Investment Rating - The report assigns a "Strong Buy" rating to the company, with a target price of 55.67 CNY per share based on a comprehensive valuation of 494.35 billion CNY for the company in 2026 [2][10]. Core Insights - The company is positioned as a leading player in the domestic pharmaceutical industry, accelerating its innovation transformation. It has developed significant products such as Lijuzhiyuan, Shenqi Fuzheng Injection, and others, with a revenue growth from 1.18 billion CNY in 2000 to 11.81 billion CNY in 2024, reflecting a compound annual growth rate (CAGR) of over 10% [7][16]. - The company’s existing business is expected to enter a low base period after risk release in 2026, with stable growth across its chemical and traditional Chinese medicine segments [9][38]. - The innovation business is anticipated to see accelerated growth, with a projected revenue of 4.775 billion CNY from innovative products by 2030, reflecting a CAGR of 147% from 2025 to 2030 [8][37]. Summary by Sections Company Overview - The company has evolved into a large pharmaceutical group covering drug 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, having established various research platforms and a diverse product pipeline [26][27]. Existing Business - The company’s chemical and traditional Chinese medicine businesses have maintained balanced growth, with only specific products facing risks, while others have cleared potential risks [38][41]. - The company’s revenue from traditional Chinese medicine is showing signs of recovery, with key products like Shenqi Fuzheng Injection benefiting from increased demand [9][41]. Innovation Business - The company is set to launch several innovative products starting in 2026, with a strong focus on high-value therapeutic areas [28][34]. - The innovative pipeline includes products in digestive health, mental health, and reproductive health, which are expected to drive significant revenue growth [8][28]. Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are 20.22 billion CNY, 20.78 billion CNY, and 23.78 billion CNY, respectively, with 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 15 times for 2026, indicating a favorable valuation compared to peers [10][37].

Core Viewpoint - Lijun Group is a leading domestic pharmaceutical company in China, accelerating its innovation transformation and benefiting from the rise of the Chinese pharmaceutical industry [2] Existing Business - The company's revenue grew from 1.18 billion to 11.81 billion from 2000 to 2024, with a compound annual growth rate (CAGR) exceeding 10%. The net profit, excluding non-recurring items, increased from 10.38 million to 1.98 billion, with a CAGR of 24.4% [2] - The chemical and traditional Chinese medicine segments have maintained balanced growth, with performance not overly reliant on any single product. Despite facing price reductions and policy restrictions, the company has managed to achieve stable performance over the past 20 years [2] - By 2026, the company expects to enter a low base period for its existing formulation business, as most risks have been cleared except for the Aprazole series and the Leuprolide microsphere [2] Innovation Business - Lijun has developed strong core competencies, including commercial conversion capabilities and a leading microsphere technology platform. The company focuses on clinical value and product iteration in core areas such as digestion, GnRH/reproductive assistance, and mental health [3] - The revenue from innovative products is expected to accelerate, with projected revenue reaching 4.775 billion by 2030, reflecting a compound annual growth rate of 147% from 2025 to 2030 [3] Raw Materials and Traditional Chinese Medicine - The raw materials business has successfully transitioned from bulk raw materials to high-end specialty raw materials, expanding from domestic to international markets [4] - The traditional Chinese medicine segment, primarily driven by core products like the Shenqi Fuzheng injection and antiviral granules, reported revenue of 800 million in the first half of 2025, an 8% year-on-year increase [4] - The overall traditional Chinese medicine business is showing a recovery growth trend, with gross margins gradually increasing [4] Investment Recommendations - The company is expected to achieve net profits of xx, xx, and xx billion from 2025 to 2027, with year-on-year growth rates of xx%, xx%, and xx% respectively. The current stock price corresponds to a price-to-earnings ratio of only xx times for 2026 [4] - As a representative of the transformation from generic to innovative drugs, Lijun is entering a phase of harvesting from its innovation pipeline. The company is valued using a segmented approach, with a reasonable valuation of xx billion for its main business and xx billion for its innovative drug business, leading to a comprehensive valuation of xx billion and a target stock price of xx yuan per share [4]

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。 本次交易因受市場變化、後續實施交易及各方所需審批程式等因素影響，尚存在不確定 性。本公司將根據本次交易的進展情況，嚴格按照《中華人民共和國公司法》《深圳證 券交易所股票上市規則》《深圳證券交易所上市公司自律監管指引第 1 號——主板上市 公司規範運作》《香港上市規則》等法律法規、規範性文件及《麗珠醫藥集團股份有限 公司章程》的規定，履行必要的審議程式及資訊披露義務。敬請廣大投資者注意投資風 險。 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 須予披露交易最新進展 擬公開要約一家越南公司股權 茲提述麗珠醫藥集團股份有限公司 Livzon Pharmaceutical Group Inc.*（「本公司」）日 期為 2025 年 5 月 22 日的公告（「初始收購公告」）及日期為 2025 年 12 月 30 日的公 告（「要約收購 ...

一、本次交易概述 2025 年 5 月 22 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二十五次会议，审议通过了《关于拟收购越南 IMP 公司股 权的议案》，公司境外全资子公司 LIAN SGP HOLDING PTE.LTD.（以下简称 "LIAN SGP"）与 SK Investment Vina III Pte. Ltd.、Sunrise Kim Investment Joint Stock Company 及 KBA Investment Joint Stock Company（以下统称"卖方"）签 署了《Framework Agreement》（《框架协议》），LIAN SGP 拟收购卖方合计持 有的越南上市公司 Imexpharm Corporation（以下简称"IMP"或"标的公司"） 64.81%股份（以下简称"标的股份"，前述交易事项以下简称"本次交易"）。 因本次交易触发公开要约收购，LIAN SGP 拟向 IMP 全体股东公开发出收购要约。 2025 年 12 月 30 日，公司召开了第十一届董事会第三十一次会议，审议通 过了《关于拟公开要约收购越南 IM ...

Economic Overview - The US economy shows strong data, with the service sector expanding at its fastest pace in nearly four years, as indicated by a service index rise to 56.1, up 2.3 points[1] - ADP reported that US companies added 63,000 jobs in February, the highest since July, indicating a stabilizing labor market[1] Market Reactions - A-shares experienced a gap down, with the Shanghai Composite Index falling by 0.98% to 4082.47 points, while the Shenzhen Component and ChiNext Index dropped by 0.75% and 1.41%, respectively[1] - The Hong Kong Hang Seng Index declined by 2.01% to 25249.48 points, marking a three-day losing streak, with significant pullbacks in oil and gas, shipping sectors, and tech stocks[1] Chinese Economic Outlook - The Chinese government may lower its economic growth target for the year during the upcoming National People's Congress, with economists predicting a fiscal deficit rate of 8%[1] - The meeting will provide insights into China's economic strategies amid global uncertainties, particularly in light of the ongoing Middle East conflicts[1]

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 限公司關於為子公司提供擔保的進展公告》，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 二零二六年三月三日 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 关于为子公司提供担保的进展公告 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。 一、担保情况概述 丽珠医药集团股份有限公司（以下 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01513 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 299,807,117 | RMB | | | 1 RMB | | 299,807,117 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 299,807,117 | RMB | | | 1 RMB | | 299,807,117 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- ...

证券代码：000513、01513 证券简称：丽珠集团、丽珠医药 公告编号：2026-07 丽珠医药集团股份有限公司 关于为子公司提供担保的进展公告 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。 一、担保情况概述 2026 年 2 月，公司与中信银行股份有限公司珠海分行（以下简称"中信银 行"）签署了担保协议，为被担保人丽珠单抗与中信银行之间的主债权提供最高 额保证担保，所担保的主债权本金最高额为 40,000 万元，担保期限为主债权到 期之次日起三年；公司对被担保方丽珠单抗的持股比例为 66.54%，经审议的担 保额度（即每日最高担保余额）为人民币 21 亿元，截至 2026 年 2 月 28 日，公 司对丽珠单抗的担保余额为 85,847.85 万元。 三、被担保人基本情况 被担保人的基本情况及主要财务指标详见附表 1 及附表 2。 四、担保协议的主要内容 公司与银行签署担保协议主要内容如下表所示： 单位：万元 | | 被担保方 | 担保金额 | 担保主债权期间 | | | | 协议签 订银行 | 担保类 型 | 反担保情况 | 是否为 关联方 | | - ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 麗珠醫藥集團股份有限公司 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01513 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 299,807,117 | RMB | | | 1 RMB | | 299,807,117 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 299,807,117 | RMB | | | 1 RMB | | 299,807,117 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 ( ...

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 公司秘書 劉寧 中國，珠海 二零二六年三月二日 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。 董事會會議召開日期 麗珠醫藥集團股份有限公司 Livzon Pharmaceutical Group Inc.* (「本公司」) 董事會 (「董 事會」) 兹通告謹定於二零二六年三月二十四日 (星期二) 舉行董事會會議，藉以審議及批 准本公司及其附屬公司截至二零二五年十二月三十一日止年度的全年業績，考慮建議派發 末期股息 (如適用) 及處理其他事項 (如有)。 Livzon Pharmaceutical Group Inc.* * 僅供識別 ...