tonifying kidney essence" is crucial for anti-aging [2] - Ba Zi Bu Shen capsules have been shown to intervene in 10 biological markers of aging, including maintaining stem cell vitality and reducing telomere loss, aligning with recent findings in Western medicine [2] - A clinical study published in the journal "Phytomedicine" demonstrated that Ba Zi Bu Shen capsules significantly improved aging symptoms in participants aged 30 to 78 over a 12-week intervention, with a 76.7% increase in telomerase activity compared to the placebo group [3][4] Group 3 - The research on Ba Zi Bu Shen capsules shows significant systemic intervention effects on nine major bodily systems, including nervous, circulatory, and immune systems [4] - The Chinese government is actively supporting research in this area, with a key project focusing on the evaluation and integration mechanisms of traditional Chinese medicine for anti-aging [4] - The summit established a "Silver Health Chapter" to address the challenges of population aging, emphasizing the role of scientific research in traditional Chinese medicine as a bridge between Eastern and Western approaches to aging [5]

Group 1: Company Performance - In Q1 2025, the company achieved a revenue of 2.358 billion yuan, a year-on-year decline of 6.52% [5] - The net profit attributable to shareholders was 326 million yuan, an increase of 7.25% year-on-year [10] - The operating cash flow reached 340 million yuan, showing a significant increase of 190.67% [5] Group 2: R&D and Innovation - The company has maintained a continuous increase in R&D investment, having launched 5 innovative traditional Chinese medicines in the past four years [10] - Currently, there are 17 innovative patented traditional Chinese medicines covering seven major disease areas [3] - The company is focusing on enhancing its core technological innovation capabilities and optimizing its marketing system to maintain stable product gross margins [9] Group 3: Market Strategy - The company plans to expand the market for its core product, Lianhua Qingwen, by exploring new application scenarios and implementing a comprehensive brand marketing strategy [6] - Lianhua Qingwen has obtained approvals in over 30 countries and regions, with efforts to enhance its brand influence overseas [6] - Future product development will focus on respiratory, endocrine, digestive, gynecological, and pediatric diseases [6] Group 4: Policy and Industry Outlook - The Chinese government is promoting the development of traditional Chinese medicine (TCM) through various policies, including the "14th Five-Year Plan for TCM Development" [8] - The government has emphasized the importance of TCM in disease prevention, treatment, and health maintenance, which is expected to drive industry growth [7] - The overall policy environment is favorable for the high-quality development of the TCM industry, supporting innovation and structural optimization [8] Group 5: Investor Relations and Value Management - The company aims to align market value with intrinsic value through transparent information disclosure and effective investor relations management [9] - A stable and high-quality investor base is being established to maximize overall company benefits and shareholder wealth [9] - The company has a structured plan for sustainable and scientific returns to investors, considering multiple factors such as operational conditions and development goals [2]

Group 1 - The "2025 China Brand Day Ninth Brand Development Co-Creation Conference" focused on themes of fair competition and brand consumption, gathering industry leaders and experts to discuss brand innovation and sustainable development [1] - The conference highlighted the transformation of Chinese brands from "Made in China" to "Created in China," emphasizing the shift from product output to cultural output [2] - The demand for traditional Chinese medicine (TCM) is growing due to increased health awareness, but TCM brands face challenges in distinguishing themselves in modern medical competition and international markets [4] Group 2 - Cultural confidence is a lasting force in national development, with TCM recognized globally as a treasure of Chinese civilization, leading to increased international attention and validation of its theoretical value [5] - Yiling Pharmaceutical, a leading innovative TCM company, has developed the Ba Zi Bu Shen capsule, which meets international scientific standards and promotes the integration of TCM evaluation systems with global practices [5] - The Ba Zi research team has collaborated with international medical research institutions, publishing nearly 20 high-quality SCI articles to enhance the brand's presence among professional audiences [5] Group 3 - Chinese brands, including TCM, are gaining recognition on the global stage, with Ba Zi Bu Shen approved for sale in eight countries, including Canada and Singapore, and available on major cross-border platforms [7] - The international success of TCM products like Ba Zi Bu Shen contributes to the promotion of TCM's influence abroad and fosters dialogue between Eastern and Western medicine [7]

Summary of Yiling Pharmaceutical Conference Call Company Overview - **Company**: Yiling Pharmaceutical - **Industry**: Pharmaceutical Key Financial Metrics - **Q1 2025 Revenue**: 2.358 billion CNY, a decrease of 6.5% year-on-year [2][4] - **Q1 2025 Net Profit**: 326 million CNY, an increase of 7.25% year-on-year [2][4] - **Operating Cash Flow**: 340 million CNY, an increase of 190% year-on-year [2][4] - **Accounts Receivable Turnover Days**: Decreased by 35 days year-on-year, indicating improved operational quality [2][4] Product Performance - **Lianhua Qingwen Sales**: Increased by nearly 30% year-on-year in Q1 2025 [2][6] - **Cardiovascular Prescription Drugs**: Experienced a decline due to policy impacts but expected to recover in Q2 2025 [2][6] - **Secondary Products**: Steady progress in products like Jing Shen Capsules and Compound Danshen Tablets, with OTC product Ba Zi Bu Shen Capsules seeing a 260% increase in shipments [2][7][5] Health Technology Sector - **Health Technology Products**: Focus on promoting blue hat health foods and functional plant beverages, with sales of Yi Meng beverage exceeding 120 million CNY and blood sugar regulation beverage sales exceeding 50 million CNY [2][8] Research and Development Achievements - **New Drug Approvals**: Mingmu Capsules for diabetic retinopathy entered medical insurance; Qi Fang Bi Tong Tablets for allergic rhinitis approved for market [2][9] - **Clinical Trials**: Six products in clinical stages, including pediatric Lianhua Qingwen granules in Phase III [2][9] - **Publications**: Five evidence-based medical research results published in top international journals [2][9] Chemical Biology Innovations - **Innovative Drugs**: Four innovative drugs in clinical stages, with multiple first-class innovative drugs in preclinical verification [2][10] Future Outlook - **2025 Goals**: Aim for gradual recovery across all business lines, enhance management efficiency, and optimize marketing strategies [2][11] Cost and Margin Analysis - **Gross Margin Trends**: Decline in gross margins for cardiovascular and respiratory products in 2024, but significant improvement noted in Q1 2025 [2][12] - **Inventory Levels**: Lianhua Qingwen inventory at historical lows, with expectations for respiratory product sales to return to normal levels in 2025 [2][12] Strategic Adjustments - **Market Strategy**: Adjustments in marketing strategies for cardiovascular products due to external policy impacts, with expectations for recovery starting Q2 2025 [2][21] - **Sales Team Optimization**: Continuous optimization of the sales team structure to enhance efficiency and reduce costs [2][24] Regulatory and Policy Impact - **Industry Policies**: Long-term policies expected to drive industry optimization and innovation, with stable pricing systems mitigating short-term impacts [2][16] International Expansion - **Overseas Strategy**: Plans to enhance the influence of traditional Chinese medicine abroad, with over 50 patented products approved in various countries [2][23] Conclusion - **Overall Performance**: After overcoming recent challenges, the company aims for improved performance in 2025, focusing on operational efficiency and market recovery [2][27]

Core Viewpoint - Yiling Pharmaceutical reported a net loss for 2024 due to revenue reduction from expiring respiratory products and increased inventory impairment, but maintains high R&D investment levels, with over 900 million yuan allocated, representing 13.94% of revenue, which is leading in the industry [1][5]. R&D Investment - Yiling Pharmaceutical has a strong R&D capability based on its unique theory of network disease, which has led to a nearly 25-fold increase in R&D investment since 2008 [2]. - The company continues to maintain high R&D investment levels, with 900 million yuan in 2024, ranking among the top in the industry [5]. Product Development and Pipeline - The company has 17 patented new drugs, with 11 included in the national medical insurance directory and 5 in the national essential drug list [5]. - Yiling Pharmaceutical has ongoing registration applications for two innovative traditional Chinese medicine products and three chemical drug products, enhancing its product pipeline [6]. Market Performance - Yiling Pharmaceutical's respiratory and cardiovascular products lead their respective markets, with Lianhua Qingwen capturing 24.36% of the cold medicine market in public healthcare [7]. - The company’s core cardiovascular products hold a combined market share of 17.69% in the public healthcare sector [7]. New Growth Areas - The company is expanding into the health and wellness sector, with products targeting blood lipid regulation, sleep improvement, and blood sugar control [8]. - Yiling Pharmaceutical's OTC product Baizi Bujin Capsule is highlighted as a potential new pillar product, supported by extensive evidence from clinical studies [8].