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。 ...

针对上述提问，众生药业回应称："您好！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。谢谢！" 来源：金融界 金融界8月22日消息，有投资者在互动平台向众生药业提问："董秘你好，贵公司几个月前就在说正在积 极洽谈bd，请问目前进度如何了呢？是否有实质性的进展了呢？" ...