【长江TMT&医药】最新观点汇总0208 1、PCB：板块自去年四季度以来表现偏弱，主要因正交背板方案市场观点分化，部分认为可能会被铜缆/CPO替代 或推迟至28年，而我们了解到目前正交背板当前仍在正常稳步推进中，预计在27年H2步入批量生产阶段，龙头公 司因正交背板分歧导致股价滞涨，性价比凸显，推荐东山精密、胜宏科技、沪电股份。 CoWoP方案（芯片直接封装在PCB上）确定性更强，可降本 【长江TMT&医药】最新观点汇总0208 电子 电子 1、PCB：板块自去年四季度以来表现偏弱，主要因正交背板方案市场观点分化，部分认为可能会被铜缆/CPO替代 或推迟至28年，而我们了解到目前正交背板当前仍在正常稳步推进中，预计在27年H2步入批量生产阶段，龙头公 司因正交背板分歧导致股价滞涨，性价比凸显，推荐东山精密、胜宏科技、沪电股份。 CoWoP方案（芯片直接封装在PCB上）确定性更强，可降本、提效并绕过紧缺的载板产能，PCB单平米价值量或 提升数倍至十倍，有望提前至27年底出产品，28年落地，该方向下推荐关注鹏鼎控股、深南电路、兴森科技。 2、存储：合约价仍处上行周期（现货价波动无碍），模组公司Q1业绩将爆发（江 ...

Summary of Sanli Pharmaceutical Conference Call Company Overview - **Company**: Sanli Pharmaceutical - **Core Products**: Kaohoujian series, particularly the pediatric version with over 80% coverage in secondary hospitals [2][4] Industry Insights - **Market Focus**: The company aims to enhance coverage in grassroots medical institutions, which could significantly boost sales if products are included in the essential drug list [2][4] - **OTC Business Development**: Sanli is focusing on developing its OTC business, segmented into respiratory and elderly care lines to meet market demands [2][6] Financial Projections - **2026 Revenue Forecast**: Expected total revenue of approximately 1.9 to 2 billion CNY, with contributions from: - Respiratory line: 1.2 to 1.3 billion CNY - Supplement line: 400 to 500 million CNY - Other product lines: 100 to 200 million CNY - **2025 Performance Outlook**: Anticipated revenue of 1.6 to 1.7 billion CNY due to low incidence of respiratory diseases and inventory pressure [3][21] Product Pipeline and R&D - **Essential Drug List Candidates**: Four products are potential candidates for the essential drug list, with the pediatric Kaohoujian having the highest probability of inclusion [4][13] - **Innovation Strategy**: The company has shifted focus from classic formulas to innovative traditional Chinese medicine, collaborating with research institutions on multiple projects expected to yield results in six to eight years [11][24] Market Strategy - **Sales Channel Expansion**: Sanli has transitioned from prescription sales to a multi-channel sales approach, including partnerships with top national chains and an emphasis on O2O (online-to-offline) retail strategies [6][18] - **Grassroots Market Potential**: The company aims to increase its market share in grassroots settings, currently at 5% to 8%, with a target of 20% to 30% for successful products [15] Competitive Landscape - **Impact of Drug List Adjustments**: Inclusion in the essential drug list could significantly enhance market penetration and prescription volumes for key products [12][14] - **Response to Price Reductions**: The company does not view price reductions from centralized procurement as detrimental, as it can reduce sales expenses to maintain profit margins [17] Operational Readiness - **Capacity and Distribution**: Preparations for the new essential drug list have been ongoing since 2018, focusing on channel development and distribution team enhancements [16] - **Integration of Acquisitions**: The integration of acquired companies is nearly complete, with a unified sales strategy across the OTC business [22] Challenges and Risks - **Inventory Management**: The company has faced inventory pressures due to low disease incidence, impacting financial performance in 2025 [20] - **Market Competition**: The company acknowledges the competitive landscape in the orthopedic and gynecological sectors, which are not yet significant revenue contributors [7] Conclusion Sanli Pharmaceutical is strategically positioned to enhance its market presence through innovative product development, expansion into grassroots healthcare, and a robust OTC strategy. The potential inclusion of key products in the essential drug list could further drive growth, despite current challenges related to inventory and market competition.

证券日报网讯1月29日，三力制药（603439）在互动平台回答投资者提问时表示，公司高度关注中成药 行业相关监管政策调整，始终严格按照国家药品监管要求开展生产经营及产品研发工作。 ...

证券日报网讯 1月26日，三力制药在互动平台回答投资者提问时表示，公司股价受到宏观经济环境、行 业周期及二级市场波动等多种因素影响。公司始终重视和关注市值，努力提升经营业绩和管理水平，致 力于为股东创造价值。 （文章来源：证券日报） ...

（编辑 丛可心） 证券日报网讯 1月23日，三力制药发布公告称，公司预计2025年年度实现归属于母公司所有者的净利润 为3，600.00万元到5，200.00万元，与上年同期数27，402.78万元相比，将减少22，202.78万元到23， 802.78万元，同比减少81.02%到86.86%。 ...

每经AI快讯，三力制药1月23日晚间发布业绩预告，预计2025年年度实现归属于母公司所有者的净利润 为3600万元~5200万元，与上年同期数约2.74亿元相比，将减少约2.22亿元~2.38亿元，同比减少 81.02%~86.86%。业绩变动主要原因是，经营业绩下滑。受行业周期及市场需求变化影响，中成药行业 增长放缓，在此背景下，公司经营业绩较上年同期出现下滑。商誉减值。公司于2023年收购子公司贵州 汉方药业有限公司控制权时形成商誉约3.35亿元，2025年度因汉方药业产品市场需求放缓和行业竞争加 剧，业绩同比下降较为明显，根据汉方药业当前经营状况及未来预测，公司初步判断其相关商誉存在减 值迹象，基于谨慎性原则，公司2025年度预计计提商誉减值准备约1.3亿元，该事项对公司整体业绩构 成较大影响。具体减值金额将以评估机构及审计机构的最终评估和审计结果为准。 每经头条（nbdtoutiao）——地方国资开始"抄底"法拍房！单价六七千元"扫货"广州南沙区超60套房 源，同小区二手房挂牌均价逾2万元 （记者 曾健辉） ...

格隆汇1月23日丨三力制药(603439.SH)公布，公司预计2025年年度实现归属于母公司所有者的净利润为 3600.00万元到5200.00万元，与上年同期数27,402.78万元相比，将减少22,202.78万元到23,802.78万元， 同比减少81.02%到86.86%。 预计 2025 年年度实现归属于母公司所有者的扣除非经常性损益后的净利润为2300.00万元到3400.00万 元，与上年同期数26,797.12万元相比，将减少23,397.12万元到24,497.12万元，同比减少87.31%到 91.42%。 ...

证券代码：603439 证券简称：三力制药 公告编号：2026-003 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 1.经财务部门初步测算，预计 2025 年年度实现归属于母公司所有者的净利 润为 3,600.00 万元到 5,200.00 万元，与上年同期数 27,402.78 万元相比，将减少 22,202.78 万元到 23,802.78 万元，同比减少 81.02%到 86.86%。 ● 贵州三力制药股份有限公司（以下简称"公司"）预计 2025 年年度实现归 属于母公司所有者的净利润为 3,600.00 万元到 5,200.00 万元，与上年同期数 27,402.78 万元相比，将减少 22,202.78 万元到 23,802.78 万元，同比减少 81.02% 到 86.86%。 贵州三力制药股份有限公司 2025 年年度业绩预减公告 ● 预计 2025 年年度实现归属于母公司所有者的扣除非经常性损益后的净利 润为 2,300.00 万元到 3,400.00 万元，与上年同期数 26,797.12 万元相比，将减少 23,397.12 万元到 24,49 ...

Core Viewpoint - The appointment of Ju Lingke as the new Secretary of the Board at Sanli Pharmaceutical marks a significant transition in the company's governance, as she takes over from Zhang Qianfan, who held multiple roles and is now focusing on strategic and operational aspects of the company [1][9][18]. Group 1: Leadership Transition - Ju Lingke, a 34-year-old with a master's degree, has a clear career trajectory starting from financial institutions and moving to Sanli Pharmaceutical, where she has rapidly advanced from a financial manager to the Secretary of the Board in just over two years [4][6][7]. - Zhang Qianfan, the previous Secretary, had been in the role for nearly 11 years and will continue to serve as a director and vice chairman, indicating a strategic shift to allow him to focus on broader company operations [8][9]. - The company is undergoing a critical self-adjustment phase, and Ju Lingke's role will be pivotal in managing internal operations and external communications [1][18]. Group 2: Company Profile and Performance - Sanli Pharmaceutical specializes in the research, production, and sales of traditional Chinese medicine, with key products including various herbal formulations [20]. - The company's major shareholder, Zhang Hai, holds 40.91% of the shares, indicating a strong control over the company [21]. - Recent financial performance shows a decline, with revenue of 1.038 billion yuan for the first three quarters of 2025, down 28.24% year-on-year, and a net profit of 80.79 million yuan, down 58.39% year-on-year [23]. Group 3: Regulatory and Compliance Issues - Sanli Pharmaceutical has faced regulatory challenges, including a credit rating of "general" dishonesty due to past issues involving kickbacks related to its products [23][24]. - The company has engaged in a significant transaction with Hainan University, acquiring a candidate drug for Alzheimer's disease for 200 million yuan, which is seen as a strategic move into innovative pharmaceuticals [22].

（文章来源：证券日报） 证券日报网讯 1月8日，三力制药发布公告称，公司第四届董事会第二十一次会议审议通过《关于变更 公司董事会秘书的议案》。 ...