Financial Performance - The company's operating revenue for the first half of 2025 was CNY 1,299,729,912.96, a decrease of 4.74% compared to CNY 1,364,366,722.80 in the same period last year[17]. - Net profit attributable to shareholders increased by 114.96% to CNY 187,895,838.14, up from CNY 87,409,781.47 in the previous year[17]. - The net cash flow from operating activities decreased significantly by 81.35% to CNY 39,664,263.57, compared to CNY 212,633,164.11 in the same period last year[17]. - Basic and diluted earnings per share rose by 120.00% to CNY 0.22, compared to CNY 0.10 in the previous year[17]. - The weighted average return on equity increased to 4.72%, up from 2.00% in the same period last year, reflecting improved profitability[17]. - Total assets at the end of the reporting period were CNY 5,155,993,169.26, a decrease of 7.16% from CNY 5,553,493,233.27 at the end of the previous year[17]. - The net assets attributable to shareholders increased slightly by 0.86% to CNY 3,948,476,094.87, compared to CNY 3,914,773,066.25 at the end of the previous year[17]. - The company reported a significant increase in net profit after deducting non-recurring gains and losses, which rose by 7.42% to CNY 186,564,655.05 from CNY 173,681,640.27[17]. - The company’s operating revenue for the reporting period was approximately ¥1.30 billion, a decrease of 4.74% compared to the previous year[73]. - The company reported a total comprehensive income of ¥179,484,552.90, compared to ¥78,688,618.88, indicating a growth of approximately 128% year-over-year[192]. - Operating revenue for the first half of 2025 was CNY 646.91 million, a decrease of 20.2% compared to CNY 811.57 million in the first half of 2024[194]. - Net profit for the first half of 2025 reached CNY 263.29 million, significantly up from CNY 78.57 million in the same period last year, representing a growth of 235.5%[194]. Research and Development - The company emphasizes R&D innovation as its primary productivity, aiming to become a leading pharmaceutical health industry group in China[30]. - The company is actively expanding its product pipeline through both internal R&D and external partnerships, focusing on a comprehensive marketing strategy across various channels[30]. - The company has developed a novel oral drug, Lai Ruitewei, which is the world's first 3CL protease inhibitor for COVID-19, showing significant efficacy in reducing viral load and shortening the time to viral clearance[31]. - The company has received 166 authorized patents for its innovative drug projects across multiple countries/regions, including China, the US, Europe, Japan, and Australia[42]. - The company has maintained annual R&D investment exceeding 10% of its operating income for the past three years, focusing on a diversified R&D matrix[49]. - The innovative drug "Lai Ruite Wei" (乐睿灵®) is the first oral antiviral drug in China with independent intellectual property rights, showing excellent safety and efficacy[47]. - The innovative drug "Ang La Di Wei" (安睿威®) is the first global drug targeting the PB2 subunit of the influenza virus RNA polymerase, approved for market in May 2025[47]. - The company is currently conducting a IIb clinical trial for ZSP1601, with participant enrollment completed in 2024[59]. - The company has two innovative drugs approved for market, focusing on metabolic and respiratory diseases, with several projects in clinical trial stages[54]. Market and Industry Trends - In the first half of 2025, the pharmaceutical manufacturing industry achieved revenue of CNY 1,227.52 billion, with a total profit of CNY 176.69 billion, representing a year-on-year decline of 1.2% and 2.8% respectively[25]. - The pharmaceutical industry is undergoing a transformation towards high-quality development, with policies aimed at improving drug pricing mechanisms and procurement rules[29]. - The government aims to establish a regulatory system for the pharmaceutical industry that aligns with innovation and high-quality development needs by 2027, with a focus on ensuring drug quality and safety by 2035[26]. - The support for innovative drugs has been elevated to a national level, with the first inclusion of innovative drugs in the State Council's work report in March 2024, indicating increased governmental emphasis on R&D[27]. - The company has faced continuous price pressure due to industry policies such as DRG/DIP medical insurance payment reform and centralized procurement, which may adversely affect revenue if products fail to win bids or if bid prices drop significantly[104]. - Rising costs of raw materials, labor, and environmental compliance are expected to exert ongoing pressure on the company's profitability[105]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[4]. - The company is focusing on digital service upgrades to enhance trust value between healthcare providers and patients[68]. - The company is actively expanding its retail market presence through brand revitalization and strategic partnerships with key pharmacy chains[69]. - The company has established a comprehensive research and development ecosystem, focusing on unmet clinical needs and collaborating with various institutions to enhance its innovation capabilities[36]. - The company is implementing a "volume-price-cost" synergy model to counteract the impact of centralized procurement policies, aiming for cost optimization through process improvements and supply chain integration[39]. - The company is committed to providing high-quality health solutions by integrating products with services, targeting diverse customer needs[30]. - The company is exploring opportunities in traditional Chinese medicine and the revival of dormant products as part of its growth strategy[30]. Financial Management - The company has received conditional approval for the innovative drug "Lai Ruitewei Tablets" in 2023, targeting metabolic and respiratory diseases, marking a significant achievement in its research and development efforts[41]. - The company has invested 300 million yuan in its subsidiary to build a high-standard, intelligent, and digitalized traditional Chinese medicine extraction workshop[43]. - The company has reported a fair value loss of ¥6,347,793.14, accounting for -2.94% of total profit, primarily due to fluctuations in the fair value of trading financial assets[78]. - Cash and cash equivalents decreased by ¥407,848,591.61, from ¥1,399,449,534.39 (25.20%) to ¥991,600,942.78 (19.23%), a reduction of 5.97%[80]. - The company has established a comprehensive industrial chain system, enhancing internal synergy and ensuring quality and cost control of raw materials[70]. - The company has allocated CNY 17.9 million for liquidity support, with a 100% utilization rate[94]. - The company has committed to distributing at least 10% of the annual distributable profits in cash dividends from 2022 to 2024, with a cumulative cash distribution not less than 30% of the average annual distributable profits over the last three years[121]. Legal and Compliance - The company is involved in a lawsuit with Dante Biotechnology (Shandong) Co., Ltd. regarding the "Profenid Eye Drops Production Cooperation Agreement," with a liability amount of 41.8621 million yuan, which will reduce the net profit attributable to shareholders by 35.5828 million yuan in 2024[127]. - The company is also in a lawsuit against Yangzhou Zhonghui Pharmaceutical Co., Ltd. concerning patent rights, with a claim amount of 50.18 million yuan, which is currently in the second trial stage[127]. - The company has not reported any unauthorized changes in the use of raised funds or violations regarding the occupation of raised funds[95]. - The company has not faced any penalties or rectification requirements during the reporting period[129]. - There are no significant litigation or arbitration matters affecting the company's operations during the reporting period[127].

Market Performance - The pharmaceutical sector experienced a decline of -2.73% on August 27, 2025, underperforming the CSI 300 index by 1.24 percentage points, ranking 26th among 31 sub-industries in the Shenwan classification [1] - Among sub-industries, medical devices (-1.37%), medical research outsourcing (-1.98%), and blood products (-2.06%) performed relatively better, while in vitro diagnostics (-3.98%), vaccines (-3.45%), and hospitals (-3.12%) lagged behind [1] - Top three gainers included Nanjing New Pharmaceutical (+20.00%), Ailis (+17.00%), and Aomei Medical (+10.04%), while the largest decliners were Yuekang Pharmaceutical (-16.82%), Rejing Bio (-10.47%), and Guangshengtang (-10.32%) [1] Industry News - Gilead announced that the European Commission has approved its HIV-1 capsid inhibitor Yeytuo (Lenacapavir) for market release as a pre-exposure prophylaxis (PrEP) therapy, aimed at reducing the risk of HIV-1 infection in high-risk adults and adolescents (weighing at least 35 kg) [2] - Lenacapavir is a "first-in-class" long-acting HIV capsid inhibitor that interferes with the assembly and disassembly of the HIV capsid protein, demonstrating a 100% prevention rate of HIV infection in a study with 2,134 participants receiving biannual subcutaneous injections, outperforming the daily oral Truvada treatment group [2] Company News - Xingqi Eye Pharmaceutical (300573) reported a revenue of 1.163 billion yuan for the first half of 2025, a year-on-year increase of 30.38%, with a net profit attributable to shareholders of 335 million yuan, up 97.75% [3] - Nossger (301333) achieved a revenue of 380 million yuan in the first half of 2025, a slight increase of 0.18%, with a net profit of 61 million yuan, growing by 4.45% [3] - Mindray Medical (300706) reported a revenue of 16.743 billion yuan for the first half of 2025, a decline of 18.45%, with a net profit of 5.069 billion yuan, down 32.96% [3] - Zhongsheng Pharmaceutical (002317) announced that its subsidiary Zhongsheng Ruichuang has completed the first participant enrollment and dosing for two Phase III clinical trials (SHINING-2 and SHINING-3) of its innovative polypeptide drug RAY1225 injection [3]

Core Viewpoint - The company, Zhongsheng Pharmaceutical, has announced the successful initiation of two Phase III clinical trials for its innovative peptide drug RAY1225 injection, targeting type 2 diabetes patients with inadequate blood sugar control [1] Group 1: Clinical Trials - The first trial (SHINING-2) is a multicenter, randomized, double-blind, placebo-controlled study focusing on type 2 diabetes patients with poor blood sugar control after dietary and exercise interventions [1] - The second trial (SHINING-3) is a multicenter, randomized, open-label study comparing RAY1225 with semaglutide injection in type 2 diabetes patients inadequately controlled on oral hypoglycemic agents [1] - The first participants have been enrolled and dosed in both clinical trials [1] Group 2: Drug Characteristics - RAY1225 injection is an innovative structural peptide drug developed by the company's subsidiary, Guangdong Zhongsheng Ruichuang Biotechnology Co., Ltd., with global independent intellectual property rights [1] - The drug exhibits dual agonistic activity on GLP-1 and GIP receptors, showing potential for long-acting administration with biweekly injections due to its excellent pharmacokinetic properties [1] - A third Phase III clinical trial (REBUILDING-2) assessing the safety and efficacy of RAY1225 in obese/overweight participants has completed participant enrollment [1]

Core Viewpoint - The announcement highlights that the innovative peptide drug RAY1225 injection, developed by the subsidiary Zhongsheng Ruichuang, has completed the enrollment and administration of the first participant in two Phase III clinical trials for glucose-lowering treatment [1] Group 1 - RAY1225 injection possesses global independent intellectual property rights and has the potential for long-acting administration with an injection every two weeks [1] - Zhongsheng Ruichuang will continue to advance the Phase III clinical trials of RAY1225 injection, aiming to complete the relevant research and apply for drug market approval as soon as possible [1]

广东众生药业股份有限公司 关于控股子公司一类创新药 RAY1225 注射液 两项降糖 III 期临床试验完成首例参与者入组的公告 证券代码：002317 公告编号：2025-089 一、RAY1225 注射液 III 期临床试验 RAY1225 注射液是众生睿创研发的、具有全球自主知识产权的创新结构多 肽药物，具有 GLP-1 受体和 GIP 受体双重激动活性，得益于优异的药代动力学 特性，具备每两周注射一次的长效药物潜力。 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"）控股子公司广东众生睿创 生物科技有限公司（以下简称"众生睿创"）自主研发的一类创新多肽药物 RAY1225 注射液，于近日分别完成在饮食运动干预后血糖控制不佳的 2 型糖尿 病患者的安全性和有效性的多中心、随机、双盲、安慰剂对照的 III 期临床试验 （SHINING-2）以及在经口服降糖药治疗后血糖控制不佳的 2 型糖尿病患者的安 全性和有效性的多中心、随机、开放、司美格鲁肽注射液对照的 III 期临床试验 （SHINING-3）两项降糖 III ...

Core Viewpoint - The A-share market experienced a significant increase on August 25, with a focus on companies in the traditional Chinese medicine (TCM) sector that have stable performance and high valuation attractiveness, as evidenced by the rebound of the Chinese Medicine ETF (560080) [1] Market Performance - The Chinese Medicine ETF (560080) rose by 0.26% on August 25, with a trading volume exceeding 150 million yuan, a 26% increase compared to the previous period, and a closing premium rate of 0.24% [1] - The ETF has seen a net inflow of over 180 million yuan for four consecutive days, indicating strong investor interest [1] - Key stocks within the ETF showed mixed performance, with New Tian Pharmaceutical rising over 6% and others like Yunnan Baiyao and Dong'e Ejiao experiencing slight increases [1][4] Valuation Metrics - The dynamic price-to-earnings (P/E) ratio of the TCM sector is at a low level since 2021, with the CSI Traditional Chinese Medicine Index TTM P/E ratio at 26.54x as of August 22, 2025 [2] Earnings Reports - As of August 23, 2025, 26 TCM companies have released their semi-annual reports, accounting for 38% of the total TCM companies, with 10 companies reporting revenue growth and 13 companies reporting positive net profit growth [5] - Upcoming reports from 43 companies are expected to provide further insights into the sector's performance [5] Industry Focus Areas - **Price Governance**: The industry is expected to see differentiation due to price governance policies, with companies that have competitive advantages likely to benefit from price-volume trade-offs [6][7] - **Consumption Recovery**: The recovery of consumption, driven by macroeconomic improvement and increased health awareness among the aging population, is anticipated to boost sales of consumer-oriented TCM products [6][8] - **State-Owned Enterprise Reform**: The TCM sector has a higher proportion of state-owned enterprises compared to the overall pharmaceutical industry, and ongoing reforms are expected to create investment opportunities through performance improvements [8] Innovation and Transformation - TCM companies are actively pursuing innovation and transformation into chemical and biological drugs to expand growth opportunities, utilizing strategies such as independent research and development, mergers and acquisitions, and strategic partnerships [9][10] - Specific companies like Zhongsheng Pharmaceutical and Tian Shi Li are focusing on innovative drug development in areas such as metabolic diseases and cardiovascular conditions, with several products in various clinical trial phases [10][11]

Core Viewpoint - The traditional Chinese medicine (TCM) sector is experiencing a significant surge in stock performance, driven by strong policy support and increasing market demand for TCM products [1][2]. Group 1: Market Performance - The TCM sector has shown rapid growth, with companies like Xintian Pharmaceutical leading the charge by hitting the daily limit on stock price increases, accompanied by a notable increase in trading volume [1]. - Other companies in the sector, such as Yibai Pharmaceutical, Zhendong Pharmaceutical, and others, are also witnessing substantial gains, indicating a broad-based rally within the TCM industry [1]. Group 2: Policy Support - The Chinese government is enhancing support for the TCM industry, as evidenced by the State Council's issuance of guidelines aimed at improving TCM quality and promoting high-quality development within the sector [1][2]. - The guidelines emphasize the protection and utilization of TCM resources, as well as optimizing the industrial structure and strengthening the TCM supply chain [1]. Group 3: Market Demand - There is a growing demand for TCM driven by increasing health awareness among the population and the aging demographic, which is expected to continue fueling the sector's growth [1][2]. - The expansion of the TCM market is anticipated to create new opportunities in related fields, such as TCM raw material cultivation, which will benefit farmers and agricultural service providers [1]. Group 4: Related Sectors - The TCM research and development sector is poised to benefit from government encouragement for innovation, leading to increased investment in new TCM drugs and classic formulations [2]. - The healthcare sector is closely linked to TCM, with the development of TCM products expected to drive innovation and upgrades in healthcare offerings, including TCM therapies and wellness services [2]. Group 5: Challenges and Future Potential - Despite the positive outlook, the TCM industry faces challenges such as the need for unified quality standards and sustainable resource utilization [2]. - However, the combination of policy support, growing market demand, and the industry's own development trends suggests that the TCM sector and its related fields have significant growth potential in the future [2].

Core Viewpoint - Zhongsheng Pharmaceutical's RAY0221 is a self-developed peptide drug targeting GLP-1, GIP, and GCG, aimed at treating diabetes, obesity, and non-alcoholic fatty liver disease, currently in the preclinical research stage [1] Group 1 - RAY0221 is designed to have multi-target activity, specifically focusing on GLP-1, GIP, and GCG [1] - The drug is intended for clinical applications in diabetes treatment, weight loss, and non-alcoholic fatty liver disease [1] - The project is currently in the preclinical research phase, with plans for orderly advancement in development [1]

证券日报网讯 众生药业（002317）8月22日在互动平台回答投资者提问时表示，公司重视药品的国外市 场机会，积极寻求国际合作。如达到相关披露标准，公司将严格根据信息披露规则及时履行信息披露义 务。 ...

（编辑 袁冠琳） 证券日报网讯 众生药业8月22日在互动平台回答投资者提问时表示，公司结合多肽、小分子药物等新药 研发技术平台优势，在代谢性疾病领域布局备具差异化优势的早研管线。如达到相关披露标准，公司将 严格根据信息披露规则及时履行信息披露义务，具体请以公司发布的公告为准。 ...