Core Viewpoint - Dongsheng Pharmaceutical has a solid foundation in traditional Chinese medicine and is entering a harvest period for its innovative pipeline, with a multi-layered R&D system based on specialty traditional Chinese medicine, high-end generic drugs, and innovative drugs [1] Group 1: Product Development and Market Position - Several key products have entered commercialization or late-stage clinical trials in recent years [1] - The PB2-targeted RNA polymerase inhibitor, Anladiwei tablets, for treating adult uncomplicated influenza A, is expected to be approved for market launch in May 2025, showing competitive advantages over Oseltamivir in Phase III clinical data [1] - The core product, Compound Xuehuo Tong capsules, is a unique original formulation that has ranked first in market share for oral traditional Chinese medicine in the ophthalmology field for several consecutive years [1] Group 2: Market Outlook and Financial Projections - As the impact of centralized procurement gradually dissipates, sales are expected to stabilize and recover [1] - The company is optimistic about the dual-driven growth of traditional Chinese medicine and chemical drugs, with the latter's innovative clinical pipeline entering late stages [1] - The company has significant potential for large products and international expansion, with a target price of 23.37 yuan based on a 57x PE ratio for 2026, reflecting the industry average [1]

Group 1 - The company is closely monitoring regulatory policy adjustments in the traditional Chinese medicine (TCM) industry and is committed to adhering to national drug regulatory requirements in its production, operations, and product development [2] - The core TCM products of the company have either completed or are in the process of revising the safety content in their instructions to comply with relevant requirements [2] - The company is addressing investor concerns regarding compliance rectification timelines and resource planning for its TCM product line, indicating a proactive approach to potential risks [2]

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 23.37 CNY based on a PE valuation of 57 times for 2026 [3][6]. Core Insights - The company is expected to benefit from a dual-driven strategy of traditional Chinese medicine (TCM) and chemical drugs, with a gradual clearance of the impact from centralized procurement on TCM business. The innovative drug pipeline is entering a harvest phase, with projected net profits for 2025-2027 being 290 million, 350 million, and 410 million CNY respectively, corresponding to EPS of 0.34, 0.41, and 0.48 CNY [3][9]. Summary by Sections 1. Dual-Driven Strategy of TCM and Chemical Drugs - The company has a rich product layout and maintains stable performance, with a focus on TCM and high-end generic drugs. The revenue from TCM has historically contributed over 50% of total revenue, while the share of chemical drugs has increased from 24% in 2016 to 36% in 2024 [13][16]. - The company launched an employee stock ownership plan in 2024 to incentivize core personnel, focusing on performance assessment and innovative drug development [23][24]. 2. Innovative Product Data and Growth Potential - The company has several innovative products entering commercialization or late-stage clinical trials. Notably, RAY1225, a dual-target drug for obesity and diabetes, has shown superior efficacy in clinical trials compared to existing treatments [27][29]. - ZSP1601, a first-in-class drug for NASH, is currently in IIb phase clinical trials and has demonstrated promising results in reducing liver inflammation markers [45][49]. 3. Core TCM Products and Market Recovery - The company's core TCM product, Compound Thrombus Tong Capsule, has maintained a leading market share in the ophthalmic TCM sector. As the impact of centralized procurement diminishes, sales are expected to stabilize and recover [9][18]. - The Brain Thrombus Capsule, another key product, has shown stable clinical demand and is projected to continue its steady growth [9][18].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 23.37 CNY based on a PE valuation of 57 times for 2026 [3][6]. Core Insights - The company is expected to benefit from a dual-driven strategy of traditional Chinese medicine (TCM) and chemical drugs, with a gradual clearance of the impact from centralized procurement on TCM business. The innovative drug pipeline is entering a harvest phase, with projected net profits for 2025-2027 being 290 million, 350 million, and 410 million CNY respectively, corresponding to EPS of 0.34, 0.41, and 0.48 CNY [3][9]. Summary by Sections 1. Dual-Driven Strategy of TCM and Chemical Drugs - The company has a rich product layout and maintains stable performance, with a focus on eye care, cardiovascular, respiratory, and digestive diseases. Revenue for the first three quarters of 2025 was 1.89 billion CNY, a decrease of 1.0% year-on-year, while net profit attributable to the parent company was 250 million CNY, an increase of 68.4% [13][9]. - The core TCM product, Compound Thrombus-Relieving Capsule, is a unique original formulation with a leading market share in the domestic ophthalmic TCM sector. The impact of centralized procurement is gradually being digested, and sales are expected to stabilize [9][10]. 2. Innovative Product Data and Growth Potential - The company has multiple innovative products entering commercialization or late-stage clinical trials. The PB2-targeted RNA polymerase inhibitor, Anladiwei Tablets, was approved in May 2025 for treating adult uncomplicated influenza, showing competitive advantages over Oseltamivir [9][27]. - The GLP-1/GIP dual-target drug RAY1225 for obesity and diabetes has entered Phase III clinical trials, with promising results indicating better weight loss efficacy compared to existing treatments [27][29]. 3. Financial Forecast and Investment Recommendations - The company’s revenue is projected to recover, with expected revenues of 2.803 billion, 3.126 billion, and 3.447 billion CNY for 2025, 2026, and 2027 respectively, reflecting growth rates of 13.6%, 11.5%, and 10.3% [5]. - The report emphasizes the importance of innovation and performance assessment, with an employee stock ownership plan launched in 2024 to incentivize core personnel [23][24].

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 证券代码：002317 公告编号：2026-008 广东众生药业股份有限公司 关于公司为合并报表范围内子公司提供担保的进展公告 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，公司全资孙公司云南众康中药种植有限责任公司（以下简称"众康中 药"，众康中药为公司全 ...

证券代码：002317 公告编号：2026-007 广东众生药业股份有限公司 关于获得复方血栓通胶囊澳门中成药注册证明书的公告 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。 三、对公司的影响及风险提示 第 1页 共 2页 证券代码：002317 公告编号：2026-007 近日，广东众生药业股份有限公司（以下简称"公司"）获得澳门特别行政 区政府药物监督管理局签发的复方血栓通胶囊《中成药注册证明书》。现将相关 情况公告如下： 一、药品的基本情况 名称：复方血栓通胶囊 剂型：胶囊剂 类别：非处方中成药 中药成分：三七、黄芪、丹参、玄参 注册编号：MAC-C00312 二、药品相关情况 复方血栓通胶囊为公司中成药领域的核心产品。公司是复方血栓通系列制 剂的产品原创者、标准制定者、行业引领者和市场主导者。 复方血栓通胶囊凭借其明确的保护血管、促进微循环的作用机制，广泛用于 眼底血管疾病、心脑血管疾病及糖尿病慢性并发症的治疗。多项临床指南及共识 强推荐其用于视网膜静脉阻塞等多种眼底疾病、冠心病及脑卒中的治疗。其临床 证据丰富、药物经济学优势突出，连续多年在国内眼科内 ...

南财智讯1月29日电，众生药业在投资者关系活动中表示，公司已有2个创新药来瑞特韦片、昂拉地韦片 获批上市；其中昂拉地韦片已纳入2025年版《国家医保目录》；目前昂拉地韦颗粒治疗2~11岁儿童单 纯性甲型流感、昂拉地韦片治疗12~17岁青少年单纯性甲型流感的两项III期临床试验均已顺利完成所有 参与者入组。 ...

Core Viewpoint - Zhongsheng Pharmaceutical announced a licensing agreement with Qilu Pharmaceutical for the production and commercialization of RAY1225 injection in China, retaining global intellectual property rights and MAH status [1] Group 1 - Zhongsheng Ruichuang signed a licensing agreement with Qilu Pharmaceutical on January 16, 2026 [1] - The agreement includes an upfront payment of 200 million RMB and potential milestone payments up to 800 million RMB for development and sales [1] - Zhongsheng Ruichuang will also receive a double-digit percentage of net sales as royalties [1]

Financial Performance - The company's net profit for 2025 is expected to be between RMB 260 million and RMB 310 million, representing a year-on-year growth of 186.91% to 203.62% [1] - The net profit after deducting non-recurring gains and losses is projected to be between RMB 270 million and RMB 320 million, with a growth rate of 203.72% to 222.93% [1] Strategic Partnerships - A licensing agreement was signed with Qilu Pharmaceutical on January 16, 2026, for the production and commercialization of RAY1225 injection in China, with an upfront payment of RMB 200 million [3] - The total potential milestone payments from Qilu Pharmaceutical could reach RMB 800 million, in addition to a double-digit royalty on net sales [3] Innovation and R&D Pipeline - The company focuses on innovative drug development for metabolic diseases and respiratory diseases, with two innovative drugs already approved for market [6][7] - RAY1225 injection, a dual receptor agonist, is currently undergoing multiple Phase III clinical trials for obesity and type 2 diabetes, showing promising efficacy and safety [11][12] - The company is also developing ZSP1601 tablets for metabolic dysfunction-related fatty liver disease, which has shown significant results in clinical trials [6] Market Opportunities - The market for metabolic-associated fatty liver disease (MASH) is substantial, with no approved treatments currently available, indicating a significant unmet clinical need [14] - Obstructive sleep apnea (OSA) affects approximately 176 million people in China, with RAY1225 injection potentially offering a new treatment option for this condition [16][18] Clinical Trial Progress - RAY1225 injection has completed Phase II trials with positive results, and Phase III trials are ongoing for various indications, including obesity and type 2 diabetes [12][17] - The company is committed to advancing its clinical trials with high quality and speed, focusing on innovative solutions for metabolic diseases and respiratory conditions [13]

Core Viewpoint - The company, Zhongsheng Pharmaceutical, has received FDA approval to conduct Phase II clinical trials for its RAY1225 injection in overweight or obese patients in the United States, indicating a significant step in its international market expansion strategy [1] Group 1 - The company emphasizes the importance of overseas market opportunities for its products [1] - The company is accelerating its internationalization efforts [1]