Core Viewpoint - Zhaoli Pharmaceutical is expected to achieve significant growth in net profit and cash flow for the first half of 2025, driven by strong sales in core products and improved operational efficiency [3][4]. Financial Performance - For the first half of 2025, Zhaoli Pharmaceutical anticipates a net profit of 368-388 million yuan, representing a year-on-year increase of 24%-31%. The expected net profit for the second quarter is projected to be 187-207 million yuan, with a year-on-year growth of 21%-34% [3]. - The company expects to generate operating cash flow of 270-290 million yuan in the first half of 2025, reflecting a year-on-year increase of 25%-35%, with a significant improvement in cash flow for the second quarter [3][4]. Revenue Growth - The sales revenue of core products, such as Wuling Capsules and Lingze Tablets, continues to show strong market growth, with expectations for accelerated sales in the second half of 2025 due to ongoing procurement agreements and expansion in OTC channels [4]. - The revenue growth rate for the Bai Ling series in the second quarter of 2025 is expected to exceed that of the first quarter, influenced by the national procurement policy for traditional Chinese medicine [4]. Strategic Initiatives - The company has launched the "一路向C" strategy to enhance its OTC business and focus on innovative health products. This includes changes in packaging, deepening collaborations with pharmacies and online channels, and digital marketing efforts [5][6]. - A strategic partnership with Zhejiang University has been established to leverage AI technology for developing innovative health products, which is expected to strengthen the company's technological capabilities and expand its market presence [6].

Core Viewpoint - Zhaoli Pharmaceutical (300181) is expected to achieve significant growth in net profit for the first half of 2025, with a year-on-year increase of 24.30%-31.06%, driven by strong sales of its core products and strategic partnerships [1][2][3]. Financial Performance - The company anticipates a net profit of 36.8 million to 38.8 million yuan for the first half of 2025, marking a year-on-year growth of 24.30%-31.06% [2]. - The expected net profit excluding the impact of share-based payment expenses is projected to increase by 28.94%-35.70% [2]. - Revenue is expected to grow approximately 12% year-on-year, with strong sales from core products such as Wuling Capsules and Lingze Tablets [2][3]. - The net cash flow from operating activities is projected to be between 27 million and 29 million yuan, showing significant improvement compared to the first quarter [2]. Strategic Initiatives - Zhaoli Pharmaceutical has signed a cooperation agreement with Zhejiang University to establish a joint research and development center, focusing on the health consumption sector under the "一路向C" (One Road to C) strategy [4][5]. - The company plans to invest a total of 20 million yuan in this collaboration, leveraging advanced technologies in computer science and biomedicine to enhance product development [4]. - The strategic upgrade will focus on optimizing OTC business and developing innovative health products, particularly utilizing Wuling fungus [5]. Market Position and Growth Strategy - The company has experienced rapid growth in revenue and net profit from 911 million yuan and 26 million yuan in 2019 to 2.578 billion yuan and 508 million yuan in 2024, respectively [3]. - Zhaoli Pharmaceutical aims to maintain its leading position in the tranquilizer market with Wuling Capsules while expanding its product line to include ten varieties under the Wuling series [5]. - The company is committed to achieving a 30% growth target in net profit as part of its equity incentive plan for 2025 [3].

Investment Rating - The investment rating for the company is "Buy" [6][19]. Core Views - The company is expected to achieve significant revenue growth, with projected revenues of 2,939 million yuan in 2025, representing a year-over-year growth of 14% [3][10]. - The net profit attributable to the parent company is forecasted to reach 687 million yuan in 2025, reflecting a year-over-year increase of 35.3% [3][10]. - The company is focusing on enhancing its market presence and product offerings, particularly in the OTC segment, which has seen a revenue increase of 64% year-on-year [5][10]. Financial Summary - Revenue projections for the company are as follows: - 2023: 1,942 million yuan - 2024: 2,578 million yuan (growth rate: 32.7%) - 2025: 2,939 million yuan (growth rate: 14.0%) - 2026: 3,568 million yuan (growth rate: 21.4%) - 2027: 4,243 million yuan (growth rate: 18.9%) [3][11]. - Net profit attributable to the parent company is projected as: - 2023: 383 million yuan - 2024: 508 million yuan (growth rate: 32.6%) - 2025: 687 million yuan (growth rate: 35.3%) - 2026: 902 million yuan (growth rate: 31.4%) - 2027: 1,106 million yuan (growth rate: 22.5%) [3][11]. - Key financial ratios include: - Return on Equity (ROE) is expected to increase from 14.1% in 2023 to 27.1% in 2027 [3][11]. - Earnings Per Share (EPS) is projected to rise from 0.55 yuan in 2023 to 1.58 yuan in 2027 [3][11]. Strategic Developments - The company has signed a collaboration agreement with Zhejiang University to establish a joint research center, investing a total of 20 million yuan [2][4]. - The focus on AI and traditional medicine aims to enhance product development and market competitiveness, particularly in the health and wellness sector [4][10]. Market Positioning - The company is enhancing its OTC product matrix and has implemented various strategies to improve sales efficiency and market penetration [5][10]. - The core products, including Wuling Capsules and Lingze Tablets, are positioned as essential items in the national basic drug catalog, indicating strong market demand and growth potential [10].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve a net profit of 368-388 million yuan in H1 2025, representing a year-on-year increase of 24%-31% [1] - The strategic upgrade towards a consumer-oriented approach is expected to enhance the company's market position and product competitiveness [3] - The company has adjusted its profit forecasts for 2025 and 2026 downwards due to uncertainties in product volume post-hospital procurement [4] Summary by Sections Financial Performance - For H1 2025, the company anticipates a net profit of 368-388 million yuan, with a growth rate of 25%-32% for the non-recurring net profit [1] - The operating cash flow is projected to be between 270-290 million yuan, reflecting a year-on-year increase of 25%-35% [1] - In Q2 2025, the expected net profit is between 187-207 million yuan, with a year-on-year growth of 21%-34% [1] Revenue and Profitability - The core products are experiencing steady growth, with sales of specific products like Wuling Capsules and Lingze Tablets continuing to perform well [2] - The overall revenue growth in Q2 2025 is estimated at 3%, attributed to a decline in traditional Chinese medicine sales [2] - The net profit margin for H1 2025 is expected to increase by 2.3-3.5 percentage points due to a shift in revenue structure and cost control measures [2] Strategic Initiatives - The company has launched a strategic upgrade termed "一路向 C" (Towards C), focusing on optimizing OTC business and developing innovative health products [3] - A strategic partnership with Zhejiang University aims to leverage AI technology for developing health management products, enhancing the company's technological edge [3] Earnings Forecast and Valuation - The profit forecasts for 2025 and 2026 have been adjusted to 655 million yuan and 836 million yuan respectively, reflecting a decrease of 4.8% and 5.6% from previous estimates [4] - The projected P/E ratios for the upcoming years are 20, 16, and 12 for 2025, 2026, and 2027 respectively [4]

Group 1 - The core viewpoint of the news is that Zhaoli Pharmaceutical has signed a cooperation agreement with Zhejiang University to establish a joint research center focused on the integration of artificial intelligence in the development of health products based on the unique properties of the Wuling fungus [1][2] - The collaboration aims to create a knowledge graph for food and medicine, develop AI-driven models and intelligent agents for functional food formulation, and assist in the long-term technological development strategy of the company [1][2] - Zhaoli Pharmaceutical's strategy "一路向C" focuses on expanding into the consumer market, leveraging market opportunities arising from external policies and the aging population, while enhancing its product offerings and brand recognition [2] Group 2 - The company anticipates a strong financial performance, projecting a net profit of 36.8 million to 38.8 million yuan for the first half of the year, representing a year-on-year growth of 24.30% to 31.06% [3] - The sales revenue for the company increased by approximately 12% compared to the previous year, driven by core products such as Wuling capsules and Lingze tablets, which continue to show strong market growth [3] - The establishment of the research center is expected to enhance the company's technological capabilities, enrich its product matrix, and cultivate new profit growth points, thereby supporting sustainable development [2][3]

丨证券研究报告丨 公司研究丨点评报告丨佐力药业（300181.SZ） [Table_Title] 业绩符合预期，百令胶囊成长可期 报告要点 [Table_Summary] 2025 年 4 月 24 日，公司发布 2024 年报及 2025 年一季报。2024 年实现营业收入 25.78 亿 元，同比增长 32.71%；实现归母净利润 5.08 亿元，同比增长 32.60%；实现扣非归母净利润 5.08 亿元，同比增长 35.89%。2025 年第一季度，公司实现营业收入 8.24 亿元，同比增长 22.52%；实现归母净利润 1.81 亿元，同比增长 27.20%；实现扣非归母净利润 1.81 亿元，同 比增长 26.16%。 分析师及联系人 [Table_Author] 彭英骐 张楠 SAC：S0490524030005 SAC：S0490524070006 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 佐力药业（300181.SZ） cjzqdt11111 [Table_Title2] 业绩符合预期，百令胶囊成长可期 [Table_ ...

2025 年 05 月 06 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 74 期 观点精粹: 最新报告摘要 核心产品稳定增长，分红率保持在较高水平--佐力药业/中药Ⅱ(300181/213702) 公司点评 公司持续降本增效，AI+医疗推动成长--卫宁健康/软件开发(300253/217104) 公司点评 业务结构持续优化，期待低空标杆逐步落地--莱斯信息/软件开发(688631/217104) 科创板公司动态研究 业绩稳健增长，收购新潮优化竞争格局--分众传媒/广告营销(002027/217205) 公司点评 2024 年营收利润稳步增长，看好 AI 新态势--景旺电子/元件(603228/212702) 公司点评 国际业务快速发展，2024 年归母净利同比+13%--长久物流/物流(603569/214208) 公司点评 2025Q1 收入同比增长稳健，毛利率及费率持续改善--东航物流/物流(601156/214208) 公司点评 聚焦产品力与全渠道布局，IP 赋能注入新活力--晨 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability is steadily improving, with revenue and profit reaching a new quarterly high [1] - The core products are showing robust growth, and the company's profit margins are being maintained despite price pressures from collective procurement [8] - The company is expected to continue its growth trajectory, particularly in the OTC market, while maintaining a high dividend payout ratio [8] Financial Performance Summary - Total revenue for 2024 is projected at 25.78 billion yuan, a year-on-year increase of 32.71% [8] - Net profit attributable to shareholders for 2024 is expected to be 5.08 billion yuan, also reflecting a 32.60% increase [8] - The earnings per share (EPS) for 2024 is forecasted to be 0.72 yuan, with a price-to-earnings (P/E) ratio of 21.99 [1][9] Product Performance Summary - The revenue from the Wuling series is expected to reach 14.38 billion yuan in 2024, with a year-on-year growth of 17.14% [8] - The Chinese herbal medicine series is projected to generate 6.73 billion yuan in revenue, marking a significant increase of 46.02% [8] - The revenue from Chinese herbal formula granules is anticipated to grow by 143.19%, reaching 1.02 billion yuan [8] Future Projections - The company’s net profit is projected to reach 6.55 billion yuan in 2025 and 8.41 billion yuan in 2026, with corresponding P/E ratios of 17 and 13 [8] - By 2027, the net profit is expected to reach 10.41 billion yuan, with a P/E ratio of 11 [1][9]

百令系列中选全国中成药集采，有望实现以价换量公司核心产品百令系列主要包括百令片、百令胶 囊等，百令片为成熟品种，百令胶囊于2023 年12 月29 日获得国家药监局颁发的《药品注册证书》，成 为全国首个获批的同名同方药，于2024 年12 月正式销售。公司百令片中标2024 年京津冀"3+N"联盟药 品集采，有助于增加在"3+N"联盟地区（包括天津、四川、湖北等21 个联盟省份）的竞争力，同时，百 令片和百令胶囊中选2024 年全国中成药集采，有望改善百令片2021 年未中选湖北联盟集采的不利影 响。短期看，百令片2024 年销量增长15.25%，价格下降3%致收入减少7.23%，但长期看，集采中选有 望实现以价换量，带来百令系列的恢复性增长。 佐力药业(300181)：业绩保持稳健增长 以价换量效 果显著 事件： 公司发布2024 年度业绩快报及2025 年一季度业绩预告。2024 年实现营收25.80 亿元，同比增长 32.81%；归母净利润5.05 亿元，同比增长31.79%；扣非归母净利润5.03 亿元，同比增长34.75%；EPS 为0.72 元/股。2025 年一季度实现归母净利润1.78-1.8 ...