R&D Strategy - The company has initiated a comprehensive review of its R&D strategy since 2024, focusing on clear objectives in disease areas and technology platforms [2] - Key areas of focus include gastrointestinal, reproductive health, and mental health, with a complete product pipeline and treatment plans [2][3] - In the gastrointestinal field, the company is advancing P-CAB products, with the tablet in phase III clinical trials expected to launch this year [2] - In reproductive health, the company has successfully launched a water-soluble progesterone injection and is working on recombinant human follicle-stimulating hormone injection, expected to be approved by Q1 2027 [2][3] Key Product Developments - The NS-041 project for epilepsy is in phase II clinical trials, showing superior selectivity and efficacy compared to similar products [4] - The IL-17A/F monoclonal antibody for psoriasis has completed phase III clinical enrollment, with plans to submit for approval in 2025 [5] - The company has a strong market position in reproductive health, holding over 90% of the u-FSH market in China since 2005 [5][6] Financial Performance and Projections - The company expects a slight growth in traditional Chinese medicine sales, driven by policy changes and new product developments [7] - In 2024, the revenue from APIs and intermediates is projected to be CNY 3.25 billion, with a 7.9% increase in exports [8] - The company plans to balance dividends, share buybacks, and R&D investments, with 88% of net profit allocated to shareholder returns in 2024 [11] Business Development Strategy - The business development strategy focuses on gastrointestinal, mental health, and reproductive health, while expanding into chronic disease areas [10] - The company aims to leverage its technology platforms to enhance its product pipeline and market competitiveness [10] Market Outlook - The market for psoriasis and ankylosing spondylitis treatments is expected to grow significantly, with high demand for effective therapies [5] - The company is preparing to optimize sales channels and promotional teams for upcoming product launches [5]

2025-2027 年丽珠将迎来新产品的补充。辅助生殖类产品中，公司黄体酮注射液已于2025 年3 月上市， 重组人促卵泡激素于2025 年1 月申报上市；公司预计精神神经类产品阿立哌唑微球将于2025 年批准； 消化道产品JP-1366 片剂将于2025年下半年报产并于2027 年上市；自免的抗IL-17A/F 单抗将于2025 年 报产，司美格鲁肽糖尿病适应症将于2025 年底或者2026 年初上市，减重适应症将于2025 年底提交上市 申请。生殖、精神神经、消化道、自免、减重领域，公司均有望在未来3 年迎来新品种。 维持"增持"评级 由于丽珠集团BD 引进步伐加快，多个细分领域有望在未来3 年迎来新品种，我们预计公司2025-2027 年 营业收入分别为123.43/129.26/135.73 亿元，同比分别增长4.50%/4.72%/5.00%；归母净利润分别为 22.72/24.60/26.53 亿元，同比分别增长10.23%/8.29%/7.82%，3 年CAGR 为8.78%，EPS 分别为 2.49/2.70/2.91 元。鉴于丽珠集团销售能力强，新产品赋能后有望，维持 "增持"评级。 风险提 ...

Core Viewpoint - Lijun Group reported a slight decline in total revenue for Q1 2025, while net profit showed an increase, indicating improved profitability despite revenue challenges [1] Financial Performance - Total revenue for Q1 2025 was 3.181 billion yuan, a decrease of 1.92% year-on-year [1] - Net profit attributable to shareholders was 637 million yuan, an increase of 4.75% year-on-year [1] - Gross margin increased by 0.45% to 64.96%, while net margin rose by 14.43% to 25.27% [1] - Total expenses (selling, administrative, and financial) amounted to 898 million yuan, accounting for 28.23% of revenue, a decrease of 9.75% [1] - Earnings per share (EPS) increased by 9.23% to 0.71 yuan [1] Business Evaluation - The company's return on invested capital (ROIC) was 11.35%, indicating average capital returns [3] - The net profit margin for the previous year was 19.51%, suggesting high added value in products or services [3] - The company has a healthy cash asset position, indicating strong debt repayment capability [3] Strategic Layout - The company's R&D strategy focuses on gastrointestinal, reproductive assistance, and mental health fields, addressing unmet clinical needs [5] - The product pipeline includes various formulations and indications in the gastrointestinal and reproductive assistance areas, as well as a comprehensive approach in mental health [5] - The company is also expanding into infection control and chronic disease sectors, leveraging advanced technology platforms for drug development [5] Fund Holdings - The largest fund holding Lijun Group shares is Hongtu Innovation Enhanced Income Bond A, with a scale of 1.269 billion yuan [4] - Recent fund reports indicate changes in holdings, with some funds increasing their positions while others reduced their stakes [4]

丽珠医药集团股份有限公司投资者关系活动记录表 编号：2025-06 | | 特定对象调研 □分析师会议 □媒体采访 √业绩说明会 | | --- | --- | | 投资者关系活动类 | | | | □新闻发布会 □路演活动 | | 别 | 现场参观 | | | 其他 | | 活动参与人员 | 丽珠集团——执行董事、总裁 唐阳刚； | | | 丽珠集团——副总裁、丽珠生物总经理 刘大平； | | | 丽珠集团——副总裁、财务负责人 司燕霞； | | | 丽珠集团——董事会秘书 刘宁； | | | 参会机构共 88 家，详见附件。 | | 时间 | 4 月 24 日 16:30-17:30 | | 地点 | 本公司会议室 | | 形式 | 线上接入 | | 交流内容及具体问 | 一、公司整体情况介绍 | | | 1.一季度经营情况：2025 年一季度公司实现销售 | | | 收入 31.81 亿，同比小幅下滑 1.92%，归母净利润 6.37 | | | 亿，同比增长 4.75%，扣非后归母净利润 6.19 亿，同 | | | 比增长 4.82%，保持利润持续增长趋势。从板块细分来 | | 答记录 | 看 ...

Group 1 - Seer Medical received an administrative penalty decision from the Hubei Regulatory Bureau of the CSRC due to related party transactions and fund occupation, revealing internal control deficiencies and governance issues within the company [1] - From 2020 to the first half of 2022, the company provided funds to its controlling shareholder, Saihai Health, amounting to 121.3 million yuan in 2020, 132.25 million yuan in 2021, and 114.65 million yuan in the first half of 2022, which accounted for 7.48%, 7.33%, and 6.58% of the latest audited net assets respectively [1] - A subsidiary transferred 51% of its equity in Zibo Seer to a third party without compensation, impacting the consolidated net profit attributable to the parent company by 12 million yuan, which represented 24.24% of the latest audited net profit [1] Group 2 - Kanglawei's application for marketing authorization of its three-valent HPV vaccine has been accepted by the National Medical Products Administration, marking the company's first submission for a vaccine [2] - The HPV vaccine market is highly competitive, with Merck's nine-valent HPV vaccine being the highest-priced approved vaccine, while domestic competitors are facing declining profitability [2] - The commercial returns from Kanglawei's three-valent HPV vaccine may be limited if approved [2] Group 3 - Kangfang Biotech announced significant positive results from its clinical study of the bispecific antibody drug Ivoris combined with chemotherapy for treating advanced squamous non-small cell lung cancer (sq-NSCLC) [3] - The study achieved the primary endpoint of progression-free survival (PFS) with statistically significant benefits, indicating a breakthrough in treatment options for sq-NSCLC patients [3] - Detailed data from the study will be presented at relevant international academic conferences [3] Group 4 - Lijuzhi Pharmaceutical's new class 1 drug NS-041 shows best-in-class potential as a next-generation KCNQ2/3 activator, demonstrating high selectivity and unique molecular design in preclinical and phase I studies [4] - NS-041 is set to enter phase II clinical trials to further explore its efficacy and safety in patients with focal epilepsy [4] - There are currently no new generation targeted KCNQ2/3 antiepileptic drugs on the market, highlighting the need for innovative treatment options [4] Group 5 - Baiyang Pharmaceutical plans to distribute a cash dividend of 7.62 yuan per 10 shares [5] Group 6 - In 2024, Baiyang Pharmaceutical achieved revenue of 8.094 billion yuan, with a net profit attributable to shareholders of 0.692 billion yuan, reflecting a year-on-year growth of 3.37% [6] - The company continues to focus on brand business, achieving revenue of 5.559 billion yuan, a year-on-year increase of 9.17% [6] - The core products of the company have shown double-digit year-on-year growth, indicating strong resilience in its development [6]

Core Insights - Lijun Group reported a revenue of 3.181 billion yuan for Q1 2025, a year-on-year decrease of 1.92%, while net profit reached 637 million yuan, reflecting a year-on-year increase of 4.75% [1] - The growth in net profit marks a continued trend of stable growth for the company over several years [1] Product Performance - Key contributors to the company's performance include products for mental and gastrointestinal diseases [1] - In the mental health sector, Lijun Group has developed a product matrix covering common conditions such as schizophrenia and depression, with core products including Ruili (fluvoxamine) and Kanger (paliperidone), both recognized as first-line treatments in authoritative guidelines [1] - Additional products like Litingxin (bupropion), Shulida (lurasidone), and Ruisi Tuo (quetiapine) form a multi-target, multi-mechanism treatment network, providing personalized treatment options for patients with schizophrenia and bipolar disorder [1] Research and Development Pipeline - Lijun Group's R&D pipeline is characterized by a complete and well-structured approach in the mental health field [2] - The company is addressing difficult-to-treat conditions with innovative targets, such as NS-041, which shows promise for drug-resistant epilepsy and severe depression [2] - Long-acting formulations, including injectable aripiprazole microspheres and paliperidone palmitate, are being developed to improve patient compliance [2] - NS-041, a new generation KCNQ2/3 activator, is expected to enter Phase II clinical trials, with potential applications extending to severe depression, bipolar disorder, neuropathic pain, and amyotrophic lateral sclerosis [2] - The company anticipates approval for its significant schizophrenia treatment, aripiprazole microspheres, in the near future [2]

金种子酒公告，公司于近期收到阜阳市国资委批复，阜阳市国资委原则同意公司公开转让控股子公司 安徽金太阳生化药业有限公司（简称"金太阳药业"）92%股权。 2025.04. 23 4月23日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 金种子酒：转让金太阳药业92%股权获阜阳市国资委同意批复 复星医药：高级副总裁李东久辞任 复星医药公告，公司董事会收到李东久的书面辞职函。因到龄退休，李东久向董事会申请辞去高级副 总裁职务。 岳阳林纸：全资子公司诚通碳汇中标林业碳汇合作开发项目 岳阳林纸公告，公司全资子公司诚通碳汇经营管理(湖南)有限责任公司（简称"诚通碳汇"）2025年4 月22日收到《关于百色市乐业县林业碳汇合作开发项目招商结果的函》，成为该项目招商中选单 位。如以上项目合同签订并顺利实施，将对公司实施项目年度的经营业绩产生积极的影响。 【观业绩】 天齐锂业：预计2025年第一季度净利润为8200万元—1.23亿元 天齐锂业公告，预计2025年第一季度归属于上市公司股东的净利润为8200万元—1.23亿元，上年同 期为亏损38.97亿元。 吉比特：一季度净 ...

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。 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 限公司第十一屆監事會第十三次會議決議公告》，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 劉寧 中國，珠海 * 僅供識別 1 证券代码：000513、01513 证券简称：丽珠集团、丽珠医药 公告编号：2025-032 丽珠医药集团股份有限公司 第十一届监事会第十三次会议决议公告 本公司及监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。 丽珠医药集团股份有限公司（以下简称"公司"）第十一届监事会第十三次 会议于 2025 年 4 月 23 日以现场和通讯表决相结合的方式召开，会议通知已于 2025 年 4 月 9 日以 ...

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。 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《北京市中倫律師事務 所關於麗珠醫藥集團股份有限公司註銷 2022 年股票期權激勵計劃部分股票期權相關事 項的法律意見書》，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 劉寧 中國，珠海 二零二五年四月二十三日 於本公告日期，本公司的執行董事為唐陽剛先生 ( 總裁 ) 及徐國祥先生 ( 副董事長及副總裁 ); 本 公司的非執行董事為朱保國先生 ( 董事長 ) 、陶德勝先生 ( 副董事長 ) 、林楠棋先生及邱慶豐先 生 ; 而本公司的獨立非執行董事為白華先生、田秋生先生、黃錦華先生、羅會遠先生及崔麗 婕女士。 * 僅供識別 北京市中伦律师事务所 关于丽珠医药集团股份有限公司 注销 ...

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。 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 劉寧 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投資結構性存款的公告》，僅供參閱。 中國，珠海 二零二五年四月二十三日 於本公告日期，本公司的執行董事為唐陽剛先生 ( 總裁 ) 及徐國祥先生 ( 副董事長及副總裁 ); 本 公司的非執行董事為朱保國先生 ( 董事長 ) 、陶德勝先生 ( 副董事長 ) 、林楠棋先生及邱慶豐先 生 ; 而本公司的獨立非執行董事為白華先生、田秋生先生、黃錦華先生、羅會遠先生及崔麗 婕女士。 * 僅供識別 1 证券代码：000513、01513 证券简称：丽珠集团、丽珠医药 公告编号：2025-036 丽珠医药集 ...