Core Viewpoint - LIZHU Group (000513) announced the development of NS-041, a novel highly selective KCNQ2/3 agonist, which is currently the only drug in China conducting clinical research for both epilepsy and depression at this target [1] Group 1: Drug Development - NS-041 has entered Phase II clinical trials for epilepsy, with the first subject enrolled in July 2023 [1] - The IND application for the depression indication has recently been accepted [1] - The drug has been optimized at the molecular structure level to avoid safety issues seen in previous generation drugs targeting the same site, with no potential ocular toxicity risks identified [1] Group 2: Mechanism and Efficacy - NS-041 exhibits better target selectivity, lower off-target risks for related subtypes, and higher lipophilicity, facilitating its passage through the blood-brain barrier [1] - Currently, there are no marketed anti-epileptic drugs targeting the same site globally [1] - In classical acute and chronic depression models in mice, NS-041 demonstrated significant anti-depressant effects [1]

Financial Performance - The company achieved a total revenue of 91.16 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 0.38% [2] - The net profit attributable to the parent company, after deducting non-recurring items, was 4.98 billion yuan, reflecting a year-on-year increase of 17.12% [2] - The formulation segment saw growth in major categories such as digestive, mental health, and traditional Chinese medicine, contributing to overall revenue stability [2] R&D Progress - The company has made significant advancements in key projects, including the submission of the P-CAB tablet for market approval and the completion of Phase II clinical trials for the injection form [3][8] - The IL-17A/F project for psoriasis and ankylosing spondylitis has completed Phase III clinical trials, with data expected to be submitted for market approval by the end of the year [4] - The NS-041 tablet for epilepsy and depression has entered Phase II clinical trials, with promising results in preclinical models [3] Market Strategy - The company plans to leverage its established sales channels in the digestive field to ensure rapid market penetration for new products like JP-1366, which is projected to achieve a sales figure of approximately 12.5 billion yuan in 2024, marking an 81% year-on-year growth [8] - The company is focusing on international expansion, particularly in Vietnam, where it aims to utilize the existing EU-GMP certified product lines of Imexpharm to enhance its market presence [6] Future Outlook - The company anticipates a stable revenue trend for the year, with profit growth expected to outpace revenue growth [11] - A clear roadmap for the launch of innovative drugs has been established, with multiple products set to enter the market over the next few years, including the IL-17A/F project and various formulations in the digestive and mental health sectors [9][10] - The company has committed to a high dividend payout, having repurchased shares worth 17.2 billion yuan and distributed nearly 60 billion yuan in dividends from 2020 to 2024 [13]

Summary of Lizhu Group's Conference Call Company Overview - **Company**: Lizhu Group - **Date**: October 24, 2025 Key Points Financial Performance - **Revenue Growth**: In the first three quarters of 2025, Lizhu Group's revenue increased by 0.38% year-on-year to 6 billion CNY, with a net profit attributable to the parent company (excluding non-recurring items) rising by 4.98% to 17.12 billion CNY [2][4][15] - **Quarterly Performance**: For Q3 2025, the company reported a sales revenue of 28.44 billion CNY, reflecting a 1.6% year-on-year growth [4] - **Segment Performance**: Growth was observed in various formulation categories such as digestive, mental health, reproductive, and traditional Chinese medicine, while the raw material drug segment saw a decline of 5.2% due to weakened downstream demand [2][4] Research and Development - **Product Pipeline**: Lizhu Group has a rich pipeline with several products in various stages of development, including: - PICC GP1,366 tablets submitted for market approval - Interleukin 17 AF for psoriasis expected to be submitted by the end of the year - NS041 for epilepsy entering Phase II trials [2][5][6] - **Innovative Drug Development**: NS041, a novel high-selectivity KCNO 23 agonist, shows promise in both epilepsy and depression indications, with lower adverse reaction rates compared to competitors [8][9] - **Clinical Trials**: Multiple projects are in advanced clinical stages, including H001 anticoagulant and GnIH oral antagonist, indicating a strong focus on enhancing R&D efficiency and international expansion [6][12] Operational Efficiency - **AI Integration**: The company has implemented AI technology across R&D, clinical trials, and sales, leading to a significant reduction in management costs and improved operational efficiency [7] - **Cost Management**: Continuous optimization of management and cost reduction strategies have helped maintain a stable overall expense ratio [7] Market Strategy - **International Expansion**: Lizhu Group is actively pursuing international market opportunities, particularly in Vietnam, leveraging established partnerships and regulatory advantages [11][21] - **Product Diversification**: The company is focusing on a diversified product matrix to mitigate risks associated with market fluctuations and policy changes [16] Future Outlook - **Growth Projections**: The company anticipates stable revenue growth for the full year of 2025, with profit growth expected to outpace revenue growth, supported by innovative drugs [3][15] - **New Product Launches**: A series of innovative drugs are expected to launch over the next three years, contributing significantly to sales growth and enhancing the overall revenue structure [14][15] Shareholder Returns - **Dividend Policy**: Lizhu Group has a strong commitment to shareholder returns, with a history of significant buybacks and dividends, totaling 60 billion CNY over the past five years [17][21] Quality Assurance - **Quality Control**: The company emphasizes stringent quality standards in both generic and innovative drug production, ensuring high-quality outcomes through rigorous R&D and manufacturing processes [22] Sales and Marketing - **Sales Strategy**: Increased sales expenses in Q3 were attributed to initial marketing costs for new drugs, which are expected to be a short-term impact rather than a long-term trend [20][21] This summary encapsulates the key insights from Lizhu Group's conference call, highlighting its financial performance, R&D advancements, operational strategies, market outlook, and commitment to quality and shareholder returns.

2025年10月24日，丽珠集团(000513.SZ)发布2025年三季报。 公司营业总收入为91.16亿元。归母净利润为17.54亿元。经营活动现金净流入为25.25亿元。 公司最新毛利率为66.39%。最新ROE为12.56%。 公司摊薄每股收益为1.96元。 公司最新总资产周转率为0.37次。最新存货周转率为1.68次。 公司股东户数为4.74万户，前十大股东持股数量为5.98亿股，占总股本比例为66.15%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 香港中央结算(代理人)有限公司 | 33.0 | | 2 | 健康元药业集团股份有限公司 | 24.4 | | 3 | 香港中央结算有限公司 | 2.09 | | 4 | 广州市保科力贸易公司 | 1.91 | | 5 | 深圳市海滨制药有限公司 | 1.86 | | 6 | 国泰基金管理有限公司-社保基金1102组合 | 0.65 | | 7 | 中国农业银行股份有限公司-中证500交易型开放式指数证券投资基金 | 0.58 | | 8 | 彭晓强 | 0.56 | | d | 中 ...

Policy Developments - Liaoning Province will implement direct payment of maternity allowances to employees starting November 1, 2025, enhancing convenience and satisfaction for the public [1] Drug and Device Approvals - Hengrui Medicine's subsidiary received clinical trial approval for injection of Rukang Qutuzumab, aimed at treating advanced non-small cell lung cancer [2] - Jibeier received approval for the market application of the chemical raw material drug, Gatifloxacin, which is expected to support its production needs [3] Financial Reports - Ping An Good Doctor reported a 13.6% increase in revenue to 3.725 billion, with a net profit of 216 million, up 45.7% year-on-year [4] - Te Yi Pharmaceutical achieved a 985% increase in net profit, reporting 65.22 million in the first three quarters, with significant growth in traditional Chinese medicine sales [5] - Lijun Pharmaceutical reported a revenue of 9.116 billion, a slight increase of 0.38%, with a net profit of 1.754 billion, up 4.86% [6] Capital Market - In Shanghai's Baoshan District, 17 key biopharmaceutical projects were signed, with total investments exceeding 2 billion, aimed at enhancing the local biopharmaceutical industry [7][8] Industry Developments - Baiyang Pharmaceutical signed a cooperation agreement with Peking University International Hospital to establish a radiosurgery treatment center, enhancing access to high-quality medical resources [10] - Qiang Brain Technology established a new company in Chengdu focusing on AI-related businesses, including medical devices and internet data services [11] Regulatory Actions - The Shanghai Stock Exchange issued a regulatory warning to Zhejiang Dongya Pharmaceutical for discrepancies in the use of raised funds, highlighting the responsibility of the company's former board secretary [12]

Group 1 - The core point of the news is that Lizhu Group (000513.SZ) reported its Q3 2025 results, highlighting significant institutional investor interest with a total of 3.02 billion shares held by 10 institutions, representing 33.44% of the total share capital [1] - The top ten institutional investors include Health元药业集团股份有限公司, Hong Kong Central Clearing Limited, and others, with their combined holding ratio increasing by 0.01 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, there was a slight increase in holdings from one public fund, while two public funds reduced their holdings by 0.27% [2] - The social security fund saw an increase in holdings from one fund, while one pension fund was no longer disclosed [2] - Foreign investment sentiment showed an increase in holdings from one foreign fund, with a rise of 0.33% [2]

Core Points - The company, Lizhu Pharmaceutical Group Co., Ltd., ensures the authenticity, accuracy, and completeness of its Q3 2025 report, with all board members bearing legal responsibility for the information disclosed [2][3] - The Q3 report has not been audited, and there are no non-standard opinions from auditors [3][9] Financial Data - The company reported no need for retrospective adjustments or restatements of previous accounting data [3] - Non-recurring gains and losses are applicable, but the company does not classify any non-recurring items as recurring [4] - The company has repurchased a total of 15,376,845 A-shares, accounting for 1.70% of the total share capital, with a total expenditure of approximately RMB 570.23 million [6] Shareholder Information - The report includes details on the top ten shareholders as of September 30, 2025, but does not specify any changes in shareholding due to securities lending [5] Corporate Governance Changes - The company has decided to abolish the supervisory board and transfer its responsibilities to the audit committee of the board, in compliance with updated regulations [9][10] - Amendments to the company's articles of association have been proposed to enhance governance and operational standards [10]

Core Points - The company has revised its Articles of Association, changing "shareholders' meeting" to "shareholders' assembly" and removing references to "supervisors" and "supervisory board," replacing them with "audit committee members" and related terms [1][2][3] Group 1: Company Governance Changes - The company has decided to abolish the supervisory board, transferring its responsibilities to the audit committee, in accordance with updated legal regulations and the company's operational needs [7][40] - The company has proposed amendments to the Articles of Association, the rules for shareholders' meetings, and the rules for board meetings, all of which require approval from the shareholders' assembly [9][10][12] - The board has approved several management system revisions, including the fundraising management system and the internal audit system, which will take effect after board approval [14][36] Group 2: Meeting and Voting Outcomes - The company's board meeting on October 23, 2025, had full attendance, with all 11 directors voting in favor of the proposed resolutions [6][39] - The supervisory board meeting also had full attendance, with all 3 supervisors voting in favor of the resolutions [40][41]

Major Events - Minglue Technology (02718) plans to offer 7.219 million Class A shares globally from October 23 to October 28, with cornerstone subscriptions amounting to $59 million [1] - Wisco Properties (00230) received a privatization offer from Wisco Hong Kong at a premium of approximately 104.08%, with trading resuming on October 24 [1] - Junyu Foundation (01757) was acquired by China Venture Capital Holdings for 75% of its shares at a discount of about 79.06%, with trading resuming on October 24 [1] - Kangda Foods (00834) was acquired by Gaosi Shi for approximately 54.69% of the company’s shares at a premium of about 16.23%, with trading resuming on October 24 [1] - Hutchison China MediTech (00013) presented data on HMPL-A251 at the AACR-NCI-EORTC International Conference on Molecular Targeted and Cancer Therapeutics [1] - Giant Bio (02367) received a medical device registration certificate for its Type I α1 collagen lyophilized fiber product [1] - Yiming Anke-B (01541) completed the first patient dosing in the Phase IB/II clinical trial of IMM2510 combined with IMM01 [1] - Heng Rui Medicine (01276) received approval to conduct clinical trials for injection of Rikan Trastuzumab [1] - Hansoh Pharmaceutical (03692) had its application for HS-10365 capsule marketing approval accepted by the National Medical Products Administration [1] - Baixin An-B (02185) completed market access and the first commercial surgery for the IBERIS® RDN system in Switzerland [1] - Haotian International Construction Investment (01341) purchased a total of 646 units of Ethereum as of October 23 [1] Share Buybacks/Reductions - Cornerstone Pharmaceuticals-B (02616) saw CEO Yang Jianxin and senior management purchase an additional 1 million shares [2] - Midea Group (00300) repurchased 1.3434 million A shares for approximately 99.998 million yuan on October 23 [2] - China Communications Construction (01800) repurchased 119.45 million A shares for approximately 10.5994 million yuan on October 23 [2] - Mengniu Dairy (02319) repurchased 700,000 shares for approximately 10.0692 million HKD on October 23 [2] - Lianlian Digital (02598) spent about 7.5555 million HKD to repurchase 967,000 shares on October 23 [2] - Lianyi Rong Technology-W (09959) repurchased 2.47 million shares for approximately 7.4137 million HKD on October 23 [2] - Heng Rui Medicine (01276) repurchased 97,500 A shares for approximately 6.2808 million yuan on October 23 [2] - Gushengtang (02273) repurchased 19,860 shares for approximately 5.8634 million HKD on October 23 [2] Operating Performance - Ping An Good Doctor (01833) reported total revenue of approximately 3.725 billion yuan for the first three quarters, a year-on-year increase of 13.6%, and plans to continue expanding AI technology to enhance medical service efficiency and quality [2] - Sands China Ltd. (01928) reported a 7.5% year-on-year increase in net revenue to $1.9 billion for the third quarter [2] - Livzon Pharmaceutical (01513) announced a net profit attributable to shareholders of 1.754 billion yuan for the first three quarters, a year-on-year increase of 4.86% [2] - China Railway Construction (01186) signed new contracts totaling 1.518765 trillion yuan in the first three quarters, a year-on-year increase of 3.08% [2] - Prada (01913) reported net revenue of 4.07 billion euros for the first three quarters, a year-on-year increase of 9% [2] Additional Performance Metrics - Baio Family Interactive (02100) reported 10.2 million active accounts in the third quarter, a year-on-year increase of 37.8% [3] - Anton Oilfield Services (03337) secured new orders worth 1.273 billion yuan in the third quarter [3]

Core Viewpoint - Lijun Group reported a steady performance in its Q3 financial results, with revenue and net profit showing modest growth, indicating resilience in its operations and strong cash flow position [2][3]. Financial Performance - For the first three quarters, the company achieved a revenue of 9.116 billion yuan, a year-on-year increase of 0.38% - The net profit attributable to shareholders was 1.754 billion yuan, up 4.86% - Basic earnings per share reached 1.96 yuan, reflecting an 8.29% increase - In Q3 alone, revenue was 2.844 billion yuan, growing by 1.6%, while net profit was 473 million yuan [2]. Institutional Holdings - Lijun Group is a well-known blue-chip stock in A-shares, with notable institutional holdings - Hong Kong Central Clearing Limited and Guotai Asset Management increased their holdings by 2.999 million shares and 593,900 shares, respectively - One insurance company has also appeared among the top ten circulating shareholders [3]. Product Strategy and Innovation - The company focuses on core areas such as digestive, reproductive, and neurological health, continuously iterating and expanding its product offerings - It is also venturing into broader markets like anti-infection and chronic disease management through self-research and business development - The innovation pipeline is accelerating, with several key products nearing clinical trial phases, including NS-041 for epilepsy and depression, SG1001 for invasive aspergillosis, and LZM012 for psoriasis [4][5][6]. Clinical Research and Development - Lijun Group is advancing several first-class innovative drugs in various therapeutic areas - The company is conducting Phase II clinical trials for its epilepsy and depression drug, which is unique in China - In the anti-infection sector, SG1001 is in Phase II trials, marking a significant innovation after a decade without new drugs in this area - The company is also progressing in the autoimmune field with LZM012, which has shown promising results against established competitors [5][6]. Regulatory and Management Updates - On October 23, the company announced updates to its information disclosure management, president's work guidelines, and investor relations management systems, indicating a commitment to governance and transparency [6].