Research Express | Zoli Pharmaceutical Receives Investigation from 10 Institutions Including Hengtiancheng Fund; Consumer-side Strategy Upgraded and Deepened; Sales in Non-Procurement Regions Account for One-Third

On March 23, Zhejiang Zoli Pharmaceutical Co., Ltd. (hereinafter referred to as “Zoli Pharmaceutical”) received an institutional research activity in the company meeting room. Ten institutions including Hengtiancheng Fund, Hude Wantong, Beidou Star Investment, Wuzhou Capital, Lichang Asset, Hairun Investment, Liyuan Sheng Investment, Yude Capital, Bangzheng Asset Management, Mingze Investment, and others participated in this on-site inspection and research. Ms. Wu Ying, the company’s board secretary, was responsible for hosting the guests and provided detailed answers to questions of concern to investors.

Basic Information on Investor Activities

Interpretation of Key Research Takeaways

C-end Strategy Upgrade: Take Multiple Measures to Enhance Brand Influence and Lay Out a Sleep Health Ecosystem

Regarding the question of “improving the influence of products among C-end customers,” Zoli Pharmaceutical stated that at the beginning of 2026, the company held a new brand launch event for Wuling, proposing a dual-channel coordinated development strategy of “cultivating in hospitals and expanding out of hospitals,” and released Wuling’s “super symbol” brand. This marks that the company’s “all the way to C” strategy has entered a new brand-driven stage. In expanding the C-end market, the company has already launched a 108-count big-pack product for course-based oral administration, strengthening strategic cooperation with leading chain pharmacy stores. At the same time, it is actively deploying e-commerce and O2O instant retail channels. In addition, during this year’s World Sleep Day, the company jointly organized the 2026 first Wuling Sleep King Challenge with multiple parties, and drove the construction of the “Mogan Mountain China Sleep Landmark” through activities such as factory traceability, sleep science popularization lectures, and immersive experiences in Mogan Mountain, integrating the company’s development with local health industries to build a sleep health ecosystem. In the future, the company will continue to deepen the “all the way to C” strategy, focusing on the sleep health sector.

Convertible Bond Issuance: Accepted by the SZSE; in the First Round of Inquiry

Regarding the progress of the convertible bond issuance, Zoli Pharmaceutical disclosed that the company’s issuance of convertible corporate bonds to unspecified parties has been accepted by the Shenzhen Stock Exchange, and is currently in the first round of inquiry stage.

R&D Investment: Focus on Core Products and the Healthy Living Sector to Build a Product Matrix

On the direction of R&D investment, the company said its R&D mainly focuses on key development areas and technological advantages, with core focus on five directions: first, innovative traditional Chinese medicine R&D in the Wuling series, aiming to establish a layout of “a batch of projects initiated, a batch of clinical trials, and a batch of上市 (listed/marketed)” products, striving to build 10 product “families”; second, second-phase development of Wuling capsules and research on the already listed Wuling series products, to provide data support for expanding clinical applications; third, development of new formulations and clinical indication expansion and real-world evidence research for Ju Ka Bo non-calcium tablets; fourth,备案 (filing) of new varieties of traditional Chinese medicine formula granules and process optimization; fifth, deep exploration of the health value of Wuling bacteria and R&D of “Wuling+” healthy living products.

Wuling Capsules in Non-Centralized Procurement Regions: 6 Provinces Not Included; Sales Share About One-Third

Regarding the price and sales situation of Wuling capsules in regions not covered by centralized procurement, Zoli Pharmaceutical pointed out that, as of now, six provinces including Shanghai, Zhejiang, Shandong, and Hubei have not included Wuling capsules in centralized procurement. Whether each province will include them in the future and the timing of implementation will be subject to official notices. In non-centralized procurement regions, retail prices are higher than in centralized procurement regions, and their sales account for about one-third of total sales.

Hospital-Side Market Space: Significant Room for Coverage Expansion; Leverage the Advantages of National Essential Medicines and Centralized Procurement

Regarding hospital-side coverage, the company said that the total number of all types of medical institutions nationwide exceeds one million. Against the backdrop of the country deepening the development of tight county-level medical communities, the company’s products still have substantial market space on the hospital side, thanks to the advantages of being national essential medicines and being selected in centralized procurement. The potential to increase overall hospital coverage is significant.

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