一、审议程序 2026 年 3 月 24 日，丽珠医药集团股份有限公司（以下简称"公司"）召开 了第十一届董事会第三十三次会议，审议通过了《2025 年度利润分配预案》（表 决情况为：9 票同意，0 票反对，0 票弃权）。本次利润分配方案尚需提交公司 股东会审议。 证券代码：000513、01513 证券简称：丽珠集团、丽珠医药 公告编号：2026-10 丽珠医药集团股份有限公司 关于 2025 年度利润分配预案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 （二）利润分配方案公告后至实施前，若出现股权激励行权、可转债转股、 股份回购等导致股本总额发生变动的情形，公司将按照分配比例不变的原则调整 分红总额。 5、若本次利润分配预案获得股东会审议通过，本年度公司累计现金分红总 额为人民币 1,269,707,254.53 元；本年度以现金为对价，采用集中竞价的方式实 施的 A 股回购及通过香港联合交易所有限公司进行的场内 H 股股份回购金额为 人民币 579,540,542.01 元。综上，本年度 现金分红和股份回购总金额 为 1,849,247,796 ...

Stock Code 股份代號: 1513 (A joint stock company incorporated in the People's Republic of China with limited liability) （在中華人民共和國註冊成立的股份有限公司） 2025 Environmental, Social and Governance Report 環境、社會及管治報告 * For identication purpose only 僅供識別 01 關於本報告 | 概覽 | 02 | | --- | --- | | 董事長致辭 | 05 | | 關於麗珠 | 08 | | 年度成績與認可 | 09 | | 年度專題：AI驅動新質生產力－麗珠創新體系的全鏈路躍升 | 12 | | 板塊1：從分子到臨床－構建新一代研發全流程體系 | 14 | | 板塊2：讓組織更敏捷－人力、合規與運營管理的數字化躍遷 | 19 | 02 可持續發展管理 | 可持續發展戰略 | 25 | | --- | --- | | 可持續發展管理體系 | 30 | | 利益相關方溝通 | 34 | | ESG重要性議題評 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 麗 珠 醫 藥 集 團 股 份 有 限 公 司 LIVZON PHARMACEUTICAL GROUP INC.* （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：1513） 截至2025年12月31日止年度的經審計業績公告 麗珠醫藥集團股份有限公司Livzon Pharmaceutical Group Inc.*（「本公司」，連同其附屬公 司統稱為「本集團」）董事會（「董事會」）謹此宣佈本集團截至2025年12月31日止年度經審計 業績。本業績公告列載本公司2025年度報告全文，並符合《香港聯合交易所有限公司證券 上市規則》中有關年度業績初步公告附載的資料之要求。 本公司2025年度報告於同日可在香港交易及結算所有限公司披露易網站(www.hkexnews.hk) 及本公司網站(www.livzon.com.cn)閱覽。 承董事會命 麗珠醫藥集團股份有限 ...

Financial Performance - Livzon Pharmaceutical Group reported a cash dividend of RMB 14.3 per 10 shares for the 2025 profit distribution plan[7]. - The company achieved operating revenue of CNY 12.02 billion in 2025, representing a year-on-year increase of 1.76%[22]. - Net profit attributable to shareholders was CNY 2.02 billion, a decrease of 1.84% compared to the previous year[22]. - The net profit after deducting non-recurring gains and losses was CNY 2.01 billion, reflecting a growth of 1.51% year-on-year[22]. - The company reported a total of CNY 14.08 million in non-recurring gains for 2025, compared to CNY 81.90 million in 2024[27]. - The company reported a gross profit margin of 65.90% for the pharmaceutical manufacturing sector, an increase of 0.45 percentage points compared to the previous year[77]. - The company reported a net profit of 1,712.13 million, with a revenue of 3,278.75 million, reflecting a strong performance in the pharmaceutical sector[121]. - The company reported a total cash outflow from investment activities surged by 729.99% year-on-year to ¥11,364,837,752.13, mainly due to an increase in structured deposit business[99]. Research and Development - The company invested approximately CNY 1.06 billion in R&D, accounting for 8.79% of total operating revenue[31]. - There are currently 40 formulation projects under research, with 12 in the listing application stage and 4 in Phase III clinical trials[31]. - The company is focusing on expanding its market presence in Brazil to overcome trade and policy barriers, enhancing operational efficiency[73]. - The company is committed to research and development, with a focus on new product innovation and technological advancements in the pharmaceutical sector[162]. - The company is advancing multiple projects in clinical trials, including the injection of semaglutide for type 2 diabetes and weight management, which are expected to enhance its metabolic product line[90]. - The company has received approval for multiple new products, including LZZG2101 for cardiovascular diseases and various reproductive health products, enhancing its product pipeline[90]. - The company’s R&D investment intensity and pipeline conversion efficiency are continuously improving, focusing on unmet clinical needs in chronic disease areas[66]. Corporate Governance - The company emphasizes the accuracy and completeness of its financial report, with the responsible persons affirming their legal accountability[5]. - Livzon Pharmaceutical Group's financial report is subject to audit by a registered accounting firm, ensuring compliance with regulatory standards[11]. - The company has a robust governance structure, including various committees to oversee compensation, audit, and environmental, social, and governance (ESG) matters[158]. - The board of directors strictly adhered to legal and regulatory requirements, ensuring diligent performance of their responsibilities[175]. - The company has established a structured public welfare management system to enhance drug accessibility and reduce production and distribution costs[55]. - The company has implemented a comprehensive ESG strategy, producing high-quality ESG reports for nine consecutive years[143]. - The company has established a data management platform for investor relations, enhancing communication and information dissemination[142]. Market Expansion and Internationalization - The company achieved overseas revenue of 1.93 billion yuan, a year-on-year increase of 11.97%, accounting for 16.06% of total revenue[44]. - The company signed sales cooperation agreements for its formulation products, covering over 50 countries, and successfully obtained market approvals in key emerging markets[46]. - The company is advancing its localization strategy in Southeast Asia and South America, leveraging local resources for innovative drug development[47]. - By 2026, the company plans to increase its overseas revenue share and expand its global presence through local operations and strategic partnerships[123]. - The company is pursuing strategic collaborations with leading global pharmaceutical companies to enhance its product commercialization efforts in regulated markets[129]. Risk Management - The company has established a financial derivative trading management system to control trading risks and ensure compliance with internal procedures[118]. - The company emphasizes risk management principles in foreign exchange derivative transactions to mitigate market and internal control risks[118]. - The company is enhancing its risk management and internal control systems, with a focus on professionalization and standardization of internal audit work[200]. - Risk management evaluations were conducted by department heads to assess the likelihood of risk occurrences and provide handling solutions[198]. - The company focuses on high-risk areas such as fund management, R&D, quality control, and sales operations in its risk management efforts[198]. Leadership and Management Changes - The company is undergoing significant management changes, including the resignation of several senior executives due to retirement or personal reasons[151]. - The company is focused on maintaining stability in its leadership while preparing for future growth and strategic initiatives[150]. - The company has a strong leadership team with diverse backgrounds in pharmaceuticals, finance, and management, including professionals with advanced degrees from prestigious institutions[161]. - The company has appointed independent non-executive directors with significant experience in auditing, corporate governance, and risk management to strengthen its board[156]. - The company’s board of directors has established a compensation and assessment committee to evaluate the performance of directors and senior management annually[191]. Employee and Compensation Policies - The company’s employee compensation policy is designed to ensure fairness and is linked to individual performance and company profitability[181]. - The total remuneration for Chairman Zhu Baoguo is CNY 3.25 million, while Executive Director Tang Yanggang received CNY 6.50 million[170]. - The company has a performance assessment system for senior management, which influences the distribution of performance bonuses and year-end double salaries[168]. - The company has not made any cash dividends during the reporting period, and the reasons for this are not applicable[186]. - The company has implemented a project management training program to enhance the efficiency of the R&D process[183]. Compliance and Regulatory Environment - The regulatory environment is becoming increasingly stringent, pushing the pharmaceutical industry towards standardized operations and compliance, which is critical for survival and competitiveness[65]. - The government has implemented policies to support innovation in the pharmaceutical sector, including a 30-day review channel for innovative drug clinical trials[59]. - The healthcare payment system is being refined to enhance drug accessibility and support the development of innovative products, with a focus on cost-effectiveness and clinical value[63]. - The company has maintained an A-level rating for information disclosure from the Shenzhen Stock Exchange for six consecutive years[141]. Innovation and Technology Integration - The company’s AI technology integration has significantly reduced the drug development cycle by over 50% in vaccine development and improved detection efficiency from 10 hours to 1 minute in quality control[51][52]. - The company is leveraging AI technology to transition its sales system from experience-driven to data-driven, improving marketing efficiency and service capabilities[53]. - AI technology will be integrated into production management to reduce costs and improve quality, optimizing processes and enhancing inventory management systems[132]. - The company aims to enhance its R&D capabilities by integrating AI technology across the entire drug development process, focusing on early drug discovery and clinical trial efficiency[126].

目錄 | 董事長致辭 | 2 | | --- | --- | | 財務摘要 | 8 | | 第一節 | 10 | | 重要提示和釋義 | | | 第二節 | 16 | | 公司簡介和主要財務指標 | | | 第三節 | 21 | | 管理層討論與分析 | | | 第四節 | 93 | | 公司治理及企業管治報告 | | | 第五節 | 124 | | 重要事項 | | | 第六節 | 147 | | 股份變動及股東情況 | | 第七節 財務報告 10 16 21 93 124 147 160 董事長 致辭 尊敬的各位股東： 一、業績穩健：穿越周期， 築牢高質量發展底盤 2025年，是中國醫藥行業在政策深化、技術躍遷與中國創新藥崛起的關鍵之年。面對集採常態化、醫保 控費趨嚴、合規監管升級等多重變革，麗珠始終秉持「以患者為中心、以臨床價值為導向」的初心，堅 定推進以創新和國際化引領發展，在夯實基本盤的同時，加速向全球化創新型製藥企業轉型。這一年， 我們不僅實現了業績穩健、創新突破、國際化提速、AI深度賦能與股東回報強化五大維度的協同躍升， 更在不確定性中鍛造出可持續的高質量發展能力。 2 麗珠醫藥集團股份有限公司 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而刊發。 茲載列麗珠醫藥集團股份有限公司於深圳證券交易所網站刊發之《麗珠醫藥集團股份有 限公司關於使用閒置自有資金進行委託理財的公告》，僅供參閱。 承董事會命 麗珠醫藥集團股份有限公司 Livzon Pharmaceutical Group Inc.* 公司秘書 中國，珠海 劉寧 二零二六年三月二十四日 於本公告日期，本公司的執行董事為唐陽剛先生 ( 副董事長 ); 本公司的非執行董事為朱保國先 生 ( 董事長 ) 、林楠棋先生及邱慶豐先生 ; 本公司的職工董事為冉永梅女士；而本公司的獨立非 執行董事為白華先生、羅會遠先生、崔麗婕女士及王智瑤女士。 * 僅供識別 证券代码：000513、01513 证券简称：丽珠集团、丽珠医药 公告编号：2026-14 丽珠医药集团股份有限公司 关于使用闲置自有资金进行委托理财的公告 （一） ...

1. 投资种类：发行主体为商业银行、证券公司、保险公司等金融机构提供 的安全性高、流动性好、风险可控的理财产品。 关于使用闲置自有资金进行委托理财的公告 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。 重要内容提示： 证券代码：000513、01513 证券简称：丽珠集团、丽珠医药 公告编号：2026-14 丽珠医药集团股份有限公司 2. 投资金额：不超过人民币25亿元（含），资金来源为闲置自有资金。 3. 特别风险提示：在不影响丽珠医药集团股份有限公司（以下简称"公司"） 正常经营及风险可控的前提下，公司及子公司使用闲置自有资金进行委托理财将 选择安全性高、流动性好、风险可控的理财产品，但金融市场受宏观经济的影响 较大，公司及子公司购买的理财产品可能受货币政策、流动性风险、信用风险等 因素影响，投资收益存在一定的不确定性，敬请广大投资者注意投资风险。 一、投资情况概述 （一）投资目的 在不影响公司正常经营及风险可控的前提下，公司及子公司拟使用部分闲置 自有资金进行委托理财，有利于提高资金使用效率，增加现金资产收益，为公司 与股东创造更大的收益。 （二）投资金额 ...

Core Viewpoint - The expiration of the core patent for Semaglutide on March 20 marks the beginning of a new phase for the GLP-1 industry in China, shifting the focus from legal barriers to market competition and commercialization strategies [2][3]. Group 1: Market Dynamics - The expiration of the patent does not guarantee the immediate availability of generic drugs; the actual competition will depend on regulatory approval, production capabilities, commercialization speed, and pricing strategies [3]. - Currently, ten domestic companies are in the application stage for Semaglutide, indicating a collective race rather than a single breakthrough [5]. - The competition will not solely be based on pricing but will also involve consistency, supply stability, channel capabilities, and the speed of advancing indications [5]. Group 2: Approval Timeline - The companies most likely to receive approval first for diabetes indications are Jiuyuan Gene and Lizhu Group, with Jiuyuan being the first to submit its application [6]. - Jiuyuan's application for diabetes indication was accepted on April 2, 2024, while Lizhu's application was accepted on June 13, 2024 [6]. - The market expects the first diabetes indication approvals to be granted by the second half of 2026, while weight management indications may not see significant approvals until after 2027 [8]. Group 3: Pricing Strategies - A price war is anticipated, with the original drug already showing price reductions, indicating a preemptive price defense strategy in the GLP-1 market [9]. - The diabetes indication is expected to enter a more intense price competition phase post-approval, while the weight management indication may not see drastic price drops initially due to brand and consumer factors [9]. - The overall trend suggests that Semaglutide will not maintain its previous high-price, scarce, and strong brand premium status in the Chinese market [9].

Summary of Lizhu Group Conference Call Company Overview - **Company**: Lizhu Group - **Market Capitalization**: Approximately 30 billion RMB - **Current PE Ratio**: Below 15 times, significantly lower than the industry average of 40 times [2][3] Core Industry Insights - **Profit Stability**: The company maintains a stable profit base of over 2 billion RMB annually, despite pressures from core products facing centralized procurement [2][3] - **Innovation Pipeline**: The value of the innovation pipeline is estimated at around 20 billion RMB, which is not reflected in the current valuation [2][3] Key Points on Financial Performance - **Historical Growth**: From 2000 to 2024, Lizhu Group achieved a compound annual growth rate (CAGR) of 24.4% in profits, supported by diversified business structures including raw materials and traditional Chinese medicine [4] - **2026 Challenges**: The company anticipates significant pressure in 2026 due to price reductions and centralized procurement affecting key products, with expected revenue impacts of approximately 500 million RMB from Lianping Ruining and 300 million RMB from Fluoxetine [2][5] Innovation Pipeline and Future Products - **Upcoming Product Launches**: - 2025: Aripiprazole microspheres - 2026: Lianping Ruining 3M, recombinant human follicle-stimulating hormone, and IL-17A/F monoclonal antibody [5] - Expected revenue from innovative products could reach 5 billion RMB by 2030 [5] Market Opportunities - **Long-Acting Injection Market**: The penetration rate for long-acting injections in the mental health sector is only 0.66%, with Aripiprazole microspheres expected to generate sales of 150 to 200 million RMB in 2026 and potential peak sales exceeding 1 billion RMB [7][8] - **Hormonal Products**: The company has positioned its products like Triptorelin microspheres and recombinant human follicle-stimulating hormone to target significant market segments, with sales expectations of 150 to 200 million RMB for Triptorelin [9] Competitive Strategies - **Cost Control**: In the metabolic and autoimmune sectors, Lizhu Group plans to leverage its production capabilities to maintain low pricing strategies, with peak sales expectations of over 2 billion RMB for IL-17A/F monoclonal antibody [9][10] - **Raw Material and Traditional Chinese Medicine**: The raw material business is expanding into Southeast Asia through acquisitions, while traditional Chinese medicine remains stable post-regulatory changes [10][11] Valuation Perspective - **Valuation Methodology**: A segmented valuation approach is recommended, with the core business valued at approximately 300 billion RMB based on a 15 times PE ratio, while the innovation pipeline could add another 20 billion RMB [12] Conclusion - **Investment Recommendation**: Lizhu Group is viewed as a long-term investment opportunity due to its undervalued innovation pipeline and stable profit base, despite facing short-term challenges from centralized procurement [3][12]

Investment Rating - The report assigns a "Strong Buy" rating to the company, indicating a positive outlook on its future performance [2][10]. Core Insights - The company is positioned as a leader in the domestic pharmaceutical industry, accelerating its innovation transformation. It has developed significant products such as Lijuzhiyuan, Shenqi Fuzheng Injection, and others, with revenue growth from 1.18 billion to 11.81 billion from 2000 to 2024, reflecting a compound annual growth rate (CAGR) of over 10% [7][16]. - The company is expected to enter a low base period for its existing business after risk release in 2026, with stable growth across its chemical and traditional Chinese medicine sectors [9][38]. - The innovation business is anticipated to see accelerated growth, with a projected revenue of 4.775 billion by 2030, reflecting a CAGR of 147% from 2025 to 2030 [9][37]. - The raw materials and traditional Chinese medicine segments are expected to provide stable cash flow, with a recovery in demand for key products [9][38]. Summary by Sections Company Overview - The company has evolved into a large pharmaceutical group covering research, production, and commercialization, focusing on areas such as digestive health, reproductive health, and mental health [15][16]. - It has a strong foundation in innovation, with a diverse pipeline and a commitment to high clinical value products [27][28]. Existing Business - The existing product lines are expected to stabilize post-2026, with only specific products facing risks, while others have cleared potential issues [9][41]. - The company has maintained balanced growth in its chemical and traditional Chinese medicine businesses, avoiding reliance on any single product [38]. Innovation Business - The company is set to benefit from a peak in new product launches starting in 2025, with several innovative products expected to enter the market [28][36]. - The focus on high-barrier complex formulations and high clinical value products is expected to drive significant revenue growth [34][37]. Financial Projections - The projected net profits for 2025-2027 are 20.22 billion, 20.78 billion, and 23.78 billion respectively, with corresponding growth rates of -1.9%, +2.8%, and +14.4% [10][37]. - The current stock price corresponds to a price-to-earnings (PE) ratio of only 15 times for 2026, indicating potential undervaluation [10][37].