来源：环球网 "十五五"规划建议明确提出"发展银发经济"，标志着应对人口老龄化的战略正从被动防御转向主动布 局。在这条具备高度确定性的万亿级赛道上，参与竞逐的市场主体正快速扩容。 据和伊咨询旗下专注健康养老产业的公众号"养老BAR"近期披露，2025年A股市场已有76家非金融类上 市公司深度布局银发经济相关业务。它们以多元化的战略姿态，竞逐这场关乎未来社会结构与经济增长 模式的核心产业盛宴。 最新发布的2025年三季报显示，包括盘龙药业、九州通、科大讯飞等在内的多家企业均展现出亮眼的财 务表现，意味着银发经济正在从概念走向业绩兑现。 具体来看，当前银发经济的参与者主要可分为三大类别：医药健康主力军（如昆药集团、以岭药业 等）、科技赋能者（如万达信息、卫宁健康等）以及跨界入局者（如可靠股份、奥佳华等）。尽管它们 的切入路径与商业打法各异，但都共同指向并验证了同一个核心事实：银发经济并非单一赛道，而是一 个以老年群体需求为核心，能够重构甚至重塑传统产业链的"新经济生态"。 从发展逻辑来看，银发经济的崛起，标志着产业视角的根本转变——从"应对老龄化压力"的社会保障思 维，转向"激活银发需求、创造新增长极"的经济发展 ...

创新中药头部企业以岭药业再有一款新药通过谈判，被纳入国家医保目录。 近日，国家医保局公布了《国家基本医疗保险、生育保险和工商保险药品目录(2025年)》，以岭药业独 家品种芪防鼻通片位列其中，成为新进目录的中成药。 以岭药业董事长吴相君在2025创新药高质量发展大会上发言时指出，治疗过敏性鼻炎的芪防鼻通片获批 纳入医保目录，成为以岭药业第5个通过国家医保谈判的创新中药。这既是对企业创新价值的认可，更 是企业沉甸甸的责任。以岭药业将充分发挥理论创新和研发生产优势，全力做好药品供应保障。 行业人士表示，今年医保调整，体现出医保部门对创新药"真支持创新、支持真创新、支持差异化创 新"的导向。 今年1月，以岭药业发布公告称，芪防鼻通片新药注册申请获正式批准，注册分类为中药1.1类创新药； 7月，芪防鼻通片通过澳门特别行政区政府药物监督管理局注册审批，成为首个在澳门获批注册的创新 中药。 芪防鼻通片治疗过敏性鼻炎(肺脾两虚证)有效性和安全性的多中心、随机、双盲、安慰剂平行对照的Ⅲ 期临床试验结果在国际SCI期刊《民族药理学》杂志刊发。研究显示，芪防鼻通片能显著改善过敏性鼻 炎患者的鼻部症状、眼部症状和全身症状。在鼻部症 ...

Core Viewpoint - Yiling Pharmaceutical has demonstrated strong core profitability indicators in its 2025 mid-term report, with a revenue of 4.04 billion yuan and a net profit of 669 million yuan, reflecting a year-on-year increase of 26.03% [1] Group 1: Financial Performance - The company has proposed a cash dividend of 3 yuan per 10 shares (including tax) as a way to reward shareholders [1] - Yiling's average annual R&D investment over the past three years has remained stable at 900 million yuan, ranking among the top three in the industry [1] - In 2024, R&D expenses are expected to account for 13.94% of revenue, significantly higher than the industry average [1] Group 2: Innovation and R&D - Yiling has maintained a stable innovation rhythm, with 1-2 new Class 1 traditional Chinese medicine (TCM) applications submitted for approval each year [2] - The company has successfully approved five Class 1 new drugs in the past five years, with four entering the medical insurance directory [2] - The recent approval of Qifang Nasal Congestion Tablets is expected to participate in national medical insurance negotiations by the end of the year, laying a foundation for future revenue growth [2] Group 3: International Expansion - Yiling's core theory of "Luo Disease" is transitioning from a "Chinese theory" to a "global topic," with clinical trials published in top international journals [3] - The company has registered and launched over ten TCM products in more than 50 countries and regions, translating international expansion into tangible sales [3] Group 4: Market Valuation - Despite Yiling's dual advantages of being an "innovative drug" and "international expansion" company, the market still values it using traditional TCM PE frameworks, failing to recognize its extensive R&D pipeline [4] - The estimated reasonable market value of Yiling is around 30 billion yuan, indicating a 20%-30% valuation discrepancy compared to current market consensus [4] - The ongoing policy support for TCM innovation and accelerated drug review processes present unprecedented development opportunities for Yiling [4]

Core Viewpoint - Yiling Pharmaceutical has demonstrated significant growth in its core profitability indicators, with a revenue of 4.04 billion yuan and a net profit of 669 million yuan, reflecting a year-on-year increase of 26.03% [1] Group 1: Financial Performance - The company plans to distribute a cash dividend of 3 yuan per 10 shares (tax included) [1] - The average annual R&D investment over the past three years has been 900 million yuan, maintaining a top-three position in the industry [2] - The R&D expense accounted for 13.94% of revenue in 2024, significantly higher than the industry average [2] Group 2: R&D and Innovation - Yiling has a unique rhythm of "launching a batch, applying for a batch, and researching a batch," which is rare among domestic traditional Chinese medicine companies [3] - Over the past five years, Yiling has had five Class 1 new drugs approved, with four included in the medical insurance directory [4] - The company has 9 traditional Chinese medicine and 3 chemical drug projects in clinical stages as of last year [2] Group 3: Market Position and Global Expansion - Yiling's theory of treating diseases is gaining international recognition, with several products published in top medical journals [7] - The company has over 10 traditional Chinese medicine products registered and sold in more than 50 countries and regions [7] Group 4: Valuation Perspective - The current market valuation of Yiling largely relies on traditional Chinese medicine PE frameworks, which do not account for its R&D pipeline [8] - A segmented valuation approach suggests a potential market value of 30 billion yuan, not including the value of ongoing innovative traditional Chinese medicine and health segments [9] - The market consensus may underestimate Yiling's value by 20%-30% [9] Group 5: Regulatory Environment - Recent regulatory changes indicate a favorable environment for innovative traditional Chinese medicine, with accelerated clinical trial approvals [10] - Yiling is positioned as a modern research-driven pharmaceutical company with international vision, moving beyond traditional definitions of a Chinese medicine enterprise [10]

Core Viewpoint - The Chinese pharmaceutical industry is undergoing a significant paradigm shift, with traditional Chinese medicine (TCM) innovation drugs being re-evaluated amidst a global wave of innovative pharmaceuticals, aiming to find their place in evidence-based medicine and modern industry standards [1][12]. Group 1: Scientific Breakthroughs - The National Medical Products Administration (NMPA) defines TCM innovation drugs as new prescription formulations not included in national drug standards, which must meet modern drug development and regulatory requirements [3][4]. - The complexity of TCM components poses challenges in demonstrating their efficacy and safety using modern scientific language, as evidenced by the publication of a study on a TCM product in a top-tier medical journal [4][6]. - Yiling Pharmaceutical has developed 17 patented TCM products, leading in the cardiovascular and respiratory disease treatment sectors [4][5]. Group 2: Industrial Breakthroughs - The ability to establish standards across different regulatory systems globally is crucial for the long-term success of TCM innovation [7]. - Yiling Pharmaceutical's TCM innovation drug has been approved in Macau and has completed registrations in over 50 countries, indicating a successful global strategy [7][8]. - The company has maintained a steady pace of innovation, averaging one new TCM innovation drug approval per year over the past five years, with many products included in national medical insurance directories [8]. Group 3: Value Reassessment - Yiling Pharmaceutical has established 60 standardized cultivation bases across seven major TCM production areas, contributing to rural revitalization and creating numerous job opportunities [9]. - The company actively engages in social responsibility initiatives, including training healthcare professionals and collaborating with local organizations to improve healthcare access [9][11]. - The future of TCM innovation lies in integrating scientific validation with sustainable agricultural practices, aiming for both international recognition and local community support [11][12].

Core Viewpoint - The announcement by the National Medical Products Administration regarding the optimization of clinical trial review and approval for innovative drugs is a significant positive development for the industry, particularly as it reduces the review time from 60 to 30 working days for innovative drug applications, including traditional Chinese medicine (TCM) [1] Group 1: Industry Overview - The recognition of TCM as an essential part of innovative drugs contrasts with the capital market's perception, which has not seen significant growth in TCM companies despite a surge in innovative drug stocks this year [1] - The modernization of TCM is gaining traction, supported by national policies, emphasizing the integration of traditional advantages with modern scientific techniques [3][4] Group 2: Company Profile - Yiling Pharmaceutical - Yiling Pharmaceutical is a leading innovative drug company with a focus on TCM, biopharmaceuticals, and health products, with TCM being the primary revenue and profit contributor [1] - As of the end of 2024, Yiling Pharmaceutical holds 17 patented TCM products covering eight major clinical disease systems, leading in the cardiovascular and respiratory disease treatment sectors [1] Group 3: Financial Performance - In 2024, Yiling Pharmaceutical's revenue from cardiovascular drugs exceeded 3.8 billion, while respiratory drugs accounted for less than 800 million, together representing over 70% of total revenue [9] - The company has experienced a decline in revenue over the past two years, primarily due to a significant drop in demand for its product Lianhua Qingwen post-pandemic [11] Group 4: Research and Development - Yiling Pharmaceutical has consistently ranked among the top in R&D investment within the A-share TCM sector, with annual R&D expenditures of approximately 895 million, 935 million, and 908 million over the past three years, representing 7.15%, 9.06%, and 13.94% of revenue respectively [5] - The company has achieved notable academic breakthroughs, including a landmark study published in a top medical journal demonstrating the efficacy of its product Tongxinluo in reducing cardiovascular events [6] Group 5: Growth Potential - Yiling Pharmaceutical's core competitive advantage lies in its founder's innovative theory on vascular diseases, which has attracted international research interest [12] - The company has five new drugs approved in the past five years, with four included in the medical insurance directory, indicating a strong pipeline for future growth [12] - The current market valuation of Yiling Pharmaceutical is estimated to be around 300 billion, with potential for significant appreciation as the market begins to recognize the value of innovative TCM [16]

Core Viewpoint - The newly released "Guidelines for Percutaneous Coronary Intervention (2025)" recommend the use of Tongxinluo for treating acute coronary syndrome, particularly in patients undergoing interventional treatment, highlighting its efficacy in anti-myocardial ischemia and improving no-reflow and reperfusion injury [1][4]. Group 1: Guidelines Overview - The guidelines were initiated by the Chinese Medical Association's Cardiovascular Disease Branch and the Editorial Committee of the Chinese Journal of Cardiovascular Diseases, with contributions from over 60 cardiovascular experts [3]. - The guidelines provide strict indications and standardized implementation for PCI in China, ensuring patient safety [3]. Group 2: Efficacy of Tongxinluo - Tongxinluo, developed under the theory of collateral disease, has demonstrated significant effects in protecting ischemic tissues, reducing lipid levels, and stabilizing vulnerable plaques [4][5]. - Clinical trials indicate that Tongxinluo can reduce the incidence of no-reflow by 36.6% and lower the 30-day adverse cardiovascular event rate by 36% [5]. Group 3: Efficacy of Qiyuqiangxin - Qiyuqiangxin is recommended for patients with heart failure, particularly those with low blood pressure, as it does not adversely affect blood pressure while improving cardiac function [6]. - Research shows that adding Qiyuqiangxin to standard heart failure treatment can reduce the risk of composite cardiovascular events by 22% [6]. Group 4: Integration of Traditional Chinese Medicine - The guidelines mark a significant breakthrough for Traditional Chinese Medicine (TCM) in coronary intervention, incorporating Tongxinluo and Qiyuqiangxin into treatment recommendations [8]. - Experts emphasize the value of TCM in treating coronary heart disease, showcasing its potential in modern medical practices [8].

Group 1 - The core viewpoint of the news is that Yiling Pharmaceutical has been awarded the "2025 ESG Social Responsibility Practice Leading Enterprise" by Guangdong Times Media Group, highlighting its commitment to ESG principles and social responsibility [1][3] - The "Golden Antelope Award" was established to encourage enterprises and individuals leading in ESG practices, showcasing exemplary cases of sustainable development [3] - Yiling Pharmaceutical has developed 17 innovative patented traditional Chinese medicines, with 11 included in the national medical insurance directory and 5 in the national essential drug list, demonstrating its focus on healthcare and innovation [3] Group 2 - Yiling Pharmaceutical integrates ESG principles into its operations by promoting rural revitalization and farmer prosperity through innovative collaboration models, such as "company + base + farmers" [4] - The company has established over 60 standardized medicinal herb bases across 20 provinces in China, ensuring quality and contributing to local economies and ecological sustainability [4] - These bases not only enhance the quality of medicinal herbs but also promote environmental greening and tourism, achieving a balance between economic growth and ecological preservation [4]

Group 1 - Yiling Pharmaceutical actively responds to national policies and drives the upgrade of the traditional Chinese medicine industry through full industry chain innovation practices, achieving significant results in quality control, technological innovation, and international layout [1][3] - The company adopts a "company + base + farmer" model for the cultivation of medicinal materials, establishing over 60 standardized bases across seven major medicinal material production areas in China, covering more than 700,000 acres and over 40 varieties [1] - Yiling Pharmaceutical's quality control laboratory is equipped with advanced instruments, and has maintained a 100% annual inspection pass rate for its products, demonstrating its commitment to stringent quality standards [1][2] Group 2 - Research and innovation are core driving forces for the company's development, with R&D investment reaching 13.94% in 2024, significantly higher than the industry average [2] - The company has launched 17 patented traditional Chinese medicines, with 11 included in the national medical insurance directory and 5 in the national essential drug list, addressing major diseases such as cardiovascular and respiratory conditions [2] - Yiling Pharmaceutical has established international collaborations with institutions like Leiden University and Cardiff University, publishing over 300 SCI papers and promoting the global dissemination of traditional Chinese medicine culture [2][3] Group 3 - The company's practices span the entire industry chain of traditional Chinese medicine, showcasing a development philosophy of "inheriting the essence and maintaining innovation" [3] - The implementation of national policies is expected to usher in a golden period of high-quality development for the traditional Chinese medicine industry, with Yiling Pharmaceutical's efforts enhancing its competitiveness and driving industry improvement [3][5]