Investment Rating - The report maintains a "Buy" rating for the company, with a target price of —— yuan over the next six months [1]. Core Insights - The company has shown impressive performance due to the benefits from centralized procurement, leading to increased sales volume. The successful launch of the Bailin capsule is also a significant milestone [1]. - For the year 2024, the company achieved total revenue of 2.58 billion yuan, representing a year-on-year growth of 32.8%. The net profit attributable to shareholders was 505 million yuan, up 31.8% year-on-year [7]. - The core product, Wuling capsule, has maintained a strong market position, with revenue growth driven by expansion into new provinces and increased sales volume [7]. Financial Performance Summary - **Revenue Forecast**: - 2023A: 1,942.44 million yuan - 2024E: 2,579.75 million yuan (growth rate: 32.81%) - 2025E: 3,431.07 million yuan (growth rate: 33.00%) - 2026E: 4,597.63 million yuan (growth rate: 34.00%) [2]. - **Net Profit Forecast**: - 2023A: 382.94 million yuan - 2024E: 504.68 million yuan (growth rate: 31.79%) - 2025E: 668.98 million yuan (growth rate: 32.56%) - 2026E: 901.32 million yuan (growth rate: 34.73%) [2]. - **Earnings Per Share (EPS)**: - 2023A: 0.55 yuan - 2024E: 0.72 yuan - 2025E: 0.95 yuan - 2026E: 1.29 yuan [2]. - **Return on Equity (ROE)**: - 2023A: 14.09% - 2024E: 16.68% - 2025E: 19.13% - 2026E: 21.74% [2]. - **Price-to-Earnings (PE) Ratio**: - 2023A: 28 - 2024E: 21 - 2025E: 16 - 2026E: 12 [2]. Product Performance - **Wuling Capsule**: - Revenue for the Wuling series in 2024 reached 1.44 billion yuan, with a year-on-year growth of 17.1%. The sales volume and revenue of Wuling capsules increased by 22.6% and 15.96% respectively [7]. - **Bailin Products**: - The Bailin tablet generated sales revenue of 190 million yuan in 2024, a decrease of 7.2% year-on-year, primarily due to price impacts from centralized procurement [7]. Cost Management - The company has effectively managed its expenses, with a cost ratio of 39.4% in the first three quarters of 2024, a decrease of 0.9 percentage points compared to the mid-year report [7].

Investment Rating - The report maintains a "Buy" rating for Zhaoli Pharmaceutical (300181) with a target price of —— yuan over the next six months [1]. Core Insights - Zhaoli Pharmaceutical's performance is significantly benefiting from the collective procurement strategy, which has led to impressive results. The successful launch of the Bailin capsule is also a key highlight [1][7]. - The company achieved a total revenue of 2.58 billion yuan in 2024, representing a year-on-year growth of 32.8%. The net profit attributable to shareholders was 505 million yuan, up 31.8% year-on-year [7]. - The first quarter of 2025 is projected to see a net profit of 180 to 190 million yuan, indicating a growth of 25.0% to 32.7% year-on-year [7]. Financial Summary - **Revenue Forecast**: - 2023A: 1,942.44 million yuan - 2024E: 2,579.75 million yuan (growth rate: 32.81%) - 2025E: 3,431.07 million yuan (growth rate: 33.00%) - 2026E: 4,597.63 million yuan (growth rate: 34.00%) [2][8] - **Net Profit Forecast**: - 2023A: 382.94 million yuan - 2024E: 504.68 million yuan (growth rate: 31.79%) - 2025E: 668.98 million yuan (growth rate: 32.56%) - 2026E: 901.32 million yuan (growth rate: 34.73%) [2][8] - **Earnings Per Share (EPS)**: - 2023A: 0.55 yuan - 2024E: 0.72 yuan - 2025E: 0.95 yuan - 2026E: 1.29 yuan [2][8] - **Return on Equity (ROE)**: - 2023A: 14.09% - 2024E: 16.68% - 2025E: 19.13% - 2026E: 21.74% [2][8] - **Price-to-Earnings (PE) Ratio**: - 2023A: 28 - 2024E: 21 - 2025E: 16 - 2026E: 12 [2][8] Product Performance - **Wuling Capsule**: - The core product, Wuling Capsule, has seen a revenue of 1.44 billion yuan in 2024, with a year-on-year growth of 17.1%. Sales volume and revenue increased by 22.6% and 15.96% respectively [7]. - **Bailin Products**: - The Bailin tablet generated 190 million yuan in sales, a decrease of 7.2% year-on-year, but the sales volume increased by 15.25%. The Bailin capsule was successfully launched in December 2024, with expectations for market expansion [7]. Cost Management - The company has shown continuous improvement in its expense ratio, which was 39.4% for the first three quarters of 2024, a decrease of 0.9 percentage points from the mid-year report [7].

业绩快报[Table_StockInfo] 2025 年 03 月 14 日 证券研究报告•2024年业绩快报&2025Q1 业绩预告点评 佐力药业（300181）医药生物 目标价：——元（6 个月） 买入 （维持） 当前价：15.41 元 受益于集采以价换量业绩表现亮眼，百令胶囊成功上市 [Table_Summary 事件：公司发布] 2025Q1 业绩预告和 2024年业绩快报，2024 年全年公司实现 营业总收入 25.8亿元，同比增长 32.8%；归属于上市公司股东的净利润 5.05 亿 元，同比增长 31.8%，其中股权激励费用 569.8万元。2025 年第一季度归属于 上市公司股东的净利润为 1.8亿- 1.9亿元，同比增长 25.0%-32.7%，若剔除股 份支付费用影响（约 700万元），归母净利润增速将提升至 29.9%-37.6%，公司 核心业务增长动力强劲。 乌灵胶囊:受益于集采以价放量+小包装换大包装+省份拓展，收入稳健增长。乌 灵胶囊为公司核心产品，近年来该产品在城市公立医院和县级公立医院市场份额 排名均为第一。2024年乌灵系列实现营业收入 14.4亿元，同比增长 17.1%，其 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company achieved a total revenue of 2.58 billion yuan in 2024, representing a year-on-year growth of 32.81%, and a net profit attributable to shareholders of 505 million yuan, up 31.79% year-on-year [1]. - For Q1 2025, the company forecasts a net profit attributable to shareholders between 178 million and 189 million yuan, indicating a growth of 24.99% to 32.71% year-on-year [1]. - The core product, the Wuling series, saw a revenue increase of 17.14% in 2024, with Wuling capsules' sales volume and revenue growing by 22.62% and 15.96% respectively [2]. - The company is focusing on expanding its market share for Bailing tablets, which have been affected by price reductions due to centralized procurement [2]. - The company has successfully increased its market presence in traditional Chinese medicine, with revenues from traditional Chinese medicine pieces growing by 45.82% and from formula granules by 145.34% in 2024 [2]. - The company is expected to achieve revenues of 3.12 billion yuan and 3.77 billion yuan in 2025 and 2026 respectively, with net profits of 659 million yuan and 846 million yuan [3]. Financial Projections - The company’s projected revenues for 2024, 2025, and 2026 are 2.58 billion yuan, 3.12 billion yuan, and 3.77 billion yuan respectively, with growth rates of 32.81%, 20.82%, and 21.02% [13]. - The projected net profits for the same years are 505 million yuan, 659 million yuan, and 846 million yuan, with growth rates of 31.79%, 30.64%, and 28.31% [13]. - The earnings per share (EPS) are expected to be 0.72 yuan, 0.94 yuan, and 1.21 yuan for 2024, 2025, and 2026 respectively [13].

Group 1: Market Strategy and Product Promotion - The company will leverage core products like Wuling Capsules and Bailing Capsules to enhance hospital coverage and penetrate deeper into lower-tier cities and community health service centers [2][3] - The company aims to strengthen its OTC market presence by enhancing brand planning and conducting various promotional activities to improve patient education and product awareness [3][4] - A strategic partnership with Baidu Health has been established to enhance digital marketing and patient education, facilitating better service experiences for patients [5][6] Group 2: Sales Performance and Growth Projections - Bailing Capsules, launched in December 2024, is expected to capitalize on the recent procurement results to expand market presence through self-operated and agency-driven models [4] - Lingze Tablets are projected to see a sales volume and revenue increase of 23.17% and 22.64% respectively in 2024 compared to the previous year [6] - Linglianhua Granules, targeting middle-aged women, has achieved an exposure of 180 million and over 250,000 potential patient interactions since its online launch in July 2024 [6] Group 3: Financial Outlook and Shareholder Returns - The company proposes a cash dividend of RMB 6.00 per 10 shares for 2024, maintaining a high dividend payout rate [7][8] - Estimated stock incentive expenses for 2025 are projected to be around RMB 30 million [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][20]. Core Insights - The company achieved a revenue of 2.58 billion yuan in 2024, representing a year-on-year growth of 32.81%, and a net profit of 505 million yuan, with a growth rate of 31.79% [2][3]. - The company continues to show strong performance in its core products, with all three major products achieving over 15% growth in sales [2]. - The company has a high dividend payout ratio of 98.58%, reflecting management's confidence in future growth [9]. Financial Performance Summary - Revenue projections for 2024-2026 are 25.8 billion yuan, 33.85 billion yuan, and 42.73 billion yuan, with respective year-on-year growth rates of 33%, 31%, and 26% [9]. - Net profit projections for the same period are 5.05 billion yuan, 6.7 billion yuan, and 8.68 billion yuan, with year-on-year growth rates of 32%, 33%, and 30% [9]. - The company’s return on equity (ROE) is expected to increase from 14.1% in 2023 to 22.6% in 2026 [11]. Product Performance Summary - The company’s core product, Wuling Capsule, has a significant market presence, with 6 provinces yet to implement centralized procurement, indicating potential for continued growth [3]. - The sales of the Lingze Tablets and the Bailing Tablets are expected to recover post-2024 due to improved pricing strategies and market conditions [3]. - The Chinese herbal medicine series has seen a substantial revenue increase of 45.82% due to the popularity of Wumei Soup [2]. Market Strategy Summary - The company is focusing on both hospital and online markets, leveraging its core products' status as national essential medicines to enhance market penetration [4]. - A dual-channel strategy is being employed, combining offline pharmacy networks with online platforms to create a comprehensive consumer engagement model [4].

Investment Rating - The report assigns a "Buy" rating for Zuo Li Pharmaceutical (300181) based on its strong growth prospects and market positioning [1]. Core Views - Zuo Li Pharmaceutical is expected to achieve significant revenue growth driven by its core products, including Wu Ling capsules, Ling Ze tablets, and Bai Ling series, alongside new business contributions from traditional Chinese medicine [1][3][4]. - The company anticipates a revenue of 2.58 billion yuan for 2024, representing a year-on-year growth of 32.81%, and a net profit of 505 million yuan, reflecting a growth of 31.79% [1][6]. Summary by Sections Revenue and Profit Forecast - For 2024, the company projects total revenue of 2.58 billion yuan, with a year-on-year growth of 32.81%. The expected net profit is 505 million yuan, up 31.79% year-on-year [1][6]. - In Q1 2025, the forecasted net profit is between 178 million to 189 million yuan, indicating a growth of 24.99% to 32.71% [1]. Product Performance - Wu Ling capsules are expected to leverage their status as a national essential medicine to capture new growth opportunities, targeting a market size of 2 billion yuan [3]. - Ling Ze tablets are also positioned to reach a market size of 1 billion yuan through accelerated promotion in medical institutions [3]. - The Bai Ling series is anticipated to benefit from synergies between Bai Ling capsules and tablets, aiming for a similar market size [4]. New Business Contributions - The traditional Chinese medicine segment, including herbal pieces and formula granules, has shown robust growth, with herbal pieces revenue increasing by 45.82% and formula granules by 145.34% year-on-year [4][5]. - The company’s subsidiary, Zuo Li Medicine, contributed an additional revenue of 158 million yuan [4]. Strategic Initiatives - The company has implemented a stock incentive plan to align employee interests with long-term growth, targeting a net profit growth rate of no less than 30% from 2025 to 2027 [4]. - Zuo Li Pharmaceutical aims to maintain a strategic focus on traditional Chinese medicine while expanding its market share through new product development and enhanced distribution channels [5].

Investment Rating - The report assigns a "Buy" rating for Zuo Li Pharmaceutical (300181) based on its strong growth prospects and market positioning [1]. Core Views - Zuo Li Pharmaceutical is expected to achieve significant revenue growth driven by its core products, including Wu Ling capsules, Ling Ze tablets, and Bai Ling series, alongside new business contributions from traditional Chinese medicine [1][3][4]. - The company anticipates a revenue of 2.58 billion yuan for 2024, representing a year-on-year growth of 32.81%, and a net profit of 505 million yuan, reflecting a growth of 31.79% [1][6]. Summary by Sections Business Performance - Wu Ling capsules are projected to become a major product with a market size of 2 billion yuan, leveraging its status as a national essential medicine and expanding hospital coverage [3]. - Ling Ze tablets are also expected to reach a scale of 1 billion yuan through accelerated promotion in medical institutions [3]. - Bai Ling series products are showing strong sales synergy, with Bai Ling capsules and tablets experiencing a sales volume increase of 15.25% and a sales value decrease of 7.23% due to price reductions from centralized procurement [4]. Financial Forecast - The company forecasts a revenue of 3.06 billion yuan and a net profit of 653 million yuan for 2025, with an EPS of 0.93 yuan [6][7]. - The projected growth rates for net profit from 2025 to 2027 are set at no less than 30%, 66%, and 110%, respectively, indicating a compound annual growth rate of around 30% [4]. New Business Contributions - The revenue from traditional Chinese medicine segments, including herbal pieces and formula granules, is expected to grow significantly, with herbal pieces increasing by 45.82% and formula granules by 145.34% year-on-year [4][5]. - The company has established over 100 cooperative herbal planting bases across the country, enhancing its supply chain and product offerings [5].

一、提议的内容和理由 公司自上市以来，高度重视股东利益，致力于为股东创造长期价值并积极回 馈股东。基于对公司未来发展前景的坚定信心和长期价值的高度认可，在符合《公 司法》《公司章程》等相关规定、保证公司正常经营和长远发展的前提下，俞有 强先生提议： 证券代码：300181 证券简称：佐力药业 公告编号：2025-011 浙江佐力药业股份有限公司 关于收到控股股东、实际控制人、董事长 2024年度利润分配提议函的公告 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"）董事会于 2025 年 3 月 6 日收到公司控股股东、实际控制人、董事长俞有强先生出具的《关于浙江佐力药 业股份有限公司 2024 年度利润分配预案的提议和承诺》，内容主要如下： 1 1、公司董事会收到提议人俞有强先生提交的《关于浙江佐力药业股份有限 公司 2024 年度利润分配预案的提议和承诺》后，召集半数以上董事对本次利润 分配预案进行了讨论，结合相关法律法规及公司实际经营和盈利情况、未来发展 规划和近年来现金分红情况等进行分析，认为该提议具备合法性、 ...

Financial Performance - The estimated net profit attributable to shareholders for Q1 2025 is projected to be between RMB 178 million and RMB 189 million, representing a year-on-year growth of 24.99% to 32.71% compared to RMB 142.42 million in the same period last year[2]. - The estimated net profit after deducting non-recurring gains and losses is expected to be between RMB 177.8 million and RMB 189.8 million, reflecting a growth of 23.79% to 32.14% from RMB 143.63 million in the previous year[2]. - The company anticipates a net profit of RMB 185 million to RMB 196 million after accounting for a reduction of approximately RMB 7 million in net profit due to share-based payment expenses related to the 2024 restricted stock incentive plan[2][5]. - Non-recurring gains and losses are expected to impact net profit by an amount ranging from RMB -800,000 to RMB 200,000[5]. - The financial data in this earnings forecast has not been audited by an accounting firm[3]. - The specific financial data will be detailed in the company's Q1 2025 report[6]. Product Growth - The growth is attributed to the market expansion of three core products: Wuling Capsules, Bailing Tablets, and Lingze Tablets, which are included in the national essential drug list[4]. - The company has seen continuous growth in traditional Chinese medicine formula granules as the number of registered varieties increases year-on-year[4].