以岭药业 20251123 摘要 以岭药业构建了专利中药、化生药、健康产业三大协同发展的产业格局， 创始人吴以岭院士及其家族控制公司超 54%股权，股权集中度高，形成 协同发展的产业链。 心脑血管产品线（通心络、参松养心、芪苈强心胶囊）覆盖缺血性心脑 血管病、心律失常、心力衰竭，循证医学证实疗效，市场份额持续提升， 参松养心胶囊和通心络胶囊保持市场前列。 呼吸系统产品线（连花清瘟、连花清咳、奇方鼻通片），连花清瘟疫情 期间贡献显著收入，预计 2025 年流感病例增加将带动需求回暖；连花 清咳转为 OTC 品种，奇方鼻通片有望带来增量。 二线品种（八子补肾胶囊、解郁除烦胶囊、益肾养心安神片等）在抗衰 老、抑郁症、失眠等领域具有潜力，通过零售、电商渠道推广有望实现 破圈效应。 公司 1.1 类创新中药通洛明目胶囊获批上市并纳入医保，用于糖尿病视 网膜病变治疗，《中国糖尿病防治指南 2024 版》推荐使用，有望惠及 更多患者。 Q&A 请介绍一下以岭药业的基本情况及其主要业务布局。 以岭药业成立于 1992 年，专注于专利创新中药的研发、生产和销售。截至 2025 年中报，公司拥有 17 个专利中药，覆盖 8 大临 ...

通过这一可量化的研究模型，以岭药业得出核心结论：复方中药的价值不在于是否包含某个古方，而在 于如何通过科学配伍，使古方精髓重新耦合成一个更高效的整体。 张宏斌表示，这类研究正是以岭药业试图打开"黑匣子"的关键实践，"用现代科学语言解释中药原理， 让中药疗效看得见、摸得着、可验证，才能让资本青睐中药创新。" 张宏斌以以岭药业旗下知名产品连花清瘟的研究为例，详细阐述了数字化技术在中药复方验证中的应 用。他介绍，连花清瘟在络病理论指导下，融合了汉代张仲景《伤寒论》中的麻杏石甘汤、清代《温病 条辨》中的银翘散，以及明代疫病防治常用的大黄三方精华。为验证这种"1+1+1"的复方效果究竟是小 于3、等于3还是大于3，以岭药业开展了专项研究，相关成果已发表于国际药理学杂志。 据介绍，该研究首先完成了连花清瘟211种化学物质成分的全面鉴定，随后将其拆分为"去除麻杏石甘 汤""去除银翘散""去除大黄"三个组，建立抗病毒、抗菌、清热、肠道菌群等多维度药效学评价模型进 行交叉验证。 "研究数据清晰显示，麻杏石甘汤、银翘散、大黄在连花清瘟中存在明确的协同作用。"张宏斌强调，麻 杏石甘汤可促进银翘散有效组分的吸收，大黄能进一步促进前两 ...

Core Viewpoint - The "Lianhua Accompanying, Health Protection Plan" initiated by Yiling Health aims to provide respiratory health protection support in schools during the flu season, reflecting the company's commitment to public health and education [1][6]. Group 1: Donation Actions - The donation initiative has been implemented in multiple schools, including Tianjin Normal University and Shijiazhuang No. 40 Middle School, providing targeted protective products and health support for students and staff [3][6]. - The plan will continue to expand its reach in Shijiazhuang and other universities in Tianjin, addressing the protective needs in densely populated school environments [3][6]. Group 2: Product Details - The donated products include Lianhua throat antibacterial spray and Lianhua sugar-free refreshing candy, designed to alleviate throat discomfort and enhance flu protection [4]. - Additional products such as Lianhua foam antibacterial hand wash and no-rinse antibacterial gel are provided to meet hygiene needs in public areas [4]. - The Lianhua refreshing plant beverage, containing various herbal ingredients, is included to promote respiratory comfort during dry winter conditions [4]. Group 3: Impact and Social Responsibility - The initiative is seen as a timely response to the pressure schools face during the flu season, enhancing their confidence and capability to manage flu outbreaks [6]. - Yiling Health emphasizes the importance of raising awareness about respiratory health and aims to create a safe and healthy campus environment through this donation [6]. - The "Lianhua Accompanying, Health Protection Plan" will continue to adapt its product offerings based on the needs of schools in Shijiazhuang and Tianjin, ensuring effective support for students and staff during the flu season [6].

Core Viewpoint - The trend of "de-redundancy" and "professionalization" in family medicine cabinets reflects a shift towards rational health management, emphasizing "precise medication" over "blind stockpiling" of drugs, driven by improved accessibility to medical resources and services [1][2][3] Group 1: Evolution of Family Medicine Cabinets - The transition from stockpiling medications to precise management is exemplified by individuals like Ms. Li, who now only keeps essential medications, indicating a growing trust in public healthcare systems [2][3] - The rise of community pharmacists and family doctors has shifted the focus from self-service to professional guidance, enhancing personalized health management and efficient use of limited medical resources [2][3] Group 2: Challenges in Medication Management - Elderly patients often face medication management challenges, such as mixing prescription drugs with health supplements, leading to potential health risks due to drug interactions [4][5] - Misunderstandings about medication instructions and the belief that "more is better" can lead to non-compliance and adverse health outcomes among elderly patients [4][5] Group 3: Community Pharmacy Services - The emergence of community pharmacy services has made medication management more accessible, allowing for personalized consultations and medication tracking for elderly patients [7][8] - Community pharmacies play a crucial role in reducing the economic burden of medication costs through insurance policies that cover a significant portion of chronic disease medications [7][11] Group 4: Insurance Policies and Accessibility - Current insurance policies provide substantial coverage for chronic disease medications, significantly alleviating the financial burden on elderly patients [11][12] - However, there are still gaps in awareness and understanding of these policies among elderly patients, which can hinder their access to necessary medications [11][12] Group 5: Future Directions - The potential development of "smart medicine cabinets" linked to health management systems could enhance medication adherence and health monitoring for families [12] - A comprehensive approach that combines professional guidance, policy benefits, and family support is essential to address the medication challenges faced by the elderly population [12]

Core Viewpoint - Yiling Pharmaceutical is focusing on internationalization through innovation, brand development, and expanding its influence in traditional Chinese medicine (TCM) globally [2][5]. Group 1: Internationalization Efforts - Yiling Pharmaceutical aims to enhance the international brand influence of TCM by promoting the theory of "Luo Disease" abroad, establishing over 130 professional committees in various countries [2]. - The company has developed a new academic discipline in TCM, creating textbooks and courses in over 40 higher education institutions domestically [2]. - Yiling has received significant recognition for its innovative contributions to TCM, including six national major scientific achievement awards [2]. Group 2: Product Development and Market Expansion - The company is committed to technological innovation, having successfully developed and launched 15 innovative TCM products that address major clinical treatment gaps [2]. - Yiling's products are included in over 200 clinical diagnosis and treatment guidelines, indicating their acceptance in the medical community [2]. - The approval of "Methylphenidate Hydrochloride" for market sale is expected to enrich the company's product line, particularly in treating moderate to severe Alzheimer's disease, aligning with the growing market demand due to aging populations [5]. Group 3: Financial and Trading Information - On November 12, Yiling Pharmaceutical's stock closed at 20.01 yuan, down 2.25%, with a trading volume of 668,600 shares and a turnover of 1.345 billion yuan [1]. - The net inflow of main funds was 23.33 million yuan, indicating increased short-term interest in the stock [3][4].

Core Viewpoint - Yiling Pharmaceutical (002603) has stated that its product has not yet conducted clinical trials targeting the virus related to Chikungunya fever [1] Group 1 - Yiling Pharmaceutical responded on November 12 regarding the effectiveness of Lianhua Qingwen in alleviating Chikungunya fever symptoms [1]

Group 1 - Yiling Pharmaceutical's Q3 report shows a 17% year-on-year growth in cardiovascular products, with revenue from the respiratory product Lianhua Qingwen expected to reach 2 billion yuan for the year, and Lianhua Qinkang projected to exceed 100 million yuan by 2025. Mental health products saw an 80% year-on-year revenue increase, with a target of over 100 million yuan for Baziren Kidney Capsule by 2025 [1] - Kanghong Pharmaceutical reported a traditional Chinese medicine revenue of 1.138 billion yuan for the first three quarters, a 9% year-on-year increase. The ophthalmology pipeline KH902-210 has completed Phase 2 enrollment for DME, and the oncology pipeline KH617 shows significant efficacy in treating gliomas [1] Group 2 - CITIC Securities notes that the average gross margin for the traditional Chinese medicine industry in the first three quarters of 2025 is 54.8%, a decrease of 0.3 percentage points year-on-year, primarily due to changes in product revenue structure and centralized procurement disruptions. However, the sales expense ratio decreased by 0.7 percentage points to 29.1%, indicating effective cost control, while the R&D expense ratio increased to 4.0%, contributing to a 0.4 percentage point increase in net profit margin to 12.9%, showing a trend of recovery in profitability [2] - Industrial fundamentals in the traditional Chinese medicine sector are expected to marginally recover, with OTC channel inventory clearance nearing completion. The combination of a declining base and alleviated cost pressures may lead to a recovery in gross margins. Potential policy changes in the hospital sector should be monitored, and the sector is characterized by good cash flow and high dividend rates, suggesting opportunities in state-owned enterprise valuation recovery and structural opportunities from essential drug directory adjustments [2]

Core Viewpoint - Yiling Pharmaceutical (002603.SZ) has demonstrated strong performance in Q3 2025, with revenue of 1.827 billion yuan, a year-on-year increase of 3.78%, and a significant growth in net profit, indicating robust business fundamentals and potential for future growth [3][4]. Business Foundation - The company has a solid foundation in traditional Chinese medicine, with 17 patented products, 11 of which are included in the national medical insurance directory, ensuring stable growth [4][5]. - Key products such as Tongxinluo Capsule and Qiyuqiangxin Capsule have maintained top positions in the cardiovascular market, supported by clinical guidelines [5]. Growth Potential - The biopharmaceutical segment is advancing with a strategy that includes both generic and innovative drug development, leading to a second growth phase [6][7]. - The health segment targets specific consumer needs, tapping into a trillion-level health consumption market, which provides new growth opportunities [6][7]. R&D Investment - Yiling Pharmaceutical invested 544 million yuan in R&D in the first three quarters of 2025, leading the domestic traditional Chinese medicine sector, with cumulative R&D investment exceeding 5 billion yuan from 2019 to 2024 [6][7]. - The company has established a robust pipeline with multiple products in various stages of development, ensuring sustainable growth [7][8]. International Expansion - The company has expanded its international presence, with products like Tongxinluo Capsule and Qiyuqiangxin Capsule entering over 50 countries, enhancing its global market reach [10][11]. Shareholder Returns - The company has shown commitment to shareholder returns, with earnings per share reaching 0.5988 yuan, a year-on-year increase of 80.31%, and a dividend payout of 5.01 billion yuan, representing 77% of the profit [11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.67 RMB, reflecting a positive outlook based on the company's recovery and growth potential [7][5]. Core Insights - The company has shown significant improvement in its financial performance, with a notable increase in net profit and revenue in the third quarter of 2025, indicating a return to a growth trajectory [1][2]. - The operational efficiency and cash flow have been steadily improving, with net profit margins recovering to levels between 18% and 20% in the second and third quarters of 2025 [2]. - The company is expected to achieve double-digit growth in its cardiovascular and respiratory product lines, driven by improved marketing and seasonal demand [3]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenues of 5.87 billion RMB, a year-over-year decrease of 8%, but a significant increase in net profit by 80% to 1 billion RMB [1]. - The third quarter alone saw revenues of 1.83 billion RMB, with net profit exceeding 330 million RMB, marking over a 1000% increase year-over-year [1]. - The company’s gross margins for the second and third quarters of 2025 were reported at 67.4% and 62.9%, respectively, indicating strong profitability [2]. Product Line and Innovation - The company has a robust pipeline of innovative products, with several traditional Chinese medicine and chemical drug projects progressing through various stages of development [4]. - The cardiovascular segment generated over 3 billion RMB in revenue for the first three quarters of 2025, with expectations for growth in the coming years [3]. - The respiratory product line, particularly the Lianhua Qingwen, is anticipated to see increased sales as seasonal demand rises in the autumn and winter [3].

Investment Rating - The report maintains a "Recommended" rating for Yiling Pharmaceutical (002603) with a target price of 19.5 CNY [2][8]. Core Insights - The company's profit significantly improved in Q2 2025, with a 51.2% year-on-year increase in net profit, attributed to optimizing revenue structure and reducing low-margin businesses [2][8]. - The first half of 2025 saw total revenue of 4.04 billion CNY, a decrease of 12.3% year-on-year, while net profit reached 670 million CNY, up 26.0% year-on-year [2][8]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Total revenue is projected to grow from 6.51 billion CNY in 2024 to 10.46 billion CNY by 2027, with a year-on-year growth rate of 32.8% in 2025 [4][9]. - Net profit is expected to recover from a loss of 725 million CNY in 2024 to 1.72 billion CNY in 2027, reflecting a growth rate of 279.5% in 2025 [4][9]. - **Earnings Per Share (EPS)**: - EPS is forecasted to improve from -0.43 CNY in 2024 to 1.03 CNY in 2027 [4][9]. - **Valuation Ratios**: - The price-to-earnings (P/E) ratio is expected to decrease from -37 in 2024 to 15 in 2027, while the price-to-book (P/B) ratio is projected to decline from 2.6 to 1.8 over the same period [4][9]. Business Segment Analysis - **Respiratory Products**: - Revenue for respiratory products in the first half of 2025 was 920 million CNY, down 28.3% year-on-year, but with a gross margin of 70.9%, indicating cost optimization [8]. - **Cardiovascular Products**: - Revenue for cardiovascular products was 1.96 billion CNY in the first half of 2025, with a gross margin of 65.5%, showing significant improvement due to reduced raw material costs [8]. Innovation and R&D Progress - The company is advancing its pipeline of traditional Chinese medicine and chemical drugs, with several products entering clinical stages and expected to contribute to future revenue [8]. Investment Recommendation - The report suggests that the core product categories are stabilizing and recovering, with ongoing innovation in traditional Chinese medicine expected to drive long-term growth, thus maintaining the "Recommended" rating [8].