石家庄以岭药业股份有限公司 关于化药创新药"G201-Na 胶囊"药物临床试验申请 证券代码：002603 证券简称：以岭药业 公告编号：2024-035 适 应 症：辅助生殖，用于控制性超促排卵治疗的患者，防止提前排卵。 申请事项：境内生产药品注册临床试验 申 请 人：石家庄以岭药业股份有限公司 获得受理的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 石家庄以岭药业股份有限公司（以下简称"公司"）于 2024 年 10 月 17 日收 到国家药品监督管理局核准签发的《受理通知书》，现将相关情况公告如下： 一、临床试验申请主要内容 药物名称：G201-Na 胶囊 受 理 号：CXHL2401101，CXHL2401102 受理日期：2024 年 10 月 17 日 剂 型：胶囊剂 通知书意见：自受理之日起 60 日内，未收到药审中心否定或质疑意见的， 申请人可以按照提交的方案开展临床试验。 二、G201-Na 胶囊相关情况 G201-Na胶囊项目是公司自主研发、具有独立知识产权的1类化学新药。本 品为小分子促性腺激素释放激素（GnRH）受体拮抗剂。可以 ...

Group 1: Company Overview and Market Position - Yiling Pharmaceutical has established a specialized marketing network covering the national market [4] - The company emphasizes the importance of retail channels and has set up a dedicated sales team for retail terminals [5] - The company aims to enhance its market share through a combination of brand, channel, terminal, and consumer marketing strategies [5] Group 2: Financial Performance and Projections - In the first half of 2024, the company's revenue from respiratory products was 1.284 billion, a decline of 58.42% compared to the same period in 2023 [7] - The company's R&D investment in the first half of 2024 was 411 million, accounting for 8.92% of its revenue, which is among the leading levels in the industry [9][10] - The company anticipates a recovery in sales of respiratory products as market demand stabilizes [4] Group 3: Product Development and Innovation - Yiling Pharmaceutical has launched 4 innovative traditional Chinese medicines in the past four years, making it one of the companies with the highest number of approvals [9] - The company currently holds 14 patented new drugs and has a pipeline of over 40 innovative traditional Chinese medicine products under development [3] - The company is actively exploring effective business models for its star product, Ba Zi Bu Shen capsules, which have shown potential in anti-aging [2][5] Group 4: Market Trends and Challenges - The market for cardiovascular drugs has shown a compound annual growth rate (CAGR) of 5.59% from 2015 to 2022, with a market share increase for oral formulations from 34.76% in 2015 to 60.84% in 2023 [6] - Despite a decline in the market size for traditional Chinese medicine injections due to policy impacts, oral formulations have experienced stable growth [6] - The company is addressing challenges related to inventory management and market fluctuations, particularly for its Lianhua Qingwen capsules [4][7] Group 5: Strategic Initiatives - The company is focusing on enhancing its brand through integrated marketing strategies that leverage technological innovation, product quality, and social responsibility [3] - Yiling Pharmaceutical is committed to expanding its international presence and has established over 130 professional committees for vascular disease research globally [10] - The company plans to continue its R&D efforts to develop new drugs and improve its product array, aligning with its long-term strategic goals [9][10]

董事会 证券代码：002603 证券简称：以岭药业 公告编号：2024-034 石家庄以岭药业股份有限公司 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与本 次互动交流，活动时间为 2024 年 10 月 15 日（周二）15:30-17:00。届时公司董事长、 总经理吴相君，董事、董事会秘书吴瑞，董事、财务负责人李晨光将在线就公司业绩、 公司治理、发展战略、经营状况和可持续发展等投资者关心的问题，与投资者进行沟 通与交流，欢迎广大投资者踊跃参与！ 特此公告。 石家庄以岭药业股份有限公司 关于参加 2024 年河北辖区上市公司投资者网上集体接待日 暨 2024 年半年报业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，石家庄以岭药业股份有限公司（以下简称 "公司"）将参加由河北证监局、河北省上市公司协会与深圳市全景网络有限公司联合 举办的"2024 年河北辖区上市公司投资者网上集体接待日暨 2024 ...

关于中药新药"连花御屏颗粒"药物临床试验申请获得 受理的公告 证券代码：002603 证券简称：以岭药业 公告编号：2024-033 石家庄以岭药业股份有限公司 受 理 号：CXZL2400063 受理日期：2024 年 9 月 29 日 剂 型：颗粒剂 申请事项：境内生产药品注册临床试验 申 请 人：北京以岭药业有限公司 通知书意见：自受理之日起 60 日内，未收到药审中心否定或质疑意见的， 申请人可以按照提交的方案开展临床试验。 二、连花御屏颗粒相关情况 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 石家庄以岭药业股份有限公司（以下简称"公司"）全资子公司北京以岭药 业有限公司于 2024 年 9 月 29 日收到国家药品监督管理局核准签发的《受理通知 书》（受理号：CXZL2400063），现将相关情况公告如下： 一、临床试验申请主要内容 药物名称：连花御屏颗粒 公司后续将关注国家药品监督管理局的审评情况，根据审评进度，按照相关 新药临床研究的技术要求准备临床研究的开展。 由于药物研发的特殊性，从临床试验的申请到药物成功获批上市，周期长、 环节多，易受 ...

上 市 公 司 医药生物 公 司 研 究 / 公 司 深 度 2024 年 09 月 25 日 以岭药业 (002603) ——络病理论指引中药创新方向，连花系列重启增长新 动力 报告原因：首次覆盖 证 券 研 究 报 告 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 24 日 | | 收盘价（元） | 15.16 | | 一年内最高/最低（元） | 27.25/14.37 | | 市净率 息率（分红/股价） | 2.2 1.98 | | 流通 A 股市值（百万 | 20,865 | | 元） 上证指数/深证成指 | 2,863.13/8,435.70 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） ...

证券代码：002603 证券简称：以岭药业 公告编号：2024-032 | 以岭医 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 药科技 有限公 | 526,775,963 | 31.53% | —— | —— | —— | —— | —— | —— | —— | | 司 | | | | | | | | | | | 吴相君 | 347,728,119 | 20.81% | 15,000,000 | 4.31% | 0.90% | —— | —— | 260,796,089 | 78.38% | | 吴瑞 | 39,096,008 | 2.34% | 8,460,000 | 21.64% | 0.51% | 5,860,000 | 69.27% | 23,462,006 | 76.58% | | 合计 | 913,600,090 | 54.68% | 23,460,000 | 2.57% | 1.40% | 5,860,000 | 24.98% | 284,258,095 | 31.93% ...

证券代码：002603 证券简称：以岭药业 公告编号：2024-031 石家庄以岭药业股份有限公司 关于实际控制人部分股份质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 石家庄以岭药业股份有限公司（以下简称"公司"）于2024年9月20日接到公 司实际控制人吴相君的通知，获悉吴相君所持有公司的部分股份办理了质押，具 体事项如下： 一、 股东部分股份质押的基本情况 | 股东名 | 是否为控股 股东或第一 | 本次质押数 | 占其所 | 占公司 | 是否为 | 是否为补 | 质押起始 | 质押到期 | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 持股份 | 总股本 | | | | | 质权人 | | | 称 | 大股东及其 | 量（股） | 比例 | 比例 | 限售股 | 充质押 | 日 | 日 | | 用途 | | | 一致行动人 | | | | | | | | | | | | 公司第二大 | | | | | | | | 中信证券 ...

Investment Rating - The report rates Yiling Pharmaceutical (002603.SZ) as a leading company in the traditional Chinese medicine (TCM) sector, ranking second in the "2024 China TCM R&D Strength Ranking TOP50" [1]. Core Insights - Yiling Pharmaceutical is recognized for its unique approach in combining traditional Chinese medicine theories with modern scientific techniques, positioning itself as a leader in TCM modernization and internationalization [2]. - The company has successfully completed high-level clinical studies, such as the randomized, double-blind, international multi-center study on Lianhua Qingwen capsules for treating mild to moderate COVID-19, demonstrating significant efficacy and safety [2]. - Yiling Pharmaceutical has a robust pipeline of innovative products, including the anti-aging Ba Zi Bu Shen capsules, which have shown promising results in extending lifespan in preclinical studies [2]. - The company has invested significantly in R&D, with a cumulative investment of 4 billion yuan from 2019 to 2023, and 4.11 billion yuan in the first half of 2024, representing 8.92% of its revenue, indicating a strong commitment to innovation [4]. - Yiling Pharmaceutical has a diverse portfolio of 14 patented TCM products, with 10 included in the medical insurance directory and 5 in the basic drug directory, showcasing its market presence and product depth [5]. Summary by Sections R&D Strength - Yiling Pharmaceutical has established a strong R&D team led by academicians and high-level experts, focusing on innovative TCM development [3]. - The company has published several evidence-based medicine studies in top international journals, further validating its research capabilities [3]. Product Pipeline - The company has multiple innovative TCM products in development, including the recently launched Tongluo Mingmu capsules and several others awaiting approval, which will enhance its product offerings and future performance [4][5]. - In the chemical drug sector, Yiling Pharmaceutical has also made significant strides, with several first-class innovative drugs entering clinical stages [7]. Market Position - Yiling Pharmaceutical's innovative drug matrix and continuous product development are expected to create substantial growth opportunities, allowing the company to navigate market cycles effectively [9].

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests maintaining attention on the company due to its position as a leader in innovative traditional Chinese medicine [4]. Core Viewpoints - The company reported a revenue of 4.604 billion yuan for the first half of 2024, a year-on-year decrease of 32.19%, and a net profit attributable to shareholders of 530 million yuan, down 66.97% year-on-year [6]. - The sales of respiratory products are under pressure, while the overseas market is accelerating its development, with overseas revenue reaching 150 million yuan, a year-on-year increase of 45.21% [6]. - The company has a rich product pipeline and continues to advance innovative traditional Chinese medicine research, with R&D investment reaching 411 million yuan, accounting for 8.92% of revenue [6]. Summary by Relevant Sections Financial Performance - In H1 2024, the cardiovascular products generated revenue of 2.314 billion yuan, down 7.86% year-on-year, while respiratory products saw revenue of 1.284 billion yuan, down 58.42% year-on-year [6]. - The gross margin for cardiovascular products was 52.77%, a decrease of 7.76 percentage points, and for respiratory products, it was 65.68%, a decrease of 2.54 percentage points [6]. Revenue and Profit Forecast - The company expects revenues of 11.386 billion yuan, 12.541 billion yuan, and 13.717 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 10.35%, 10.14%, and 9.38% [6]. - The net profit attributable to shareholders is projected to be 1.532 billion yuan, 1.758 billion yuan, and 1.988 billion yuan for the same years, with growth rates of 13.26%, 14.79%, and 13.07% [6]. Valuation Metrics - The earnings per share (EPS) are expected to be 0.92 yuan, 1.05 yuan, and 1.19 yuan for 2024, 2025, and 2026, respectively, with a three-year compound annual growth rate (CAGR) of 13.70% [6]. - The price-to-earnings (P/E) ratio is projected to be 16.5, 14.4, and 12.7 for the years 2024, 2025, and 2026, respectively [7].

Investment Rating - Buy (maintained) [2] Core Views - The company's 2024H1 operating performance was under short-term pressure, with revenue of 4.604 billion yuan (down 32.19% YoY) and net profit attributable to shareholders of 530 million yuan (down 66.97% YoY) [3] - The decline in revenue and profit was mainly due to the high base of respiratory products in the same period of 2023 and the decline in market demand caused by high social inventory [3] - The company's new drug research and development is progressing steadily, with 8 products in the pipeline, including 2 in the new drug application stage and 2 in phase III clinical trials [5] - The company's gross profit margin in 2024H1 was 53.37% (down 8.37 percentage points YoY), and the net profit margin was 11.44% (down 12.17 percentage points YoY) [3] - The company's sales expense ratio in 2024H1 was 23.41% (up 0.96 percentage points YoY), and the R&D expense ratio was 8.54% (up 2.61 percentage points YoY) [3] Financial Performance - The company's revenue in 2024H1 was 4.604 billion yuan (down 32.19% YoY), with net profit attributable to shareholders of 530 million yuan (down 66.97% YoY) [3] - The company's revenue in Q2 2024 was 2.082 billion yuan (down 27.10% YoY), with net profit attributable to shareholders of 227 million yuan (down 43.86% YoY) [3] - The company's gross profit margin in 2024H1 was 53.37% (down 8.37 percentage points YoY), and the net profit margin was 11.44% (down 12.17 percentage points YoY) [3] - The company's sales expense ratio in 2024H1 was 23.41% (up 0.96 percentage points YoY), and the R&D expense ratio was 8.54% (up 2.61 percentage points YoY) [3] Product Performance - The company's cardiovascular and cerebrovascular products revenue in 2024H1 was 2.314 billion yuan (down 7.86% YoY), with a gross profit margin of 52.77% (down 7.76 percentage points YoY) [4] - The company's respiratory system products revenue in 2024H1 was 1.284 billion yuan (down 58.42% YoY), with a gross profit margin of 65.68% (down 2.54 percentage points YoY) [4] - The company's other patent products revenue in 2024H1 was 160 million yuan (down 42.02% YoY), with a gross profit margin of 51.51% (down 13.14 percentage points YoY) [4] - The company's other products revenue in 2024H1 was 843 million yuan (down 7.54% YoY), with a gross profit margin of 36.62% (down 5.53 percentage points YoY) [4] R&D Progress - The company has 8 products in the pipeline, including 2 in the new drug application stage and 2 in phase III clinical trials [5] - The company has 4 first-class innovative drug varieties in the clinical stage, including Benanluofen injection for postoperative pain, which has completed clinical trials and has been accepted for NDA [5] Financial Forecast - The company's revenue is expected to be 11.227 billion yuan in 2024, 12.013 billion yuan in 2025, and 13.185 billion yuan in 2026 [6] - The company's net profit attributable to shareholders is expected to be 1.450 billion yuan in 2024, 1.563 billion yuan in 2025, and 1.730 billion yuan in 2026 [6] - The company's EPS is expected to be 0.87 yuan in 2024, 0.94 yuan in 2025, and 1.04 yuan in 2026 [6] - The company's P/E ratio is expected to be 17.5x in 2024, 16.2x in 2025, and 14.6x in 2026 [6]