上述具体内容详见公司于 2025 年 10 月 31 日刊载在《证券时报》《上海证券 报》和巨潮资讯网（www.cninfo.com.cn）的相关公告。 广东众生药业股份有限公司 关于使用闲置自有资金进行委托理财的进展公告 二、本次购买保本型产品的情况 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、概述 证券代码：002317 公告编号：2026-015 广东众生药业股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开 了第八届董事会第二十八次会议和第八届监事会第二十八次会议，审议通过了 《关于使用闲置自有资金进行委托理财的议案》，同意公司及子公司（公司合并 报表范围内的子公司）在保障日常生产经营以及项目建设资金需求，有效控制风 险的前提下，使用不超过人民币 40,000.00 万元的闲置自有资金进行委托理财， 期限为本次董事会审议通过之日起十二个月内，期限内任一时点的交易金额不超 过人民币 40,000.00 万元。在上述期限及额度内，资金可滚动使用。本投资事项 将在上述额度内，授权董事长具体实施相关事宜。 为提高闲置自有资金使用效 ...

Group 1: Partnership and Licensing Agreement - The partnership between Zhongsheng Ruichuang and Qilu Pharmaceutical involves a licensing agreement for the RAY1225 injection, signed on January 16, 2026, allowing Qilu to produce and commercialize the product in China [1] - Zhongsheng Ruichuang will receive an upfront payment of RMB 200 million and potential milestone payments totaling up to RMB 800 million based on development and commercialization progress [3] - After the first commercial sale of the licensed product, Zhongsheng Ruichuang is entitled to a double-digit percentage of net sales in the licensed regions [3] Group 2: Innovation Drug Pipeline - Zhongsheng Ruichuang focuses on innovative drug development, particularly in metabolic and respiratory diseases, with two drugs already approved for market and several others in clinical trials [2] - The ZSP1601 tablet targets metabolic dysfunction-related fatty liver disease (MASH) and has shown significant efficacy in reducing liver inflammation markers in completed clinical trials [5] - RAY1225 injection, a dual agonist for GLP-1 and GIP receptors, is in Phase III trials for treating obesity and type 2 diabetes, demonstrating promising efficacy and safety [11][12] Group 3: Clinical Trials and Research - RAY1225 injection has completed Phase II trials with positive results, showing lower rates of gastrointestinal adverse reactions and hypoglycemia compared to existing treatments [11] - Ongoing Phase III trials for RAY1225 include studies for obesity, type 2 diabetes, and newly approved indications for metabolic-associated fatty liver disease and obesity-related obstructive sleep apnea [12] - The company is also developing innovative drugs for respiratory diseases, including a candidate for RSV infections, which is currently in preclinical research [8] Group 4: Financial Performance and Projections - The company projects a net profit of RMB 260 million to RMB 310 million for 2025, representing a year-on-year growth of 186.91% to 203.62% [14] - Excluding non-recurring gains and losses, the expected net profit is RMB 270 million to RMB 320 million, indicating a growth of 203.72% to 222.93% [14] - The financial growth is attributed to the successful launch of innovative drugs and a strategic focus on metabolic and respiratory disease treatments [14]

证券代码：002317 公告编号：2026-014 广东众生药业股份有限公司 关于公司股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 广东众生药业股份有限公司（以下简称"公司"）近日接到公司控股股东、 实际控制人张玉冲女士以及公司持股5%以上股东张玉立女士关于其部分股份办 理了解除质押的通知，具体事项如下： | 股东 | 是否为控股 股东或第一 | 本次解除质押 股份数量 | 占其所 持股份 | 占公司 总股本 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其 一致行动人 | （万股） | 比例 | 比例 | | | | | | 公司控股股 | | | | | | 华泰证券（上 | | 张玉冲 | 东、实际控制 | 1,678.00 | 18.11% | 1.97% | 2025-3-25 | 2026-3-17 | 海）资产管理 | | | 人 | | | | | | 有限公司 | | | 公司控股股 | | | ...

证券代码：002317 公告编号：2026-013 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 广东众生药业股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开 第八届董事会第二十次会议及于 2025 年 5 月 19 日召开的 2024 年年度股东大会 审议通过了《关于公司向合并报表范围内子公司提供担保额度的议案》，为统筹 安排子公司（指"公司合并报表范围内的子公司"，下同）的生产经营活动，确 保子公司的生产经营持续发展，提高资金使用效率，公司继续为子公司向银行申 请信贷业务提供合计不超过人民币 20 亿元额度的连带责任保证。授权董事长在 上述额度内根据具体情况实施相关事宜并签署有关文件。 具体内容详见公司于 2025 年 4 月 26 日及 2025 年 5 月 20 日刊载在《证券时 报》和巨潮资讯网（www.cninfo.com.cn）的相关公告。 近日，公司全资子公司广东华南药业集团有限公司（以下简称"华南药业"）、 广东众生医药贸易有限公司（以下简称"众生医贸"）为满足日常生产经营的需 要，降低融资成本，华南 ...

证券代码：002317 公告编号：2026-012 广东众生药业股份有限公司 关于公司股东部分股份质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 广东众生药业股份有限公司（以下简称"公司"）近日接到公司控股股东、 实际控制人张玉冲女士以及公司持股5%以上股东张玉立女士关于其部分股份进 行股票质押式回购交易的通知，具体事项如下： | 股东 | 是否为控 股股东或 第一大股 | 本次质 押股份 | 占其所 持股份 | 占公 司总 | 是否 为限 | 是否 为补 | 质押起始 | 质押到期 | 质权人 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 东及其一 | 数量 | 比例 | 股本 | 售股 | 充质 | 日 | 日 | | 用途 | | | 致行动人 | （万股） | | 比例 | | 押 | | | | | | | 公司控股 | | | | | | | | 华泰证 券（上 | | | 张玉 | 股东、实 | 891.00 | 9. ...

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry as of March 16, 2026 [1] Core Insights - The report emphasizes the importance of products with price leadership amid rising costs in the supply chain due to geopolitical tensions and policy changes affecting raw material prices [2] - The report highlights the significant price increases in pharmaceutical raw materials, particularly vitamins and amino acids, which have seen price increases of 40.54% and 84.66% respectively since the beginning of the year [2] - The report notes the approval of China's first invasive brain-machine interface, marking a significant milestone in the medical device sector [5] - The report indicates a strong trend in China's innovative pharmaceuticals going global, with a notable increase in licensing-out transactions [6] Summary by Sections 1. Supply Chain Dynamics - The report discusses the impact of rising prices in upstream chemical products on pharmaceutical raw materials, stressing that the ability to pass on these costs is crucial for maintaining profitability [2] - It mentions that 90% of monitored products have seen price increases, with the chemical product price index rising by 28.52% since the beginning of the year [2] 2. Market Trends in Disposable Gloves - The report details the price increases in disposable nitrile gloves and PVC gloves due to rising costs of raw materials like butadiene and acrylonitrile, which have increased by 84.43% and 47.30% respectively [3] - It notes that the domestic utilization rate for nitrile gloves has improved, and export prices have been rising since late 2025 [3] 3. Regulatory Environment - The report highlights the impact of dual-use item management on the pricing of key materials, creating significant price disparities between domestic and international markets [4] - It suggests that stricter controls on resources like rare earths could enhance the competitive advantage of domestic medical products [4] 4. Innovations in Medical Devices - The report discusses the approval of the brain-machine interface by the National Medical Products Administration, which is expected to open new market opportunities [5] - It outlines the potential for significant market growth in this area, given the high number of spinal cord injury patients in China [5] 5. International Expansion of Chinese Pharmaceuticals - The report notes that there have been 39 licensing-out transactions in the innovative drug sector, with upfront payments totaling approximately $2.953 billion [6] - It emphasizes that the trend of Chinese pharmaceuticals going global continues to strengthen, with a focus on small nucleic acid drugs and dual antibodies [7] 6. Stock Recommendations - The report recommends focusing on raw material suppliers with price leadership, such as Zhejiang Medicine and Chuan Ning Biological, and highlights companies like Inco Medical and Blue Sail Medical in the disposable glove sector [8] - It also suggests monitoring companies involved in the invasive brain-machine interface and small nucleic acid drugs, indicating potential for growth in these areas [8]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The National People's Congress has designated innovative drugs as a "new emerging pillar industry," indicating a strategic shift for the biopharmaceutical sector from a nurturing phase to a core engine of economic growth [16][17]. - As of March 6, 2026, the total value of business development (BD) contracts for Chinese innovative drugs has reached $56.8 billion, with an upfront payment of $3.3 billion, representing 41% of the total for 2025 and exceeding the total for 2024 [17][21]. - Despite significant stock price corrections from 2025 highs, the fundamentals of quality companies remain solid, and the long-term growth logic for innovative drug exports is still intact [21]. Summary by Sections Industry Trends - The A-share pharmaceutical index has seen a year-to-date decline of 2.42%, underperforming the CSI 300 by 1.02% [9]. - The Hang Seng Healthcare Index has outperformed the Hang Seng Technology Index by 0.97% year-to-date [9]. R&D Progress and Company Dynamics - Recent approvals include HSK31679 for non-alcoholic fatty liver disease and the GLP-1 receptor agonist Enogratide, marking significant advancements in innovative drug development [17]. - The report highlights specific companies to watch, including: - PD1 PLUS: Sangamo Therapeutics, CanSino Biologics, Innovent Biologics, and Zai Lab [12]. - ADC: I-Mab Biopharma, Kelun-Biotech, and Baiyue Tianheng [12]. - Small nucleic acids: Frontier Biotechnologies, Fuyuan Pharmaceutical, and Yuyuan Pharmaceutical [12]. Market Performance - The report notes that the pharmaceutical index's price-to-earnings ratio is currently at 36.18, which is 2.24 times lower than the historical average [9]. - The report identifies top-performing stocks for the week, including Yahu Pharmaceutical (+40.65%) and Duoyi Pharmaceutical (+30.81%), while highlighting significant declines in stocks like Haixiang Pharmaceutical (-15.06%) and Furu Medical (-13.07%) [9].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [1] Core Insights - The upcoming adjustment of the National Essential Medicines List (NEML) is expected to benefit traditional Chinese medicine (TCM) stocks, with a focus on companies like Zhaoli Pharmaceutical, Fangsheng Pharmaceutical, and Panlong Pharmaceutical [2][17][22] - The report ranks sub-sectors in the following order of preference: innovative drugs > research services > CXO > TCM > medical devices > pharmacies [2][11] - Historical data indicates that products included in the NEML tend to experience significant sales growth, as seen with Zhaoli Pharmaceutical's Wuling Capsule, which saw sales growth rates increase from -12.82% in 2017 to 32.52% in 2021 after being included in the NEML [19][22] Summary by Sections Investment Highlights - The report suggests focusing on TCM stocks due to the imminent NEML adjustments, recommending Zhaoli Pharmaceutical, Fangsheng Pharmaceutical, and Panlong Pharmaceutical [2][17] - The report emphasizes the importance of the NEML adjustments, which have not occurred in eight years, and the potential for TCM products to gain market share [22] R&D Progress and Company Dynamics - Recent approvals and submissions include Sanofi's Dupilumab for new indications and GSK's hepatitis B therapy application in Japan [5] - The report highlights various companies across different therapeutic areas, including innovative drugs, ADCs, and small nucleic acids, suggesting a diversified investment approach [13][22] Market Performance - The A-share pharmaceutical index has shown a year-to-date increase of 3.0%, with notable performances from specific stocks such as Aidi Te (+36.9%) and Wanze Shares (+27.5%) [10] - The report notes that the medical sector has seen varied performance, with biopharmaceuticals and medical devices showing positive trends, while chemical pharmaceuticals and medical services have faced declines [10]

证券代码：002317 公告编号：2026-011 广东众生药业股份有限公司 关于使用闲置自有资金进行委托理财的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、概述 广东众生药业股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开 了第八届董事会第二十八次会议和第八届监事会第二十八次会议，审议通过了 《关于使用闲置自有资金进行委托理财的议案》，同意公司及子公司（公司合并 报表范围内的子公司）在保障日常生产经营以及项目建设资金需求，有效控制风 险的前提下，使用不超过人民币 40,000.00 万元的闲置自有资金进行委托理财， 期限为本次董事会审议通过之日起十二个月内，期限内任一时点的交易金额不超 过人民币 40,000.00 万元。在上述期限及额度内，资金可滚动使用。本投资事项 将在上述额度内，授权董事长具体实施相关事宜。 上述具体内容详见公司于 2025 年 10 月 31 日刊载在《证券时报》《上海证券 报》和巨潮资讯网（www.cninfo.com.cn）的相关公告。 为提高闲置自有资金使用效率，在确保公司正常经营的前提下 ...

Core Viewpoint - The company has received FDA approval to conduct Phase II clinical trials for RAY1225, aimed at overweight or obese patients, and is actively seeking international collaboration for multi-center clinical research [1] Group 1 - The company confirmed that RAY1225 injection has been approved by the FDA for Phase II clinical research in the United States [1] - The company is pursuing international cooperation to organize and conduct multi-center clinical studies [1] - The goal is to complete the relevant research as soon as possible and apply for drug approval to provide more treatment options for patients [1]