Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2025 annual report shows performance in line with expectations, with a focus on accelerating innovation and international expansion [1] - Revenue for 2025 is projected at 12,020 million yuan, reflecting a year-on-year growth of 1.76%, while net profit attributable to shareholders is expected to be 2,023 million yuan, a decrease of 1.84% [1] - The company is enhancing its innovation pipeline with multiple new drug submissions and international market strategies, indicating a strong long-term growth potential [1] Financial Summary - Total revenue forecast for 2024A is 11,812 million yuan, with a projected increase to 15,449 million yuan by 2028E, showing a compound annual growth rate [1] - The net profit attributable to shareholders is expected to grow from 2,061 million yuan in 2024A to 2,777 million yuan in 2028E, indicating a positive trend in profitability [1] - The latest diluted EPS is projected to be 2.28 yuan for 2025A, with an expected increase to 3.13 yuan by 2028E [1] - The P/E ratio is forecasted to decrease from 14.95 in 2025A to 10.89 in 2028E, suggesting the stock may be undervalued [1] Segment Performance - The chemical preparation segment is expected to generate revenue of 62.2 billion yuan in 2025, with a gross margin of 81.1% [1] - The biopharmaceutical segment is projected to grow by 17.5%, while the traditional Chinese medicine segment is expected to see an 18.8% increase in revenue [1] - International revenue is anticipated to reach 19.3 billion yuan, reflecting a 12% growth, highlighting the company's successful international strategy [1] Innovation Pipeline - The company is accelerating its innovation pipeline with several key products, including IL-17A/F for psoriasis and other therapeutic areas, indicating a robust future product lineup [1] - New drug submissions are in progress, with several products expected to enter the market, enhancing the company's growth prospects [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's 2025 annual report shows revenue of 12.02 billion yuan, a year-on-year increase of 1.76%, and a net profit attributable to shareholders of 2.02 billion yuan, a decrease of 1.84% [8] - The report highlights strong performance in the biopharmaceutical and traditional Chinese medicine segments, with overseas revenue growth of 12% [8] - The company is accelerating its innovation pipeline, with several new drugs expected to launch soon, including those for psoriasis and diabetes [8] - The long-term outlook remains positive due to diversified strategic positioning and ongoing international market expansion [8] Financial Summary - Total revenue forecast for 2024 is 11.81 billion yuan, with a projected increase to 15.45 billion yuan by 2028 [1] - Net profit is expected to fluctuate slightly, with a forecast of 2.06 billion yuan in 2024 and 2.78 billion yuan by 2028 [1] - The company's earnings per share (EPS) is projected to be 2.32 yuan in 2024, increasing to 3.13 yuan by 2028 [1] - The price-to-earnings (P/E) ratio is expected to decrease from 14.68 in 2024 to 10.89 by 2028, indicating a potentially undervalued stock [1]

Core Viewpoint - The expiration of the core compound patent for Semaglutide in China marks the transition of competition from clinical and application stages to a more sensitive market launch phase, with at least 10 domestic companies having submitted registration applications, indicating a shift from a multi-point battle to a more concentrated front [5] Group 1: Competitive Landscape - The competition for Semaglutide in China is not merely a race for first generics; it involves different registration pathways, with companies like Jiuyuan Gene and Lizhu Group following a 3.3 category approach, while Qilu Pharmaceutical and Baike Bio are pursuing a 2.2 category path for potentially faster review processes [5] - Qilu Pharmaceutical and Baike Bio are currently the most prominent competitors, with Qilu having its application accepted in September 2024 and Baike advancing both diabetes and weight management indications to the application stage [6] - Jiuyuan Gene, while initially a front-runner, faced setbacks with some specifications not passing review, but it remains competitive due to its early start and comprehensive coverage of both diabetes and weight management [8] Group 2: Market Dynamics - The competition has bifurcated into two lines: the more mature diabetes indication market and the smaller but rapidly growing weight management indication market, with only Baike Bio and Jiuyuan Gene having received acceptance for weight management applications so far [9] - The significance of the first approval extends beyond mere timing; it encompasses the ability to convert that approval into production capacity, pricing, hospital access, and patient education, which are critical for establishing market presence [9] - The narrative surrounding Semaglutide in China is evolving from a simple race for generics to a complex competition focused on registration classification, review efficiency, and commercialization capabilities [9]

Financial Performance - In 2025, the company achieved a revenue of 19.30 billion CNY, a year-on-year increase of 11.97%, accounting for 16.06% of total revenue [5] - The cash dividend distribution plan for 2025 is 14.30 CNY per share (before tax), totaling approximately 1.27 billion CNY [21] Innovation and Product Development - The company has 40 projects in the pipeline, with 12 in the application stage and 4 in Phase III clinical trials [6] - Key products expected to be approved in 2026 include: - Lakanqita monoclonal antibody for psoriasis [6] - Recombinant human follicle-stimulating hormone injection [6] - P-CAB class innovative drug JP-1366 for gastroesophageal reflux disease [6] Market Expansion and Internationalization - The international revenue reached 19.30 billion CNY in 2025, with a growth of 11.97% [5] - The company is focusing on a systematic overseas layout, moving from simple product trade to localized operations [5] - The acquisition of Imexpharm Corporation in Vietnam is expected to enhance market access in Southeast Asia [20] Core Product Highlights - Lakanqita monoclonal antibody is positioned as the first IL-17A/F dual-target inhibitor in China, with a PASI100 response rate of 49.5% in clinical trials [6] - Aripiprazole microspheres (Alivai®) are the first long-acting formulation for schizophrenia in China, included in the national medical insurance directory [8] - Recombinant human follicle-stimulating hormone injection is expected to capture over 90% of the market in assisted reproduction [11] Clinical Development and Pipeline - NS-041, a candidate for epilepsy and depression, is in Phase II clinical trials, showing best-in-class potential [13] - The company has a complete ecosystem for microsphere products, with three successful launches and ongoing development of additional formulations [10] Strategic Focus Areas - The company aims to strengthen its position in chronic disease management, particularly in autoimmune and metabolic diseases [7] - The focus on AI-driven drug development is expected to enhance research capabilities and expedite the drug discovery process [19] Competitive Advantages - The company has established a robust sales network and marketing strategy, particularly in the psychiatric and reproductive health sectors [10] - The integration of CMC (Chemistry, Manufacturing, and Controls) capabilities is a key differentiator in the global market [19]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 為確保全體股東清晰、準確知悉 2025 年度利潤分配預案的安排，本公司現就本次年度 利潤分配預案的內容說明如下： 本公司 2025 年度利潤分配預案為：以實施本次 2025 年度利潤分配方案所確定的股權登 記日之本公司總股本為基數，向本公司全體股東每 10 股派發現金股利人民幣 14.30 元 （含稅），並非向本公司全體股東每 1 股派發現金股利人民幣 14.30 元（含稅）。本次 利潤分配不派送紅股，亦不以資本公積金轉增股本。本年度派息計劃還需提交本公司 2025 年度股東會審議批准。 除本公告上述補充明確的內容外，該等公告所載的所有其他資料及內容均維持不變。本 公告為該等公告的補充文件，應與該等公告一併閱讀。 1 承董事會命 麗珠醫藥集團股份有限公司 LivzonPharmaceuticalGroupInc.* 公司秘書 劉寧 中國，珠海 截至 2025 年 12 月 31 日止年度利潤分配預案補充 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 自願公告 注射用布瑞哌唑微球獲得藥物臨床試驗批准通知書 近日，麗珠醫藥集團股份有限公司 Livzon Pharmaceutical Group Inc.*（「本公司」）全資控 股子公司珠海市麗珠微球科技有限公司收到國家藥品監督管理局核准簽發的《藥物臨床試驗 批准通知書》（通知書編號：2026LP00935），同意公司申報的注射用布瑞哌唑微球（以下 簡稱「本品」）開展用於成人精神分裂症的臨床試驗。現將有關情況公告如下： 藥品基本情況 藥物名稱：注射用布瑞哌唑微球 劑型：注射劑 註冊分類：化學藥品 2.2 類改良型新藥 申請適應症：用於成人精神分裂症的治療 審批結論：根據《中華人民共和國藥品管理法》及有關規定，經審查，2026 年 1 月 7 日受 理的注射用布瑞哌唑微球符合藥品註冊的有關要求，同意開展用於成人精神分裂症的臨床試 驗。 藥品研發及相關情況 1 注射用布瑞哌唑微球為本公司自主研發的緩釋微球製劑 ...

证券代码：000513、01513 证券简称：丽珠集团、丽珠医药 公告编号：2026-20 丽珠医药集团股份有限公司 关于获得药物临床试验批准通知书的公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整， 没有虚假记 载、误导性陈述或重大遗漏。 近日，丽珠医药集团股份有限公司（以下简称 "公司"）全资子公司珠海市 丽珠微球科技有限公司收到国家药品监督管理局（以下简称"国家药监局"） 核准签发的《药物临床试验批准通知书》（通知书编号：2026LP00935），同 意公司申报的注射用布瑞哌唑微球（以下简称"本品"）开展用于成人精神分 裂症的临床试验。现将有关情况公告如下： 一、药品基本情况 药物名称：注射用布瑞哌唑微球 三、药品的市场情况 剂型：注射剂 根据国家药监局药品审评中心网站显示，截至本公告披露日，国内尚无布 瑞哌唑长效制剂药物获批上市。 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查， 2026 年 1 月 7 日受理的注射用布瑞哌唑微球符合药品注册的有关要求，同意开 展用于成人精神分裂症的临床试验。 四、风险提示 注册分类：化学药品 2.2 类改良型新药 二、药品研发及相关情况 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has a stable fundamental performance, with progress in innovation and internationalization accelerating [1] - In 2025, the company reported revenue of 12.02 billion yuan (up 1.76% year-on-year) and a net profit attributable to shareholders of 2.023 billion yuan (down 1.84% year-on-year) [3][4] - The company maintains a gross margin of 65.90% (up 0.45 percentage points) and a net margin of 20.06% (up 0.55 percentage points) [3] - The company is optimistic about its innovation and internationalization strategies, although the promotion of new products like IL-17A/F will take time, leading to a downward revision of profit forecasts for 2026-2028 [4] Financial Performance - In 2025, the revenue breakdown by business segment includes: - Chemical preparations: 6.222 billion yuan (up 1.67%) - Traditional Chinese medicine: 1.674 billion yuan (up 18.81%) - Biopharmaceuticals: 201 million yuan (up 17.5%) [4] - The company expects net profits for 2026, 2027, and 2028 to be 2.125 billion yuan, 2.394 billion yuan, and 2.751 billion yuan respectively, with corresponding EPS of 2.39 yuan, 2.70 yuan, and 3.10 yuan [4] - The current stock price corresponds to a P/E ratio of 13.9, 12.4, and 10.8 for the years 2026, 2027, and 2028 respectively [4] Research and Development Progress - The company is advancing its differentiated innovation pipeline, with key products such as Aripiprazole microspheres approved for market in May 2025 and IL-17A/F expected to enter commercialization in 2026 [5] - The company is also expanding its local presence in Southeast Asia, having initiated the acquisition of Vietnamese listed company Imexpharm to leverage local resources for the development and commercialization of innovative and high-end generic drugs [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has a stable fundamental performance, with progress in innovation and internationalization accelerating [1] - In 2025, the company reported a revenue of 12.02 billion yuan (up 1.76% year-on-year) and a net profit attributable to shareholders of 2.023 billion yuan (down 1.84% year-on-year) [3][4] - The company is focusing on differentiated innovation and has a robust product pipeline, including the approval of Aripiprazole microspheres and advancements in IL-17A/F products [5] Financial Performance - In 2025, the company's gross margin was 65.90% (up 0.45 percentage points), and the net profit margin was 20.06% (up 0.55 percentage points) [3] - The sales expense ratio increased to 29.79% (up 2.24 percentage points), while the management expense ratio decreased to 4.98% (down 0.21 percentage points) [3] - The company expects net profits for 2026, 2027, and 2028 to be 2.125 billion yuan, 2.394 billion yuan, and 2.751 billion yuan respectively, with corresponding EPS of 2.39 yuan, 2.70 yuan, and 3.10 yuan [4][5] Business Segmentation - In 2025, the chemical preparations segment generated 6.222 billion yuan (up 1.67%), with notable contributions from various product categories [4] - The traditional Chinese medicine segment achieved 1.674 billion yuan (up 18.81%), while the biopharmaceutical segment reached 201 million yuan (up 17.5%) [4] - The company is enhancing its local and regional strategies, including the acquisition of a Vietnamese pharmaceutical company to leverage local resources [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 海外監管公告 中國，珠海 二零二六年三月二十四日 於本公告日期，本公司的執行董事為唐陽剛先生 ( 副董事長 ); 本公司的非執行董事為朱保國先 生 ( 董事長 ) 、林楠棋先生及邱慶豐先生 ; 本公司的職工董事為冉永梅女士；而本公司的獨立非 執行董事為白華先生、羅會遠先生、崔麗婕女士及王智瑤女士。 * 僅供識別 丽珠医药集团股份有限公司市值管理制度 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而刊發。 茲載列麗珠醫藥集團股份有限公司於深圳證券交易所網站刊發之《麗珠醫藥集團股份有 限公司市值管理制度》，僅供參閱。 承董事會命 麗珠醫藥集團股份有限公司 Livzon Pharmaceutical Group Inc.* 公司秘書 劉寧 第一章 总则 第一条 为加强丽珠医药集团股份有限公司（以下简称 "公司"）市值管理工作，进一 步规范公司市值管理行为，促进公司市值与内在价值的动态均衡， ...