全景网注意到，作为国内创新中药领域的头部企业，以岭药业始终将科技创新作为企业发展的核心竞争 力，在研发投入方面保持了持续增长态势。数据显示，近五年公司研发投入约50亿元，处于同行业领先 水平。 持续的科研投入，也加速了中医药创新成果的转化。截至目前，以岭药业拥有专利中药17个，覆盖8大 临床疾病系统，其中心脑血管系统和感冒呼吸系统疾病用药领域已处于行业领先地位。近两年，以岭药 业在研品种也捷报频传，两款1.1类中药创新药的注册申请已获国家药监局受理，分别是治疗类风湿性 关节炎的芪桂络痹通片和治疗慢性胆囊炎的柴黄利胆胶囊；另有6款中药处于临床阶段，小儿连花清感 颗粒已进入三期临床；此外，还有上百个院内制剂作为新药研发的"储备"。军这些成果，无疑是以岭药 业在中药研发领域强大实力和创新能力的有力证明。 近日，2025PDI医药研发・创新大会暨中国药品研发百强榜发布会在重庆盛大举行。此次大会聚焦"创 新药研发与出海、抗体药物&CGT开发、临床开发技术与管理创新、改良型新药开发、中医药创新与发 展"等前沿主题，旨在共同探讨医药产业新图景。 全景网获悉，以岭药业（002603.SZ）凭借在中药研发领域的卓越表现，荣耀登 ...

Core Viewpoint - The article highlights the resilience and growth of Yiling Pharmaceutical, a leading innovative traditional Chinese medicine company, following a challenging financial period, supported by favorable national policies and a strong focus on research and development. Financial Performance - In 2024, Yiling Pharmaceutical reported revenue of 6.513 billion yuan with a net loss of 0.725 billion yuan, but in Q1 2025, the company achieved revenue of 2.358 billion yuan and a non-net profit of 0.325 billion yuan, reflecting a year-on-year growth of 11.23% [2][3] - The company’s gross margin in Q1 2025 was 53.82%, an increase of 2.34 percentage points year-on-year, while the net margin was 13.82%, up by 1.85 percentage points [2][3] - Operating cash flow improved significantly, reaching 0.34 billion yuan in Q1 2025, nearly doubling the net profit for the same period [3] Debt and Receivables Management - By the end of 2024, accounts receivable stood at 1.225 billion yuan, down by 50% from the beginning of the year, while total liabilities decreased by 43.75% to 3.117 billion yuan [3] - The accounts receivable turnover days decreased to 55 days, down by 35 days year-on-year, indicating improved cash collection efficiency [3] Research and Development - Yiling Pharmaceutical's R&D investment exceeded 0.9 billion yuan in 2024, accounting for 13.9% of revenue, positioning the company as a leader in the industry [4][5] - Over the past six years, the cumulative R&D investment has approached 5 billion yuan, consistently exceeding industry averages [5] - As of the end of 2024, the company held 884 effective patents and had launched 17 patented traditional Chinese medicines covering eight major clinical disease systems [6][7] Product Development and Market Position - The company has received approval for new drugs targeting cardiovascular and respiratory diseases, with several products included in the national medical insurance directory [7][10] - Yiling Pharmaceutical is actively expanding its product portfolio, with ongoing clinical trials for six traditional Chinese medicines and over a hundred formulations in development [7][8] Policy Support and Industry Trends - The company benefits from supportive national policies aimed at revitalizing traditional Chinese medicine, including the inclusion of its products in the national medical insurance directory [10][11] - Yiling Pharmaceutical is also embracing digital transformation to enhance operational efficiency, completing significant research projects published in top medical journals [11] Strategic Vision - The company is evolving from a traditional medicine manufacturer to a health solution provider, aligning with national goals for high-quality development in the pharmaceutical industry [13]

Core Viewpoint - Yiling Pharmaceutical has significantly improved its profitability, driven by a robust innovation pipeline and high R&D investment, despite facing temporary losses in 2024 due to specific product issues [2][3][5]. Financial Performance - In Q1 2025, the company achieved revenue of 2.358 billion yuan, with a net profit of 326 million yuan, reflecting a year-on-year growth of 7.25% [2][3]. - For the full year 2024, Yiling reported a total revenue of 6.513 billion yuan but incurred a net loss of 725 million yuan due to inventory write-downs and reduced sales from certain respiratory products [3][4]. - The gross margin for Q1 2025 was 53.82%, an increase of 2.34 percentage points year-on-year, while the net margin rose by 1.85 percentage points to 13.82% [4]. R&D Investment - Yiling's R&D expenditure reached over 900 million yuan in 2024, accounting for 13.94% of its revenue, marking a six-year high and positioning the company as a leader in the industry [2][5]. - Cumulatively, from 2019 to 2024, the company invested 4.828 billion yuan in R&D, supporting its innovation pipeline [5]. Product Development - The company has expanded its innovative traditional Chinese medicine portfolio to 17 products, covering eight major clinical disease systems, with leading positions in cardiovascular and respiratory medications [2][5]. - New drug approvals include the treatment for allergic rhinitis and applications for drugs targeting cholecystitis and rheumatoid arthritis [5][6]. Market Position and Expansion - Yiling has successfully integrated 11 patented traditional Chinese medicines into the new medical insurance directory, enhancing its market presence [6]. - The company is also expanding into biopharmaceuticals and health sectors, with recent approvals for cancer treatment drugs, indicating a broadening of its business scope [6].

业绩变动，以岭药业表示，主要系报告期内部分呼吸系统产品临近有效期，公司冲减相关产品销售收 入，并对临近有效期存货计提了资产减值损失，加之报告期内收入减少、原材料价格上涨导致毛利率下 降、研发保持较高投入等原因。 2024年，面对医药行业的竞争压力，以岭药业（002603）管理层坚持"规范、专业、健康、持续、跨 越"方针，以"品牌致胜、形成规模、实现目标、创造利润"价值文化为指导，以市场为导向，以效益为 中心，以管理为保障，持续规范和优化业务流程，全面加强预算管理和成本控制，建立全链条的成本控 制体系，积极推进阿米巴经营，保持研发投入，提高运营效率。 24年度营收65.13亿元经营性净现金流大幅改善 数据显示，2024年1-12月，以岭药业实现营业收入65.13亿元，同比下降36.88%；归母净利润为-7.25亿 元，同比下降153.57%。 以岭药业始终将研发作为核心竞争力，报告期内，公司2024年研发费用保持持续增长状态，达到9.08亿 元，占营收比重提升至13.94%，持续夯实中医药创新领军地位。这一巨额投入彰显了公司对于科技创 新的高度重视和坚定决心。公司围绕心脑血管、呼吸系统、内分泌等核心领域，构建起 ...

报告还显示，公司2025年一季度实现收入23.58亿元，实现归母公司净利润3.26亿元，同比增长7.25%， 扣非后归母净利润3.25亿元，同比增长11.23%，盈利能力显著提升；同期，公司毛利率为53.82%，同比 增加了2.34个百分点；净利率为13.82%，同比增加了1.85个百分点，期间费用率下降0.4个百分点，毛利 率和净利率双双触底回升。 经营性净现金流大幅改善 应收账款大幅下降 4月28日消息，以岭药业（维权）今晚发布2024年全年财报及2025年第一季度财务报告显示，公司2024 年全年收入65.13亿元，亏损7.25亿元，主要是因部分呼吸系统产品近效期冲减收入和存货减值计提所 致；2025年第一季度，扣非后归属于母公司的净利润为3.25亿元，同比增长11.23%，实现双位数增长。 2025年Q1净利润3.25亿元 盈利能力显著提升 2024年年报显示，公司报告期实现营业收入65.13亿元，归属于上市公司股东的净利润-7.25亿元。财报 称，"由于报告期内部分呼吸系统产品临近有效期，公司冲减相关产品销售收入，并对临近有效期存货 计提了资产减值损失，加之报告期内收入减少、原材料价格上涨导致毛利率 ...