证券研究报告 2026 年 02 月 27 日 湘财证券研究所 行业研究 中药行业 价值重塑之年，寻找确定性α 相关研究： 1. 《行业未来五年有望迎来快 速转型发展期》 20260208 2. 《基药目录管理办法发布， 中药行业将进入循证驱动新周 期》 20260215 行业评级：增持（维持） 近十二个月行业表现 -10 0 10 20 30 25/02 25/05 25/08 25/11 沪深300_累计 中药_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -1 | -7 | -19 | | 绝对收益 | -1 | -2 | 2 | | | | 注：相对收益与沪深 300 相比 | | 分析师：许雯 证书编号：S0500517110001 Tel：021-50293534 Email：xw3315@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 从历次全国中成药集采来看，呈现出覆盖范围扩大、集采规则优化、 敬请阅读末页之重要声明 ❑ 2025 年行业在阵痛中筑底，2026 年关注政 ...

Core Viewpoint - Yiling Pharmaceutical officially launched the "Lianhua Qingxie, Healthy China Year" brand communication plan during the 2026 Spring Festival, promoting its core products Lianhua Qingwen and Lianhua Qingke across various media platforms to enhance public awareness of respiratory health [1][4]. Group 1: Company Overview - Yiling Pharmaceutical has adhered to the corporate mission of "inheritance and innovation for the benefit of humanity" for over 30 years, focusing on a market-leading and technology-driven innovation development strategy [4]. - The company has established a comprehensive operational model integrating theory, clinical practice, new drug development, industry, and education, forming a development cluster from medicine to pharmaceuticals to health [4]. Group 2: Product Highlights - Lianhua Qingwen, developed under the guidance of traditional Chinese medicine's network disease theory, is recognized for its broad-spectrum antiviral properties, effectively alleviating symptoms of colds and flu [4]. - The product has been included in national treatment guidelines for infectious public health events 36 times, gaining widespread recognition for its efficacy and safety [4]. - Lianhua Qingke is another innovative traditional Chinese medicine that alleviates cough and phlegm symptoms associated with respiratory diseases, demonstrating triple efficacy in clearing the lungs, phlegm, and cough [6]. Group 3: Market Recognition - The Lianhua brand has received multiple industry awards and is recognized by both medical professionals and consumers, being named a preferred cold medicine in various rankings [8]. - The brand's strong presence in the Spring Festival communication matrix signifies an elevation in its influence and credibility, reflecting the company's commitment to upgrading respiratory health services and contributing to the construction of a healthy China [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.2 to 1.3 billion yuan in 2025, marking a turnaround from losses, with a similar range for the net profit excluding non-recurring items [3] - The company has made significant improvements in profitability, with a notable focus on cost management and efficiency enhancement [3] - The company has a diverse portfolio of proprietary traditional Chinese medicine products, with 17 patents covering 8 major clinical disease systems [4] - The company is progressing well in its research and development of traditional Chinese medicine, with several new drug applications accepted for review [4] - The company has successfully launched a new chemical drug, the Anilofin injection, which provides a new treatment option for postoperative pain [5] Financial Performance Summary - The company forecasts revenues of 8.03 billion yuan in 2025, 9.11 billion yuan in 2026, and 10.5 billion yuan in 2027, representing year-on-year growth rates of 23.3%, 13.4%, and 15.3% respectively [6] - The net profit attributable to the parent company is projected to be 1.228 billion yuan in 2025, 1.428 billion yuan in 2026, and 1.65 billion yuan in 2027, with a year-on-year growth of 16.2% and 15.5% [6] - The gross margin is expected to improve from 50.2% in 2024 to 52.9% in 2027 [6] - The company’s return on equity (ROE) is projected to recover from -7.1% in 2024 to 11.4% in 2027 [6] Research and Development Progress - The company has a clear development strategy with multiple innovative drug candidates in clinical stages, including treatments for acute myeloid leukemia and ischemic stroke [5] - The company is focusing on expanding its product offerings in respiratory, endocrine, digestive, gynecological, and pediatric diseases [4]

Investment Rating - The report maintains a positive investment rating for the pharmaceutical sector [6] Core Insights - The pharmaceutical sector experienced a week-on-week decline of 0.68%, underperforming compared to the ChiNext and CSI 300 indices, ranking 17th among all industries [2][36] - The report emphasizes the importance of innovation, international expansion, and overcoming challenges as key themes for investment in 2026, with a focus on BD 2.0, small nucleic acids, and supply chain opportunities [3][4] - The upcoming adjustment of the National Essential Drug List is seen as critical, aiming to address clinical needs that have evolved since the last update in 2018, particularly in pediatrics, oncology, and rare diseases [5][14] Summary by Sections National Essential Drug List Adjustment Analysis - The current drug list has not been updated since 2018, leading to a disconnect with clinical needs, necessitating a systematic adjustment [14] - The adjustment will focus on filling gaps in disease coverage, particularly in pediatrics, oncology, and rare diseases, while also solidifying the integration of collective procurement and national negotiation outcomes [18][19] - The report identifies potential beneficiaries in traditional Chinese medicine, particularly in areas with previously weak coverage [28] JP Morgan Conference Overview - The 44th JP Morgan Health Conference highlighted strategic developments from major global pharmaceutical companies, showcasing their core pipeline advancements and key clinical milestones for 2026 [33] - Companies like Pfizer, Merck, and Eli Lilly presented their focus on innovative treatments and upcoming clinical trials, indicating a robust pipeline for future growth [34][35] Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance in early 2026 has shown a 7.08% increase, outperforming both the CSI 300 and ChiNext indices [36] - The report notes a shift in market sentiment, with certain innovative sectors like AI healthcare and medical robotics showing strong performance, while traditional sectors faced adjustments [2][3]

Group 1 - The Second China Respiratory Health Conference was held in Guangzhou, gathering over 1,200 experts and scholars in the field of respiratory diseases for academic exchanges [2] - Yiling Pharmaceutical showcased its innovative drug research results in the respiratory field and was granted membership in the "Traditional Chinese Medicine Respiratory Health Development Community" [2][9] - The conference marked the official launch of the "Traditional Chinese Medicine Respiratory Health Development Community" for 2026 [4] Group 2 - Academicians Zhang Boli and Zhong Nanshan visited Yiling Pharmaceutical's booth, where the company presented key respiratory products such as Lianhua Qingwen Capsules and Lianhua Qingke Tablets [3][6] - Lianhua Qingwen Capsules, an innovative drug for treating colds and influenza, has been included in the traditional Chinese medicine prevention and treatment plans in provinces like Shandong and Sichuan [3] - Yiling Pharmaceutical has established a unique development model based on the theory of network diseases, integrating theory, clinical practice, new drug development, industry, and education [6] Group 3 - The company is focusing on evidence-based medicine to validate the efficacy of traditional Chinese medicine, with over 120 SCI papers published on Lianhua Qingwen since its launch [6] - Yiling Pharmaceutical has built a comprehensive industrial capability, achieving standardized control from raw material planting to drug production and market circulation [6] - The company aims to actively participate in the community's initiatives, integrating internal and external resources for collaborative research and academic promotion in the respiratory health field [9][7]

Core Viewpoint - The Second China Respiratory Health Conference highlighted advancements in respiratory disease prevention and treatment, showcasing innovative drug research by Yiling Pharmaceutical and its new membership in the Traditional Chinese Medicine Respiratory Health Development Community [1][11]. Group 1: Conference Highlights - The conference gathered over 1,200 experts in the respiratory field, including renowned academicians such as Zhong Nanshan and Zhang Boli, to engage in academic exchanges on respiratory disease prevention [1]. - The 2026 Traditional Chinese Medicine Respiratory Health Development Community was officially launched during the conference [3]. Group 2: Yiling Pharmaceutical's Innovations - Yiling Pharmaceutical presented key respiratory products, including Lianhua Qingwen Capsules, Lianhua Qingke Tablets, and Qifang Bitong Tablets, which received significant attention from expert teams [4]. - Lianhua Qingwen Capsules are recognized as an innovative drug for treating colds and influenza, currently included in the traditional Chinese medicine prevention plans of several provinces [4]. - Qifang Bitong Tablets are noted as the first national Class 1 innovative traditional Chinese medicine specifically for treating persistent allergic rhinitis, and have been registered in Macau [4]. Group 3: Research and Development Strategy - Yiling Pharmaceutical has established a unique development model based on the theory of network diseases, integrating theory, clinical practice, new drug development, industry, and education to drive high-quality development [6]. - The company has conducted extensive research on Lianhua Qingwen, resulting in over 120 published SCI papers and inclusion in more than 30 national clinical guidelines [6]. - Yiling Pharmaceutical is focused on building industrial capabilities, ensuring standardized control from raw material cultivation to product distribution, and has set up multiple supply bases across the country [6]. Group 4: Collaborative Efforts - The Traditional Chinese Medicine Respiratory Health Development Community aims to strengthen connections between leading pharmaceutical companies and high-level expert resources, addressing unmet clinical needs and enhancing drug research and application [9]. - Yiling Pharmaceutical's membership in the community will facilitate deep collaboration in evidence-based research and academic promotion, contributing to the development of new productive forces in the respiratory health sector [11].

Core Viewpoint - Yiling Pharmaceutical's subsidiary, Beijing Yiling, has successfully negotiated for its exclusive product, Qifang Nasal Tablets, to be included in the National Medical Insurance Directory (2025 edition) for the first time [1] Group 1: Company Developments - Yiling Pharmaceutical has a total of 12 exclusive products included in the National Medical Insurance Directory (2025 edition), which includes Qifang Nasal Tablets and other products such as Tongxinluo Tablets (Capsules), Ginseng and Pine Nut Heart Nourishing Capsules, and Lianhua Qingwen Tablets (Capsules, Granules) [1] - The inclusion of these products in the medical insurance directory is expected to enhance their market accessibility and potentially increase sales [1] Group 2: Industry Impact - The addition of Yiling Pharmaceutical's products to the National Medical Insurance Directory reflects a broader trend in the industry towards integrating traditional Chinese medicine into the national healthcare system [1] - This move may encourage other companies in the industry to seek similar negotiations for their products, potentially leading to increased competition and innovation within the sector [1]

Core Viewpoint - The demand for flu medications has surged in various regions of China, leading to a rebound in the traditional Chinese medicine (TCM) sector, with the TCM ETF (560080) showing significant trading activity and a total scale of 2.59 billion yuan as of November 26 [1][3]. Group 1: Market Demand and Performance - The flu season has officially begun in China, with monitoring data indicating that the peak typically occurs in mid to late December and early January [3]. - Orders for cold and flu medications on Meituan have more than doubled since November, with traditional Chinese medicine becoming a preferred choice for families due to its mild side effects [3]. - The TCM ETF (560080) has seen mixed performance among its constituent stocks, with notable gains from companies like Guangdong Wanyanqing and Tai Long Pharmaceutical, while others like Yiling Pharmaceutical and Baiyun Mountain experienced slight declines [3]. Group 2: Valuation and Historical Performance - As of November 26, the TCM ETF (560080) has a TTM price-to-earnings (P/E) ratio of 25.1, indicating it is cheaper than 77% of the time over the past decade, suggesting a favorable valuation for potential investment [5]. - The TCM index has shown negative returns year-to-date, with a decline of 2.23% in 2023 and a drop of 8.13% in 2024, indicating a challenging market environment [7]. Group 3: Future Outlook and Industry Trends - The TCM industry is expected to benefit from improved cash flow and stable profit growth, with a potential recovery in gross margins due to falling prices of raw materials [10][12]. - The upcoming release of the revised National Essential Medicines List is anticipated to positively impact companies with strong sales capabilities, such as Yiling Pharmaceutical and Jichuan Pharmaceutical, which are expected to see accelerated growth [13][14]. - Historical data suggests that inclusion in the essential medicines list can significantly boost sales for companies, as evidenced by past performance of products that entered the list [12].

Core Viewpoint - Yiling Pharmaceutical's Lianhua Qingke Pian has been awarded as a top brand for household medicines (cough relief and phlegm removal) at the "2024-2025 Annual Household Medicine Top Brand" award ceremony, highlighting its effectiveness in treating respiratory diseases and improving quality of life [1][2] Group 1: Product Efficacy - Lianhua Qingke Pian is guided by traditional Chinese medicine theory and has multiple functions including clearing the lungs, resolving phlegm, and relieving cough, making it widely applicable for various respiratory diseases such as colds, flu, pneumonia, and acute exacerbations of chronic obstructive pulmonary disease [1] - Clinical studies have confirmed that Lianhua Qingke Pian has significant antiviral and antibacterial effects, effectively controlling airway inflammation, reducing cough frequency, shortening cough duration, and improving cough resolution rates [1] - The product also reduces phlegm production, lowers phlegm viscosity, promotes phlegm expulsion, protects airway mucosa, alleviates airway spasms, and improves airway resistance, thereby reducing recurrent airway inflammation and lung damage [1] Group 2: Clinical Research and Recognition - A randomized, double-blind, placebo-controlled, multi-center study involving 480 patients demonstrated that Lianhua Qingke Pian has a rapid cough relief and phlegm resolution effect, with a total clinical efficacy rate of 92.39% and no adverse reactions reported during the study [2] - Due to its proven clinical efficacy and scientific support, Lianhua Qingke Pian has been included over 50 times in national and provincial guidelines, consensus, and treatment plans for respiratory infections, indicating its recognized role in treating cough and phlegm symptoms [2] - The "Household Medicine Top Brand" event has been held for nine years, serving as a trusted reference for families in China, enhancing health management and guiding rational medication use [2]

Core Viewpoint - Yiling Pharmaceutical reported a strong performance in the first half of 2025, with significant growth in revenue and net profit, showcasing resilience in a competitive market environment [2][4]. Financial Performance - The company achieved operating revenue of 4.04 billion yuan, with a net profit attributable to shareholders of 668.54 million yuan, reflecting a year-on-year increase of 26.03% [3]. - The net profit growth was accompanied by a 27.08% increase in non-recurring net profit, reaching 641.36 million yuan [3]. - Earnings per share (EPS) rose to 0.4002 yuan, marking a 26.05% increase compared to the previous year [3]. Cash Flow and Financial Health - Operating cash flow significantly improved, reaching 832.04 million yuan, a remarkable increase of 214.97% year-on-year [4]. - The accounts receivable turnover days decreased from 100.68 days to 58.48 days, indicating enhanced collection efficiency and reduced receivable risk [4]. - The company's debt-to-asset ratio decreased from 32.38% to 21.81%, and the current ratio improved from 1.49 to 2.05, reflecting a stronger financial structure [5]. Business Growth and Product Development - Revenue from patented products reached 3.13 billion yuan, with a 53.2% year-on-year growth in second-line patented products, indicating a robust product pipeline [7]. - The company increased its R&D investment to 399 million yuan, representing 9.87% of revenue, continuing to lead the industry in innovation [8]. Innovation Pipeline - Yiling Pharmaceutical has several innovative drugs in various stages of development, including three 1.1 class traditional Chinese medicine (TCM) drugs that have been submitted for new drug application and five TCM drugs in phase II clinical trials [11]. - The company has maintained a strong pace in drug approvals, with five new TCM drugs approved in the last five years, positioning itself favorably in the global pharmaceutical landscape [11].