上 市 公 司 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 市场数据： 2025 年 12 月 23 日 收盘价（元） 17.06 | 一年内最高/最低（元） | 21.07/13.88 | | | --- | --- | --- | | | 3.8 | 市净率 | | 股息率%（分红/股价） | 3.52 | | | 流通 A 股市值（百万元） | 10,286 | | | 3,919.98/13,368.99 上证指数/深证成指 | | | | 注："股息率"以最近一年已公布分红计算 | | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 4.44 | | 资产负债率% | 31.46 | | 总股本/流通 A 股（百万） | 701/603 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -20% -10% 0% 10% 20% 30% 12-23 01-23 02-23 03-23 04-23 05-23 06-23 07-23 08-23 09-23 10-23 11-23 12-2 ...

Core Viewpoint - The article discusses recent developments in the pharmaceutical industry, particularly focusing on the acquisition of a multi-trace element injection asset group by Zhaoli Pharmaceutical, which is expected to enhance its product portfolio and market position [4][5][6]. Group 1: Legal and Financial Developments - Zhaoli Pharmaceutical's subsidiary, Qinghai Zhuofeng Pharmaceutical, won a lawsuit against Huadong Pharmaceutical, with the court dismissing all claims from Huadong and ordering it to bear the legal costs of 598,732 yuan [4]. - Zhaoli Pharmaceutical signed an agreement to acquire a multi-trace element injection asset group for a total price of 356 million yuan, which includes both marketed and in-development products [5]. Group 2: Product and Market Insights - The acquired products, including "Multi-trace Element Injection (I)" and "Multi-trace Element Injection (II)," are classified as Category B drugs under national medical insurance and have been recommended in various clinical guidelines, indicating their efficacy and safety [6]. - The market for multi-trace element injections is projected to reach approximately 1.8 billion yuan by 2024, with stable growth in sales volumes for both products from 2020 to 2024, showing a compound annual growth rate of 12.44% for Injection (I) and 35.58% for Injection (II) [7]. Group 3: Financial Projections and Competitive Landscape - The asset group is expected to generate a net profit of approximately 60 million yuan for the full year of 2025, enhancing Zhaoli Pharmaceutical's profitability [8]. - The acquisition is valued at about 6 times the price-to-earnings ratio, indicating a favorable cost-benefit ratio, and the payment will be made in stages to alleviate cash flow pressure [8].

Core Viewpoint - Zhaoli Pharmaceutical plans to acquire a group of trace element injection assets from Future Pharmaceutical for 356 million yuan, aiming to optimize its product structure and expand its treatment areas, despite facing a 6.22% drop in stock price following the announcement [1][3]. Group 1: Acquisition Details - The acquisition includes various trace element injection products, specifically "Trace Element Injection (I)", "Trace Element Injection (II)", and the under-research "Trace Element Injection (III)", along with associated technical data, licenses, trademarks, and employee relations [2][4]. - The acquisition price of 356 million yuan is significantly lower than the previously proposed price of up to 480 million yuan by Nanxin Pharmaceutical, indicating a market-driven adjustment in asset valuation [1][4][5]. Group 2: Strategic Implications - The acquisition is expected to enhance Zhaoli Pharmaceutical's product offerings and align with national health strategies, focusing on health management for women, children, and the elderly, thereby establishing a comprehensive health service chain [3][5]. - Zhaoli Pharmaceutical aims to leverage its marketing strengths and Future Pharmaceutical's sales channels to achieve rapid market entry and deeper penetration of the acquired products [3][5]. Group 3: Financial Context - Prior to the acquisition announcement, Zhaoli Pharmaceutical disclosed a plan to raise up to 1.556 billion yuan through convertible bonds, with part of the funds allocated for working capital [6]. - The company reported a revenue of approximately 2.28 billion yuan for the first three quarters of the year, reflecting a year-on-year growth of 11.48%, and a net profit of about 510 million yuan, up 21% [6][5].

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].

Core Viewpoint - Zhaoli Pharmaceutical announced plans to acquire various trace element injection assets from Tibet Future and its two wholly-owned subsidiaries for a total price of RMB 35.6 million, including tax [1] Group 1: Acquisition Details - The acquisition includes the assets of two already marketed products: "Multiple Trace Element Injection (I)" and "Multiple Trace Element Injection (II)" [1] - The deal also encompasses the research and production technical data, marketing licenses, trademarks, patents, contractual rights and obligations, and employee labor relations related to the in-development product "Multiple Trace Element Injection (III)" [1]