丽珠集团（000513）(000513.SZ)公告，公司截至2025年10月31日通过集中竞价交易方式回购了公司A股 股份共计1537.68万股，占公司总股本的比例为1.70%，已使用的资金总额为5.7亿元(不含交易费用)。 ...

证券代码：000513、01513 证券简称：丽珠集团、丽珠医药 公告编号：2025-066 丽珠医药集团股份有限公司关于回购公司股份的进展公告 后续公司将根据实施回购股份的进展情况，严格按照《深圳证券交易所上市 公司自律监管指引第 9 号——回购股份》及《香港联合交易所有限公司证券上市 规则》等相关规定，及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 丽珠医药集团股份有限公司董事会 根据公司于 2024 年 12 月 25 日发布的《丽珠医药集团股份有限公司回购报 告书》（公告编号：2024-079），公司将以不低于人民币 60,000.00 万元（含）， 不超过人民币 100,000.00 万元（含）的回购总金额，以及不超过人民币 45.00 元 /股的回购价格，回购公司部分 A 股股份，用于注销减少注册资本。 截至 2025 年 10 月 31 日，公司通过集中竞价交易方式回购了公司 A 股股份 共计 15,376,845 股，占公司总股本的比例为 1.70%，购买的最高价为人民币 41.99 元/股，最低价为人民币 33.21 元/股，已使用的资金总额为人民币 570,228,471. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance has shown stable growth, with a significant advancement in research and development [1] - The company achieved a total revenue of 9.116 billion yuan in the first three quarters of 2025, a year-on-year increase of 0.38%, and a net profit attributable to the parent company of 1.754 billion yuan, up 4.86% year-on-year [7] - The R&D pipeline is entering a harvest period, with ongoing overseas expansion efforts [7] Financial Performance Summary - Total revenue (in million yuan) for 2022A was 12,630, with projections of 12,223 for 2025E and 14,303 for 2027E, reflecting a growth rate of 3.48% in 2025E and 8.92% in 2027E [4] - Net profit attributable to the parent company (in million yuan) is projected to be 2,382 for 2025E, increasing to 2,941 by 2027E, with corresponding EPS of 2.64 and 3.25 respectively [4] - The company maintains a healthy profit margin, with a gross profit margin of 67.20% in Q3 2025, an increase of 1.73 percentage points year-on-year [7] Segment Performance Summary - The formulation segment has shown stable growth, with major products in digestion, mental health, reproductive health, and traditional Chinese medicine experiencing year-on-year growth [7] - The raw material segment has seen a slight decline due to weakened downstream demand, but high-margin antibiotic pet raw materials have contributed positively to profits [7] - The diagnostic reagent segment's revenue has decreased year-on-year due to a high base in 2024, although self-immune diagnostic products have shown significant growth [7] R&D and Market Expansion Summary - The company has made significant progress in its R&D pipeline, with several products entering clinical trials and expected to launch in the coming years [7] - The acquisition of Vietnam's Imexpharm is underway, which will enhance the company's market channels and facilitate the expansion of innovative drug products into overseas markets [7]

内容概况：我国重组蛋白行业虽起步相对较晚，但得益于国家产业政策的持续支持与引导，国内企业在 重组蛋白的技术研发、生产工艺与质量控制等领域取得显著突破，推动产品技术指标持续提升，产能规 模稳步扩大，综合成本竞争力不断增强，与国际领先企业的差距逐步缩小，国产化进程加速推进，使中 国快速崛起为全球重组蛋白市场的重要力量。相较于传统小分子化学药物，重组蛋白药物凭借其治疗效 果显著、靶向性强、毒副作用低等独特优势，在肿瘤、自身免疫性疾病等重大疾病治疗领域展现出广阔 的应用前景。近年来，在生物制药产业整体蓬勃发展及后疫情时代市场需求持续释放的背景下，中国重 组蛋白行业保持强劲增长态势，市场规模实现快速扩容。据统计，2015-2024年中国重组蛋白行业市场 规模从51亿元增长至270亿元，年复合增长率为20.34%。未来，随着创新药研发投入的持续加大、精准 医疗需求的日益增长以及下游应用场景的不断拓展，中国重组蛋白行业市场规模有望保持稳健增长，并 进一步向高质量、国际化方向迈进。 相关上市企业：百普赛斯（301080）、义翘神州（301047）、诺唯赞（688105）、迈威生物 （688062）、近岸蛋白（688137）、 ...

Core Points - The 2025 National Medical Insurance Directory negotiations have officially commenced, highlighting the importance of pharmaceutical innovation and patient access to medications [1] - The atmosphere at the negotiations is characterized by a cautious and low-key approach from pharmaceutical representatives, with an increased emphasis on confidentiality [3][4] - A total of 535 drugs are under review, with 311 outside the directory and 224 within it, alongside 121 high-value drugs reviewed under the commercial insurance innovation drug directory [9][10] Group 1: Negotiation Atmosphere - The entry process for pharmaceutical representatives was notably quieter and more orderly compared to previous years, reflecting a more subdued approach [3][4] - Representatives from both domestic and multinational pharmaceutical companies, including notable names like 恒瑞医药 and 阿斯利康, participated in the negotiations [4][9] Group 2: Key Drug Categories - Antibacterial drugs are expected to be a significant focus in the afternoon session of the negotiations, with specific products like 万古霉素 being highlighted [9][10] - Innovative drugs, including CAR-T products and new lipid-lowering medications, are also under consideration, with 恒瑞医药 presenting multiple products for initial review [10][12] Group 3: Market Insights - The PCSK9 inhibitor 瑞卡西单抗 has gained attention for its long-acting properties, with a market size of 1.32 billion yuan in 2023, representing 7.8% of the national lipid-lowering drug market [10][11] - The long-acting 阿立哌唑微球 from 丽珠集团 is another product of interest, potentially replacing oral formulations and capturing market share if included in the insurance directory [12]

Core Viewpoint - Lijun Group has established a clear上市计划 for its innovative drugs, with a pipeline of products expected to launch annually starting this year, enhancing its sales growth and revenue structure [1] Group 1: Product Pipeline - The company plans to launch the innovative drug Aripiprazole microspheres in 2025, followed by products in the self-immune field for IL-17A/F psoriasis and ankylosing spondylitis, as well as P-CAB products in the digestive field within the next 2-3 years [1] - In three years, additional products such as NS-041 tablets for mental health, H001 capsules for cardiovascular health, flu vaccines, SG1001 for infections, and newly introduced oral GnRH antagonists are expected to be launched [1] Group 2: Business Stability and Growth - The company's main business remains stable, with multi-sector collaborative development, which will support sales growth as innovative drugs are launched [1] - The proportion of innovative drugs in the revenue structure is expected to increase over time, providing stronger support for overall sales growth [1] Group 3: Additional Product Developments - Besides the first and second category innovative drugs, the company is also developing high-barrier complex formulations and other products that synergize with Lijun, which are expected to launch in the coming years [1] - These include Semaglutide for diabetes and weight loss, recombinant FSH, Leuprolide microspheres (three-month sustained release), and long-acting products in the mental health field, further enhancing the company's growth momentum [1]

证券日报网讯丽珠集团（000513）10月27日发布公告，在公司回答调研者提问时表示，阿立哌唑微球挂 网价已公布，公司正积极推进国谈过程，预计年内将会有结果。精神长效产品未来销售潜力可观，国内 精神长效制剂渗透率还有很大提升空间，例如抗精分长效针剂在欧美地区的平均使用率达25%-30%，而 我国临床使用率尚不足1%。此外，围绕阿立哌唑微球为代表的长效精神剂型，公司已开展一系列市场 准备工作：一是组建了覆盖全国重点科室的团队；二是在真实世界证据端，启动覆盖60家中心、1200例 患者的RWS研究，积累更多中国患者临床循证证据；三是"精神专家说"栏目粉丝增长显著，有效触达了 从医生到患者的不同群体。我们相信，在公司前期扎实的准备工作基础上，后续若国谈成功将会为阿立 哌唑微球放量提供有力支撑，并将推动精神长效制剂市场规模的持续扩大。 ...

Core Viewpoint - Lijun Group (000513) focuses on the development of microsphere technology, particularly in the areas of GnRH-α and mental health products, with significant advancements in long-acting formulations and international market expansion [1] Group 1: Product Development - The core product, Leuprolide microsphere (one-month release), is the first GnRH-α long-acting formulation approved by the FDA based on individual drug guidelines [1] - The injectable Triptorelin microsphere has received approval for prostate cancer and is expected to be approved for endometriosis in 2024, with ongoing Phase III clinical trials for central precocious puberty [1] - A three-month release Leuprolide microsphere application has been submitted, with expected approval in 2026 [1] - The company is also developing a microsphere formulation of Ganirelix, which currently has no market presence globally [1] Group 2: Mental Health Product Line - The company has launched an injectable Aripiprazole microsphere, which offers the longest dosing interval (once a month) for schizophrenia treatment globally [1] - Additional products like Brexpiprazole microsphere are in development to strengthen the long-acting product line for mental health [1] Group 3: Market Expansion in Vietnam - The acquisition of Imexpharm in Vietnam is under approval, with the company showing over 20% growth in revenue, profit, and EBITDA in the third quarter [1] - Imexpharm has the largest EU-GMP product line in Vietnam, and both companies are planning product and process transfers to leverage Imexpharm's established market channels and EU-GMP certification for expanding innovative drug products overseas [1]

Core Viewpoint - Lijun Group (000513) is focusing on enhancing its R&D pipeline by introducing multiple products and aims to accelerate clinical transformation through collaboration and acquisition of promising molecules in key therapeutic areas [1] Group 1: R&D Strategy - The company has established a rich R&D pipeline by introducing various products in recent years [1] - Future R&D efforts will concentrate on "strong advantage areas and chronic diseases," including digestive, mental health, cardiovascular, metabolic, and autoimmune diseases [1] - The company emphasizes collaboration to introduce high-potential molecules to support innovative R&D [1] Group 2: Collaboration Focus - Key considerations for collaboration include patent barriers, future commercialization potential, and addressing unmet clinical needs [1] - The company currently holds or shares global market rights for several innovative drug projects, including IL-17A/F, H001 capsules, and a quadrivalent recombinant protein influenza vaccine [1] Group 3: Project Development - The company is actively promoting external licensing collaborations for the IL-17A/F project while engaging with other projects [1] - For early-stage projects, the company plans to accumulate clinical data before advancing business development based on maturity [1]

Core Viewpoint - Lijun Group (000513) reported an increase in sales expenses in Q3, attributed to the market promotion costs for new drugs such as Aripiprazole microspheres and Triptorelin microspheres, indicating a temporary phase rather than a long-term trend [1] Group 1 - The increase in sales expenses is primarily due to the initial market promotion of new drugs [1] - The sales structure changed in Q3, with a significant growth in the formulation drug segment, leading to an increased sales proportion [1] - Overall, the increase in sales expenses is characterized as a short-term fluctuation rather than a trend for the entire year [1]