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，目前LZM012项 目银屑病和强直性脊柱炎两个适应症均已完成III期临床，关键III期临床数据均已锁库并读出。公司临 床、药学及非临床各板块正积极准备相关资料，预计今年底银屑病适应症将递交正式上市申请。此外， 近期公司已获得CDE正式回复，该产品纳入优先审评。关于BD方面，公司LZM012项目是国内首个以 PASI100为主要终点的银屑病Ⅲ期研究，结果证实了其疗效优效于司库奇尤单抗。目前公司已与相关方 就对外授权合作细节展开深入接洽，包括开展尽调等，后续如有相关进展公司将及时公告。 ...

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 ...

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]

Group 1 - TuoJing Life invested 68 million yuan to acquire a 9.2141% stake in HuiHe Bio, which has completed early clinical studies for its CC312 pipeline targeting autoimmune diseases [1] - HuiHe Bio's CC312 pipeline is in Phase I clinical trials and addresses unmet clinical needs in diseases like SLE, showing promising research potential [1] - The investment aligns with TuoJing Life's strategy to establish a comprehensive "diagnosis-treatment-monitoring" chain in the autoimmune disease sector [1] Group 2 - Boehringer Ingelheim's innovative therapy for pulmonary fibrosis, Namilus, has been approved in China, marking the first new drug for idiopathic pulmonary fibrosis (IPF) in a decade [2] - The approval signifies a breakthrough in the IPF treatment field, as it is the first drug to meet primary endpoints in Phase III trials in over ten years [2] - The synchronized global development and registration of Namilus highlight the strategic importance of the Chinese market in the global new drug development framework [2] Group 3 - TeYi Pharmaceutical reported a 51.86% year-on-year increase in revenue to 692 million yuan and a remarkable 985.18% increase in net profit to 65.2 million yuan for the first three quarters of 2025 [3] - The significant growth is attributed to a recovery in sales of core products following a marketing organizational transformation [3] - The upcoming respiratory disease season is expected to further enhance the company's profitability [3] Group 4 - LIZHU Group's revenue for the first three quarters of 2025 reached approximately 9.116 billion yuan, a slight increase of 0.38% year-on-year, with a net profit of about 1.754 billion yuan, up 4.86% [4] - In Q3 alone, the company achieved revenue of approximately 2.844 billion yuan, reflecting a 1.6% year-on-year growth, while net profit decreased by 5.73% [4] - New products approved in the first half of the year are expected to contribute to future revenue growth [4]

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]

Group 1: 华夏银行 Financial Performance - In Q3 2025, 华夏银行 reported operating revenue of 19.36 billion yuan, a year-on-year decrease of 15.02% [1][2] - The net profit attributable to shareholders was 6.51 billion yuan, an increase of 7.62% year-on-year [1][2] - For the first three quarters, the bank's operating revenue was 64.88 billion yuan, down 8.79% year-on-year, while net profit decreased by 2.86% to 17.98 billion yuan [1][2] Group 2: 华夏银行 Key Financial Ratios - Basic earnings per share remained stable at 0.38 yuan for Q3 and 1.04 yuan for the first three quarters [2] - The weighted average return on equity was 1.98% in Q3, down 0.12 percentage points year-on-year [3] - The total assets at the end of the reporting period were 4.586 trillion yuan, an increase of 4.80% from the end of the previous year [2] Group 3: 不良贷款和拨备情况 - The non-performing loan ratio was 1.58%, a decrease of 0.02 percentage points from the end of the previous year [3] - The provision coverage ratio was 149.33%, down 12.56 percentage points year-on-year [3] - The loan provision ratio was 2.36%, a decrease of 0.23 percentage points from the end of the previous year [3] Group 4: 华工科技 Financial Performance - 华工科技 reported Q3 2025 operating revenue of 3.41 billion yuan, a decrease of 10.33% year-on-year, while net profit increased by 31.15% to 410 million yuan [4][5] - For the first three quarters, the company achieved operating revenue of 11.04 billion yuan, a year-on-year increase of 22.62%, and net profit of 1.32 billion yuan, up 40.92% [4][5] Group 5: 汇川技术 Financial Performance - 汇川技术 reported operating revenue of 316.63 billion yuan for the first three quarters, a year-on-year increase of 24.67%, with net profit rising by 26.84% to 42.54 billion yuan [6][7] - In Q3, the company achieved operating revenue of 111.53 billion yuan, up 21.05% year-on-year, and net profit of 12.86 billion yuan, an increase of 4.04% [6][7] Group 6: 宝丰能源 Financial Performance - 宝丰能源 reported operating revenue of 355.45 billion yuan for the first three quarters, a year-on-year increase of 46.43%, with net profit rising by 97.27% to 89.5 billion yuan [8][9] - In Q3, the company achieved operating revenue of 127.25 billion yuan, up 72.49% year-on-year, and net profit of 32.32 billion yuan, an increase of 162.34% [8][9] Group 7: 生益科技 Performance Forecast - 生益科技 expects net profit for the first three quarters of 2025 to be between 2.42 billion and 2.46 billion yuan, representing a year-on-year increase of 76% to 79% [10] - The increase is attributed to higher sales of copper-clad laminates and improved product structure [10] Group 8: 巨化股份 Financial Performance - 巨化股份 reported Q3 2025 operating revenue of 70.62 billion yuan, a year-on-year increase of 21.22%, with net profit rising by 186.55% to 11.97 billion yuan [11] - For the first three quarters, the company achieved operating revenue of 203.94 billion yuan, up 13.89%, and net profit of 32.48 billion yuan, an increase of 160.22% [11] Group 9: 电投能源 Financial Performance - 电投能源 reported Q3 operating revenue of 79.39 billion yuan, a year-on-year increase of 3.34%, while net profit decreased by 8.52% to 13.31 billion yuan [21][22] - For the first three quarters, the company achieved operating revenue of 224.03 billion yuan, up 2.72%, and net profit decreased by 6.40% to 41.18 billion yuan [21][22]