证券代码：300181 证券简称：佐力药业 编号：2024-013 投资者关系活动记录表 投资者关系活动□特定对象调研 □分析师会议 类别 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 ☑现场参观 ☑其他 （电话会议、线上会议） 2024 年 7 月 30 日：中银证券；前海开源基金；国海资管；趣 参与单位名称及 时资产；招商证券；易米基金；蜂巢基金；北京志开投资；致 人员姓名（排名 顺投资；恒生前海基金；天弘基金；平安资管；长安基金；中 不分先后） 邮理财；弘尚资产；平安资管；正心谷；平安基金；汇百川基 金；鹏扬基金；元亨王道；睿郡资产；申万宏源；诺安基金； 安信基金；China Alpha Fund；LyGH 立格资本；华夏久盈； 中天国富证券；Samsung Asset（HK）；国华兴益资产；泓德 基金；中信证券；正圆投资；北京人寿；颐和久富；中信保诚； 茂典资产；乾行资管；德邦基金；嘉实基金；浪石投资；南华 基金；运舟资本；玖鹏投资；中意资产；九泰基金；博裕资本； 华宝基金；上海景领投资；勤远投资；中信建投；中航信托； 华富基金；混沌投资；东海基金；相聚资本；金恩投资；循远 资产；锐智资本；天猊 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index within the next six months [9]. Core Insights - The company achieved significant growth in H1 2024, with operating revenue reaching 1.428 billion yuan, a year-on-year increase of 41.21%, and net profit attributable to shareholders of 296 million yuan, up 49.78% year-on-year [2][4]. - The growth in revenue is primarily driven by the strong performance of the company's core products, particularly the Wuling series, which generated 836 million yuan in revenue, reflecting a year-on-year growth of 29.15% [2][4]. - The company has effectively controlled costs, resulting in a net profit margin of 20.73% in H1 2024, an increase of 1.19 percentage points year-on-year [2][4]. Financial Performance - In H1 2024, the company reported a gross profit margin of 62.62%, an increase of 6.69 percentage points year-on-year, while total expenses as a percentage of revenue decreased by 7.72% [2][4]. - The company's return on equity (ROE) improved to 10.95%, up 3.50 percentage points year-on-year, indicating enhanced profitability and shareholder returns [4]. - The report forecasts revenue growth for 2024-2026, estimating revenues of 2.466 billion yuan, 3.024 billion yuan, and 3.653 billion yuan, with year-on-year growth rates of 27%, 23%, and 21% respectively [4]. Product Performance - The Wuling series continues to perform well, with the Wuling capsules and Lingze tablets being included in the national essential drug list, contributing to their strong sales [2][4]. - The company has expanded its market presence through strategic participation in regional procurement alliances, enhancing its product coverage and sales efficiency [2][4]. - The traditional Chinese medicine segment also showed robust growth, with revenue from Chinese herbal pieces reaching 389 million yuan, a year-on-year increase of 57.11% [2][4]. Future Outlook - The company is expected to maintain its growth trajectory, supported by ongoing efforts to enhance hospital coverage and expand into outpatient markets [4]. - The report anticipates continued strong performance from core products, with a focus on mental health treatments, indicating a positive outlook for the company's future growth [4].

关于回购股份事项前十名股东和前十名无限售条 证券代码：300181 证券简称：佐力药业 公告编号：2024-058 浙江佐力药业股份有限公司 | 序号 | 股东名称 | 持有数量（股） | 占公司无限售 条件流通股比 | | --- | --- | --- | --- | | | | | 例（%） | | 1 | 俞有强 | 32,472,616 | 5.40 | | 2 | 王可方 | 21,276,200 | 3.53 | | 3 | 彭涛 | 13,436,996 | 2.23 | | 4 | 中国建设银行股份有限公司－富国精准医 | 12,864,600 | 2.14 | | | 疗灵活配置混合型证券投资基金 | | | | | 富国基金－中国人寿保险股份有限公司－ | | | | 5 | 传统险－富国基金国寿股份成长股票传统 | 9,544,300 | 1.59 | | | 可供出售单一资产管理计划 | | | | 6 | 全国社保基金四零三组合 | 8,858,450 | 1.47 | | 7 | 中国工商银行股份有限公司－中欧医疗健 | 7,692,243 | 1.28 | | | 康混合型证券 ...

证券代码：300181 证券简称：佐力药业 公告编号：2024-057 浙江佐力药业股份有限公司 回购报告书 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。 重要内容提示： 1、浙江佐力药业股份有限公司（以下简称"公司"）拟使用自有资金以集 中竞价交易方式回购公司部分人民币普通股（A 股）股份，用于后期实施股权激 励计划。在综合考虑公司财务状况、经营状况以及未来盈利能力的情况下，本次 回购的资金总额不低于人民20,000万元（含）且不超过人民币30,000万元（含）， 回购股份价格不超过人民币 20 元/股（含），回购股份的实施期限自董事会审议 通过本次回购股份方案之日起 6 个月内。在回购股份价格不超过 20 元/股的条件 下，预计回购股份数量约为 1,000 万股至 1,500 万股，约占公司已发行总股本的 比例为 1.43%至 2.14%，具体回购股份的数量以回购期限届满或回购实施完成时 实际回购的股份数量为准。 2、本次回购股份方案已经公司第八届董事会第二次会议和第八届监事会第 二次会议审议通过，根据相关法律法规规定，无需提交股东大会审议。 3、公司已 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][11]. Core Insights - The company has demonstrated significant growth in its core products, with a notable increase in sales revenue for the first half of 2024, reaching 1.428 billion yuan, a year-on-year growth of 41.21% [11]. - The company's net profit attributable to shareholders for the same period was 296 million yuan, reflecting a year-on-year increase of 49.78% [11]. - The report highlights the successful market expansion of the company's core products, particularly the Wuling series, which saw sales revenue of 836 million yuan, a 29.15% increase year-on-year [6][11]. Financial Performance Summary - For the first half of 2024, the company reported a revenue of 1.428 billion yuan, with a year-on-year growth rate of 41.21% [11]. - The net profit attributable to shareholders for the same period was 296 million yuan, marking a 49.78% increase compared to the previous year [11]. - The company’s sales expenses ratio has been decreasing, indicating improved operational efficiency, with Q2 sales expenses ratio at 31.47%, down from 41.09% in the same quarter last year [11]. Product Development and Market Strategy - The company is leveraging its core products' inclusion in the National Essential Medicines List to enhance market penetration [6]. - The Wuling series and the newly approved Bailing capsules are expected to drive future growth, with the latter anticipated to create a second growth curve for the company [7]. - The company’s participation in centralized procurement initiatives is expected to enhance its competitive position in the market [12]. Earnings Forecast and Valuation - The report revises the earnings forecast for the company, projecting net profits of 550 million yuan for 2024, 656 million yuan for 2025, and 751 million yuan for 2026, with corresponding year-on-year growth rates of 43.7%, 19.3%, and 14.4% respectively [7][14]. - The price-to-earnings (PE) ratios for the forecasted years are set at 18x for 2024, 15x for 2025, and 13x for 2026 [7].

这个共识是需要达到比如说中国医学会认可吗?还是这个是一个什么情况?我感觉从外方角度来说,为什么有这么多共识?主持人——实际上,自然共识跟各个学会平台也有关系。我们比如说中华医学会,它是一个平台。 中国医师协会是个平台中西医学协会是一个平台然后各种平台的专家都可以去编撰指南共识针对某个疾病领域的然后乌林为什么特别多呢实际上我们的69个指南共识大概来自于7到8个科室有神经科的有精神科的有心肺科的有消化科的 每个科室他的疾病 躯体的疾病都会发生心理的问题所以这个就叫心生同志 心生的疾病我们看到很多的伤医的事件实际上跟患者的心理的因素也有关系所以医生在看病的时候不应该只看患者的躯体疾病更要关注患者的心理的因素所以 新生同志这个理念新生疾病整个的关注度越来越提升所以各个临床科室他在办就是写他的指南共识某个疾病的时候都会关注到患者的心理问题如果在患者的心理问题方面他要写忠诚药的话那乌林肯定是首选要推荐的 好 那个谢谢王总那个李健那个看那个友商有什么相关问题好 那下面有请那个华安证券的老师先跟您提问好的 请问听得到吗可以好嘞好嘞感谢王总感谢总经理的各位领导我们是华安证券医药组织的生医治理康信然后跟我们一起还有我们的首席团伙 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][34]. Core Views - The report highlights strong revenue and profit growth, particularly from the Wuling series, which is experiencing rapid expansion [5][28]. - The company is focused on a strategic goal of "one body and two wings," enhancing coverage in hospitals and the lower-tier market while strengthening OTC and internet development [6][15]. - The report anticipates continued growth for the Wuling and Bailing product series, supported by optimized sales expenses due to centralized procurement [14]. Financial Performance Summary - In H1 2024, the company achieved revenue of 1.428 billion yuan (up 41.21% year-on-year) and a net profit of 296 million yuan (up 49.78%) [14]. - The revenue for Q2 2024 was 755 million yuan (up 46.45%), with a net profit of 154 million yuan (up 53.32%) [14]. - The gross margin for H1 2024 was 62.62%, a decrease of 6.69 percentage points year-on-year, primarily due to an increase in low-margin business [14]. - The company expects net profits for 2024-2026 to be 559 million, 690 million, and 844 million yuan respectively, with corresponding EPS of 0.80, 0.98, and 1.20 yuan per share [14]. Product Performance - In H1 2024, the Wuling series generated revenue of 836 million yuan (up 29.15%), while the Bailing series saw revenue of 82 million yuan (down 16.59%) [29]. - The Chinese herbal medicine segment reported revenue of 389 million yuan (up 57.11%), and the Chinese medicine formula granules achieved revenue of 47 million yuan (up 256.73%) [29]. - The gross margins for the Wuling series and Chinese herbal medicine products remained stable at 86.77% and 21.34% respectively [29].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next six months [16]. Core Insights - The performance of medicinal slices exceeded expectations, with significant sales growth in products like Wuling capsules and Lingze tablets, showing year-on-year increases of 28.86% and 30.84% respectively. The sales revenue for traditional Chinese medicine slices increased by 57.11% year-on-year in the first half of 2024, reaching 389 million yuan [1]. - The company plans to repurchase shares, demonstrating confidence in its development. The repurchase price will not exceed 20 yuan per share, accounting for 1.43% to 2.14% of the total share capital, which is expected to enhance employee motivation through a long-term incentive mechanism [2]. Financial Performance Summary - In the first half of 2024, the company reported total revenue of 1.428 billion yuan, a 41% increase year-on-year, with a net profit attributable to shareholders of 296 million yuan, up 49.8% [7]. - The operating cash flow for the first half of 2024 was 215 million yuan, reflecting a 75% increase year-on-year, indicating strong operational efficiency [8]. - The company’s net profit margin improved to 20.45%, with a decrease in sales expense ratio to 34.19%, attributed to cost reductions following centralized procurement [8]. Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted upwards to 5.8 billion, 7.1 billion, and 8.6 billion yuan respectively, with corresponding PE ratios of 17, 14, and 12 [16].

曹佳琳，医药分析师，中山大学岭南学院数量经济学硕士，2 年医药生物行业研究经历，曾任职于方正证券， 2023 年加入信达证券，负责医疗器械设备、体外诊断、ICL 等领域的研究工作。 证券市场是一个风险无时不在的市场。投资者在进行证券交易时存在赢利的可能，也存在亏损的风险。建议投资者应当充分深入 地了解证券市场蕴含的各项风险并谨慎行事。 ➢ 风险因素：产品销售不及预期，医院开拓进展不及预期，市场竞争加剧， 新品销售不及预期，产品研发不及预期。 在任何情况下，本报告中的信息或所表述的意见并不构成对任何人的投资建议，也没有考虑到客户特殊的投资目标、财务状况或 需求。客户应考虑本报告中的任何意见或建议是否符合其特定状况，若有必要应寻求专家意见。本报告所载的资料、工具、意见 及推测仅供参考，并非作为或被视为出售或购买证券或其他投资标的的邀请或向人做出邀请。 1500 万股，占公司总股本的比例为 1.43%至 2.14%。我们认为，实施 股权激励有助于激发员工积极性，公司在此节点回购股份也彰显公司对 未来经营前景的信心。 | --- | --- | --- | --- | --- | --- | --- | --- | ...

佐力药业 沪深300 总市值（百万元) 9910.60 [Table_Title] 佐力药业（300181）2024年中报点评 公 司 研 究 / 医 药 生 物/ 证 券 研 究 报 告 [Table_ 基本数据Basedata ] 52 周最高/最低（元） 17.28/8.36 52 周最高/最低（PB） 4.32/2.26 打造国内大型药用真菌制药领域的领 头雁 2024 年 07 月 30 日 核心产品持续强劲增长。2024 年上半年，公司实现营业收入 14.28 亿元，同比+41.21%；归母净利润 2.96 亿元，同比+49.78%；扣非归 母净利润 2.92 亿元，同比+50.78%。公司基于核心产品进入国家基药 目录的优势，持续加强市场拓展，乌灵系列销售收入同比增长 29.15%，其中乌灵胶囊销售收入同比+28.86%；灵泽片销售收入同比 +30.84%；二季度中药净制饮片在医院互联网端销售大幅增加，中药 饮片系列销售收入同比+57.11%；中药配方颗粒随着备案品种增加， 销售收入同比+256.73%；佐力医药公司实现销售 6518.53 万元。 主打产品展现明显优势。近年来，公司核心产品乌灵 ...