2025 年 04 月 30 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 李畅 S0350524010004 lic05@ghzq.com.cn [Table_Title] 核心产品稳定增长，分红率保持在较高水平 ——佐力药业（300181）2024 年报及 2025 年一 季报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/29 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 佐力药业 | -4.5% | 7.8% | 12.7% | | 沪深 300 | -3.6% | -1.1% | 4.2% | | 市场数据 | | | 2025/04/29 | | 当前价格（元） | | | 15.88 | | 周价格区间（元） 52 | | | 11.53-18.50 | | 总市值（百万） | | | 11,138.03 | | 流通市值（百万） | | | 9,574.23 | | 总股本（万股） | | | 70,138.73 | | 流通股本（万股） | | | 60,291.09 | | 日均成交额（ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability is steadily improving, with revenue and profit reaching a new quarterly high [1] - The core products are showing robust growth, and the company's profit margins are being maintained despite price pressures from collective procurement [8] - The company is expected to continue its growth trajectory, particularly in the OTC market, while maintaining a high dividend payout ratio [8] Financial Performance Summary - Total revenue for 2024 is projected at 25.78 billion yuan, a year-on-year increase of 32.71% [8] - Net profit attributable to shareholders for 2024 is expected to be 5.08 billion yuan, also reflecting a 32.60% increase [8] - The earnings per share (EPS) for 2024 is forecasted to be 0.72 yuan, with a price-to-earnings (P/E) ratio of 21.99 [1][9] Product Performance Summary - The revenue from the Wuling series is expected to reach 14.38 billion yuan in 2024, with a year-on-year growth of 17.14% [8] - The Chinese herbal medicine series is projected to generate 6.73 billion yuan in revenue, marking a significant increase of 46.02% [8] - The revenue from Chinese herbal formula granules is anticipated to grow by 143.19%, reaching 1.02 billion yuan [8] Future Projections - The company’s net profit is projected to reach 6.55 billion yuan in 2025 and 8.41 billion yuan in 2026, with corresponding P/E ratios of 17 and 13 [8] - By 2027, the net profit is expected to reach 10.41 billion yuan, with a P/E ratio of 11 [1][9]

Group 1: Company Performance Overview - The company's OTC sales revenue accounts for approximately 10% of total sales, with a strategy focused on expanding the OTC market and enhancing product accessibility and repurchase rates [2] - In Q1 2025, online sales showed significant growth, although the overall online sales proportion remains low [3] - The company aims to develop the Wuling Capsule into a large-scale product with a target of 2 billion in sales, leveraging its presence in 15,000 medical institutions [4] Group 2: Sales Growth and Product Performance - The sales volume of Lingze Tablets increased by 23.17% in 2024, with Q1 2025 sales volume and revenue growing by 22.49% and 23.39% respectively [4] - The Chinese herbal medicine segment saw a 26.39% growth in Q1 2025, with the company operating over 1,000 product specifications and 180 cooperative herbal planting bases [5] - The Chinese herbal formula granules achieved a revenue of 102 million in 2024, with a 50.64% increase in Q1 2025 compared to the previous year [5] Group 3: Financial Management and Challenges - The net cash flow from operating activities significantly decreased in Q1 2025 due to increased period expenses and prepayments for raw materials [8] - Accounts receivable increased due to higher sales revenue and the growth in income from herbal formula granules and commercial circulation [9] - The company is implementing dynamic management of sales expenses, aligning spending with development stages and sales cycles [7]

Core Viewpoint - The company has reported its annual results, highlighting its main business in pharmaceutical research, production, and sales, with a focus on traditional Chinese medicine and innovative drug development [1][2]. Company Overview - The company specializes in the research, production, and sales of pharmaceuticals, with key products including various traditional Chinese medicine formulations and innovative drugs targeting specific health conditions [2][3]. Main Products - **Wuling Capsule**: A unique product and a national class I new drug, primarily used in various medical fields for its cognitive enhancement and anxiety relief properties. It has been included in 80 clinical guidelines and expert consensus documents [2][3]. - **Lingze Tablet**: An innovative drug for benign prostatic hyperplasia, recognized for its unique mechanism of action and included in 12 clinical guidelines [3]. - **Linglianhua Granules**: A product aimed at alleviating menopausal symptoms, now classified as a non-prescription drug and recommended in clinical guidelines [4]. - **Bailing Tablet and Capsule**: Both products are used for respiratory and renal conditions, with significant clinical research supporting their efficacy in chronic obstructive pulmonary disease and chronic kidney disease [4][5]. - **Psyllium Calcium Tablet**: A first generic drug for irritable bowel syndrome, recommended in multiple clinical guidelines for its safety and efficacy in treating constipation [5]. Financial Data and Shareholder Information - The company has undergone a change in its accounting firm, now audited by Zhonghui Accounting Firm, and has proposed a cash dividend of 6.00 yuan per 10 shares [1]. - As of the report date, the company has a total of 14,895,074 shares held in its repurchase account, representing 2.12% of the total share capital [8]. Important Events - The company received a drug registration certificate for Bailing Capsule from the National Medical Products Administration [9]. - The company has adjusted the timeline for several fundraising investment projects, including the construction of an intelligent traditional Chinese medicine production base [10]. - A strategic cooperation framework agreement was signed with Lingyi (Hangzhou) Biotechnology Co., Ltd. to enhance collaboration in the pharmaceutical sector [14].

Core Viewpoint - Zhaoli Pharmaceutical announced a cash dividend plan for the year 2024, proposing a distribution of 6 yuan per 10 shares (including tax), totaling approximately 415 million yuan, which represents 81.82% of the net profit and a dividend yield of 4.23% based on the average trading price for the year [2][3]. Company Summary - Zhaoli Pharmaceutical's revenue for 2024 reached 2.578 billion yuan, marking a year-on-year increase of 32.71%, while net profit was 508 million yuan, also up by 32.60%. The basic earnings per share stood at 0.73 yuan, with a weighted average return on equity of 18.55% [2]. - The company has distributed dividends 14 times since its listing, with the latest proposal being the highest payout per share to date [2][3]. Industry Summary - In the pharmaceutical and biotechnology sector, 223 companies have announced their dividend plans for 2024. WuXi AppTec leads with a total cash distribution of 7.692 billion yuan, followed by Yunnan Baiyao and Heng Rui Medicine with distributions of 2.114 billion yuan and 1.275 billion yuan, respectively [3]. - Zhaoli Pharmaceutical ranks among the top companies in terms of cash distribution, with a payout of 415 million yuan, which is 81.82% of its net profit, placing it favorably within the industry [4].

一、监事会对公司 2024 年度经营管理和业绩的基本评价 2024 年，浙江佐力药业股份有限公司（以下简称"公司"）监事会按照《公 司法》《证券法》《公司章程》和《监事会议事规则》及其他相关法律法规、规 章的要求，从切实维护公司利益和广大股东权益出发，认真履行了监督职责。对 公司经营决策程序、董事会重大决策程序、经营管理活动的合法合规性、财务情 况以及内部控制制度的建立健全等方面进行监督和检查，促进公司规范运行和健 康发展，以维护公司股东、职工及其他利益相关者的合法权益。 2024 年度，监事会所有成员均列席了历次董事会会议和股东大会会议，监 事会全体成员均认为：公司董事会认真履行了股东大会的各项决议，勤勉尽责， 未出现损害公司和股东利益的行为，董事会的各项决议符合《公司法》等法律法 规和《公司章程》的要求。 浙江佐力药业股份有限公司 2024年度监事会工作报告 监事会对任期内公司的生产经营活动进行了有效的监督，认为公司董事会成 员及高级管理人员忠于职守，认真执行了董事会的各项决议，按照公司既定发展 方向，努力推进各项工作，实现了业绩稳健增长的目标。 二、报告期内监事会工作情况 2024 年度监事会共召开了 ...

| 关于本报告 | 01 | | --- | --- | | 董事长致辞 | 02 | | 关于佐力药业 | 03 | | 治理为本 | | | --- | --- | | 夯实基础, | 稳步发"力" | | 公司治理 | 23 | | 投资者关系 | 26 | | 合规风控 | 29 | | 信息安全 | 31 | | 商业道德 | 33 | | 党建引领 | 37 | | 社会贡献 | | | --- | --- | | 促进福祉，公益出"力" | | | 关注员工福祉 | 67 | | 投身社会公益 | 85 | 关于佐力药业 治理为本 夯实基础，稳步发"力" 价值驱动 赋能发展，创新赋"力" 社会贡献 促进福祉，公益出"力" 环境守护 关于本报告 董事长致辞 在公司治理方面，我们严格遵守法律法规，建立了完善的内部控制体系和风险管理机制，确保公司的透明度和合规性。我们 重视投资者关系，通过定期的信息披露和互动，增强了与股东的沟通和信任。同时，我们也注重商业道德和廉洁建设，营造 了一个公平竞争、诚信经营的企业文化。 在环境保护方面，我们积极响应国家绿色发展的号召，通过优化生产工艺、提高能源效率、减少废物 ...

证券代码：300181 证券简称：佐力药业 公告编号：2025-022 浙江佐力药业股份有限公司 关于拟续聘会计师事务所的公告 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。 浙江佐力药业股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开 第八届董事会第五次会议、第八届监事会第五次会议，审议通过了《关于续聘 2025 年度会计师事务所的议案》，拟续聘中汇会计师事务所（特殊普通合伙） （以下简称"中汇会计师事务所"或"中汇"）为公司 2025 年度审计机构，本 议案尚需提交公司 2024 年度股东大会审议。现将有关事项公告如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1、基本信息 中汇会计师事务所，于 2013 年 12 月转制为特殊普通合伙，管理总部设立于 杭州，系原具有证券、期货业务审计资格的会计师事务所之一，长期从事证券服 务业务。 事务所名称：中汇会计师事务所（特殊普通合伙） 成立日期：2013 年 12 月 19 日 组织形式：特殊普通合伙 注册地址：杭州市上城区新业路 8 号华联时代大厦 A 幢 601 室 首席合伙人 ...

证券代码：300181 证券简称：佐力药业 公告编号：2025-026 浙江佐力药业股份有限公司 本次网上业绩说明会将采用网络互动方式举行，投资者可于 2025 年 4 月 30 日前访问网址 http://roadshow.eastmoney.com/luyan/4699854 进行会前提 问，公司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的 问题进行回答。 出席本次 2024 年度网上业绩说明会的人员有：董事长俞有强先生，董事、 总经理汪涛先生，董事、常务副总经理冯国富先生，独立董事朱建先生，副总经 理兼财务总监叶利女士，董事会秘书吴英女士。 欢迎广大投资者积极参与本次网上业绩说明会！ 关于举行 2024 年度网上业绩说明会的公告 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。 浙江佐力药业股份有限公司（以下简称"公司"）（以下简称"公司"）已 于 2025 年 4 月 25 日在巨潮资讯网（http://www.cninfo.com.cn）披露了《2024 年年度报告》及《2024 年年度报告摘要》。 为便于广大投资者更深入全面地了解公司 ...

浙江佐力药业股份有限公司 2024 年度财务决算报告 浙江佐力药业股份有限公司（以下简称"公司"或"佐力药业"）2024 年年 度财务报表已经中汇会计师事务所（特殊普通合伙）审计，并出具中汇会审 [2025]5351 号标准无保留意见的审计报告。现将公司 2024 年财务决算报告如下： 一、2024 年公司主要财务指标 二、2024 年公司财务状况 （一）公司资产构成情况 单位：万元 | 项目 | 2024 年期末 | 2024 年期初 | 增减额 | 增减幅度 | | --- | --- | --- | --- | --- | | 流动资产 | 217,744.55 | 205,646.99 | 12,097.56 | 5.88% | | 非流动资产 | 181,451.03 | 157,056.91 | 24,394.12 | 15.53% | 单位：万元 项目 2024 年 2023 年 本年比上年增减 2022 年 营业收入 257,787.82 194,244.04 32.71% 180,515.54 归属于上市公 司股东的净利 润 50,777.19 38,293.61 32.60% 27,300 ...