www.hczq.com 证券研究报告 | 医药生物 | 2025年7月12日 华创医药投资观点&研究专题周周谈 · 第134期 中药企业的创新布局 联系人：高初蕾 赵建韬 华创医药团队： 首席分析师 郑辰 联席首席分析师 刘浩 医疗器械组组长 李婵娟 中药和流通组组长 高初蕾 分析师 王宏雨 分析师 朱珂琛 执业编号：S0360520110002 邮箱：zhengchen@hcyjs.com 执业编号：S0360520120002 邮箱：liuhao@hcyjs.com 执业编号：S0360520110004 邮箱：lichanjuan@hcyjs.com 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com 执业编号：S0360523080006 邮箱：wanghongyu@hcyjs.com 执业编号：S0360524070007 邮箱：zhukechen@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 第一部 ...

Core Viewpoint - The implementation of the Traditional Chinese Medicine (TCM) Law has significantly advanced the development of TCM in China, with over 1.6 billion TCM treatments recorded in 2024, reflecting its growing importance in the healthcare system [1][3][7] Group 1: Policy and Legal Framework - The TCM Law, enacted on July 1, 2017, serves as a comprehensive legal foundation for the reform and development of TCM, guiding a series of supporting regulations and policies [1][2] - The Chinese government has issued multiple policies to enhance TCM quality and promote its high-quality development, integrating TCM into the broader Healthy China initiative [1][2] Group 2: Achievements in TCM Development - TCM hospitals and clinics have achieved full coverage in cities and communities, with the number of licensed TCM practitioners reaching 971,000 [2] - The quality of TCM products has improved, with the overall pass rate for TCM decoction pieces reaching approximately 97% and the pass rate for proprietary Chinese medicines maintaining above 99% [2] Group 3: Accessibility and Service Expansion - TCM services have become more accessible, with community health centers in Wuhan fully equipped with TCM facilities, leading to a significant increase in TCM treatment volumes [3] - The total number of TCM treatments in 2024 exceeded 1.6 billion, showing a marked increase compared to 2023 [3] Group 4: Innovation and Product Development - Since the reform of the TCM approval system in 2021, 53 new TCM products have been approved, including 25 classic formulations, indicating a boost in innovation [4] - The number of pediatric TCM products has also increased, providing new options for children's medication [4] Group 5: Cultural Integration and Global Outreach - TCM culture is gaining popularity, with traditional health concepts and products becoming widely accepted and integrated into modern lifestyles [5] - Efforts are being made to promote TCM internationally, including collaborations with the World Health Organization and the establishment of international standards for TCM practices [6]

Core Viewpoint - The Daxing Biomedical Industry Base, known as "China Pharmaceutical Valley," is accelerating its development in the life and health industry, aiming for high-quality growth and international influence by 2025 [1][3][13]. Group 1: Industry Development - The life and health industry is a strategic emerging industry crucial for national security and public welfare, with Daxing District being a key area for its development in Beijing [3][4]. - The Daxing Biomedical Industry Base has expanded by 9.1 square kilometers, enhancing its capacity for industrial research and production, as well as supporting services [4]. - The base is set to strengthen its core industries, including vaccines, traditional Chinese medicine, and high-end medical devices, while also exploring new sectors like medical aesthetics and animal pharmaceuticals [7][13]. Group 2: Project Initiatives - Several high-impact biomedical projects are set to be established in the Daxing Biomedical Industry Base, including innovative drug development and antibody production [6]. - The second phase of the China Food and Drug Inspection Institute's project has commenced, significantly boosting the region's research and testing capabilities [5]. - The base is actively promoting the construction of a new campus for Capital Medical University, which will enhance research innovation and industry integration [4]. Group 3: Technological Integration - The Daxing Biomedical Industry Base is leveraging big data and artificial intelligence to enhance its service and digital capabilities across various sectors [8][10]. - The base is transitioning from a product-oriented approach to a service-oriented model, exemplified by the establishment of a new retail consumption model by Tongrentang Health [8]. - Advanced AI technologies are being integrated into drug research and development, marking a significant shift towards innovative pharmaceutical solutions [10]. Group 4: Policy and Support - The Daxing Biomedical Industry Base is implementing a "one-stop service platform" to optimize the business environment and support enterprises in accessing various policy benefits [12]. - The base has facilitated the application of over 50 projects for national and municipal policy support, enhancing the operational capabilities of more than 30 enterprises [12]. - The base is committed to fostering a collaborative ecosystem by establishing shared platforms for high-value instruments and equipment among research institutions [11].

新华财经北京5月28日电（记者田晓航、戴小河）近日，国家药品监督管理局批准中药1.1类创新药小儿 牛黄退热贴膏上市。这一源自全国名中医临床经验方的中药新药获批上市，为急性上呼吸道感染风热证 所致的1至5岁发热儿童患者提供了新的治疗选择。 记者从有关部门了解到，2025年以来已有小儿黄金止咳颗粒、芪防鼻通片、复方比那甫西颗粒等多个中 药创新药获批上市，而2021年以来已有52个中药新药获批上市。中药新药上市步伐不断加快，如何看待 这一现象？ "中药新药获批上市数量显著增加，是中医药现代化与产业化进程加速的直观体现，背后是政策引导、 科研突破与临床需求的共振。"中国中医科学院西苑医院科研处副处长、主任医师付长庚说。 付长庚说，以西苑医院研发的 "麻荆宣肺颗粒" 为例，这一西苑医院呼吸科应用40多年的临床验方，有 望通过优化审评路径，加速转化为治疗感染后咳嗽的中药新药。 同时，在他看来，包括西苑医院在内的许多医疗及科研机构通过"临床－基础－转化"全链条创新，推动 了中药从"经验方改良"向"精准机制研究"转型，医院自主研发的新药通过现代药理学、系统生物学等技 术解析药效物质，提升了科学性；而产学研合作模式打通了"研发 ...

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 ...