2)丽珠集团（000513）(蜂巢基金参与公司业绩说明会&线上接入) 调研纪要：丽珠集团介绍了全年业绩展望、各板块经营趋势、重点创新产品进度、微球产品市场潜力等 内容。全年收入有望实现个位数增长，利润增速高于收入。P-CAB片剂已提交上市申请，注射剂预计 2029年上半年获批上市。IL-17A/F预计2027年上半年获批上市，商业化潜力巨大。NS-041片是新一代 KCNQ2/3激活剂，有望成为难治性癫痫患者的临床用药选择。微球产品市场潜力巨大，布局瑞林类长 效微球制剂和精神类产品。小核酸药物LZHN2408进展较快，预计9月完成Ib期入组。阿立哌唑微球医保 谈判推进中，艾普拉唑仿制药上市影响有限。 证券之星消息，根据市场公开信息及8月21日披露的机构调研信息，蜂巢基金近期对2家上市公司进行了 调研，相关名单如下： 1)华东医药（000963）(蜂巢基金参与公司华东医药2025半年度业绩交流会) 调研纪要：华东医药在创新药研发方面取得显著进展，涵盖ADC、自免、内分泌等多个领域。ADC领 域，8个主要在研产品中，多个已进入临床阶段，如HDM2005、HDM2012等。自免领域，公司自研和 合作开发多个产品，如 ...

Group 1 - The core viewpoint of the news is that the private equity firm, Zhongou Ruibo, has conducted research on the listed company, LIZHU Group, highlighting its performance outlook and product development progress [1] - LIZHU Group expects a single-digit revenue growth for the year, with profit growth anticipated to exceed revenue growth [1] - The P-CAB tablet has submitted a listing application, while the injection form is expected to be approved in the first half of 2029 [1] - The IL-17A/F is projected to be approved in the first half of 2027, with significant commercialization potential [1] - The NS-041 tablet, a new generation KCNQ2/3 activator, is expected to become a clinical treatment option for refractory epilepsy patients [1] - The market potential for microsphere products is substantial, with plans for long-acting microsphere formulations and psychiatric products [1] - The small nucleic acid drug LZHN2408 is progressing rapidly, with enrollment for Phase Ib expected to be completed by September [1] - Negotiations for the reimbursement of aripiprazole microspheres are advancing, while the impact of the generic version of esomeprazole is expected to be limited [1]

调研纪要：丽珠集团介绍了全年业绩展望、各板块经营趋势、重点创新产品进度、微球产品市场潜力等 内容。全年收入有望实现个位数增长，利润增速高于收入。P-CAB片剂已提交上市申请，注射剂预计 2029年上半年获批上市。IL-17A/F预计2027年上半年获批上市，商业化潜力巨大。NS-041片是新一代 KCNQ2/3激活剂，有望成为难治性癫痫患者的临床用药选择。微球产品市场潜力巨大，布局瑞林类长 效微球制剂和精神类产品。小核酸药物LZHN2408进展较快，预计9月完成Ib期入组。阿立哌唑微球医保 谈判推进中，艾普拉唑仿制药上市影响有限。 机构简介： 根据市场公开信息及8月21日披露的机构调研信息，知名私募淡水泉近期对1家上市公司进行了调研，相 关名单如下： 1）丽珠集团 （淡水泉参与公司业绩说明会&线上接入） 淡水泉成立于 2007 年，是中国领先的私募证券基金管理人之一，专注于与中国相关的投资机会，同时 开展国内私募证券投资、海外对冲基金和QFII/机构专户业务。客户群体包括全球范围内的政府养老 金、主权基金、大学捐赠基金、保险公司等机构客户及高净值个人客户。公司以北京为总部，在上海、 深圳、香港、新加坡和美国设 ...

根据市场公开信息及8月21日披露的机构调研信息，知名私募银叶投资近期对2家上市公司进行了调研， 相关名单如下： 调研纪要：丽珠集团介绍了全年业绩展望、各板块经营趋势、重点创新产品进度、微球产品市场潜力等 内容。全年收入有望实现个位数增长，利润增速高于收入。P-CAB片剂已提交上市申请，注射剂预计 2029年上半年获批上市。IL-17A/F预计2027年上半年获批上市，商业化潜力巨大。NS-041片是新一代 KCNQ2/3激活剂，有望成为难治性癫痫患者的临床用药选择。微球产品市场潜力巨大，布局瑞林类长 效微球制剂和精神类产品。小核酸药物LZHN2408进展较快，预计9月完成Ib期入组。阿立哌唑微球医保 谈判推进中，艾普拉唑仿制药上市影响有限。 机构简介： 上海银叶投资有限公司成立于2009年2月，注册资本11800万元，是一家平台型、综合型专业资产管理机 构。公司总部设在上海，并在北京、杭州、深圳等城市设有分支机构。依靠长期深耕中国资本市场积累 的专业优势，银叶已经形成覆盖固定收益、宏观对冲、权益投资、量化及衍生品策略等多元化的投资体 系。公司是中国证券投资基金业协会首批会员、中国银行间市场交易商协会会员和人民 ...

财务报表中对有大幅变动的财务项目的原因说明如下： 1. 合同负债变动幅度为-42.4%,原因:本期部分预收的合同货款达到收入确认条件而结转收入。 2. 财务费用变动幅度为-112.8%,原因:本期存款利息收入增加以及汇兑损益变动。 3. 投资活动产生的现金流量净额变动幅度为-155.65%,原因:本期新增结构性存款。 4. 筹资活动产生的现金流量净额变动幅度为-94.36%,原因:本期支付公司股份回购款及偿还银行借款 增加。 5. 现金及现金等价物净增加额变动幅度为-194.39%,原因:本期支付公司股份回购款及偿还银行借款增 加。 6. 投资收益变动幅度为81.59%,原因:投资的联营企业损益变动。 7. 公允价值变动收益变动幅度为56.76%,原因:远期外汇合约汇率变动。 8. 信用减值损失变动幅度为-78.2%,原因:应收款项预期信用损失增加。 9. 资产减值损失变动幅度为60.38%,原因:存货跌价准备减少。 10. 资产处置收益变动幅度为-95.87%,原因:本期处置固定资产产生损失较上期增加。 11. 营业外收入变动幅度为-42.72%,原因:与非日常经营活动相关的利得减少。 12. 少数股东损益 ...

Core Insights - The article highlights the significant stock adjustments made by the China Europe Medical Health Fund, managed by Ge Lan, during the second quarter of 2025, particularly its increased holdings in several pharmaceutical companies [1][3][4]. Group 1: Fund Adjustments - The China Europe Medical Health Fund entered the top ten circulating shareholders of Lizhu Group and Betta Pharmaceuticals, holding 5.939 million shares and 4.3513 million shares, respectively [3]. - The fund significantly increased its stake in XinNuoWei by approximately 14 million shares, representing a 222% increase, bringing its total holdings to 20.184 million shares [3][4][6]. - Other notable increases included holdings in XinLiTai (up 86% to 26.163 million shares), NuoCheng JianHua (up 43.9% to 13.048 million shares), and HuaDong Pharmaceutical (up 17.39% to 24.4395 million shares) [4][6]. Group 2: Fund Management Strategy - In July, the China Europe Medical Health Fund announced the appointment of Zhao Lei as a co-manager, indicating a shift towards a team-based management approach [8]. - The fund is part of a broader trend within China Europe Fund to enhance its research and investment management capabilities through a "professional, industrialized, and intelligent" investment research system [8][9]. - This transformation aims to create a sustainable organization capable of generating alpha over the long term, thereby improving product offerings and services for investors [9].

丽珠医药集团股份有限公司投资者关系活动记录表 编号：2025-11 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | 现场参观 | | | 其他 | | | 丽珠集团——执行董事、总裁 唐阳刚 | | | 刘大平 丽珠集团——副总裁、丽珠生物总经理 | | 活动参与人员 | 丽珠集团——副总裁、财务负责人 司燕霞 | | | 刘宁 丽珠集团——董事会秘书 | | | 参会投资机构共计 122 家，详见附件。 | | 时间 | 8 月 21 日 13:30-14:30 | | 地点 | 本公司会议室 | | 形式 | 线上接入 一、上半年整体经营情况介绍 | | | （一）业绩彰显经营韧性，核心优势持续夯实 报告期内，公司实现营业收入 亿元，利润总额 62.72 | | | 18.28 亿元，同比增长 13.66%，扣非归母净利润 12.58 亿 | | | 元，同比增长 8.91%。公司业绩增长源自：其一，保证基 | | | 本面和存量产品"稳中有增"，存量产品在激烈市场竞争中 | ...

Market Performance - The pharmaceutical sector experienced a slight decline of -0.07% on August 20, 2025, underperforming the CSI 300 index by 1.21 percentage points, ranking 31st among 31 sub-industries in the Shenwan classification [1] - Among sub-industries, hospitals (+0.63%), blood products (+0.30%), and medical research outsourcing (+0.29%) showed positive performance, while other biopharmaceuticals (-1.02%), in vitro diagnostics (-0.46%), and medical consumables (-0.38%) lagged behind [1] - Top three gainers in individual stocks were Huabang Health (+10.11%), Jimin Health (+10.02%), and Tianmu Pharmaceutical (+10.01%), while the biggest losers were Xintian Pharmaceutical (-10.01%), Fuyuan Pharmaceutical (-10.00%), and Chengyi Pharmaceutical (-9.99%) [1] Industry News - Madrigal announced that the European Commission has conditionally approved its drug Rezdiffra (resmetirom) for treating adult patients with moderate to severe liver fibrosis due to non-alcoholic steatohepatitis (MASH) [2] - Resmetirom is a "first-in-class" oral thyroid hormone receptor (THR)-β selective agonist targeting the underlying causes of MASH [2] - This approval marks the first MASH therapy to receive EU approval, based on results from the pivotal MAESTRO-NASH Phase 3 clinical trial, which showed that 25.9% and 29.9% of patients in the 80mg and 100mg Resmetirom groups, respectively, achieved symptom resolution without worsening liver fibrosis at week 52, compared to 9.7% in the placebo group (P<0.001) [2] Company News - Heng Rui Medicine (600276) reported a revenue of 15.761 billion yuan for the first half of 2025, a year-on-year increase of 15.88%, with a net profit attributable to shareholders of 4.450 billion yuan, up 29.67% [3] - Lizhu Group (000513) posted a revenue of 6.272 billion yuan for the first half of 2025, a slight decline of 0.17%, while net profit attributable to shareholders increased by 9.40% to 1.281 billion yuan [3] - Te Bao Biological (688278) achieved a revenue of 1.511 billion yuan, reflecting a growth of 26.96%, with a net profit of 428 million yuan, up 40.60% [3] - Zhong Yao Holdings (000950) reported a revenue of 41.188 billion yuan, a growth of 3.54%, and a net profit of 282 million yuan, increasing by 18.56% [3]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 麗珠醫藥集團股份有限公司 呈交日期： 2025年8月21日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01513 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 佔有關事件前的現有已發 | | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不 ...

Group 1 - The company, Lijun Pharmaceutical (01513.HK), announced a share buyback plan to repurchase 72,100 A-shares at a total cost of 3 million RMB [1] - The buyback will occur on August 21, 2025, with a price range of 41.15 to 41.90 RMB per share [1]