丽珠医药集团股份有限公司 2025 年半年度报告 2025 年 8 月 丽珠医药集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 重要提示 丽珠医药集团股份有限公司董事会、监事会及董事、监事、高级管理人员保证半年度报告（"本报告"）内 容的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 本公司负责人朱保国先生、主管会计工作负责人及会计机构负责人（会计主管人员）司燕霞女士声明：保 证本报告中二零二五年中期财务报表及附注（"财务报告"）的真实、准确、完整。 本报告已经本公司第十一届董事会第二十六次会议及本公司审计委员会审议通过。所有董事均已出席了审 议本报告的董事会会议。 本集团按《中国企业会计准则》编制的财务报告未经审计。 本报告第三节"管理层讨论与分析"中分析了公司未来发展可能面临的风险因素和应对策略情况，敬请投资 者留意查阅。 本报告涉及若干基于对未来政策和经济的主观假定和判断而作出的前瞻性陈述，不构成本公司对投资者的 实质承诺，该等陈述会受到风险、不明朗因素及假设的影响，实际结果可能与该等陈述有重大差异。投资 者应注意不恰当信赖或使用此类信 ...

记者获悉，毛孩子动物保健（广东）有限公司与中瑞供应链公司联合宣布，国内首款猫用抗应激处方药 （商品名：喵内宁®）正式上市。该产品是中国农业农村部新兽药注册目录中的首款猫用加巴喷丁处方 产品，售价为69.8元（3片装）或是124.8元（6片装）。与市场中现有的喷雾、信息素、营养补剂相比， 喵内宁具有起效快、靶向程度高、安全性能更优的特点。毛孩子动保由A股上市公司健康元药业与丽珠 医药联合注资成立，成立于2023年2月。（界面） ...

Core Viewpoint - LIZHU Pharmaceutical is undergoing a significant transformation, moving from a low-profile traditional pharmaceutical company to a more innovative and high-profile player in the industry, with notable advancements in its product pipeline and research capabilities [1][16]. Group 1: Financial Performance - LIZHU Pharmaceutical's net profit increased from 1.776 billion yuan in 2021 to 2.061 billion yuan in 2024, while operating cash flow rose from 1.902 billion yuan to 2.979 billion yuan during the same period, indicating strong financial health [1]. - The company reported overseas revenues of 1.565 billion yuan, 1.571 billion yuan, and 1.724 billion yuan from 2022 to 2024, with a stable growth trend [15]. Group 2: Strategic Initiatives - The company is implementing a "self-research + BD dual-wheel drive" strategy, focusing on innovative drugs and high-barrier complex formulations to meet unmet clinical needs [2][12]. - LIZHU Pharmaceutical has introduced multiple new drug candidates, including three in 2023 and five in 2024, covering areas such as digestive, cardiovascular, and metabolic diseases [2][5]. Group 3: Research and Development - The company has developed a rich pipeline of over 10 first-class innovative drugs, with four already launched domestically [10][11]. - LIZHU Pharmaceutical's innovative pipeline includes drugs targeting various fields such as digestive diseases, reproductive health, and autoimmune disorders, showcasing a strategic focus on high-demand areas [11][12]. Group 4: Mergers and Acquisitions - The company is considering domestic acquisitions to enhance its pipeline, leveraging its strong cash flow of 10.9 billion yuan as of March 31, 2025 [6][16]. - LIZHU Pharmaceutical's recent acquisition of the Vietnamese company IMP is aimed at expanding its presence in the Southeast Asian market, which is experiencing rapid growth [16]. Group 5: Market Positioning - The company is strategically avoiding overcrowded therapeutic areas like oncology and instead focusing on its traditional strengths and adjacent high-demand fields [12][13]. - LIZHU Pharmaceutical's approach to building competitive barriers includes a diverse project pipeline and unique technological advantages, enhancing its clinical value potential [13][14].

丽珠医药(01513)发布公告，于2025年8月19日该公司斥资人民币299.82万元回购7.27万股A股，回购价格 为每股人民币40.77-41.94元。 ...

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19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 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件 ...

格隆汇8月19日丨丽珠医药(01513.HK)发布公告，2025年8月19日耗资299.82万元人民币回购7.27万股A 股，回购价格每股40.77-41.94元。 ...

智通财经APP讯，丽珠医药(01513)发布公告，于2025年8月19日该公司斥资人民币299.82万元回购7.27万 股A股，回购价格为每股人民币40.77-41.94元。 ...

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19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 | 6). | 於2025年1月2日購回但尚未註銷的A股 | 146,400 0.01606 % RMB 37.56 | | --- | --- | --- | | | 變動日期 2025年1月2日 | | | 7). | 於2025年1月3日購回但尚未註銷的A股 | 147,400 0.01617 % RMB 37.31 | | | 變動日期 2025年1月3日 | | | 8). | 於2025年1月6日購回但尚未註銷的A股 | 268,700 0.02948 % RMB 37.21 | | | 變動日期 2025年 ...

Core Viewpoint - Lijun Group (000513) is experiencing a dual trend of declining revenue and increasing profit, primarily due to cost optimization measures, raising concerns about the sustainability of this model [1][3]. Financial Performance - The company has seen a continuous decline in operating revenue for seven consecutive quarters from Q1 2024 to Q1 2025, with the largest drop of -7.24% in Q2 2024 and a slight recovery to -1.92% in Q1 2025 [2]. - Despite a 1.92% decline in revenue, the net profit attributable to shareholders increased by 4.75%, driven by significant cost reductions [3]. - Total expenses decreased by 137 million yuan in Q1 2025, with sales and management expense ratios declining, which indirectly boosted profits [3]. - In 2024, sales expenses were 3.43 billion yuan, down from 3.598 billion yuan in 2023, while management expenses fell from 654 million yuan to 613 million yuan [3]. Asset Impairment and R&D Investment - Asset impairment losses decreased from 310 million yuan in 2023 to 182 million yuan in 2024, a reduction of 41.44%, contributing an additional 128 million yuan to net profit [4]. - R&D expenses have been declining, with 2023 expenses at 1.335 billion yuan (down 6.44%), further dropping to 1.033 billion yuan in 2024 (down 22.58%) [6][7]. - The R&D expense ratio fell from 10.5% in 2023 to 6.79% in Q1 2025, indicating a significant reduction in investment in innovation [7]. Project Termination and Pipeline Challenges - The termination of the PD-1 project (LZM009) in January 2025 marked a significant shift in the company's R&D strategy, reflecting challenges in the competitive landscape of tumor immunotherapy [8]. - The company has faced frequent terminations of early-stage projects, including ADC and CAR-T, due to rapid international technological advancements and high production costs [10]. - Core pipeline projects are progressing slowly, with key products like the quadrivalent influenza vaccine and anti-epileptic drug NS-041 lagging behind competitors [10]. Revenue Decline in Core Segments - Overall revenue for 2024 decreased by 4.97%, primarily driven by declines in the chemical and traditional Chinese medicine segments [11]. - The chemical segment, the largest revenue source, saw a 6.87% decline due to national medical insurance negotiations and centralized procurement policies [11]. - Traditional Chinese medicine revenue dropped by 19.27%, with significant declines in antiviral granules and limited growth in other products [12][13].

Core Viewpoint - The recent performance of the company shows a simultaneous decline in revenue and growth in profit, primarily due to cost optimization measures. However, the sustainability of this model raises concerns [2][4]. Financial Performance - The company has experienced a continuous decline in operating revenue for seven consecutive quarters from Q1 2024 to Q1 2025, with the largest drop of -7.24% in Q2 2024. The decline narrowed to -1.92% in Q1 2025 but did not reverse the downward trend [3]. - Despite a 1.92% drop in revenue, the net profit attributable to the parent company increased by 4.75%, attributed to significant cost optimization. In Q1 2025, the company reduced three types of expenses by 137 million yuan [4][5]. Cost Management - The company has a history of using cost-cutting measures to boost profits, having reduced sales expenses from 3.598 billion yuan in 2023 to 3.255 billion yuan in 2024, and management expenses from 654 million yuan to 613 million yuan [5]. - The reduction in asset impairment losses from 310 million yuan in 2023 to 182 million yuan in 2024, a decrease of 41.44%, also contributed to profit growth [6]. R&D Investment - The company's R&D expenses have been declining, with a drop from 1.335 billion yuan in 2023 to 1.033 billion yuan in 2024, representing a 22.58% decrease. In Q1 2025, R&D expenses were 216 million yuan, continuing the downward trend [7][8]. - The termination of several R&D projects, including the PD-1 project, reflects a strategic shift and raises concerns about the company's innovation capabilities [10][13]. Core Business Performance - Revenue from both chemical preparations and traditional Chinese medicine preparations has declined, with the overall revenue dropping by 4.97% in 2024. The chemical preparations segment saw a 6.87% decline, significantly impacted by national medical insurance negotiations and centralized procurement policies [14][15]. - The traditional Chinese medicine segment experienced a 19.27% revenue decline, primarily due to a drop in demand for antiviral granules following a high base effect from the previous year [15]. Market Challenges - The company faces multiple challenges in future growth due to policy adjustments and changes in market demand, particularly in the chemical and traditional Chinese medicine sectors [2][14].