点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件2： 2025年12月12日佐力药业与与西藏未来生物医药股份有限公司及其全资子公司合肥未来、许昌未来签署了 《多种微量元素注射液资产组收购协议书》，拟以总价（含税）人民币35,600万元收购其多种微量元素注 射液资产组（以下简称"资产组"）。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。 点评： 收购引入新的产品线，双方优势互补，资源整合潜力巨大 多种微量元素注射液（Ⅰ）和多种微量元素注射液（Ⅱ）均为国家医保乙类品种，省际集采产品，已获得 多个临床指南、专家共识的推荐， ...

南新制药因交易核心条款谈不拢而放弃的资产组，如今被佐力药业相中。佐力药业最新公告显示，拟以 3.56亿元收购未来医药持有的多种微量元素注射液资产组，旨在优化公司产品结构，进一步拓宽疾病治 疗领域。不过，该交易遭到投资者"用脚投票"，12月15日，佐力药业收跌6.22%。 与3个多月前南新制药筹划收购时不超过4.8亿元的作价相比，本次交易价格已明显下调。在业内人士看 来，这种调整通常反映出买卖双方基于当前市场状况及各自利益考量的结果。 此外，拟购资产背后，佐力药业刚抛出一项15.56亿元的可转债募资计划，其中2.5亿元用于补充流动资 金。 3.56亿元收购未来医药资产组 佐力药业12月15日公告显示，拟以总价3.56亿元收购未来医药持有的多种微量元素注射液资产组。 不过，在披露本次交易后，佐力药业股价出现明显下跌。交易行情显示，12月15日，佐力药业收跌 6.22%，收盘价为17.18元/股。 标的曾被南新制药收购未果 值得一提的是，上述交易的资产组并非首现资本市场。 今年8月底，南新制药曾公告称，公司与未来医药签署《收购意向协议》，拟以现金方式收购未来医药 持有的标的资产组，交易整体作价预计不超过4.8亿元。 ...

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 ...

与三个多月前南新制药筹划收购时不超过4.8亿元的作价相比，交易价格已明显下调。在业内人士看来，这种调整通常反映了买卖双方基于当前市场状况及 各自利益考量的结果。 此外，拟购资产背后，佐力药业刚抛出一项15.56亿元的可转债募资计划，其中2.5亿元用于补充流动资金。 南新制药（688189）因交易核心条款谈不拢而放弃的资产组，如今被佐力药业（300181）看上。佐力药业最新公告显示，公司拟以3.56亿元收购未来医药持 有的多种微量元素注射液资产组，旨在优化公司产品结构，进一步拓宽疾病治疗领域。不过，这一交易遭到了投资者用脚投票，12月15日，佐力药业收跌 6.22%。 3.56亿元收购未来医药资产组 佐力药业12月15日公告显示，公司拟以总价3.56亿元收购未来医药持有的多种微量元素注射液资产组。 具体来看，佐力药业于12月12日与西藏未来生物医药股份有限公司及其两家全资子公司许昌未来制药有限责任公司和合肥市未来药物开发有限公司（以上交 易对方合称"未来医药"）签署了《多种微量元素注射液资产组收购协议书》，拟以总价（含税）3.56亿元收购其多种微量元素注射液资产组。资产组的内容 包括已上市品种"多种微量元素注射 ...

Investment Rating - The report maintains a "Buy" rating for Zhaoli Pharmaceutical (300181.SZ) with a current price of 17.18 yuan [1]. Core Views - The acquisition of the future pharmaceutical asset group is expected to enhance Zhaoli Pharmaceutical's performance by introducing new product lines and leveraging complementary advantages [5][8]. - The market for multi-trace element injection solutions is projected to grow, with significant demand in pediatric and adult nutrition support [6][7]. - The acquisition is valued at approximately 356 million yuan, corresponding to a PE ratio of about 6 times, indicating a favorable cost-benefit ratio [7][8]. Summary by Sections Company Overview - Zhaoli Pharmaceutical has a total share capital of 701 million shares and a market capitalization of 12.05 billion yuan [1]. - The stock has fluctuated between a low of 13.39 yuan and a high of 21.07 yuan over the past year [1]. Recent Developments - The company recently won a legal case against East China Pharmaceutical, which strengthens its market position [4]. - Zhaoli Pharmaceutical signed an agreement to acquire a multi-trace element injection asset group for 35.6 million yuan, which includes both marketed and research products [4][5]. Financial Performance - The asset group is expected to generate a net profit of approximately 60 million yuan in 2025, enhancing the company's profitability [7]. - The projected revenue for Zhaoli Pharmaceutical is expected to grow from 1.94 billion yuan in 2023 to 4.29 billion yuan by 2027, with a compound annual growth rate of 21.45% [9][13]. Market Potential - The overall market for multi-trace element injections is anticipated to reach around 1.8 billion yuan in 2024, with stable growth rates for existing products [6]. - The demand for these products is expected to continue rising, particularly in pediatric and adult critical care settings [6][11]. Valuation and Earnings Forecast - The report forecasts net profits of 655 million yuan in 2025, with a corresponding PE ratio of 18, indicating a positive outlook for the company's financial health [8][9]. - The company's return on equity (ROE) is projected to increase from 14.03% in 2023 to 28.18% by 2027, reflecting improved profitability [15].

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） ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 23.12 CNY, representing a dynamic price-to-earnings ratio of 20 times for 2026 [4][7]. Core Insights - The company has signed an agreement to acquire a multi-trace element injection asset group from Future Pharmaceuticals for a total price of 356 million CNY, which includes both marketed and in-development products [1][2]. - The market for multi-trace element injections is expected to continue growing, with an estimated market size of approximately 1.8 billion CNY in 2024, driven by new product launches and increasing demand in pediatric and adult critical care nutrition [2][3]. - The acquired asset group generated a net profit of 45.79 million CNY from January to September 2025, indicating strong profitability [2]. - The acquisition is anticipated to optimize the company's product portfolio and enhance its marketing network, facilitating a comprehensive health product and service chain covering all age groups [3]. Financial Projections - Revenue growth rates are projected at 14.7%, 15.9%, and 14.7% for 2025, 2026, and 2027 respectively, while net profit growth rates are expected to be 28.6%, 24.2%, and 23.7% for the same years [3][8]. - The company's main revenue is forecasted to increase from 1,942 million CNY in 2023 to 2,958 million CNY in 2025, with net profit rising from 383 million CNY to 653 million CNY in the same period [8][9].

（编辑 王江浩） 证券日报网讯 12月14日晚间，佐力药业发布公告称，公司拟以总价（含税）人民币35600万元收购西藏 未来及其两家全资子公司许昌未来和合肥未来的多种微量元素注射液资产组，资产组内容包括已上市品 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。 ...

今日晚间重要公告抢先看——11天7板顺灏股份：太空数据中心面临强烈辐射等因素可能导致项目商业 化进度和效益晚于和低于预期；古鳌科技实控人变更为徐迎辉，股票12月15日复牌；浦东金桥董事长王 颖因工作调动离任。 【重大事项】 11天7板顺灏股份：太空数据中心面临强烈辐射等因素可能导致项目商业化进度和效益晚于和低于预期 顺灏股份发布股票交易异常波动公告称，公司现有业务未与轨道辰光的业务产生协同效应；轨道辰光业 务受宏观经济、行业政策、市场环境变化等因素的影响，亦存在产业化、商业化落地周期较长以及不达 预期的风险。轨道辰光的"天数天算"业务可能在未来5年内才有明确的商业价值，太空数据中心的"地数 天算"业务可能在未来5-10年才逐步具备与地面数据中心进行竞争的优势。太空数据中心面临强烈辐 射、轨道维护困难、碎片危害以及与数据治理和太空交通相关的监管问题等障碍，包括但不限于上述各 类因素均可能导致项目商业化进度和效益晚于和低于预期。 浦东金桥：董事长王颖因工作调动离任 浦东金桥公告，董事长王颖因工作调动，不再担任公司董事、董事长以及董事会战略委员会主任委员、 提名委员会委员职务，另有任用。 嘉泽新能：下属公司拟投资建 ...