丽珠医药集团股份有限公司 关于质量回报双提升行动方案的公告 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。 为认真落实中央政治局会议提出的"要活跃资本市场、提振投资者信心"及 国常会提出的"要大力提升上市公司质量和投资价值，要采取更加有力有效措施， 着力稳市场、稳信心"的指导思想，践行以"投资者为本"的上市公司发展理念， 维护丽珠医药集团股份有限公司（以下简称"公司"）全体股东利益，进一步提 升公司质量和投资价值，公司制定了"质量回报双提升"行动方案。具体举措如 下： 证券代码：000513、01513 证券简称：丽珠集团、丽珠医药 公告编号：2024-052 优势。同时加大管理创新力度，全面提升企业可持续发展能力，积极应对行业政 策变化，推动公司高质量发展。 未来公司将继续根据所处发展阶段，综合考虑行业发展趋势及公司的战略发 展规划等因素，统筹好公司发展与股东回报，建立持续、稳定、科学的回报规划 与机制，继续实现积极现金分红，积极回报公司投资者。 公司将始终坚守"患者生命质量第一"的使命和"做医药行业领先者"的愿 景，专注生命健康领域，持续以患者临床需求为导向 ...

Financial Performance - The total revenue for the first half of 2024 was RMB 6,282.35 million, representing a decrease of 6.09% compared to the same period in 2023[17]. - The net profit attributable to shareholders was RMB 1,170.97 million, down 3.21% year-over-year[17]. - The cash flow from operating activities was RMB 1,155.47 million, reflecting a decrease of 5.65% compared to the previous year[17]. - The basic earnings per share increased to RMB 1.27, up 4.10% from RMB 1.22 in the same period last year[18]. - The overall revenue from raw materials and intermediates was RMB 745.01 million, reflecting a decrease of 11.86%[20]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the first half of 2024, representing a 15% year-over-year growth[33]. - The company reported a revenue of RMB 6,282.35 million for the first half of 2024, a decrease of 6.09% compared to RMB 6,689.92 million in the same period last year[46]. - Net profit attributable to shareholders was RMB 1,170.97 million, reflecting a growth of 3.21% from RMB 1,134.57 million year-on-year[46]. - The net profit excluding non-recurring gains and losses was RMB 1,155.47 million, an increase of 5.65% from RMB 1,093.71 million in the previous year[47]. - The net cash flow from operating activities increased by 24.67% to RMB 1,530.03 million, compared to RMB 1,227.31 million in the previous period[40]. Revenue Breakdown - The revenue from chemical preparations accounted for 28.03% of total revenue, amounting to RMB 1,761.08 million[20]. - The revenue from biological products decreased by 61.23%, totaling RMB 70.52 million[21]. - The company’s revenue from traditional Chinese medicine preparations increased by 32.33%, reaching RMB 394.35 million[21]. - Sales revenue from chemical preparations was RMB 3,223.84 million, a decline of 7.37%, accounting for 51.32% of the total revenue[49]. - The sales revenue of the biopharmaceutical segment was RMB 87.55 million, a year-on-year decrease of 22.80%, accounting for 1.39% of the total revenue[55]. - The sales revenue of raw materials and intermediates segment reached RMB 1,761.08 million, a year-on-year decrease of 1.16%, accounting for 28.03% of the total revenue[58]. - The sales revenue of traditional Chinese medicine preparations was RMB 745.01 million, down 21.89% year-on-year, representing 11.86% of total revenue[62]. - The sales revenue of diagnostic reagents and equipment increased by 32.33% year-on-year to RMB 394.35 million, making up 6.28% of total revenue[64]. Future Outlook and Strategies - The company has provided a positive outlook for the second half of 2024, projecting a revenue growth of 10% to 12%[33]. - New product development includes the launch of a novel drug expected to enter the market by Q4 2024, which is anticipated to generate an additional 300 million RMB in revenue[33]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share in the region by 2025[33]. - A strategic acquisition of a local pharmaceutical company is in progress, which is expected to enhance the company's production capacity by 30%[33]. - The company plans to enhance its digital marketing strategies, aiming for a 15% increase in online sales by the end of 2024[33]. - The company is focusing on core areas such as gastrointestinal, neuropsychiatric, reproductive assistance, metabolism, and anti-infection for its chemical preparations segment in the second half of 2024[53]. Research and Development - The company has invested 100 million RMB in R&D for innovative drug formulations in the first half of 2024, a 50% increase from the previous year[33]. - The company has made significant progress in key projects, including the approval of the 8 mg hydrochloride paliperidone tablets and the submission of supplementary materials for the injection of triptorelin microspheres for endometriosis[50]. - The company is advancing the development of key biopharmaceutical projects, including the completion of patient enrollment for the phase III clinical trial of recombinant human follicle-stimulating hormone injection[55]. - The company is actively expanding its international business, with the injection of acetic acid cyproterone approved for sale in the United States and ongoing sales and registration efforts in multiple countries[51]. - The company has established a modular and flat R&D management system, enhancing project management and resource allocation for competitive innovation projects[50]. - The company is focusing on evidence-based marketing and compliance marketing to promote its core products effectively[51]. Investment and Financial Management - The company has received emergency use approval for its bivalent COVID-19 vaccine, which has been shipped to multiple provinces for vaccination[56]. - The company aims to accelerate the commercialization process of its biopharmaceutical products while enhancing its quality management system[57]. - The company has a rolling bill pool business limit of RMB 1.8 billion, with a pledged balance of RMB 296,090,600[104]. - The company has received production approval for several new products, including the injection of aripiprazole microspheres for schizophrenia, which is expected to enhance its product offerings[81]. - The company has made significant equity investment of RMB 1,000,000,000 in Zhuhai Lizhu Biological, holding a 60.23% stake[133]. - The company reported a loss from the investment in Zhuhai Lizhu Biological of RMB -106,335,367.68[134]. - The company has established a management system for commodity futures hedging to mitigate market risks associated with commodity price fluctuations[142]. Share Repurchase and Capital Management - The company approved a share repurchase plan for A-shares with a total fund amount between RMB 400 million and RMB 600 million, with a maximum repurchase price of RMB 38.00 per A-share[199]. - As of June 30, 2024, the company repurchased a total of 2,152,600 A-shares, accounting for 0.23% of the total issued share capital and 0.35% of the total issued A-shares, with a total expenditure of RMB 73,436,534.00[199]. - In July 2024, the company repurchased an additional 2,741,600 A-shares, representing 0.30% of the total issued share capital and 0.44% of the total issued A-shares, with a total expenditure of RMB 98,431,542.00[200]. - The repurchased A-shares have not yet been canceled and will reduce the registered capital upon cancellation[200]. - The company aims to stabilize its development and protect shareholder interests through this repurchase initiative[199].

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance remained stable with good cost control capabilities In H1 2024, the company achieved operating revenue of 6 282 billion yuan (-6 09%) and net profit attributable to the parent company of 1 171 billion yuan (+3 21%) The gross profit margin increased by 1 87pct to 65 96%, and the net profit margin increased by 4 01pct to 21 56% [3] - The chemical preparation segment faced short-term pressure, while the diagnostic reagent segment showed strong growth In H1 2024, the chemical preparation segment revenue was 3 224 billion yuan (-7 37%), with the digestive tract field revenue declining by 19 96% due to price reductions and policy impacts The diagnostic reagent and equipment segment revenue grew by 32 33% to 394 million yuan [3] - The company is steadily advancing its R&D pipeline and accelerating BD efforts Key projects include the launch of Triptorelin Microspheres for prostate cancer and the submission of supplementary materials for endometriosis The company also introduced several innovative drugs through BD, enriching its product pipeline [4] - The company is expected to achieve net profits attributable to the parent company of 2 159 billion yuan, 2 384 billion yuan, and 2 664 billion yuan in 2024-2026, with EPS of 2 33 yuan, 2 57 yuan, and 2 88 yuan respectively The current stock price corresponds to a PE ratio of 15 09x, 13 66x, and 12 23x for 2024-2026 [4] Financial Performance Summary - In H1 2024, the company's operating revenue was 6 282 billion yuan (-6 09%), with net profit attributable to the parent company of 1 171 billion yuan (+3 21%) The gross profit margin was 65 96%, and the net profit margin was 21 56% [3] - The company's total share capital is 926 4 million shares, with a market capitalization of 35 16 yuan per share The debt-to-asset ratio is 42 89%, and the ROE is 8 04% [2] - The company's revenue is expected to grow at a CAGR of 7 47% from 2024 to 2026, with net profit attributable to the parent company growing at a CAGR of 10 89% over the same period [6] R&D and BD Progress - The company is actively developing high-barrier complex preparations and specialty biologics Key projects include Triptorelin Microspheres, Aripiprazole Microspheres, and Semaglutide Injection The company has also introduced several innovative drugs through BD, such as KCNQ2/3 and DHODH inhibitors [4] Valuation and Forecast - The company's EPS is expected to be 2 33 yuan, 2 57 yuan, and 2 88 yuan in 2024-2026, with a PE ratio of 15 09x, 13 66x, and 12 23x respectively The PB ratio is expected to be 2 02x, 1 76x, and 1 54x over the same period [6] - The company's revenue is forecasted to reach 13 239 billion yuan, 14 223 billion yuan, and 15 427 billion yuan in 2024-2026, with net profit attributable to the parent company of 2 159 billion yuan, 2 384 billion yuan, and 2 664 billion yuan respectively [6]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][6][7]. Core Views - The company demonstrates stable profit growth, with a net profit of 1.171 billion yuan in H1 2024, reflecting a year-on-year increase of 3.21% despite a revenue decline of 6.09% to 6.282 billion yuan [5][6]. - The company has a rich product pipeline, with various segments showing different performance levels, particularly in chemical preparations and diagnostic reagents [6][7]. - The company is accelerating its innovation transformation through business development (BD) efforts, with a focus on introducing new drug candidates [7]. Financial Performance Summary - **Revenue and Profit**: In H1 2024, the company achieved a revenue of 6.282 billion yuan, down 6.09%, while the net profit was 1.171 billion yuan, up 3.21% [5][6]. - **Segment Performance**: - Chemical preparations generated 3.224 billion yuan, down 7.37%, with notable declines in gastrointestinal products due to price reductions [6]. - Traditional Chinese medicine revenue fell by 21.89% to 745 million yuan, impacted by high base effects from the previous year [6]. - Raw materials revenue remained stable at 1.761 billion yuan, while diagnostic reagents saw a significant increase of 32.33% to 394 million yuan [6]. - **Profitability Metrics**: The gross margin for H1 2024 was 65.96%, and the net margin was 18.64%, indicating stable profitability [7]. Future Earnings Forecast - The company is projected to achieve net profits of 2.191 billion yuan, 2.499 billion yuan, and 2.831 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 2.37 yuan, 2.70 yuan, and 3.06 yuan [8][9]. - The current price-to-earnings (P/E) ratios are forecasted to be 14.86, 13.03, and 11.50 for the same years [8][9].

Financial Performance - In the first half of 2024, the company achieved operating revenue of 6.282 billion CNY, a decrease of 6.09% year-on-year [1] - The net profit attributable to shareholders was 1.171 billion CNY, an increase of 3.21% year-on-year [1] - The net profit excluding non-recurring items was 1.155 billion CNY, up 5.65% year-on-year [1] Business Segment Performance - The chemical formulation segment generated revenue of 3.224 billion CNY, down 7.37% year-on-year, with gastrointestinal products declining by 19.96% to 1.301 billion CNY [1] - The raw materials and intermediates segment reported revenue of 1.761 billion CNY, a slight decrease of 1.16% year-on-year, but profit increased [1] - The traditional Chinese medicine segment saw revenue drop by 21.89% to 745 million CNY, primarily due to last year's high base [1] R&D and Product Development - The company made significant R&D progress, including the approval of injection formulations for prostate cancer and endometriosis [2] - New product introductions include innovative drugs in the fields of neurology, anti-infection, and men's health [2] - The company plans to continue building a competitive and differentiated innovation pipeline in the second half of 2024 [2] Market Trends and Challenges - The antiviral granules were significantly impacted by high baseline sales from the previous year due to flu and COVID-19 [2] - The diagnostic reagents and equipment segment achieved revenue of 394 million CNY, a year-on-year increase of 32.33% [2] - The bioproducts segment saw a revenue decline of 22.80% to 88 million CNY [2] Strategic Focus and Future Outlook - The company aims to enhance operational efficiency and compliance in response to industry regulations and market changes [2] - It plans to optimize management and strengthen overseas registration and market development [2] - The company expects to maintain stable revenue or achieve single-digit growth in the coming year, with double-digit profit growth anticipated [3] Shareholder Engagement and Financial Management - As of July 31, 2024, the company repurchased approximately 4.89 million A-shares, with a total expenditure of about 172 million CNY [2] - The company has maintained a high dividend payout ratio, using approximately 80% of its net profit for shareholder returns over the past five years [3]

公司名稱： 麗珠醫藥集團股份有限公司 呈交日期： 2024年8月23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 。 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 | 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 | 已發行股份（不包括庫存股份）數 目 | | 佔有關 ...

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [6] Core Views - The company reported a stable operation, awaiting the conversion of BD and self-research projects [10] - In the first half of 2024, the company achieved revenue of 6.282 billion yuan, a year-on-year decrease of 6.09%, and a net profit attributable to the parent company of 1.171 billion yuan, a year-on-year increase of 3.21% [10][11] - The company expects revenue growth driven by biological products and chemical preparations in the future [10] Financial Performance Summary - In the first half of 2024, the chemical preparation business generated revenue of 3.224 billion yuan, down 7.37% year-on-year, while the raw material drug business generated revenue of 1.761 billion yuan, down 1.16% year-on-year [10] - The company anticipates revenue for 2024-2026 to be 13.163 billion, 13.947 billion, and 14.875 billion yuan, with year-on-year growth rates of 5.90%, 5.95%, and 6.66% respectively [11] - The net profit attributable to the parent company is projected to be 2.196 billion, 2.456 billion, and 2.700 billion yuan for 2024-2026, with year-on-year growth rates of 12.41%, 11.84%, and 9.95% respectively [11] Business Development - The company has introduced the PCAB drug JP-1366, which is expected to supplement its gastrointestinal products [10] - The company is preparing for Phase III clinical trials for the semaglutide weight loss indication and has completed patient enrollment for the Phase III clinical study of the IL-17 antibody drug for psoriasis [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong performance in the hormone, psychiatric, and diagnostic reagent segments, with overall results meeting expectations [3] - The company is expected to achieve revenue of 131.4 billion, 139.7 billion, and 148.3 billion for the years 2024, 2025, and 2026 respectively, with net profits of 21.9 billion, 25.0 billion, and 28.3 billion for the same years [4] Financial Performance Summary - For the first half of 2024, the company achieved revenue of 62.82 billion (down 6.1% year-on-year) and a net profit of 11.71 billion (up 3.21% year-on-year) [3] - The revenue for Q2 2024 was 30.40 billion (down 7.2% year-on-year), with a net profit of 5.63 billion (up 1.9% year-on-year) [3] - The chemical preparation segment generated revenue of 32.24 billion (down 7.4% year-on-year), with notable growth in the hormone sector at 15.49 billion (up 12.5% year-on-year) [3] - The diagnostic reagents and equipment segment saw revenue of 3.94 billion (up 32.3% year-on-year), capitalizing on increased demand for flu and respiratory products [3] Earnings Forecast and Valuation - The company maintains its earnings forecast, expecting a diluted EPS of 2.37, 2.70, and 3.06 for 2024, 2025, and 2026 respectively [4] - The current P/E ratios are projected to be 15, 13, and 12 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation [4] - The report highlights the potential for high-end formulations and biopharmaceutical pipelines to contribute significantly to sales, with peak sales estimates for various products reaching up to 65 billion [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11]. Core Views - The company has shown a slight profit growth with a decrease in sales expense ratio, maintaining a "Buy" rating. In H1 2024, the company achieved operating revenue of 6.282 billion yuan (down 6.09% year-on-year) and a net profit attributable to shareholders of 1.171 billion yuan (up 3.21%) [2]. - The company is expected to maintain its market advantages across multiple therapeutic areas, with net profit forecasts for 2024-2026 at 2.188 billion, 2.466 billion, and 2.769 billion yuan respectively, and corresponding EPS of 2.36, 2.66, and 2.99 yuan per share [2]. Revenue Performance - In H1 2024, the revenue from chemical preparations was 3.224 billion yuan (down 7.37%), accounting for 51.32% of total revenue. Notably, the revenue from hormone products was 1.549 billion yuan (up 12.51%), making up 24.65% of total revenue [3]. - The revenue from the mental health product line grew steadily, with a reported revenue of 297 million yuan (up 6.68%) [3]. R&D and Product Pipeline - The company is accelerating the development of differentiated innovative pipelines, with several products in various stages of clinical trials and approvals. For instance, the injection of Triptorelin acetate microspheres for prostate cancer was approved in 2023, and the injection of Aripiprazole microspheres has been submitted for production [4]. - The company has completed the enrollment of all subjects for the Phase III clinical trial of recombinant human follicle-stimulating hormone injection by the end of March 2024 [4]. Financial Forecasts - The company’s financial forecasts indicate a steady increase in operating revenue from 12.63 billion yuan in 2022 to an expected 15.495 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 9% [5]. - The projected net profit attributable to shareholders is expected to grow from 1.909 billion yuan in 2022 to 2.769 billion yuan in 2026, reflecting a CAGR of about 12.3% [5]. Market Position - The current stock price is 35.74 yuan, with a market capitalization of 33.109 billion yuan. The stock has a P/E ratio projected to decrease from 18.2 in 2022 to 12.6 in 2026, indicating potential for value appreciation [6].

华福证券 丽珠集团（000513.SZ） 收入短期承压，在研管线丰富，持续加大 BD 力度 投资要点： 公司发布 2024 年半年报 2024H1：实现收入 62.8 亿元，同比下降 6.1%，归母净利润 11.7 亿元，同比增长 3.2%，扣非归母净利润 11.6 亿元，同比增长 5.7%； 2024Q2：实现收入 30.4 亿元，同比下降 7.2%，归母净利润 5.6 亿 元，同比增长 1.9%，扣非归母净利润 5.7 亿元，同比增长 7.9%； 盈利能力改善明显，费用率控制较好 2024H1：公司整体毛利率 66%，同比提升 1.9pct；整体费用率下 降 3pct，其中：销售费用率为 27.7%，同比下降 1.7pct，管理费用率为 5.3%，同比提升 0.6pct，研发费用率为 7.8%，同比下降 1.3pct，财务 费用率为-1.2%，同比下降 0.6pct； 2024Q2：公司整体毛利率 67.3%，同比提升 2.2pct；整体费用了下 降 3.1pct，其中：销售费用率 28.4%，同比下降 2.2pct，管理费用率为 4.6%，同比下降 0.4pct，研发费用率为 8.3%，同比下降 0.8 ...