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].

Group 1: Company Overview and Recent Activities - Zhejiang Zoli Pharmaceutical Co., Ltd. held investor relations activities including site visits and conference calls with various securities firms and investment entities [1][2]. - The management team provided a brief overview of recent operational performance and the acquisition of the future pharmaceutical asset group [2]. Group 2: Acquisition Details - The acquired asset group includes multiple products, notably "Multiple Trace Element Injection (I)" and "Multiple Trace Element Injection (II)", which focus on parenteral nutrition and have established a strong academic brand in pediatric and maternal health [2][3]. - The asset group achieved a net profit of CNY 45.79 million from January to September 2025, indicating strong profitability [2]. Group 3: Product Pipeline and Regulatory Outlook - The "Multiple Trace Element Injection (III)" is currently under technical review and is expected to be approved in 2026, enhancing the company's product line in adult trace elements [3]. - The new version of the National Essential Medicines List is likely to prioritize pediatric medications, increasing the chances of the company's products being included [3]. Group 4: Synergy and Market Strategy - The integration of the acquired asset group is expected to leverage existing sales channels, with over 15,000 hospitals covered by Zoli's core product, enhancing market penetration [4]. - The company plans to utilize its market advantages in centralized procurement and essential medicines to facilitate the sales of the new products across more than 20 provinces [4]. Group 5: Production Capacity and Future Plans - Current production capacity for the core product, Wuling Capsule, is 900 tons, with high utilization rates. The company is planning to expand capacity to meet future demand [5]. - The "Wuling+X" product development project aims to create a family of 10 innovative products targeting digestive and urological conditions [5]. Group 6: Sales Projections and Market Trends - For 2026, Wuling Capsule is expected to maintain steady growth through enhanced distribution in county-level medical institutions and online channels, with a focus on consumer education [6]. - The Bailing series is projected to achieve a sales scale of CNY 1 billion, supported by participation in national centralized procurement across 31 provinces [6]. Group 7: Financial Strategy and Shareholder Returns - The acquisition will be financed through phased cash payments, with the company maintaining a stable dividend policy in line with profit distribution principles [10][11].

Core Viewpoint - Zhaoli Pharmaceutical plans to acquire a variety of trace element injection assets from Future Pharmaceutical for 356 million yuan, aiming to optimize its product structure and expand its treatment areas, despite a 6.22% drop in stock price following the announcement [1][6]. Group 1: Acquisition Details - The acquisition includes the purchase of "Multiple Trace Element Injection (I)", "Multiple Trace Element Injection (II)", and the in-development "Multiple Trace Element Injection (III)", along with associated technical data, licenses, trademarks, and employee relations [4][5]. - The acquisition price of 356 million yuan is significantly lower than the previous offer of up to 480 million yuan made by Nanxin Pharmaceutical, indicating a market-driven adjustment in asset valuation [1][8]. Group 2: Financial Context - Zhaoli Pharmaceutical recently announced a fundraising plan to issue convertible bonds totaling 1.556 billion yuan, with 250 million yuan allocated for working capital [10]. - The assets to be acquired generated a net profit of approximately 45.79 million yuan from January to September this year, indicating strong profitability [8]. Group 3: Market Reaction and Future Outlook - Following the acquisition announcement, Zhaoli Pharmaceutical's stock fell by 6.22%, closing at 17.18 yuan per share, reflecting investor sentiment regarding the deal [6]. - The success of the acquisition in enhancing product structure and profitability will depend on effective asset integration and market expansion execution [12].

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]

Core Viewpoint - Zhejiang Zuoli Pharmaceutical Co., Ltd. announced the acquisition of core assets related to multi-trace element injection solutions from Tibet Future Biopharmaceutical Co., Ltd. for 356 million yuan (including tax) [1] Group 1: Acquisition Details - The asset group includes already marketed products "Multi-trace Element Injection (I)" and "Multi-trace Element Injection (II)", as well as the in-development "Multi-trace Element Injection (III)", along with relevant R&D and production technical data, marketing licenses, trademarks, patents, contractual rights and obligations, and employee labor relations [2] - The "Multi-trace Element Injection (I)" is the first exclusive pediatric-specific parenteral nutrition preparation in China, with very few companies holding the relevant approvals for such products, creating a natural high market barrier [2] Group 2: Company Performance - Zuoli Pharmaceutical has shown a strong growth trend, achieving a revenue of 2.28 billion yuan in the first three quarters of 2025, a year-on-year increase of 11.48%, and a net profit attributable to shareholders of 510 million yuan, up 21.00% year-on-year [3] - The company has developed a product matrix centered around Wuling Capsules, with a focus on expanding into lower-tier markets and enhancing clinical value recognition through targeted marketing strategies [3] Group 3: Strategic Advantages - The company can leverage its market advantages in centralized procurement and essential drug products to synergize with the multi-trace element injection product group, meeting the growing diversified clinical needs [4] - This acquisition is expected to enhance the company's marketing capabilities and team potential, facilitating rapid market entry and deep penetration of the new products [4]

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]