1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日 证券代码：002603 证券简称：以岭药业 公告编号：2026-004 石家庄以岭药业股份有限公司 2025 年度业绩预告 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。 一、本期业绩预计情况 1 本次业绩预告是公司财务部门初步测算的结果，具体财务数据以公司披露的 2025 年 年度报告为准。 敬请广大投资者谨慎决策，注意投资风险。 2、预计的业绩：预计净利润为正值且属于扭亏为盈情形 | 项 | 目 | 本报告期（2025 | 年 1-12 | 月） | 上年同期 | | | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | | 盈利：120,000 | 万元—130,000 | 万元 | 亏损：72,451.56 | 万元 | | 扣除非经常性损 益后的净利润 | | 盈利：120,000 | 万元—130,000 | 万元 | 亏损：79,249.97 | 万元 | | 基本每股收益 | | 盈利：0. ...

以岭药业公告，近日，全资子公司以岭万洲国际制药有限公司向国家药品监督管理局药品审评中心申报 的苯胺洛芬注射液的上市许可申请，获得国家药品监督管理局的批准，取得药品注册证书。苯胺洛芬注 射液是以岭万洲首个获批上市的化药专利新药。苯胺洛芬是一种芳基烷酸类非甾体类镇痛抗炎药，在体 内分解为联苯乙酸，联苯乙酸镇痛的作用机制可能与其抑制前列腺素的合成有关。苯胺洛芬注射液主要 用于腹部开放与腹腔镜手术以及胸腔镜手术的术后镇痛。 ...

以岭药业公告称，其全资子公司以岭万洲国际制药申报的苯胺洛芬注射液（商品名：万舒安）上市许可 申请获国家药监局批准，取得药品注册证书。该注射液是化药专利新药，用于术后镇痛。2024年我国手 术人次1.04亿次，同比增8%，其获批为临床术后镇痛提供新选择，将丰富公司化药管线，不过药品产 销易受市场政策等因素影响。 ...

Group 1 - The Chinese medicine sector saw a rise of 0.54% on January 20, with *ST Changyao leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Notable gainers in the Chinese medicine sector included *ST Changyao with a closing price of 0.53, up 20.45%, and ST Xiangxue with a closing price of 9.72, up 7.05% [1] Group 2 - The Chinese medicine sector experienced a net outflow of 23.25 million yuan from major funds, while retail investors saw a net inflow of 20.95 million yuan [2] - The top stocks by net inflow from retail investors included *ST Changyao and ST Xiangxue, with retail inflows of 2.20 million yuan and 4.16 million yuan respectively [3] - Major funds showed a significant net outflow in stocks like Zhongsheng Pharmaceutical and Yiling Pharmaceutical, with net outflows of 10.68 million yuan and 5.57 million yuan respectively [3]

Core Viewpoint - The company expects to achieve a net profit of 331 million to 349 million RMB for the year 2025, representing a year-on-year increase of 79.40% to 89.26% [1] - The net profit attributable to shareholders is projected to be between 273 million and 291 million RMB, reflecting a year-on-year growth of 50.00% to 60.00% [1] Group 1: Revenue and Profit Growth - The company has experienced significant growth in both revenue and profit during the reporting period [1] - The growth is primarily driven by the paper-based fast-moving consumer goods (FMCG) packaging business, benefiting from a recovery in the consumer market and increased packaging demand from downstream clients [1] - The company has established long-term strategic partnerships with leading enterprises in the FMCG sector, which has contributed to its operational efficiency and profitability [1] Group 2: Cross-Border E-commerce Business - The company emphasizes technology-driven approaches and continuously improves its supply chain management system [1] - High levels of digital operational capability have been maintained, which supports substantial revenue and profit growth [1] - The company is also expanding its sales regions and replicating its business model, further enhancing overall performance [1]

Group 1: Economic and Market Overview - The International Monetary Fund (IMF) President Kristalina Georgieva stated that it is too early to assess the economic impact of tensions surrounding Greenland, but these tensions could become a hindrance to economic growth [2] - U.S. stock futures showed a significant decline due to President Trump's threats regarding tariffs and the situation in Greenland, with Dow Jones futures down 0.83%, S&P 500 futures down 0.88%, and Nasdaq 100 futures down 1.09% [3] Group 2: Company News and Financial Projections - China Pacific Insurance (00966) expects a net profit increase of approximately 215% to 225% in 2025, compared to 8.432 billion HKD in the previous year [6] - TCL Electronics (01070) anticipates an adjusted net profit of approximately 2.33 billion to 2.57 billion HKD in 2025, representing a growth of about 45% to 60% [6] - Jihong Co., Ltd. (02603) projects a net profit of approximately 273 million to 291 million CNY in 2025, reflecting a year-on-year growth of 50% to 60% due to the recovery of the packaging business and significant growth in cross-border social e-commerce [6] - Guolian Minsheng (01456) expects a net profit attributable to shareholders of approximately 2.008 billion CNY in 2025, representing a year-on-year increase of around 406% [6] - China Railway (00390) reported a new contract amount of 1,165.98 billion CNY in Q4 2025, with a cumulative new contract amount of 2,750.9 billion CNY for the year, reflecting a year-on-year growth of 1.3% [7] - SF Holding (06936) reported a total revenue of 27.339 billion CNY from its express logistics, supply chain, and international business in December, marking a year-on-year growth of 3.41% [8]

Core Viewpoint - The company expects to achieve a net profit of approximately 331 million to 349 million yuan in 2025, representing a year-on-year growth of 79.40% to 89.26% [1] Financial Performance - The net profit attributable to shareholders is projected to be around 273 million to 291 million yuan, with a year-on-year increase of 50.00% to 60.00% [1] - The net profit after deducting non-recurring gains and losses is estimated to be between 240 million to 258 million yuan, reflecting a year-on-year growth of 49.98% to 61.35% [1] Business Segments - Packaging Business: The recovery of the consumer market has led to a steady increase in packaging demand from downstream clients, benefiting from long-term strategic partnerships with leading companies in the fast-moving consumer goods sector. The company has improved operational and resource utilization efficiency through group management, significantly enhancing profitability [1] - Cross-Border Social E-commerce: The company continues to drive innovation through technology, enhancing its supply chain management system and maintaining high levels of digital operational capability. Additionally, the company is expanding its sales regions and replicating its business model, resulting in substantial growth in revenue and profit, further boosting overall performance [1]

Core Insights - The "2025 Longevity Medicine Top Ten Advances" conference highlighted the inclusion of the patented traditional Chinese medicine Ba Zi Bu Shen capsule, marking a significant breakthrough in anti-aging research and application in traditional Chinese medicine [1][8]. Group 1: Theoretical Innovations - The core achievement recognized is the "Qi-Luo Theory and Jing-Qi-Shen Theory" guiding anti-aging research, which integrates traditional Chinese medicine with modern biological findings on aging [3]. - The research identifies "kidney essence deficiency - vital energy deficiency - spirit and form depletion" as the core pathogenesis of aging, establishing an integrated intervention strategy [3]. Group 2: Fundamental Research Achievements - The research under the Qi-Luo Theory has produced systematic and original results, addressing multiple internationally recognized aging markers, with findings published in reputable journals [4]. - A study published in Biomedicine & Pharmacotherapy demonstrated that Ba Zi Bu Shen capsule significantly improves memory and muscle endurance in naturally aging mice, reversing age-related methylation changes and extending healthy lifespan [4]. Group 3: Mechanisms of Action - Ba Zi Bu Shen capsule has been shown to reduce the accumulation of aging cells in the brain, enhance neurogenesis, and improve cognitive function through various mechanisms [5]. - The capsule promotes muscle health by inhibiting the aging of bone marrow mesenchymal stem cells and enhancing muscle cell differentiation, effectively combating muscle atrophy [5]. - It activates the KEAP1-NRF2 antioxidant pathway to mitigate skin aging and improves vascular health by upregulating longevity protein SIRT3, reducing endothelial cell aging [6]. Group 4: Clinical Efficacy - A large-scale, randomized, double-blind, placebo-controlled clinical study involving 530 participants demonstrated that Ba Zi Bu Shen capsule significantly alleviates core aging symptoms and improves quality of life [7]. - In the elderly subgroup, the capsule showed clear benefits in enhancing physical function, with grip strength increasing by 12% and muscle mass by 8% [7]. Group 5: Strategic Implications - The research aligns with global efforts to address population aging, aiming to extend healthy lifespan and integrating traditional Chinese medicine with modern biological research [8]. - The recognition of this research in the "2025 Longevity Medicine Top Ten Advances" underscores its scientific and translational value, contributing to the national strategy for healthy aging [8].

Investment Rating - The industry maintains a "Overweight" rating, suggesting a positive outlook for investment opportunities in the sector [6]. Core Insights - The Chinese medicine sector experienced a decline of 1% last week, with the overall pharmaceutical and biological index down by 0.68%. The only sub-sector to record positive returns was medical services, which rose by 3.29% [2]. - The price-to-earnings (PE) ratio for the Chinese medicine sector is currently at 27.11X, a decrease of 0.28X week-on-week, while the price-to-book (PB) ratio stands at 2.28X, down by 0.02X. These ratios indicate that the sector is within the 28.25% and 5.37% percentiles since 2013, respectively [3]. - The market for traditional Chinese medicine materials is experiencing reduced traffic, with a downward trend expected throughout 2025 due to supply expansion leading to a mismatch in supply and demand. The overall price index for traditional Chinese medicine materials fell by 29.31 points from the beginning to the end of 2025 [4]. - The adjustment of the essential drug list is anticipated to make significant progress in 2026, enhancing the accessibility of grassroots medications and potentially expanding the market rapidly [5]. Summary by Sections Market Performance - The Chinese medicine sector's index closed at 6350.32 points, reflecting a 1% decline last week. In comparison, the chemical pharmaceuticals and biological products sectors also saw declines of 2.4% and 1.21%, respectively [2][12]. Valuation - The current PE ratio for the Chinese medicine sector is 27.11X, with a year-high of 30.26X and a year-low of 24.72X. The PB ratio is 2.28X, with a maximum of 2.52X and a minimum of 2.17X over the past year [3]. Supply Chain Insights - The market for traditional Chinese medicine materials is currently facing a decrease in traffic, with a price index showing a downward trend. The overall price index for 2025 is expected to reflect a decline due to previous overproduction [4]. Policy Developments - The essential drug list has not been updated since 2018, but significant adjustments are expected in 2026, which may enhance the synergy between the essential drug list and medical insurance policies [5]. Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform. Companies with strong R&D capabilities and unique products are highlighted as potential investment opportunities [6][10].

Core Viewpoint - The company plans to transfer part of its equity in Shenzhen Jiketuo to optimize its subsidiary's equity structure and attract more management talent, aiming to promote long-term business development [1] Group 1: Equity Transfer Details - The company will transfer 40% of its stake in Shenzhen Jiketuo for approximately 2.599 million yuan to its controlling subsidiary, Xi'an Danjun Digital Technology Co., Ltd. [1] - A 20% stake will be transferred to Mr. Wang Yapeng for about 1.2994 million yuan [1] - A 15% stake will be transferred to Mr. Dou Jian for approximately 974,600 yuan [1] - A 10% stake will be transferred to Ms. Li Keying for about 649,700 yuan [1] Group 2: Strategic Implications - The equity transfer aligns with the company's future strategic planning and business development needs [1] - Mr. Wang Yapeng, after stepping down as chairman, will focus on leading the company's cross-border social e-commerce business and will hold multiple managerial roles in subsidiaries [1] - The company aims to drive deep reform and innovation in its cross-border social e-commerce business, leveraging the equity transfer to enhance business scale and performance [1]