Core Viewpoint - LZM012, a novel IL-17A/F dual-target inhibitor developed by the company, has successfully completed Phase III clinical trials for the treatment of moderate to severe plaque psoriasis, outperforming the benchmark drug Secukinumab in efficacy [1][8][10]. Company Summary - LZM012 is the first innovative drug in China and the second globally to complete Phase III trials for this indication, setting a high standard for clinical efficacy endpoints [1][3]. - The company has submitted a pre-application for marketing authorization to the National Medical Products Administration, aiming to expedite the drug's market entry [1][3]. - The company has not disclosed its commercialization plans for LZM012 [3]. Industry Summary - The domestic psoriasis market is valued at approximately 700 billion RMB, with a significant unmet need for effective treatments, presenting a growth opportunity for the company [3]. - The psoriasis drug market in China was worth 1.44 billion USD (approximately 10.33 billion RMB) in 2022 and is projected to reach 9.94 billion USD (approximately 71.32 billion RMB) by 2030 [3]. - The current market is primarily divided among TNF-α inhibitors, IL inhibitors, and small molecule inhibitors, with IL inhibitors expected to dominate the future landscape [5][6]. - LZM012 is positioned to capture market share from both TNF-α drugs and existing IL inhibitors due to its superior efficacy and safety profile [5][6][12]. Clinical Data Summary - In the Phase III trial, LZM012 demonstrated a PASI 75 response rate of 65.7% at week 4, compared to 50.3% for Secukinumab [9][10]. - At week 12, the PASI 100 response rate for LZM012 was 49.5%, while Secukinumab achieved 40.2% [11]. - The faster onset of action and sustained efficacy of LZM012 positions it favorably against existing treatments [8][12]. Financial Performance Summary - The company has faced revenue declines in its chemical preparation segment, which is its core business, primarily due to price reductions from national health insurance negotiations [13][15]. - Revenue figures from 2020 to 2024 show fluctuations, with a notable drop in 2024, indicating challenges in maintaining growth [13][15].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved superior efficacy in the IL-17A/F head-to-head III phase clinical trial for psoriasis, demonstrating a PASI 100 response rate of 49.5% compared to 40.2% for the control group [3] - The company is expected to maintain a strong growth trajectory with projected net profits of 2.276 billion, 2.521 billion, and 2.801 billion yuan for 2025-2027, respectively, with corresponding EPS of 2.52, 2.79, and 3.10 yuan per share [3][4] - The current price-to-earnings (PE) ratios are projected to be 17.4, 15.7, and 14.2 for the years 2025, 2026, and 2027, indicating a favorable valuation [3] Financial Summary - The company reported a revenue of 12.430 billion yuan in 2023, with a slight decline expected in 2024 to 11.812 billion yuan, followed by a recovery to 12.247 billion yuan in 2025 [6] - The gross margin is projected to be 64.1% in 2023, slightly decreasing to 62.9% in 2025, while the net profit margin is expected to stabilize around 19.5% for 2025 [6][8] - Return on equity (ROE) is forecasted to be 14.7% in 2025, with a gradual increase to 15.0% by 2027 [6][8]

Group 1 - The Hong Kong stock market continues to strengthen, with the Hang Seng Index breaking through new highs since 2022, closing up 0.54% [1] - The innovative drug sector is active, with the Hong Kong Stock Connect Innovative Drug ETF (520880) reaching a new high, trading volume increased by 47% [1] - Southwest Securities suggests focusing on innovative drugs and their industrial chain due to BD expansion, R&D progress, and policy support [2] Group 2 - Guojin Securities identifies innovative drugs as the current investment focus, particularly in the context of multinational corporations seeking BD collaborations for potential blockbuster drugs [3] - The market capitalization of biotechnology and medical technology in the Hong Kong pharmaceutical sector is 40%, compared to 24% in A-shares, indicating higher innovation content in Hong Kong stocks [3] - The top ten stocks in the Hang Seng Stock Connect Innovative Drug Index account for 75.85% of the index weight, with a year-to-date increase of 58.95%, outperforming other indices [5][6] Group 3 - Leading stocks include Lijuzhiyuan, which surged over 9% after successful clinical trial results, and other companies like Zai Lab and United Pharmaceuticals also saw significant gains [4] - The innovative drug sector is characterized by high initial investment and long profit cycles, with Hong Kong being more accommodating for loss-making companies to list [3][4]

Market Overview - The Hong Kong stock market showed volatility, with the Hang Seng Index closing at 25,130.03 points, up 0.54% or 135.89 points, with a total turnover of HKD 266.07 billion [1] - The Hang Seng China Enterprises Index rose 0.39% to 9,075.6 points, while the Hang Seng Tech Index increased by 0.38% to 5,606.83 points [1] Blue Chip Performance - BYD (01211) saw a significant increase of 5.09%, closing at HKD 134.2, contributing 37.78 points to the Hang Seng Index [2] - In the first half of 2023, BYD's domestic sales exceeded 2.113 million units, a year-on-year increase of 31.5%, while overseas sales reached 472,000 units, up 128.5% [2] - Other notable blue chips included Xinyi Glass (00868) up 7.23%, Zhongsheng Holdings (00881) up 6.15%, while New Oriental (09901) and Bank of China Hong Kong (02388) saw declines of 4.92% and 3.5% respectively [2] Sector Highlights - Coal stocks surged, with Mongolian Coking Coal (00975) up 11.55% and Yancoal Australia (01171) up 9.53%, driven by rumors of capacity control measures in the coal industry [3][4] - Infrastructure stocks performed strongly, with China Communications Construction (01800) rising 7.57% and China Railway Construction (01186) up 6.03% [4] - The launch of the Yarlung Tsangpo River downstream hydropower project, with an investment of approximately CNY 1.2 trillion, is expected to boost infrastructure investment [5] Commodity and Material Stocks - Non-ferrous metal stocks continued to rise, with Ganfeng Lithium (01772) up 8.94% and Luoyang Molybdenum (03993) up 7.12%, supported by upcoming policies aimed at stabilizing growth in key industries [6] - The photovoltaic sector was active, with Kaisa New Energy (01108) rising 8% and GCL-Poly Energy (03800) up 6.67%, as supply-side reforms are anticipated to improve industry conditions [7] Notable Stock Movements - China Longgong (03339) surged 15.83% after announcing a significant profit increase forecast for the first half of 2025 [8] - Fufeng Group (00546) rose 10.8% on expectations of a substantial profit increase due to higher sales and lower raw material costs [9] - Lijun Pharmaceutical (01513) reached a new high, up 9.37%, following positive clinical trial results for a new drug [10] - Harbin Electric (01133) climbed 8.14% after announcing a profit forecast that exceeded expectations [11] - Meizhong Jiahe (02453) faced pressure, down 6%, due to a planned share placement at a discount [12]

截至2025年7月22日 09:47，恒生医疗保健指数(HSHCI)强势上涨2.14%，成分股丽珠医药(01513)上涨11.57%，联邦制药(03933)上涨7.00%，再鼎医药(09688) 上涨6.03%，博安生物(06955)，金斯瑞生物科技(01548)等个股跟涨。恒生医疗ETF(513060)上涨2.02%，最新价报0.66元。拉长时间看，截至2025年7月21 日，恒生医疗ETF近1周累计上涨8.95%，涨幅排名可比基金1/3。 流动性方面，恒生医疗ETF盘中换手10.09%，成交8.40亿元，市场交投活跃。拉长时间看，截至7月21日，恒生医疗ETF近1周日均成交28.22亿元，排名可比 基金第一。 第十一批国家药品集采正式启动，共涉及55个品种，释放出集采政策向创新药倾斜的积极信号。中信建投证券指出，本次集采坚持"新药不集采、集采非新 药"的原则，并进一步优化了品种遴选条件，包括排除协议期内的医保谈判药品、专利侵权风险高的品种以及年采购额低于1亿元的品种，体现出政策对创新 药的保护力度不断增强。同时，集采规则更加注重"稳临床、保质量、防围标、反内卷"，通过品牌报量机制、价差控制优化、低价声明制 ...

港股药品股集体走强，丽珠医药(01513.HK)涨超9%，联邦制药(03933.HK)涨超7%，翰森制药 (03692.HK)涨超3%，信达生物(01801.HK)、中国生物制药(01177.HK)涨超2%。 ...

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 重組抗人 IL-17A/F 人源化單克隆抗體注射液Ⅲ期臨床試驗 達到主要研究終點 近日，麗珠醫藥集團股份有限公司 Livzon Pharmaceutical Group Inc.*（「本公司」）控股附 屬公司珠海市麗珠單抗生物技術有限公司（「麗珠單抗」）與北京鑫康合生物醫藥科技 有限公司聯合開發的"重組抗人IL-17A/F人源化單克隆抗體注射液"（「LZM012」或「本 品」）的Ⅲ期臨床試驗達到主要研究終點。現將有關詳情公告如下： 一、藥品基本情況 藥品名稱：重組抗人IL-17A/F人源化單克隆抗體注射液 英文名/拉丁名：Recombinant anti-human IL-17A/F Humanized Monoclonal Antibody Injection 劑型：注射劑 註冊分類：治療用生物製品1類 規格：160 mg（1.6mL）/瓶 上市申請人：珠海市麗珠單抗生物技術有限公司 本公司 ...

证券代码：000513、01513 证券简称：丽珠集团、丽珠医药 公告编号：2025-050 丽珠医药集团股份有限公司 关于重组抗人IL-17A/F人源化单克隆抗体注射液Ⅲ期临床试验 达到主要研究终点的提示性公告 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。 丽珠医药集团股份有限公司（以下简称"本公司"）控股附属公司珠海市丽珠 单抗生物技术有限公司（以下简称"丽珠单抗"）与北京鑫康合生物医药科技有限 公司联合开发的"重组抗人 IL-17A/F 人源化单克隆抗体注射液"（以下简称 "LZM012"或"本品"）的Ⅲ期临床试验达到主要研究终点。现将有关详情公告如 下： 一、药品基本情况 药品名称：重组抗人 IL-17A/F 人源化单克隆抗体注射液 英文名/拉丁名：Recombinant anti-human IL-17A/F Humanized Monoclonal 剂型：注射剂 规格：160 mg（1.6mL）/瓶 注册分类：治疗用生物制品 1 类 上市申请人：珠海市丽珠单抗生物技术有限公司 二、临床试验相关情况 该Ⅲ期临床研究是一项在中重度斑块型银屑病患者中开展 ...

Market Overview - Hong Kong stocks experienced a pullback after an initial rise, with the Hang Seng Index closing down 0.29% at 24,517.76 points and a total trading volume of 258.95 billion HKD [1] - The Hang Seng China Enterprises Index fell 0.18% to 8,861.39 points, while the Hang Seng Tech Index decreased by 0.24% to 5,418.4 points [1] - Shenwan Hongyuan remains optimistic about investment opportunities in Hong Kong and A-share markets, predicting that Hong Kong will play a crucial role in the restructuring of the global financial order [1] Blue Chip Performance - Anta Sports (02020) led blue-chip stocks, rising 2.28% to 91.85 HKD, contributing 4.55 points to the Hang Seng Index [2] - Other notable performers included Kuaishou-W (01024) up 2.13% and Trip.com Group-S (09961) up 1.59%, while Shenzhou International (02313) and Zhongsheng Holdings (00881) saw declines of 2.75% and 2.67%, respectively [2] Sector Highlights - Large tech stocks showed mixed results, with Kuaishou rising over 2% and Baidu nearly 1%, while Tencent fell 0.19% [3] - The humanoid robot sector is gaining traction, with Shengye rising nearly 15% following positive developments [3] - The innovative drug sector remains active, with Lijun Pharmaceutical rising 13% amid ongoing interest in new drug procurement [4][5] Innovative Drug Sector - The 11th batch of national drug procurement has started, focusing on mature "old drugs" while excluding innovative drugs [5] - Analysts believe that the current innovative drug market is driven by value reassessment, with domestic investors increasing their positions through Hong Kong Stock Connect [5] Stablecoin Activity - China San San Media (08087) surged 72.73% after announcing plans to apply for a stablecoin license in Hong Kong, which will officially take effect on August 1 [6] - The global regulatory framework for stablecoins is expected to lead to significant industry growth [6] New Consumption Trends - New consumption stocks showed varied performance, with Guoquan (02517) up 7.29% and Hu Shang Ayi (02589) up 1.99%, while Gu Ming (01364) fell 4.26% [7] - Guoquan expects a net profit of approximately 180 to 210 million RMB for the first half of 2025, representing a year-on-year increase of 111% to 146% [7] Notable Stock Movements - Weiyali (00854) saw a dramatic increase of 288.34% after resuming trading, reaching a peak of 33.2 HKD [8] - Chongqing Machinery (02722) rose 14.06% following news of NVIDIA resuming sales of its H20 chip in China [9] - Jiufang Zhitu Holdings (09636) increased by 10.06% as it plans to issue shares for strategic investments [10] - Quzhi Group (00917) fell 12.06% after announcing a share placement at a discount to its market price [11]

Key Points - A total of 133 stocks reached their 52-week highs as of July 16, with notable performers including 威雅利 (00854) at 909.12%, 绿心集团股权 (02999) at 135.29%, and 首都金融控股 (08239) at 65.22% [1] - 威雅利 (00854) closed at 12.660, with a peak price of 33.200, marking a significant increase of 909.12% [1] - 绿心集团股权 (02999) had a closing price of 0.020 and reached a high of 0.040, reflecting a growth of 135.29% [1] - 首都金融控股 (08239) closed at 1.590, with a maximum price of 1.900, indicating a rise of 65.22% [1] - Other notable stocks include 中国三三传媒 (08087) with a 59.54% increase, and 云能国际 (01298) with a 41.23% increase [1] - The report also lists stocks that reached their 52-week lows, with 百利达集团控股 (08179) at -7.14% and 昊天国际建投 (01341) at -6.28% [5]