11月22日，从在越南举行的第二十一届国际络病学大会海外论坛获悉，中国创新 中药 领军企业 以岭药业 生产的17个 创新药 已在全球50多个国家和地区成 功注册并上市。不仅让中医药"漂洋过海"，更在全球健康体系中"落地生根"，实现了从传统智慧到现代价值的跨越。 以岭药业 探索出一条从"走出去"的物 理跨越，到"走进去"的文化融合，再到"走上去"的价值引领的清晰路径。 以岭药业 专利中药全球注册情况 "走出去"：理论先行，科技破局，让中医药惠及世界 11月22日，来自越南、泰国、中国、加拿大等国家和地区的专家学者齐聚一堂，围绕络病理论的最新科研进展展开深入交流，共商中医药现代化与国际化发 展路径。 第二十一届国际络病学大会海外论坛在越南举行 "走出去"是中医药国际化的关键起点。 以岭药业 深知，中医药要走向世界，理论必须先行。33年来，企业以"科技创新，成果转化，产业发展"为核心发展 战略，系统构建了络病理论体系。该体系被国医大师路志正评价为"中医络病学发展史上的第四个里程碑"。 以岭医药 研究院中医药分院副院长、络病研究部主任李红蓉博士在采访时介绍称， 以岭药业 从"络病证治"到"脉络学说"再到"气络学说"， ...

围绕络病理论研究的三大理论框架"络病证治""脉络学说""气络学说"，出版发行了《络病学》《脉络论》《气络论》三本 专著，《络病学》英文版教材在弗吉尼亚整合医学大学、加拿大安大略中医学院、新加坡中医学院等40余所海外教育机构开 课。这些研究平台的搭建和理论成果的传播，不仅使络病理论走向国际，也更助力了国际中医药人才的培养。 11月22日，第二十一届国际络病学大会海外论坛在越南河内举行，此次论坛由世界中医药学会联合会络病专业委员会、越 南南医协会共同主办，来自越南、中国、泰国、罗马尼亚等国家和地区的专家学者，围绕络病理论的临床应用以及科研进展进 行交流分享，展示络病学研究和学科建设取得的优秀成果，以进一步推动中医药高质量发展和走向世界。 从会上获悉，在络病理论指导下，研制出的17个通络药物已在50多个国家和地区注册上市。络病理论何以拥有如此强大的 生命力？能在全球掀起医学界的浪潮？ 中国驻越南大使馆邬国权公参在致辞中表示："今年是中越建交75周年暨人文交流年，传统医药交流作为两国重要的载 体，以本次络病大会海外论坛为纽带深化合作，可谓恰逢其时，意义非凡。越南传统医药与中医药源相近，中国在该领域处于 世界领先地位， ...

以岭药业专利中药全球注册情况 "走出去"：理论先行，科技破局，让中医药惠及世界 11月22日，来自越南、泰国、中国、加拿大等国家和地区的专家学者齐聚一堂，围绕络病理论的最新科 研进展展开深入交流，共商中医药现代化与国际化发展路径。 第二十一届国际络病学大会海外论坛在越南举行 "走出去"是中医药国际化的关键起点。以岭药业深知，中医药要走向世界，理论必须先行。33年来，企 业以"科技创新，成果转化，产业发展"为核心发展战略，系统构建了络病理论体系。该体系被国医大师 路志正评价为"中医络病学发展史上的第四个里程碑"。 以岭医药研究院中医药分院副院长、络病研究部主任李红蓉博士在采访时介绍称，以岭药业从"络病证 治"到"脉络学说"再到"气络学说"，搭建完成了络病研究三大理论框架，相关专著如《络病学》《脉络 论》《气络论》已出版发行，为中医络病学学科发展奠定了坚实的理论基础，《络病学》英文版教材在 弗吉尼亚整合医学大学、加拿大安大略中医学院、新加坡中医学院等海外教育机构开课，助力国际中医 药人才培养。以岭药业在该理论指导下继承创新，创立了"理论+临床+新药+实验+循证"一体化的中医 学术创新与转化新模式。 基于坚实的络病 ...

越南南医协会主席张越平致辞时指出，络病理论是非常重要的一个理论，国际络病学大会作为该领域的 重要学术平台，多年来始终引领着络病学研究的前沿方向，推动着理论创新与临床实践的深度融合。 "我们欣喜地看到络病理论在现代科学的验证下不断焕发新的生机，其系统性的思维方式，在防治心脑 血管疾病、糖尿病等疾病方面展现出的独特疗效，这为包括越南传统医学在内的各国传统医学的现代化 发展提供了成功的范例。"张越平表示，希望未来能与中国及各国的研究机构建立更加亲密的合作伙伴 关系，共同开展络病学术研究与信息共享。 越南传统医药大学副校长段光辉致辞时表示，络病学说日益完善，创新成果不断发展，为全球传统医学 的现代化贡献了巨大的科学潜力。作为越南一所国家重点院校，越南传统医药大学始终致力于将络病学 研究成果融入教学，培养与科研体系中鼓励教师与学生深入学习研究络病学，为推动传统医学创新发展 贡献力量。 中医络病理论体系可追溯至春秋战国时期，《黄帝内经》首次提出"经脉""经络""血脉""络脉""络病"概 念及络病治疗。东汉张仲景在《伤寒杂病论》首次提出"脉络"，创立通络治疗方药。清代叶天士进一步 提出"久病入络""久痛入络"，发展络病治疗 ...

Summary of Yiling Pharmaceutical Conference Call Company Overview - Yiling Pharmaceutical was established in 1992, focusing on the research, production, and sales of patented traditional Chinese medicine (TCM) [3][4] - The company has developed a synergistic industrial structure comprising patented TCM, chemical drugs, and health industries [2][3] Core Business Segments Cardiovascular Products - The cardiovascular product line includes Tongxinluo, Shensongyangxin, and Qiyiliqiangxin capsules, targeting ischemic cardiovascular diseases, arrhythmias, and heart failure [2][6] - These products have shown clinical efficacy through evidence-based medicine and have maintained a leading market share from 2017 to 2024 [6] - Shensongyangxin and Tongxinluo capsules consistently rank at the forefront of the market, while Qiyiliqiangxin has improved from 16th to 6th place [6] Respiratory Products - The respiratory product line features Lianhua Qingwen, Lianhua Qingke, and Qifang Bitong tablets [2][7] - Lianhua Qingwen significantly contributed to revenue during the pandemic from 2020 to 2022, and demand is expected to rebound in 2025 due to an increase in flu cases [7] - Lianhua Qingke transitioned to an OTC product in 2023, and Qifang Bitong tablets are anticipated to provide additional growth [7] Secondary Products - Secondary products include Bazibu Shen capsules, Jiyu Chufan capsules, and Yishen Yangxin Anshen tablets, targeting anti-aging, depression, and insomnia [2][8][9] - These products are promoted through retail and e-commerce channels, aiming for a breakout effect [10] Innovation and Regulatory Approvals - The company’s innovative TCM, Tongluoming Maimu capsules, was approved for diabetes retinopathy treatment and included in the 2024 edition of the Chinese Diabetes Prevention and Treatment Guidelines [2][11] - Yiling has 17 patented TCM products and several innovative drugs in development, with three 1.1 class new drugs in the application stage [12] Chemical Drug Sector - The chemical drug segment has achieved 15 ANDA products approved by the FDA and 13 products passing domestic consistency evaluations [5][13] - The company is focusing on innovative drug development, with several products in clinical trials, including Benlufen injection for postoperative pain [13] Health Industry Development - The health segment has established five core product series, including health drinks and sleep aids, which have performed well on e-commerce platforms [5][14][15] - These products cater to workplace elites, the elderly, and family health management needs [15] Future Growth Drivers - Key factors expected to drive future growth include: 1. Continued market share increase in core cardiovascular and respiratory products [10] 2. Gradual market penetration of new products like Lianhua Qingke and Qifang Bitong [10] 3. Promotion of secondary products through retail and e-commerce [10] 4. Ongoing evidence-based research to enhance clinical promotion [10] 5. Expansion of the anti-aging market and shifts in consumer health spending [10] Financial Projections - Projected revenues for 2025, 2026, and 2027 are 8.2 billion, 9.1 billion, and 10.1 billion CNY, representing year-on-year growth of 27%, 11%, and 10% respectively [16] - Significant recovery in net profit is expected in 2025, with growth rates in 2026 and 2027 anticipated to exceed revenue growth [16] Additional Considerations - Potential catalysts for future growth include the introduction of new basic drug management regulations, adjustments to the basic drug catalog, and the upcoming approval of the chemical new drug Benlufen injection [16] - An increase in flu-like cases may also boost demand for respiratory products like Lianhua Qingwen [16]

以岭药业总部 "络病理论是中医药学独特的组成部分，也是以岭药业研发体系的核心灵魂。"吴瑞告诉记者，在络病理论指导下，以岭药 业建立起"理论—临床—科研—产业—教学"五位一体运营模式，形成了"理论+临床+新药+实验+循证"一体化的中医药创新 转化路径。 截至目前，以岭药业成功研发17个专利中药，覆盖心脑血管、呼吸、糖尿病、肿瘤、神经、泌尿、妇科、抗衰老等八大疾 病领域，其中11个品种进入国家医保目录、5个进入国家基药目录，成为中医药创新转化的典范。 "研发不是成本，而是我们最核心的增长动力。"吴瑞告诉记者，以岭的每一根增长曲线，都源自研发的持续投入与突破。 今年前三季度，公司实现归母净利润10亿元，同比增长80.33%。其中，第三季度，公司实现归母净利润3.32亿元，单季盈 利创历史新高。公司前三季度研发费用支出达5.44亿元，占营收比例9.27%，持续位居中药行业前列。 ◎记者 刘立 闫刘梦 从一本《络病学》教材到在海内外建立130余家络病专业委员会，从一味院内制剂到17款专利新药，从一家河北药企到国 际化医药集团……这就是国内中医药产业领军企业以岭药业的成长轨迹。 "以岭将科技创新作为立企之本，以络病理论为 ...

Group 1 - The core viewpoint of the article highlights the strategic developments and growth trajectories of various companies in Hebei, including their market performance and innovative initiatives [11][19][20]. - Hebei's listed companies have implemented market value management plans, with 74 companies executing annual and mid-term dividends totaling over 28 billion yuan [11]. - Yiling Pharmaceutical has increased its market share in the cardiovascular oral traditional Chinese medicine market from 13.64% in 2015 to 18.13% in 2024, serving as a stable growth driver for the company [11][28]. Group 2 - Wireless Media is expanding its business from traditional IPTV services to smart home and enterprise digitalization, aiming to redefine the value of large screens through technology [12][13]. - The company has a user base of nearly 15 million IPTV subscribers, and it is actively developing a smart media cloud platform to create a new ecosystem combining AI and new media [13][15]. - Financial support for local enterprises has been significant, with Financial Securities issuing 8 rounds of science and technology bonds totaling 8.2 billion yuan to support R&D investments [20][23]. Group 3 - Colin Electric aims to become a world-class comprehensive energy service provider by integrating smart grids, renewable energy, and comprehensive energy services [32][34]. - The company has seen significant growth in its renewable energy sector, focusing on photovoltaic and energy storage solutions, and is transitioning from equipment supplier to integrated solution provider [33][36]. - In the third quarter, Colin Electric reported a revenue of 3.216 billion yuan, a year-on-year increase of 23.63%, and a net profit of 217 million yuan, marking a 45.9% increase [36]. Group 4 - Yiling Pharmaceutical has established a comprehensive R&D system guided by the theory of "Luo Disease," leading to the successful development of 17 patented traditional Chinese medicines [26][28]. - The company emphasizes the importance of R&D as a core growth driver, with R&D expenses accounting for 9.27% of revenue, positioning it among the leaders in the traditional Chinese medicine industry [28][29]. - Yiling's products have gained international recognition, with significant studies published in top medical journals demonstrating their efficacy in treating cardiovascular conditions [29][30].

Core Viewpoint - Yiling Pharmaceutical (002603.SZ) has demonstrated strong performance in Q3 2025, with revenue of 1.827 billion yuan, a year-on-year increase of 3.78%, and a significant growth in net profit, indicating robust business fundamentals and potential for future growth [3][4]. Business Foundation - The company has a solid foundation in traditional Chinese medicine, with 17 patented products, 11 of which are included in the national medical insurance directory, ensuring stable growth [4][5]. - Key products such as Tongxinluo Capsule and Qiyuqiangxin Capsule have maintained top positions in the cardiovascular market, supported by clinical guidelines [5]. Growth Potential - The biopharmaceutical segment is advancing with a strategy that includes both generic and innovative drug development, leading to a second growth phase [6][7]. - The health segment targets specific consumer needs, tapping into a trillion-level health consumption market, which provides new growth opportunities [6][7]. R&D Investment - Yiling Pharmaceutical invested 544 million yuan in R&D in the first three quarters of 2025, leading the domestic traditional Chinese medicine sector, with cumulative R&D investment exceeding 5 billion yuan from 2019 to 2024 [6][7]. - The company has established a robust pipeline with multiple products in various stages of development, ensuring sustainable growth [7][8]. International Expansion - The company has expanded its international presence, with products like Tongxinluo Capsule and Qiyuqiangxin Capsule entering over 50 countries, enhancing its global market reach [10][11]. Shareholder Returns - The company has shown commitment to shareholder returns, with earnings per share reaching 0.5988 yuan, a year-on-year increase of 80.31%, and a dividend payout of 5.01 billion yuan, representing 77% of the profit [11].

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with an upward adjustment in rating [4]. Core Views - The company has shown a significant recovery in profit, with a 80.33% year-on-year increase in net profit for the first three quarters of 2025, despite a 7.82% decline in revenue [1]. - The company is focusing on innovation and has made substantial progress in both research guidelines and new drug development [3]. - The financial metrics indicate improved profitability, with a net profit margin increase of 8.36 percentage points to 16.99% due to enhanced gross margin and optimized expense ratios [2]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 5.868 billion yuan, a decrease of 7.82% year-on-year, while net profit reached 1 billion yuan, an increase of 80.33% [1]. - The gross margin for the first three quarters was 60.53%, up 7.14 percentage points year-on-year, and the expense ratio decreased to 39.08%, down 2.78 percentage points [2]. - The company expects revenues of 8.262 billion yuan, 9.116 billion yuan, and 10.004 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.254 billion yuan, 1.451 billion yuan, and 1.670 billion yuan [7][8]. Innovation and Development Summary - The company has made significant advancements in its traditional Chinese medicine sector, with key products recommended in major clinical guidelines [3]. - New drug approvals and registrations are progressing, with multiple products at various stages of clinical trials and regulatory approval [4][7]. - The company is also increasing its efforts in innovative drug development, with several new drugs in clinical stages and plans for international market registrations [4][7].

Core Viewpoint - Yiling Pharmaceutical has demonstrated strong core profitability indicators in its 2025 mid-term report, with a revenue of 4.04 billion yuan and a net profit of 669 million yuan, reflecting a year-on-year increase of 26.03% [1] Group 1: Financial Performance - The company has proposed a cash dividend of 3 yuan per 10 shares (including tax) as a way to reward shareholders [1] - Yiling's average annual R&D investment over the past three years has remained stable at 900 million yuan, ranking among the top three in the industry [1] - In 2024, R&D expenses are expected to account for 13.94% of revenue, significantly higher than the industry average [1] Group 2: Innovation and R&D - Yiling has maintained a stable innovation rhythm, with 1-2 new Class 1 traditional Chinese medicine (TCM) applications submitted for approval each year [2] - The company has successfully approved five Class 1 new drugs in the past five years, with four entering the medical insurance directory [2] - The recent approval of Qifang Nasal Congestion Tablets is expected to participate in national medical insurance negotiations by the end of the year, laying a foundation for future revenue growth [2] Group 3: International Expansion - Yiling's core theory of "Luo Disease" is transitioning from a "Chinese theory" to a "global topic," with clinical trials published in top international journals [3] - The company has registered and launched over ten TCM products in more than 50 countries and regions, translating international expansion into tangible sales [3] Group 4: Market Valuation - Despite Yiling's dual advantages of being an "innovative drug" and "international expansion" company, the market still values it using traditional TCM PE frameworks, failing to recognize its extensive R&D pipeline [4] - The estimated reasonable market value of Yiling is around 30 billion yuan, indicating a 20%-30% valuation discrepancy compared to current market consensus [4] - The ongoing policy support for TCM innovation and accelerated drug review processes present unprecedented development opportunities for Yiling [4]