随着中成药集采进入落地关键期，一场由中药行业头部企业主导的终端覆盖革命正在上演。其中珍 宝岛药业凭借第三批集采14个品规全线中选的优势，通过开展"百日会战、千县攻坚"市场营销行动，创 下近三年来渠道拓展与市场开发新纪录。在14个品规、超百亿级集采市场重构的浪潮中，珍宝岛药业正 以扎实的临床覆盖和患者口碑，为2025年业绩高增长铺就坚实通路。 紧抓集采落地窗口期，开展"百日会战"攻坚行动 2025下半年第一天，江苏、陕西、吉林、内蒙古四省、自治区正式落地执行全国中成药联盟集采中 选结果，截至当前已有28省(市、自治区)出台相关文件；26省(市、自治区)发布全国中成药联盟第三批 集采中选结果落地安排，北京、河北、山西3省市预计将在本月陆续发布相关文件。 基于珍宝岛药业在集采中标后展现的增长动能，其核心产品凭借临床疗效的深度认同与用药可及性 的革命性突破，成功构建了"医患认可→终端覆盖→市场增长"的良性循环。 公司核心集采中选品种注射用血塞通、血栓通胶囊、复方芩兰口服液、舒血宁注射液等战略品种， 通过循证医学支撑的硬核疗效与集采赋能的普惠可及性，实现了从临床认可到终端爆发的增长飞轮。 珍宝岛药业借力国家集采政策，实 ...

单位：万元 | 业务版块 | | | | | 营业收入同比 | | 营业成本同比变 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 主营业收入 | 主营业成本 | | 毛利率 | 主营业收入 | | 主营业成 | | 本 | | 毛利率 | | 毛利率同比变动 | | | | | | | | | | 变动比例 | | 动比例 | | 医药工业 | 197,587.38 | 70,400.94 | 64.37% | 237,564.25 | 20.23% | 92,998.98 | 32.10% | | 60.85% | -3.52% | | | | | | | | 医药商业 | 31,358.13 | 27,704.91 | 11.65% | 15,037.14 | -52.05% | 13,539.66 | -51.13% | | 9.96% | -1.69% | | | | | | | | 中药材贸易 | 79,462.34 | 79,222.50 | 0.30% | 15,098.60 | -81.00% | 12,093.49 | -84 ...

Core Insights - The company reported a revenue of 2.704 billion yuan in 2024, a year-on-year decline of 13.84%, and a net profit attributable to shareholders of 438 million yuan, down 7.3% year-on-year, while the non-net profit increased significantly by 1365.5% to 403 million yuan due to increased revenue and profit from the pharmaceutical industrial sector and a decrease in overall expenses [1] Group 1: Pharmaceutical Industrial Sector - The company's core products include cardiovascular drugs and respiratory disease medications, with higher demand observed in the first and fourth quarters due to seasonal factors [2] - In Q1 2024, there was a significant increase in the demand for respiratory disease medications due to a surge in viral flu cases, alongside a rise in cardiovascular drug demand during the spring [2] Group 2: Pharmaceutical Commercial Sector - The pharmaceutical commercial sector faced revenue impacts due to the increasing number and amount of products subject to national centralized procurement, leading to price reductions [3] - Hospitals are actively reducing procurement scales and amounts in response to ongoing medical reforms, resulting in decreased delivery orders for the company [3] Group 3: Traditional Chinese Medicine Trade Sector - The company anticipates a significant price correction in traditional Chinese medicine after a period of price increases, leading to a strategic reduction in non-productive trade activities to mitigate high-level risks [3] - In Q2, the company increased revenue by strategically selling part of its inventory of traditional Chinese medicine in anticipation of a price decline in the latter half of the year [3]

Core Viewpoint - The company, Zhenbao Island, faced criticism from the Shanghai Stock Exchange for failing to timely disclose a significant transaction that generated a net profit of approximately 420 million yuan, which accounted for 227% of its audited net profit for 2022 [1][2][3] Group 1: Transaction Details - The undisclosed transaction involved the sale of 100% equity of its subsidiary, Hulin Fangsheng Pharmaceutical Technology Co., which was sold for 425 million yuan to Heilongjiang Hehui Pharmaceutical Co. [2][3] - The transaction's profit exceeded the threshold requiring shareholder approval and timely disclosure, as it represented over 50% of the company's audited net profit for the previous year [2][3] Group 2: Regulatory Issues - This is not the first instance of Zhenbao Island facing issues related to information disclosure; the company has received warnings and criticisms from regulators multiple times in the past two years for similar violations [4] - In April 2024, the company was issued a warning by the Heilongjiang Securities Regulatory Bureau for failing to disclose a related party transaction involving 80 million yuan in non-operating fund occupation [4] Group 3: Financial Performance - Zhenbao Island reported revenues of 4.2 billion yuan, 3.1 billion yuan, and 2.7 billion yuan for the years 2022, 2023, and 2024 respectively, with a net profit of 753 million yuan in Q1 of the current year, down from 2.9 billion yuan in the same period last year [5] - The decline in Q1 performance was attributed to the postponement of the third batch of national traditional Chinese medicine procurement, which affected sales and profits [5]

Core Viewpoint - The acquisition of a 49% stake in Guizhou Shennong Valley by Zhenbaodao for 490 million yuan is seen as a strategic move to enhance its presence in the traditional Chinese medicine industry in Guizhou, despite concerns over high debt levels and the target company's losses [1][2]. Financial Performance - In Q1 2025, Zhenbaodao's net profit attributable to the parent company plummeted by 74.33% to 75.29 million yuan, with negative cash flow from operating activities amounting to -267 million yuan, a 158% decrease year-on-year [2]. - The company's cash reserves decreased by 43% year-on-year to 781 million yuan, while interest-bearing liabilities reached 3.46 billion yuan, resulting in an asset-liability ratio of 35% [1][2]. Acquisition Details - The acquisition requires a payment of 490 million yuan, which would consume 62.7% of Zhenbaodao's cash reserves [1]. - Guizhou Shennong Valley reported revenue of 51.1 million yuan in 2024, with a net profit of only 162,800 yuan, and experienced a significant revenue drop to 197,200 yuan in Q1 2025, incurring a loss of 1.78 million yuan [2]. - The valuation of the 49% stake in Guizhou Shennong Valley at 490 million yuan corresponds to a static price-to-earnings ratio exceeding 3000 times, indicating a significant disparity between the estimated future cash flows and the transaction price [2].

证券代码： 300158 证券简称：振东制药 山西振东制药股份有限公司投资者关系活动记录表 编号：2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | ☑业绩说明会 □媒体采访 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 年 月 日(周二)下午 2025 5 20 14:00-17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用 | | | 网络远程的方式召开业绩说明会 | | | 1、董事长李昆 | | 上市公司接待人 | 2、董事会秘书王哲宇 | | 员姓名 | 3、财务总监詹建勇 | | | 4、独立董事靳黎娜 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： 1、2024 年公司新增的独一味颗粒、灯盏花素分散片、注射 | | | 用头孢硫脒三个集采中选品种，同时实现舒血宁注射液的扩围接 | ...

Core Viewpoint - The traditional Chinese medicine industry in China is rapidly developing, supported by national policies, with Zhenbaodao (603567.SH) emerging as a leading enterprise in the field, demonstrating stable performance and growth in its financial metrics [1][2][9]. Financial Performance - In 2024, Zhenbaodao achieved an operating income of 2.704 billion yuan and a net profit of 438 million yuan, with the core pharmaceutical industrial revenue reaching 2.376 billion yuan, reflecting a year-on-year growth of 20.23% [1][2][3]. - As of the end of 2024, the company's total assets amounted to 12.713 billion yuan, an increase of 1.98% from the beginning of the year, while the net assets reached 7.801 billion yuan, growing by 3.34% [2][3]. Industry Context - The pharmaceutical manufacturing sector is showing strong resilience amid structural adjustments, with a reported increase of 3.4% in the added value of large-scale pharmaceutical industries in 2024 [2]. - The overall revenue for large-scale pharmaceutical enterprises reached 29.7627 billion yuan, with profits totaling 4.0509 billion yuan, indicating a profit growth rate that outpaces the national industrial average by 2.4 percentage points [2]. Business Operations - Zhenbaodao's pharmaceutical industrial segment is its core business, contributing nearly 90% to its total revenue, with robust manufacturing capabilities across multiple production bases [3]. - The company has established a diverse product portfolio, including raw materials, chemical preparations, traditional Chinese medicine preparations, and biological preparations, supported by ongoing research and development [3]. Innovation and Development - Zhenbaodao is actively fostering new productive forces in the pharmaceutical industry through technological breakthroughs and innovative resource allocation, focusing on the development of innovative and generic drugs [4][5]. - The company has established partnerships with renowned universities and research institutions to enhance the quality standards of traditional Chinese medicine injections and other significant clinical research projects [4]. Social Responsibility and Industry Impact - Zhenbaodao emphasizes its social responsibility as a core strategy, contributing to public health and societal value creation, particularly in the context of increasing chronic disease treatment demands [7][8]. - The company has engaged in various social welfare initiatives, supporting education, culture, and health, thereby enhancing its brand value and long-term growth potential [8]. Recognition and Future Outlook - Zhenbaodao has received numerous accolades, including being listed among the top 100 pharmaceutical companies in China and recognized for its contributions to social responsibility and digital transformation [8][9]. - The ongoing policy support for traditional Chinese medicine is expected to further drive market growth, with Zhenbaodao positioned to leverage these opportunities through innovation and social responsibility [9].