Core Viewpoint - The establishment of a wholly-owned subsidiary in Shenzhen by the company is aimed at enhancing its packaging business layout and aligns with its overall development strategy and operational needs [1][2] Group 1: Company Strategy - The subsidiary, Shenzhen Jihong Packaging Co., Ltd., will have a registered capital of HKD 60 million to 80 million [1] - The main business scope includes printing of packaging and decorative printing products, production of food paper packaging and container products, and manufacturing of paper and cardboard containers [1] - The subsidiary will also engage in research and design for packaging production bases, focusing on material research, packaging design, process innovation, and technical support [2] Group 2: Operational Efficiency - The establishment of the Shenzhen subsidiary is expected to centralize management of R&D resources and improve efficiency in resource allocation [2] - It aims to shorten decision-making processes and enhance the conversion efficiency of R&D outcomes, positively impacting the expansion of the company's packaging business [2]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - The market performance of the traditional Chinese medicine (TCM) sector has shown a modest increase of 2.89%, which is the smallest among the pharmaceutical sub-sectors due to a lack of short-term catalysts and market style shifts [4][5] - The TCM sector's price-to-earnings (PE) ratio (ttm) is 27.39X, reflecting a 0.76X increase from the previous week, while the price-to-book (PB) ratio (lf) stands at 2.3X, up 0.06X [6] - The national health conference held in January 2026 indicates a positive outlook for the penetration rate of TCM services, suggesting a comprehensive development approach for TCM in various healthcare aspects [8] Summary by Sections Market Performance - The TCM sector's performance is lagging behind other pharmaceutical sub-sectors, with a 12-month relative return of -24% compared to the CSI 300 index [4] - The TCM sector's index closed at 6414.65 points, with a weekly increase of 2.89% [21] Valuation - The TCM sector's PE ratio (ttm) is at 27.39X, with a maximum of 30.26X and a minimum of 24.72X over the past year [6] - The PB ratio (lf) is 2.3X, with a maximum of 2.52X and a minimum of 2.17X in the same period [6] Industry Trends - The TCM material market has seen a slight decline in price index due to reduced market traffic, with a total index of 227.06 points, down 0.6% week-on-week [7] - The national health conference emphasizes the ongoing development of TCM services, which is expected to enhance its integration into the healthcare system [8] Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform [9] - Specific investment targets include companies with strong R&D capabilities and unique products, as well as those less affected by centralized procurement [11]

Group 1 - The core consumer demand during the Spring Festival is shifting from "face consumption" to "value consumption," with health becoming the primary consideration for 58% of consumers when selecting gifts [1][2] - There is a significant increase in health-related concerns among consumers, with 74% expressing health anxiety during the Spring Festival, driven by unhealthy eating and irregular schedules [2] - Functional products that meet precise health needs are rapidly penetrating the market, with plant-based beverages gaining popularity due to their natural attributes and health benefits [2][3] Group 2 - Yiling Health's product matrix effectively addresses both dining and gifting needs during the festival, particularly targeting consumers with specific health concerns such as blood sugar management [3] - The Tianliwang beverage, recognized for its health benefits and traditional Chinese medicine principles, has become a highlight for health-conscious consumers during the Spring Festival [3][4] - Yiling Health's integration of traditional Chinese medicine with modern technology has established a strong brand trust, supported by scientific validation and certifications [4]

Group 1 - The company’s subsidiary, Hengtai Wanyang Pharmaceutical, received approval for the chemical raw material drug Dapagliflozin, indicating compliance with national drug registration requirements [1] - Dapagliflozin is a selective SGLT-2 inhibitor used for treating type 2 diabetes by promoting glucose excretion [2] - China has over 118 million diabetes patients, accounting for 22% of the global burden, with the diabetes medication market projected to reach 52.7 billion yuan in 2024, where Dapagliflozin holds a 12.83% market share [3] Group 2 - The market for Dapagliflozin is expected to grow to 7.38 billion yuan in 2025, with a sales volume of 1.78 billion tablets, reflecting a year-on-year growth of 35% and 38% respectively [3] - Dapagliflozin has been included in the national centralized procurement directory, with a price reduction of over 90%, benefiting more patients [3] - The company plans to leverage this domestic approval to accelerate international registration and sales of Dapagliflozin, targeting markets in Europe and the US [3] Group 3 - The company’s subsidiary, Yiling Wanzhou International Pharmaceutical, received approval for the drug Valaciclovir, enhancing the company’s product pipeline [7] - Valaciclovir is an antiviral drug used for treating herpes zoster and simplex virus infections, with a market share of 3.17% in the antiviral drug market projected to reach 4.5 billion yuan in 2025 [9][10] - The increasing incidence of herpes zoster, especially among the aging population, is expected to drive demand for Valaciclovir [10] Group 4 - The company has submitted a clinical trial application for a new traditional Chinese medicine, Qilong Dingchuan Tablets, which has been accepted by the National Medical Products Administration [13] - The proposed indications for Qilong Dingchuan Tablets include treating chronic obstructive pulmonary disease with symptoms such as shortness of breath and cough [16]

Core Insights - Yiling Pharmaceutical has made significant progress in three therapeutic areas: antiviral, diabetes treatment, and respiratory diseases, reflecting its strategic expansion from traditional Chinese medicine to chemical drugs and innovative Chinese medicine [1][2] - The approval of the drug Acyclovir is expected to meet substantial market demand, with the antiviral drug market in China projected to reach 15.15 billion yuan in 2024, and Acyclovir products holding a 3.17% market share [1][2] - The diabetes medication Dapagliflozin is anticipated to grow significantly, with a market size of 52.7 billion yuan in 2024 and a projected 35% increase in market capacity by 2025 [2] - The clinical trial application for the traditional Chinese medicine Qilong Dingchuan Tablet has been accepted, targeting chronic obstructive pulmonary disease, which has a large patient population and unmet treatment needs [2] Group 1: Antiviral Drug Development - Yiling Pharmaceutical's Acyclovir is primarily used for treating herpes zoster and simplex virus infections, with a broad market demand as it is included in the National Basic Medical Insurance Drug List [1] - The market for antiviral drugs in China is expected to reach 15.15 billion yuan in 2024, with Acyclovir's market share projected to grow to 450 million yuan by 2025 [1][2] Group 2: Diabetes Treatment Expansion - Dapagliflozin is expected to capture a 12.83% market share in the diabetes medication market, with a projected market size of 7.38 billion yuan in 2025, reflecting a 35% year-on-year growth [2] - The drug has advantages in renal protection and cardiovascular benefits, and Yiling Pharmaceutical plans to accelerate its international registration and sales following domestic approval [2] Group 3: Traditional Chinese Medicine Innovation - The clinical trial application for Qilong Dingchuan Tablet has been accepted, targeting chronic obstructive pulmonary disease, which has a significant patient population and high unmet treatment needs [2] - The drug development process will proceed if no negative feedback is received within 60 days of acceptance [2] Group 4: Strategic Positioning and Risk Mitigation - The complementary product matrix formed by Acyclovir, Dapagliflozin, and Qilong Dingchuan Tablet enhances Yiling Pharmaceutical's resilience against policy and market competition risks [3] - The company's diversified pipeline and full industry chain layout are seen as effective strategies to mitigate risks in a tightening regulatory environment [3]

Core Viewpoint - Yiling Pharmaceutical has received approval from the National Medical Products Administration for the marketing authorization of its product, Valaciclovir Hydrochloride Tablets, through its wholly-owned subsidiary, Yiling Wanzhou International Pharmaceutical [1] Group 1 - Yiling Pharmaceutical's wholly-owned subsidiary, Yiling Wanzhou International Pharmaceutical, submitted a marketing authorization application for Valaciclovir Hydrochloride Tablets [1] - The approval from the National Medical Products Administration includes the issuance of a drug registration certificate [1]

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Core Viewpoint - Yiling Pharmaceutical's wholly-owned subsidiary, Yiling Wanzhou, has obtained the registration certificate for Acyclovir Hydrochloride Tablets (0.5g), allowing it to sell in the domestic market [1]. Group 1: Approval Status - The product has been classified as a Class 4 chemical drug and is now qualified for domestic market sales [1]. Group 2: Product Information - Indications include treatment for shingles, herpes simplex virus infections, and prevention of recurrence [3]. - The product is included in the National Medical Insurance Directory as a Class B variety [3]. - The domestic market size for Acyclovir is expected to reach 450 million yuan by 2025, with a sales volume of 130 million tablets, capturing 3.17% of the antiviral drug market [3]. Group 3: Additional Information - The product is a dual-filing variety in both China and the U.S., having received FDA approval in March 2020 [2]. - The company notes that this product will not have a significant impact on current performance and emphasizes the need to monitor market policies and competitive risks [2].

Core Viewpoint - Yiling Pharmaceutical (002603.SZ) announced that its wholly-owned subsidiary, Hengtai Wanyang Pharmaceutical Co., Ltd., received approval from the National Medical Products Administration for the marketing application of Dapagliflozin, a sodium-glucose co-transporter 2 (SGLT-2) inhibitor used for treating type 2 diabetes [1]. Group 1 - Yiling Pharmaceutical's subsidiary, Hengtai Wanyang, has successfully obtained a marketing approval for Dapagliflozin [1]. - Dapagliflozin is characterized as a highly selective and reversible SGLT-2 inhibitor that blocks glucose reabsorption in the renal proximal tubule, promoting urinary glucose excretion to lower blood sugar levels [1].

Group 1 - The core point of the article is that Yiling Pharmaceutical (002603.SZ) has received the Acceptance Notification from the National Medical Products Administration for its drug Qilong Dingchuan Tablets, which is intended for the treatment of chronic obstructive pulmonary disease (COPD) [1] Group 2 - The proposed indications for Qilong Dingchuan Tablets include invigorating qi, promoting blood circulation, resolving phlegm, stopping cough, and relieving asthma [1] - The drug is specifically aimed at patients with stable COPD characterized by symptoms such as shortness of breath, cough, and fatigue, among others [1]