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来源：中钟看药 贵州百灵（维权）今日盘后公告，董事长姜伟因涉嫌内幕交易等行为被证监会立案调查。晚间，公司官 微发布了姜伟以董事长身份致贵州百灵全体同事的一封信。 姜伟在信中说，贵州百灵全体同事："我将全力配合中国证监会的调查工作，并坚信监管部门会依法依 规、客观公正地查明事实，给出公正结论。请各位同事保持冷静，不必过度担忧。" 同时，他恳请同事们坚守岗位、专注工作，以饱满的热情投入2025年最后阶段的冲刺。"时间宝贵，不 容虚度；也请大家明辨信息，不传谣、不信谣。"并称，目前，贵州百灵一切运营井然有序，发展态势 稳健。 信中，姜伟还说，"明年，贵州百灵将迎来成立三十周年。三十年来，在党的领导下，全体百灵人艰苦 奋斗，将一家濒临倒闭的小厂，发展成为年营收超40亿元、位居国内非处方药行业前列的知名制药企 业。三十年间，公司累计为国家纳税超70亿元，提供6000余个就业岗位，直接带动十余万农户脱贫增 收，并积极吸纳返乡人员、留守群体及残疾人就业，切实履行了社会责任。" 来源：中钟看药 贵州百灵（维权）今日盘后公告，董事长姜伟因涉嫌内幕交易等行为被证监会立案调查。晚间，公司官 微发布了姜伟以董事长身份致贵州百灵全体同 ...

Core Viewpoint - Guizhou Bailing reported a significant increase in revenue and net profit for the first three quarters, indicating strong operational performance and growth potential in the pharmaceutical market [1][2] Financial Performance - The company achieved a revenue of 2.102 billion yuan and a net profit of 56.8144 million yuan in the first three quarters [1] - Operating cash flow increased significantly to 536 million yuan [1] - Multiple operational indicators, including revenue and net profit, showed positive year-on-year growth in the third quarter [1] Product Portfolio and Market Position - Guizhou Bailing focuses on the research, production, and sales of traditional Chinese medicine, with key products including Yindan Xinnaotong soft capsules and Kesu Ting syrup [1] - The Yindan Xinnaotong soft capsule has a national coverage of over 24,000 grassroots public medical institutions, with annual sales reaching 50 million boxes and serving 20 million patients [1] - Despite a 7.55% decline in sales in township health centers, the product achieved a 6.48% growth, indicating resilience in a challenging market [1] Strategic Initiatives - The company is advancing a big product strategy and expanding its product categories to include cold, gastrointestinal, orthopedic, pediatric, and gynecological fields [2] - Guizhou Bailing is accelerating research efforts, with recent approvals for clinical trials in diabetes treatment and a focus on comprehensive diabetes management [2] - The company is also conducting research on AI models and quantum computing technology related to traditional Chinese medicine for diabetes treatment [2] Clinical Development - A key phase III clinical trial for "Injectable Methanesulfonate Puyisita" for relapsed/refractory diffuse large B-cell lymphoma (R/R DLBCL) has successfully enrolled participants [2] - This product is expected to be the first high-selectivity HDAC inhibitor for R/R DLBCL, with a potential market exceeding 10 billion yuan [2]

Core Viewpoint - Guizhou BaiLing Pharmaceutical Group Co., Ltd. reported strong financial performance for the first three quarters of 2025, with significant growth in revenue and net profit, indicating a positive trend in the company's operational development [1] Financial Performance - The company achieved operating revenue of 2.102 billion yuan and a net profit attributable to shareholders of 56.8144 million yuan in the first three quarters [1] - Operating cash flow increased significantly to 536 million yuan, reflecting a year-on-year growth of 1336.86% [4] Strategic Initiatives - Guizhou BaiLing is focusing on enhancing product value, strengthening research and innovation, and improving its marketing system to drive internal growth [1] - The company is implementing a "big product strategy" to solidify its brand presence, with the "Yindan Xinnaotong" soft capsule showing strong sales performance, covering over 24,000 public medical institutions nationwide [2] Research and Development - The company is advancing research in critical areas such as metabolic diseases and malignant tumors, with multiple projects underway, including clinical trials for diabetes treatments [3] - A key clinical trial for a drug targeting relapsed refractory diffuse large B-cell lymphoma has been successfully completed, with potential market value exceeding 10 billion yuan [3] Sales and Marketing Strategy - Guizhou BaiLing is reforming its direct sales model, having completed reforms in 15 provinces, which has led to improved sales efficiency and profitability [4] - The company is segmenting its marketing center into seven divisions to enhance operational precision and market share [4] International Expansion - The company is exploring international markets by establishing overseas marketing centers and trade companies, with successful product registrations in countries like Turkmenistan, Brazil, and Singapore [5] - Guizhou BaiLing is actively pursuing partnerships in traditional Chinese medicine markets across Central Asia, Southeast Asia, and Portuguese-speaking countries [5] Industry Outlook - Analysts note that the Chinese government's support for traditional medicine and the optimization of approval processes present significant growth opportunities for companies like Guizhou BaiLing, which possess unique products and international capabilities [6]

Group 1: Marketing Reform and Sales Performance - The company initiated a direct sales reform pilot in 9 provinces starting in 2022, achieving significant results with steady profit growth in these regions [1] - The direct sales reform has been completed in 15 provinces, covering major OTC markets, which is expected to enhance sales efficiency and profitability [1] - The marketing reform introduced new performance metrics such as per capita efficiency and store efficiency, moving away from solely focusing on growth rates [1] Group 2: Financial Indicators and Profitability - The company is experiencing positive feedback from its marketing reform, with good completion rates for sales and payment indicators [2] - The company aims to exceed previous net profit levels, supported by steady growth of existing products and new drug development projects [2] - The company plans to enhance its profit margin to meet or exceed the industry average, ensuring long-term stable development [2] Group 3: New Drug Development - The Huanglian Jiedu Wan is the first "general" syndrome-type traditional Chinese medicine new drug in China, with clinical trials involving 840 cases [3] - The project employs a unique evaluation method combining "syndrome types + biomarkers," which could set a precedent for the evaluation standards of syndrome-type traditional Chinese medicine [3] - If approved, Huanglian Jiedu Wan will provide new treatment options for numerous diseases related to heat toxin syndrome [3] Group 4: Investment in Subsidiaries - Chengdu Zeling Biopharmaceutical Technology Co., Ltd. is a subsidiary in which the company holds a 17.6926% stake, making it the second-largest shareholder [3] - The subsidiary focuses on innovative drug research and has completed multiple rounds of financing [3]