当前，我国糖尿病药物市场正快速扩容。"糖宁通络"保密专利的受理恰逢其时，为我国糖尿病治疗领域 注入了民族医药的创新力量。若最终获得授权，"糖宁通络"将是我国首个获得保密专利的糖尿病治疗类 中药制剂，在有效避免核心技术外泄的同时，也将进一步加快其在临床推广、市场转化等方面的步伐， 有望成为改变我国乃至全世界糖尿病治疗格局的关键药物，为亿万患者带来全新选择。 姜伟董事长表示，作为全国苗药龙头企业，公司始终致力于通过现代科技手段挖掘苗药独特价值，"糖 宁通络"的研发正是民族医药传承与创新的生动实践。此次保密专利的受理，是国家对民族医药创新成 果的认可，也是国家对重大慢性疾病防治技术自主可控的战略考量。公司将进一步加快"糖宁通络"的临 床试验与产业转化进程，力争早日惠及全球患者，为人类健康贡献更多百灵力量。（CIS） 1月14日，贵州百灵披露公告，公司基于"糖宁通络"多年研究技术形成的"一种治疗糖尿病或其并发症的 中药制剂"，申请国家保密专利已获得国家知识产权局受理。保密保护范围涵盖配方组成、生产工艺及 多个治疗范围，保密期限与《中华人民共和国国家保密法》中"机密"保密期限相同。 "糖宁通络"是贵州百灵在长期挖掘和传 ...

Core Viewpoint - Guizhou BaiLing Pharmaceutical Group Co., Ltd. (ST BaiLing) has applied for a national confidential patent for a traditional Chinese medicine formulation, "Tang Ning Tong Luo," aimed at treating diabetes and its complications, marking a significant milestone in the field of traditional Chinese medicine [1][2] Group 1: Company Developments - The confidential patent application for "Tang Ning Tong Luo" has been accepted by the National Intellectual Property Administration, highlighting the research achievements of the company [1] - "Tang Ning Tong Luo" is the first traditional Chinese medicine formulation in China to receive a confidential patent application, indicating its unique value in treating type 2 diabetes and its complications [2] - The patent protection will cover a range of conditions related to diabetes, including diabetic retinopathy, diabetic foot disease, erectile dysfunction associated with diabetes, and diabetic kidney disease, providing comprehensive protection throughout the disease cycle [2] Group 2: Industry Context - Diabetes has become a major public health challenge globally, with the International Diabetes Federation (IDF) reporting that by 2024, there will be 589 million diabetes patients aged 20-79 worldwide, with China having the highest number at 148 million [1] - The global market for diabetes treatment drugs is substantial, yet the core areas are still dominated by foreign manufacturers, and effective treatment options for complications remain scarce [1]

格隆汇1月14日丨ST百灵(002424.SZ)公布，近日收到国家知识产权局出具的《专利申请受理通知书》， 发明创造名称：一种治疗糖尿病或其并发症的中药制剂。本次国家知识产权局受理的"一种治疗糖尿病 或其并发症的中药制剂"国家保密专利申请，是基于公司糖宁通络项目多年研究所形成的专利技术。保 密保护范围涵盖配方组成、生产工艺及多个治疗范围，保密期限与《中华人民共和国国家保密法》 中"机密"保密期限相同。此次保密专利的受理，将为公司糖宁通络提供全方位且更严密的核心知识产权 保护。若最终获得专利授权，公司糖宁通络项目将在有效避免核心技术外泄的同时，进一步加快其在临 床推广、市场转化等方面的步伐，增强公司核心竞争力。 ...

Core Viewpoint - ST Bailin (002424.SZ) has received a patent application acceptance notice from the National Intellectual Property Administration for a traditional Chinese medicine formulation aimed at treating diabetes and its complications, which will enhance the company's core intellectual property protection [1] Group 1: Patent Application Details - The accepted patent application is for a "traditional Chinese medicine formulation for treating diabetes or its complications," based on years of research from the company's Tang Ning Tong Luo project [1] - The confidentiality protection scope includes formula composition, production processes, and multiple treatment areas, with a confidentiality period aligned with the "secret" confidentiality period under the National Confidentiality Law of the People's Republic of China [1] Group 2: Implications for the Company - The acceptance of this confidential patent will provide comprehensive and tighter core intellectual property protection for the Tang Ning Tong Luo project [1] - If the patent is ultimately granted, it will help the company avoid core technology leakage and accelerate clinical promotion and market transformation, thereby enhancing the company's core competitiveness [1]

贵州百灵公告称，公司近日收到国家知识产权局出具的《专利申请受理通知书》。受理的专利申请号为 202610042695.2，发明创造名称是"一种治疗糖尿病或其并发症的中药制剂"。该申请基于公司糖宁通络 项目多年研究形成的专利技术，若获授权，将为项目提供更严密知识产权保护。不过，此次申请处于受 理环节，存在无法通过审查并获授权的风险，且目前不会对公司经营产生重大影响。 ...

Core Viewpoint - Guizhou Bailing (002424.SZ) has once again been classified as ST (Special Treatment) due to financial misconduct, marking a continuous cycle of financial fraud, penalties, and regulatory scrutiny, with a total of 11.14 billion yuan manipulated over four years [1][4][28]. Financial Manipulation - The company has been involved in financial manipulation by underreporting and overreporting sales expenses to inflate and deflate profits, respectively, with a total adjustment amounting to 11.14 billion yuan over four years [6][28]. - The financial manipulation details include: - 2019: Underreported sales expenses by 350.12 million yuan, inflating profits by 350.12 million yuan (95.73% of that year's profit) - 2020: Underreported sales expenses by 240.81 million yuan, inflating profits by 240.81 million yuan (115.35% of that year's profit) - 2021: Underreported sales expenses by 63.79 million yuan, inflating profits by 63.79 million yuan (45.04% of that year's profit) - 2023: Overreported sales expenses by 459.41 million yuan, deflating profits by 459.41 million yuan (93.17% of that year's profit) [8][29]. Regulatory Actions - The company faced a historic penalty of 25.6 million yuan from the China Securities Regulatory Commission (CSRC), and its internal control reforms were deemed superficial [9]. - The actual controller, Jiang Wei, has been banned from the market for ten years, significantly impacting the company's strategic stability [9]. Legal Issues - Jiang Wei is embroiled in a legal dispute with Huachuang Securities, which is seeking repayment of 1.7 billion yuan due to unpaid debts related to financial support provided in 2019 [10][32]. - The relationship between Jiang Wei and Huachuang Securities has deteriorated from a supportive partnership to a contentious legal battle [11][32]. Financial Performance - Guizhou Bailing has experienced significant financial decline, with a revenue drop of 10.26% in 2024 to 3.825 billion yuan and a negative net profit of 82.44 million yuan [13][34]. - In the first three quarters of 2025, revenue continued to decline by 24.28%, with a net profit of only 21.21 million yuan, indicating ongoing financial challenges [13][34]. R&D and Sales Issues - The company's R&D investment is significantly below industry standards, with R&D expenses as a percentage of revenue at 0.82%, 1.95%, and 1.59% from 2022 to 2024, compared to an average of 4.17% to 4.86% among peers [35]. - Sales expenses are alarmingly high, with a sales expense ratio of 48.46% in 2024, nearly four times that of a competitor [15][35]. Dependency Risks - Guizhou Bailing has a high dependency on a limited number of customers and suppliers, with the top five customers accounting for nearly 40% of revenue and the top five suppliers for over 45% of purchases [37].

Core Viewpoint - Guizhou BaiLing has been repeatedly penalized and labeled as ST (special treatment) due to ongoing financial misconduct, leading to significant management and operational instability [2][3][7]. Financial Misconduct - The company has been involved in a cycle of financial manipulation, with a total of 1.114 billion yuan adjusted over four years, showcasing a pattern of inflating and deflating profits [5][6]. - The China Securities Regulatory Commission (CSRC) issued a record fine of 25.6 million yuan, indicating severe regulatory scrutiny and the ineffectiveness of the company's internal control reforms [7]. Management Issues - The company's actual controller, Jiang Wei, has been banned from the market for ten years, which poses a significant threat to the company's strategic stability [2][7]. - Jiang Wei is embroiled in a legal dispute with Huachuang Securities, which is seeking repayment of 1.7 billion yuan, further complicating the company's financial situation [10][11]. Financial Performance - Guizhou BaiLing's revenue for 2024 was 3.825 billion yuan, a decline of 10.26% year-on-year, with a net loss of 82.44 million yuan, primarily relying on government subsidies to mitigate losses [13]. - In the first three quarters of 2025, revenue continued to decline by 24.28%, with a net profit of only 21.21 million yuan, indicating ongoing financial challenges [13]. Research and Development - The company's R&D expenditure has been significantly lower than industry peers, with R&D expenses as a percentage of revenue at 0.82%, 1.95%, and 1.59% from 2022 to 2024, compared to an average of 4.17% to 4.86% among 69 listed traditional Chinese medicine companies [14]. - The core R&D project, "Tang Ning Tong Luo," has not yet completed its Phase III clinical trials, raising concerns about its future revenue potential [14]. Sales and Market Dependency - Guizhou BaiLing's sales expenses are alarmingly high, with a sales expense ratio of 48.46% in 2024, nearly four times that of Yunnan Baiyao [14]. - The company relies heavily on a concentrated customer and supplier base, with the top five customers accounting for nearly 40% of revenue and the top five suppliers for over 45% of purchases, which could jeopardize its operational stability [16].

Core Insights - Guizhou BaiLing conducted an institutional research meeting on November 12, 2025, attracting 15 institutions and several individual investors to discuss core product development, supply chain management, market expansion, and financial status [1] Product Development Progress - The focus of the research was on the development of two core products: Tang Ning Tong Luo and Huang Lian Jie Du Wan. Tang Ning Tong Luo has received approval for its first indication, diabetic retinopathy, and has entered phase III clinical trials with 360 patients being enrolled. The company plans to submit a market application after completing the trials. Additionally, the drug has received a clinical trial approval for type 2 diabetes, with plans to advance to phase II trials [2] - Huang Lian Jie Du Wan, as China's first "syndrome" type traditional Chinese medicine new drug, has completed phase II and III clinical trials over six years. The phase III trials evaluated its effectiveness, safety, and mechanism for treating traditional Chinese medicine's "excess heat and toxin syndrome." The project is now preparing for pre-market communication [2] Supply Chain and Market Strategy - Guizhou BaiLing has planted nearly 250,000 acres of medicinal herbs to ensure supply chain stability, implementing large-scale cultivation of over 20 varieties, including landmark herbs like Jixiang Grass and Tiger Ear Grass. The company has established a standardized control system to address the shortage of wild medicinal resources and ensure quality [3] - The market expansion strategy focuses on a "first in-hospital, then out-of-hospital" approach, targeting grassroots medical institutions, pharmacy chains, and private clinics. The "5+5" promotion plan aims to cover five quality clinics and five individual pharmacies, supported by professional talent recruitment and team motivation [3] Financial Status - The company reported a stable cash flow and a decrease in total bank loans, having optimized sales models and adjusted payment management processes to enhance cash flow [4] - Institutional investors expressed interest in Guizhou BaiLing's strategies in core product development, supply chain management, and market expansion, with the company committed to advancing its projects and optimizing its strategies for long-term growth [4]

Group 1: Company Performance and Market Conditions - The company's 2025 performance is influenced by two main factors: high proportion of four types of drugs (cold medicine, cough medicine, throat medicine, and antipyretics) and a market in destocking phase due to a decline in demand following a public health event in 2023 [3] - Weak consumer environment, including insufficient purchasing power, social inventory backlog, and adjustments in the medical insurance system, is impacting sales [3] Group 2: Research and Development Progress - The core research progress for the "Tang Ning Tong Luo" project includes the approval of its first indication for diabetic retinopathy, with 360 clinical patients being enrolled for phase III clinical trials [3] - The project has received a clinical trial approval notice for type 2 diabetes, with phase II clinical trials to follow [3] Group 3: Intellectual Property and Product Development - The company has implemented intellectual property protection measures for the "Tang Ning Tong Luo" project and is actively communicating with relevant departments to enhance protection [3] - "Huang Lian Jie Du Wan" is the first "syndrome-type" traditional Chinese medicine new drug in China, having completed phase III clinical trials with 840 cases enrolled [4] Group 4: Quality Control and Supply Chain Management - The company has planted over 25,000 acres of ecological medicinal herbs, covering various landmark medicinal materials to ensure quality and supply stability [4] - A core control standard has been established to address the shortage of wild medicinal resources and ensure quality through strict quality control systems [4] Group 5: Market Expansion and Financial Management - The company focuses on expanding its market by targeting grassroots medical institutions, chain pharmacies, and private clinics, employing a specialized promotion strategy [4] - Current cash flow is stable, with a reduction in total bank loans achieved through optimized sales models and improved payment management processes [4]

Group 1: Core Development Strategy - The core strategy revolves around four major platforms: scale manufacturing, industry chain integration, omnichannel sales, and large variety R&D [2][3] - The scale manufacturing platform aims to increase the company's herbal material processing capacity from 25,000 tons to 60,000 tons annually, supporting future sales growth [2][3] - The industry chain integration platform seeks to enhance product lines through licensing and branding strategies [2][3] Group 2: R&D Focus Areas - The company is focusing on the "Tian Ning Tong Luo" project for diabetes and its complications, which has over 10 years of clinical experience and is currently in Phase 3 clinical trials [3][4] - The "Huang Lian Jie Du Wan" project, a new type of traditional Chinese medicine, has completed Phase 2 and 3 clinical trials with 840 cases enrolled, targeting various diseases [4] Group 3: Sales and Marketing Optimization - High sales expense rates are attributed to a previous "big package" model, unclear product planning, and weak channel management [5] - The company is reforming its marketing system, transitioning from a big package model to a direct sales model, with 15 provinces already completed [5] - A market supervision department has been established to enhance oversight of business activities and financial management [5] Group 4: Financial Goals and Recovery Path - The revenue target for 2025 is projected at 4 billion CNY, with a net profit of 120 million CNY [6] - Recovery strategies include product price optimization, improving sales efficiency through direct sales reforms, and integrating advantageous products to enhance profitability [6] Group 5: Investment in Subsidiaries - Chengdu Zeling Biopharmaceutical Technology Co., Ltd. is a subsidiary in which the company holds a 17.6926% stake, focusing on innovative drug research and development [6]