现更正为："本次交易金额是经交易双方公平磋商，为了满足丽珠生物的资 金需求，并参考 2023 年 11 月 17 日公司与丽珠生物签署的《关于珠海市丽珠生 物医药科技有限公司之增资协议》中公司以人民币 100,000.00 万元的对价认购丽 珠生物新增的注册资本人民币 206,449,050 元，以认购丽珠生物该次增资后 18.85% 的出资比例的认购价，即本次交易前丽珠生物最后一轮融资的估值厘定的。董事 会认为，本次交易的定价公允、合理。" 证券代码：000513、01513 证券简称：丽珠集团、丽珠医药 公告编号：2025-027 丽珠医药集团股份有限公司更正公告 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。 二、原披露内容："本次交易金额是经交易双方公平磋商，为了满足丽珠生 物的资金需求，并参考 2023 年 11 月 17 日公司与丽珠生物签署的《关于珠海市 丽珠生物医药科技有限公司之增资协议》中公司以人民币 100,000.00 万元认购丽 珠生物新发行的 206,449,050 股普通股，以认购丽珠生物 8.43%股权的认购价之 估值而厘定的。董事 ...

证券代码：000513、01513 证券简称：丽珠集团、丽珠医药 公告编号：2025-028 丽珠医药集团股份有限公司 为了满足控股子公司珠海市丽珠生物医药科技有限公司（以下简称"丽珠生 物"）研发项目及日常经营活动的资金需求，丽珠医药集团股份有限公司（以下 简称"公司"或"丽珠集团"）拟使用自有资金人民币100,000.00万元向丽珠生 物增资（以下简称"本次交易"）。 2025年3月26日，公司与丽珠生物就本次交易签署了《关于珠海市丽珠生物 医药科技有限公司之增资协议》（以下简称"《增资协议》"），根据《增资协 议》约定，公司同意出资人民币100,000.00万元认购丽珠生物新增的注册资本人 民币206,449,050元。 因丽珠生物为公司与控股股东健康元药业集团股份有限公司（截至本公告披 露日，直接、间接持有及控制公司的股权比例为45.96%，以下简称"健康元"） 共同投资的企业，根据《深圳证券交易所股票上市规则》及《深圳证券交易所上 市公司自律监管指引第7号——交易与关联交易》等规定，本次交易构成关联交 易。 2025年3月26日，公司召开了第十一届董事会第二十三次会议，审议通过了 《关于向控股子公司 ...

买入（维持） 丽珠集团（000513） 证券研究报告·公司点评报告·化学制药 2024 年年报点评：业绩符合预期，自研+BD 双轮驱动创新管线布局 liurt@dwzq.com.cn | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 12430 | 11812 | 12302 | 13114 | 13915 | | 同比（%） | (1.58) | (4.97) | 4.15 | 6.60 | 6.11 | | 归母净利润（百万元） | 1954 | 2061 | 2289 | 2512 | 2731 | | 同比（%） | 2.32 | 5.50 | 11.06 | 9.73 | 8.73 | | EPS-最新摊薄（元/股） | 2.14 | 2.26 | 2.51 | 2.76 | 3.00 | | P/E（现价&最新摊薄） | 16.37 | 15.52 | 13.97 | 12.73 | 11.71 | [Table_T ...

◼ 风险提示：产品集采、新药研发失败、原材料价格波动、医药政策不确 定性等风险。 证券研究报告·公司点评报告·化学制药 丽珠集团（000513） 2024 年年报点评：业绩符合预期，自研+BD 双轮驱动创新管线布局 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 12430 | 11812 | 12302 | 13114 | 13915 | | 同比（%） | (1.58) | (4.97) | 4.15 | 6.60 | 6.11 | | 归母净利润（百万元） | 1954 | 2061 | 2289 | 2512 | 2731 | | 同比（%） | 2.32 | 5.50 | 11.06 | 9.73 | 8.73 | | EPS-最新摊薄（元/股） | 2.14 | 2.26 | 2.51 | 2.76 | 3.00 | | P/E（现价&最新摊薄） | 16.37 | 15.52 | 13.97 | 1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][13] Core Views - The company achieved a revenue of 11.81 billion yuan in 2024, a year-on-year decrease of 4.97%, while the net profit attributable to shareholders was 2.06 billion yuan, an increase of 5.5% [4][5] - The gross margin for 2024 was 65.45%, up by 1.37 percentage points, and the net profit margin was 19.51%, up by 4.24 percentage points [4][5] - The company is expected to maintain steady growth in net profit, with projections of 2.28 billion yuan, 2.52 billion yuan, and 2.80 billion yuan for 2025, 2026, and 2027 respectively [4][5] Financial Performance Summary - In 2024, the company's revenue from chemical preparations was 6.12 billion yuan, a decrease of 6.87%, while the revenue from hormone products was 2.81 billion yuan, an increase of 1.64% [5] - The company reported a significant increase in revenue from biological products and diagnostic reagents, with growth rates of 102.42% and 9.02% respectively [5] - The overseas revenue for 2024 was 1.72 billion yuan, reflecting a growth of 9.69% [5] R&D and Innovation - The company is accelerating the development of its differentiated innovation pipeline, with several products in various stages of clinical trials and approvals [6] - Notable advancements include the approval of Triptorelin microspheres for endometriosis and the submission of applications for several other products in reproductive and metabolic fields [6]

医药生物/化学制药 丽珠集团（000513.SZ） 多元产品矩阵攻守兼备，差异化创新节奏加快 2025 年 03 月 28 日 投资评级：买入（维持） | 日期 | 2025/3/27 | | --- | --- | | 当前股价(元) | 35.44 | | 一年最高最低(元) | 44.72/34.07 | | 总市值(亿元) | 322.98 | | 流通市值(亿元) | 207.09 | | 总股本(亿股) | 9.11 | | 流通股本(亿股) | 5.84 | | 近 3 个月换手率(%) | 50.2 | 股价走势图 数据来源：聚源 -20% -10% 0% 10% 20% 30% 2024-03 2024-07 2024-11 2025-03 丽珠集团 沪深300 相关研究报告 《促性激素收入稳步提升，加快差异 化创新管线研发—公司信息更新报 告》-2024.8.23 《多元化布局稳业绩，创新药和高壁 垒制剂促发展—公司信息更新报告》 -2024.4.1 2024 年公司实现收入 118.12 亿元（同比-4.97%，以下均为同比口径）；实现归母 净利润 20.61 亿元（+5.5%）。公司 ...

长江商报消息 ●长江商报记者 汪静 丽珠集团（000513.SZ，01513.HK）豪气分红。 日前，丽珠集团发布2024年年报，报告期内，公司实现营业收入118.12亿元，净利润20.61亿元。公司拟 每10股派发现金红利11元（含税），对应分红总额约9.84亿元，占净利润比例接近50%。 丽珠集团是一家老牌上市药企。近年来，公司年度研发投入均超10亿元，截至2024年末，公司共有45个 在研项目，创新药加速推进。 与此同时，长江商报记者注意到，丽珠集团被市场诟病的销售费用在减少，2023年及2024年同比分别降 低7.44%、9.55%。 此后的2018年至2023年，公司年度净利润呈增长趋势，且均超过10亿元。其中，2020年—2023年，其年 度净利润分别为17.15亿元、17.76亿元、19.09亿元、19.54亿元。 减收不减利 年报显示，2024年，丽珠集团实现营收118.12亿元，同比下降4.97%；实现净利润20.61亿元，同比增长 5.5%；实现扣非净利润19.79亿元，同比增长5.2%。 盈利能力保持稳定，丽珠集团也积极回馈股东。 数据显示，1993年至2023年，公司已经累计向股东派发 ...

Financial Performance - The company achieved a revenue of RMB 11,812.34 million for the fiscal year ending December 31, 2024, with a net profit attributable to shareholders of RMB 2,061.10 million[12]. - The total revenue for the year was RMB 12.430 billion, with a net profit attributable to shareholders of RMB 2.061 billion[23]. - The company's operating revenue for 2024 was RMB 11,812,338.85 million, a decrease of 4.97% compared to 2023[56]. - Net profit attributable to shareholders increased by 5.50% to RMB 2,061,095.80 million in 2024[56]. - The basic earnings per share rose by 6.67% to RMB 2.24 in 2024[56]. - The net cash flow from operating activities decreased by 8.31% to RMB 2,978,847.53 million[56]. - Total assets decreased by 2.35% to RMB 24,455,825.70 million as of December 31, 2024[56]. - Total liabilities decreased by 7.08% to RMB 9,550,079.10 million[56]. - The return on equity for shareholders increased to 14.87%, up by 0.96 percentage points from 2023[56]. - The company reported a total of RMB 81,899,978.50 million in non-recurring gains and losses for 2024[60]. Research and Development - R&D investment accounted for 8.84% of total revenue, focusing on gastrointestinal, reproductive assistance, and mental health fields[16]. - The company has 45 products in the pipeline, including 23 innovative drugs and high-barrier complex formulations[16]. - AI technology has been integrated into the entire R&D process, enhancing efficiency in drug discovery and clinical research[18]. - The company plans to increase investment in innovative drug research and development, focusing on core therapeutic areas such as digestive, mental health, and reproductive assistance[21]. - The company reported a total R&D expenditure of approximately RMB 1.044 billion, accounting for about 8.84% of total revenue[75]. - The company is focusing on self-research and business development (BD) to drive innovation, particularly in gastrointestinal, reproductive, and neurological fields[75]. - The company has established a modular and flat R&D management system to improve efficiency in project management and resource allocation[75]. - The company has initiated Phase III clinical trials for a recombinant anti-IL-17A/F monoclonal antibody for psoriasis, aiming for market submission in 2025[78]. - The company is advancing multiple high-barrier complex formulations and high clinical value products, with several expected to be submitted for listing by 2025[82]. Market Expansion and Sales - The company reported a 65.98% year-on-year increase in overseas sales revenue for its formulation products[17]. - The export revenue of raw materials and intermediates reached RMB 1.668 billion, an increase of 7.93% year-on-year[19]. - The company achieved overseas revenue of RMB 1.724 billion, accounting for 14.59% of total revenue, with a year-on-year growth of 9.69%[92]. - The overseas sales revenue of formulation products grew by 65.98%, covering areas such as reproductive assistance and antiviral products[94]. - The company completed 202 international registration projects for APIs and intermediates in 94 countries/regions, obtaining 32 international certification certificates[93]. - The company has established branches in Malaysia and offices in Brazil, India, Spain, Vietnam, and Turkey to enhance its global commercialization strategy[103]. Compliance and Quality Management - The group achieved 100% compliance with GMP inspections for all production lines of listed products, with zero 483 records during FDA inspections[20]. - The company emphasizes compliance with the Chinese Accounting Standards and relevant regulations[35]. - The company has implemented strict compliance measures in its marketing activities, establishing a comprehensive risk monitoring mechanism[87]. - The company has established a comprehensive quality management system covering the entire product lifecycle, ensuring continuous improvement in production operations[89]. Corporate Governance and Sustainability - The company has been rated MSCI ESG AAA for two consecutive years and was recognized as the "Best Progress Company in the Industry" in the 2024 Sustainable Development Yearbook[21]. - The company integrates sustainable development goals into management performance assessments, promoting green production and social responsibility[96]. - The company has established a standardized public welfare management system focusing on rural revitalization, education support, medical assistance, and disaster response, contributing to local farmers' income through the "Huangqi Industry Revitalization" project[97]. Investment and Financial Strategy - The company approved a credit limit of RMB 26,455.00 million, with actual bank credit utilized amounting to RMB 4,678.36 million[148]. - The company has committed a total investment of RMB 142,030.04 million for various projects, with a cumulative investment of RMB 142,030.04 million achieved by the end of the reporting period[181]. - The company plans to use the raised funds for the deep development and industrialization of the Aiprazole series innovative products, construction of a long-acting microsphere technology R&D platform, and expansion projects[178]. - The company has established a foreign exchange risk management policy to hedge against currency fluctuations affecting its foreign currency assets[173]. - The company has implemented strict controls to prevent speculative trading in its derivative investments, adhering to a prudent and stable operational principle[173]. Employee and Organizational Development - The company has a research and development team of over 900 members, ensuring efficient project execution and rapid transformation of introduced research projects[100]. - The company has developed a digital training platform, "Lizhu Cloud Academy," providing over 100 hours of training per employee annually to support career development[98]. - The number of R&D personnel increased slightly by 0.22% to 908, with a notable increase in bachelor's degree holders by 7.13% to 556[130].

Group 1: Company Performance - China Life reported a net profit of 106.935 billion yuan for 2024, representing a year-on-year increase of 108.9% [3] - China Life's operating revenue for 2024 reached 528.567 billion yuan, up 30.5% compared to the previous year [3] - Aluminum Corporation of China announced a net profit of 12.4 billion yuan for 2024, reflecting an 85.38% year-on-year growth [4] - Broadcom Electric's net profit surged by 411.28% in 2024, with a proposed dividend of 0.70 yuan per 10 shares [10] - China Pacific Insurance's net profit for 2024 increased by 64.9%, with a proposed dividend of 10.8 yuan per 10 shares [10] Group 2: Corporate Actions - Naxin Micro announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance competitiveness and diversify financing channels [7] - Xunji Technology is planning to acquire 100% equity of Shenzhen Jiazhihong Electronics, leading to a significant asset restructuring [5] - Nasda announced the sale of its 100% stake in Lexmark International for an estimated price between 75 million and 150 million USD, significantly lower than the historical investment of 1.385 billion USD [8] - General Shares announced that its controlling shareholder is planning a change in control, leading to a temporary suspension of its stock [9] Group 3: Market Impact - The inclusion of Southwest Design, a subsidiary of Electric Science and Technology, on the U.S. Department of Commerce's Entity List may affect its operations, although the company claims no substantial impact on business [6] - The stock of General Shares will be suspended due to potential changes in control, which may affect investor sentiment [9]

在消化领域，公司紧跟技术迭代，推出了我国抗溃疡药首个1类创新药艾普拉唑(片剂+针剂)，成为 行业现象级重磅产品。同时，公司还针对全球新一代抑酸药物P-CAB抑制剂进行了全面布局，片剂适应 症为反流性食管炎、针剂适应症为消化性溃疡出血。 在辅助生殖领域，公司主力产品注射用尿源促卵泡素目前已在中国该领域占据超90%市场份额。此 外，黄体酮注射液已于近日获批上市，重组人促卵泡激素注射液已申报上市，协同此前已上市的注射用 醋酸西曲瑞克、注射用重组人绒促性素、注射用尿促性素等支持类药物，丽珠搭建了中国最完整的生殖 产品矩阵，覆盖从促排卵、黄体支持、诱发排卵的全周期方案。 除传统优势领域，公司在抗精神领域紧跟全球研发趋势，结合公司微球技术，布局了一系列的长效 和缓释神经类药物，并探索更有效的临床方案。其中，公司重磅在研产品注射用阿立哌唑微球申报生产 后已顺利递交发补材料，有望于2025年上半年获批上市；同时，公司也在探索布局精神领域新的作用机 制药物，重磅在研药物NS041片目前处于Ⅰ期临床，在癫痫、抑郁症等病症的治疗领域潜力突出。 丽珠集团：研发成果加速涌现 有望开启全新成长周 期 中国证券报中证网讯(记者傅苏颖)丽珠 ...