从保护"好睡眠"到开拓健康产业新边界 深化"一路向C"战略，全力开拓第二增长曲线 "用珍稀药用真菌'乌灵参'，来守护亿万人的睡眠和心身健康。"当被问及如何用一句话让投资者记住佐 力药业时，佐力药业总经理汪涛给出了这样的答案。 作为医药产业的重要组成部分，中医药的传承创新发展被定位为新时代中国特色社会主义事业重要内 容。2024年，中医药发展环境、服务体系、防治协同、可及性及民众健康素养均大幅提升，国家与地方 性法规相继修订，政策标准体系日臻完善，"中医基层化，基层中医化"的发展蓝图正加速铺开。 创始于1995年的佐力药业（300181）（300181）坚守"辅佐人类身体健康，致力祖国医药发展"使命，秉 持工匠精神深耕30年，立足药用真菌生物发酵技术生产中药，从乌灵系列产品起步，以药用真菌产业化 为己任，矢志打造国内大型药用真菌制药领域领头雁。凭借独家技术与乌灵系列产品的国家一类新药资 质，构筑起难以复制的竞争壁垒，已成长为中国医药工业最具成长力与投资价值的企业，公司核心产品 乌灵胶囊更稳居安神类中药市场第一品牌宝座。 在与全景网的交流中，佐力药业总经理汪涛，佐力药业常务副总经理、技术研究院院长冯国富与主持人 ...

Financial Performance - In 2024, the company achieved a revenue of CNY 41.906 billion, with a foreign sales revenue of CNY 1.095 billion, accounting for 2.61% of total revenue [20] - The pharmaceutical industrial revenue reached CNY 13.811 billion, representing 32.96% of total revenue [13] - The medical beauty business generated CNY 2.326 billion in revenue, with the subsidiary Xinkeli Meixue contributing CNY 1.139 billion [10] Business Development - The company completed its seventh three-year plan, achieving record high revenue and net profit attributable to shareholders [1] - The industrial microbiology business reported a revenue of CNY 711 million, a year-on-year increase of 43.12% [5] - The company is focusing on four strategic directions: xRNA, specialty APIs & intermediates, health & biological materials, and animal health [2] Product Pipeline and Innovation - The company is preparing for the commercial launch of the innovative ADC drug, Ailaha (Somatuzumab), targeting platinum-resistant ovarian cancer [3] - The oral GLP-1 receptor agonist HDM1002 has completed Phase III clinical trials for weight management, with over 800 participants enrolled in earlier phases [4] - The company has 15 new patent authorizations in 2024, including core patents for GLP-1R/GIPR dual-target agonists [6] Market Strategy - The company maintains a global operational layout for its medical beauty business, focusing on high-end markets [2] - The company plans to enhance its market coverage and registration processes to stabilize the performance of its core subsidiary, Sinclair [2] - The company aims to improve the accessibility of its innovative high-priced drugs through diverse payment channels and market penetration strategies [21] Challenges and Responses - The medical beauty sector faces challenges due to macroeconomic slowdowns and declining consumer demand, but is expected to stabilize with new product approvals [30] - The company is actively managing production costs and enhancing operational efficiency to mitigate the impact of drug price negotiations and procurement policies on profit margins [19] - The company is committed to maintaining a cash dividend policy while balancing strategic development and shareholder returns [12]

Core Insights - The company reported a stable growth trend in Q1 2025, with revenue of 10.736 billion yuan, a year-on-year increase of 3.12%, and a net profit of 915 million yuan, up 6.06% [1] - The pharmaceutical industrial sector continues to be a key growth driver, with core subsidiary China East Pharmaceutical achieving revenue of 3.621 billion yuan, a 6.52% increase, and a net profit of 843 million yuan, up 12.20% [2] - The company is focusing on innovation, with over 80 projects in its pipeline, and has significantly increased R&D investment by 49.60% to 880 million yuan in Q1 2025 [4] Business Segments - The innovative drug sales in the pharmaceutical industrial sector are gaining momentum, particularly with the expansion of reimbursement indications for the Bai Ling series products [2] - The CAR-T product, Zewokaiolun, has shown strong sales performance, with over 200 certified medical institutions and 154 effective orders placed by the partner company [3] - The company’s self-developed GLP-1 receptor agonist, HDM1002, has entered the final stages of clinical trials, indicating a robust pipeline in the endocrine field [5][6] Medical Aesthetics - The medical aesthetics segment is showing resilience, with the subsidiary Sinclair achieving approximately 238 million yuan in revenue, a 24.37% increase from the previous quarter [9] - The company has a portfolio of 40 high-end medical aesthetic products, with 26 already launched globally, indicating a strong market presence [9] - New products in the medical aesthetics field, including injectable products, are expected to drive further growth in 2025 [10] Future Outlook - The company aims to leverage its innovative capabilities and product differentiation to expand its market share in the medical aesthetics sector, which is projected to grow steadily [12] - The pharmaceutical industrial sector is expected to maintain a strong growth trajectory, supported by ongoing market expansion and product pipeline development [12] - The overall performance in Q1 2025 reflects the company's commitment to innovation and growth, positioning it for future success in the pharmaceutical and medical aesthetics industries [12]