作者 | 晓琳 编辑 | 郑瑶 两个月前，南新制药（维权）近5亿的收购计划宣告失败。如今，佐力药业以3.56亿的价格接盘，多种微量元素注射液成了"香饽饽"。 01 豪掷3.56亿 佐力药业计划杀入营养赛道 12月14日，浙江佐力药业股份有限公司（以下简称"佐力药业"）发布公告称，拟以总价3.56亿元（含税）收购西藏未来生物医药股份有限公司及其两家全 资子公司的多种微量元素注射液资产组（以下简称"资产组"），并签署了收购协议书。 佐力药业成立于2000年，成立次年在创业板上市。其专注于用真菌生物发酵技术来生产中药，王牌产品包括乌灵系列（乌灵胶囊、灵泽片、灵莲花颗 粒）、百令系列（百令片、百令胶囊）等。 不过此次收购的资产组并非中药系列，而是多种微量元素注射液，包括： | 多种微量元素注射液(Ⅰ) 用于治疗或支持婴幼儿、小儿对微量元素的基本需要。 | | | --- | --- | | 多种微量元素注射液(II) | 为肠外营养的添加剂。妊娠妇女对微量元素的需要量轻度增高, | | 适用于妊娠妇女补充微量元素。 | | | 多种微量元素注射液(Ⅲ) | 满足患者静脉营养时对微量元素的基本和中等需要。 | | 为在 ...

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 the company [3] Core Views - The company is expected to achieve stable growth through its "One Body, Two Wings" strategy, focusing on expanding its core products while developing its two auxiliary business segments [18][21] - The core product, Wuling Capsule, has a clear mechanism of action, good efficacy, and high market recognition, which provides a multi-dimensional advantage [29][34] - The company is positioned to benefit from ongoing centralized procurement and market expansion strategies, which will drive revenue growth [11][49] Summary by Sections 1. Company Strategy and Performance - The company has adopted a "One Body, Two Wings" strategy to enhance its market presence in traditional Chinese medicine and modern healthcare [18] - From 2019 to 2024, the company achieved a compound annual growth rate (CAGR) of 23.12% in revenue and 81.76% in net profit [21] - In 2024, the company reported revenue of 2.578 billion yuan, a year-on-year increase of 32.71% [22] 2. Core Product Advantages - The Wuling series, including Wuling Capsule, Lingze Tablets, and Linglianhua Granules, consists of unique products with significant market potential [29] - Wuling Capsule has been included in the national essential drug list and has shown strong sales growth post-centralized procurement [40] - The company anticipates further growth from expanding its product matrix and enhancing its marketing strategies [11][49] 3. Auxiliary Business Growth - The company has established a strong foothold in the traditional Chinese medicine market, focusing on herbal pieces and formula granules [9][10] - The auxiliary businesses are expected to contribute significantly to overall revenue growth, leveraging the company's first-mover advantage [8][9] 4. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 2.922 billion yuan, 3.415 billion yuan, and 4.059 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 656 million yuan, 829 million yuan, and 992 million yuan [11][13] - The report maintains a "Buy" rating based on the company's competitive advantages and growth potential in both core and auxiliary segments [11]

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]

佐力药业（300181.SZ）核心产品销量稳健增长，计划募集资金扩产。 长江商报消息 ●长江商报记者 潘瑞冬 12月2日晚间，佐力药业发布公告称，公司拟向不特定对象发行可转换公司债券，募集资金总额不超过 15.56亿元，主要用于智能化中药大健康工厂（一期）建设、"乌灵+X"产品研发项目及补流，为公司核 心业务升级与创新发展提供资金支撑。 近年来，佐力药业受益于核心产品的需求增长，业绩稳增。上市以来，公司累计实现归母净利润24.87 亿元。2025年前三季度，公司的归母净利润为5.1亿元，超2024年全年。 首次可转债融资15.56亿 佐力药业计划首次通过可转债募资，用于扩产并补充流动性。 12月2日晚，佐力药业发布公告称，公司拟向不特定对象发行可转换公司债券，募集资金总额不超过 15.56亿元。募集资金将主要投向三大方向，其中10.9亿元用于智能化中药大健康工厂（一期）项目， 2.16亿元投入"乌灵+X"产品研发项目，2.5亿元用于补充流动资金。 公司表示，智能化工厂的建设将提升公司中药生产的自动化与智能化水平，"乌灵+X"研发项目则聚焦 核心产品延伸与创新，补充流动资金可优化公司财务结构，支持业务持续扩张。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Insights - The company has demonstrated strong profit growth, with a reported revenue of 1.599 billion yuan in H1 2025, reflecting a year-on-year increase of 11.99%. The net profit attributable to shareholders reached 374 million yuan, up 26.16% year-on-year [2][3]. - The core products, including Wuling Capsules and Lingze Tablets, are listed in the national essential drug list, with Wuling Capsules being a unique product. The company is expected to achieve revenue of 29.72 billion yuan in 2025, with a year-on-year growth of 15.3% [9]. Financial Performance Summary - Revenue and Profit Growth: - 2023A: Revenue of 1,942 million yuan, net profit of 383 million yuan - 2024A: Revenue of 2,578 million yuan, net profit of 508 million yuan - 2025E: Revenue of 2,972 million yuan, net profit of 663 million yuan - 2026E: Revenue of 3,459 million yuan, net profit of 800 million yuan - 2027E: Revenue of 4,012 million yuan, net profit of 971 million yuan [1][10]. - Profitability Metrics: - The company’s return on equity (ROE) is projected to increase from 14.1% in 2023 to 25.4% in 2027, indicating improving profitability [1][10]. - The net profit margin for H1 2025 was reported at 23.35%, an increase of 2.62 percentage points year-on-year [3]. Product Performance - In H1 2025, the revenue breakdown by product was as follows: - Wuling series: 897 million yuan (+7.23% YoY) - Bailing Tablets: 113 million yuan (+38.51% YoY) - Traditional Chinese Medicine pieces: 349 million yuan (-10.10% YoY) - Chinese medicine formula granules: 74 million yuan (+56.60% YoY) [3][4]. Marketing and R&D Strategy - The company is enhancing its marketing and R&D efforts, focusing on expanding its channel layout and market coverage. It has partnered with Baidu Health and various pharmacy chains to strengthen its influence in the consumer market [4]. - R&D initiatives include deepening studies on the Wuling series and expanding clinical applications, with Wuling Capsules now included in 83 clinical guidelines and pathways [4].

Core Viewpoint - Zhejiang Zuoli Pharmaceutical Co., Ltd. reported a revenue increase of 11.99% in the first half of 2025, driven by strong sales in its main product lines, particularly the Wuling series and traditional Chinese medicine products [4][17]. Company Overview and Financial Indicators - The company operates in the pharmaceutical industry, focusing on traditional Chinese medicine and has a strong market position with its proprietary products [6][24]. - Key financial metrics for the first half of 2025 include: - Revenue: CNY 1,599,453,446.18, up from CNY 1,428,254,689.36 [4]. - Net profit attributable to shareholders: CNY 371,685,120.24, a 27.24% increase from the previous year [4]. - Basic earnings per share: CNY 0.5325, up 26.15% [4]. - Total assets: CNY 4,599,395,633.76, a 15.22% increase from the end of the previous year [4]. Industry Development - The pharmaceutical industry in China is undergoing structural adjustments, with a focus on innovation, compliance, and digital transformation [6][7]. - Despite challenges, the overall market remains resilient due to factors such as an aging population and increased health awareness [6][7]. Market Position - The company is a leader in the medicinal fungus pharmaceutical sector, with its Wuling series products ranking in the top 10 for market share in various hospital categories [8][9]. - The company has received recognition for its brand and innovation capabilities, ranking among the top 50 in Chinese traditional medicine R&D [9][10]. Main Business and Products - The company’s main products include Wuling capsules, Lingze tablets, and various traditional Chinese medicine formulations [10][11]. - Wuling capsules are recognized as a national class I new drug, widely used in various medical fields [10][24]. - Lingze tablets and Linglianhua granules are also significant products, with clinical guidelines recommending their use for specific health conditions [10][11]. Business Model and Sales Strategy - The company employs a multi-channel sales strategy, including direct sales, partnerships, and e-commerce platforms [16][17]. - The marketing strategy focuses on expanding market coverage and enhancing brand influence through digital marketing and community health initiatives [17][18]. Research and Development - The company emphasizes R&D in medicinal fungi, with ongoing projects aimed at expanding the clinical applications of its products [19][23]. - Collaborations with academic institutions enhance the company’s innovation capabilities and support the development of new health products [19][23]. Sustainability and Governance - The company is committed to sustainable practices, integrating environmental considerations into its operations and enhancing its governance structure [21][22]. - An ESG management system has been established to improve the company's social responsibility and environmental impact [21][22].

Group 1 - The core viewpoint of the article highlights Zhaoli Pharmaceutical's strong performance in the first half of 2025, with a revenue of 1,599.45 million yuan, an increase of 11.99% year-on-year, and a net profit of 373.50 million yuan, up 26.16%, marking a new high for the company [1] - The growth in performance is primarily driven by core products, with sales of the Wuling series and Bailing series increasing by 7.23% and 38.51% respectively, and the traditional Chinese medicine formula granules business showing a remarkable growth of 56.60% [1] - The company follows a "one body, two wings" strategy, focusing on the medicinal mushroom sector, with main products including the Wuling series (Wuling capsules, Lingze tablets, Linglianhua granules) and Bailing series (Bailing tablets, Bailing capsules) [1] Group 2 - The company has made significant investments in innovative research and development, completing animal pharmacodynamics studies for improved Wuling capsules and advancing clinical trials for Lingxiang tablets [2] - Zhaoli Pharmaceutical has invested 20 million yuan to acquire a 3.15% stake in Lingyi Biotechnology, gaining distribution rights for the Parkinson's pipeline in mainland China [2] - The company is exploring AI technology applications, collaborating with Zhejiang University to establish a joint research center aimed at developing innovative health products using AI technology [2]

Core Viewpoint - Zhaoli Pharmaceutical reported a revenue of 1.599 billion yuan for the first half of 2025, marking an increase of 11.99% year-on-year, and a net profit attributable to shareholders of 374 million yuan, reflecting a growth of 26.16% year-on-year [1] Company Overview - Zhaoli Pharmaceutical's main products include the Wuling series (Wuling capsules, Lingze tablets, Linglianhua granules), the Bailing series (Bailing tablets, Bailing capsules), traditional Chinese medicine pieces, traditional Chinese medicine formula granules, and Pugakabofen calcium tablets [1]