Investment Rating - The report assigns a "Buy" rating for the stock of Zhongsheng Pharmaceutical (002317) based on its strong commercial potential and strategic partnerships [1]. Core Insights - The report highlights the successful licensing agreement between Zhongsheng Ruichuang and Qilu Pharmaceutical for the production and commercialization of RAY1225 in China, which is expected to enhance cash flow and maximize future commercialization benefits [2][3]. - RAY1225 is a GLP-1/GIP dual-target peptide drug with promising clinical trial results, showing positive efficacy and safety, with expectations for commercialization by 2027-2028 [2]. - The partnership with Qilu Pharmaceutical, a leading Chinese pharmaceutical company, is seen as a significant advantage for domestic commercialization efforts [3]. Financial Projections - Revenue projections for Zhongsheng Pharmaceutical are estimated at RMB 2.601 billion, RMB 2.978 billion, and RMB 3.449 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 301 million, RMB 395 million, and RMB 508 million [3][4]. - The report anticipates a gradual improvement in earnings per share (EPS), forecasting RMB 0.35, RMB 0.47, and RMB 0.60 for the same years, with price-to-earnings (P/E) ratios decreasing from 61.17 to 36.29 [3][4].

核心产品国内商业化合作落地，看好未来 销售潜力 众生药业点评报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 张澄(分析师) | 010-58067988 | zhangcheng5@gtht.com | S0880525040130 | | 彭娉(分析师) | 021-23185619 | pengping@gtht.com | S0880525040080 | | 郑琴(分析师) | 021-23219808 | zhengqin@gtht.com | S0880525040108 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | 本报告导读： 公司核心减重创新药产品 RAY1225 国内商业化权益授予齐鲁制药，合作总包金额 达 10 亿元，再度验证产品临床价值与未来商业化潜力。 投资要点： [Table_Market] 交易数据 | 52 周内股价区间(元) | 10.45-26.61 | | --- | --- | | 总市值(百 ...

Policy Developments - The National Healthcare Security Administration (NHSA) encourages regions with conditions to build global trading platforms for innovative Chinese pharmaceuticals, aiming to facilitate the export of Chinese medical products to Southeast Asia, Central Asia, and other countries [2] Drug and Medical Device Approvals - China Medical (600056.SH) announced that its subsidiary Tianfang Pharmaceutical's ibuprofen tablets have passed the consistency evaluation for generic drugs, which will enhance the product's market competitiveness [4] - Sihuan Pharmaceutical announced that its subsidiary has received approval for six new specifications of its polylactic acid facial filler, further expanding its market presence in the regenerative aesthetic product sector [5] Capital Markets - Qingfeng Biotech (Guangzhou) completed a Pre-A round financing of several tens of millions, led by Baiyun Fund, to accelerate AI and laboratory automation development [7] - Zhongsheng Pharmaceutical (002317.SZ) signed a licensing agreement with Qilu Pharmaceutical for the production and commercialization of RAY1225 injection, with total payments expected to reach RMB 100 million [8] Industry Events - The NHSA signed agreements with 79 hospitals to conduct pilot evaluations of real-world comprehensive value assessments for medical insurance, aiming to enhance the quality and efficiency of the healthcare system [10] - Aipeng Medical and the Shenzhen Institute of Advanced Technology established a "Brain-Computer Interface" innovation consortium to focus on non-invasive brain neuroregulation technology [12] - Novo Nordisk's new CEO emphasized that future business expansions will focus on the core needs of diabetes and obesity patients, indicating a strategic shift towards patient-centered approaches [13] Market Trends - Recent reports indicate significant price reductions for weight loss drugs, with prices for Novo Nordisk's products dropping nearly 50% and some specifications of another drug decreasing by around 80%, leading to substantial savings for patients [16]

Core Viewpoint - The collaboration between Zhongsheng Pharmaceutical and Qilu Pharmaceutical for the commercialization of the innovative drug RAY1225 represents a significant milestone, enhancing the commercial potential of the product while allowing Zhongsheng to retain all intellectual property rights [1][3]. Group 1: Collaboration Details - Zhongsheng Pharmaceutical's subsidiary, Zhongsheng Ruichuang, has entered into a partnership with Qilu Pharmaceutical to commercialize the GLP-1/GIP dual-target receptor agonist RAY1225 injection [1]. - The agreement allows Qilu Pharmaceutical to produce and sell RAY1225 in China, while Zhongsheng retains all rights and interests for the product outside of China [1]. - Zhongsheng will receive a total of up to 1 billion RMB in upfront and milestone payments, including an upfront payment of 200 million RMB and up to 800 million RMB in development and sales milestones [1]. Group 2: Product Advantages - RAY1225 injection is characterized by bi-weekly dosing and high safety, with potential for monthly administration, enhancing patient compliance [2]. - Clinical data from Phase II trials indicate that RAY1225 has good safety and tolerability, with gastrointestinal adverse reactions being mild and occurring at lower rates than competitors [2]. - The product currently targets obesity/overweight and type 2 diabetes, with ongoing Phase III clinical trials and a newly approved indication for metabolic-associated fatty liver disease (MASH) [2]. Group 3: Market Potential - The global sales of GLP-1 receptor agonists (GLP-1RAs) reached nearly 55 billion USD in the first three quarters of 2025, with expectations to exceed 150 billion USD by 2031 [3]. - The Chinese GLP-1RA market is projected to grow rapidly, with an estimated market size of 10.5 billion RMB in 2024 and a forecast of 51.5 billion RMB by 2030 [3]. - The collaboration is expected to maximize the domestic commercial value of RAY1225 and reinvest upfront payments into research and development, creating a positive cycle of product development and commercialization [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the domestic commercialization cooperation for RAY1225 has been established, marking a significant phase in the company's innovative transformation [3][4] - The company has signed a licensing agreement with Qilu Pharmaceutical for the production and commercialization of RAY1225 in China, retaining all intellectual property rights [4][5] - RAY1225 is a long-acting GLP-1 drug with promising results in clinical trials for weight loss and blood sugar reduction, showing better efficacy and safety compared to similar products [5][8] Financial Performance and Forecast - The company forecasts revenues of 28.08 billion, 31.23 billion, and 35.01 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 13.8%, 11.2%, and 12.1% [8][10] - The net profit attributable to the parent company is projected to be 3.05 billion, 3.43 billion, and 3.91 billion yuan for the same years, reflecting significant growth of 201.9%, 12.5%, and 14.0% [8][10] - The report maintains previous profit forecasts, with a corresponding valuation of 62X, 55X, and 48X for the years 2025, 2026, and 2027 [8] Product Development - The innovative drug for influenza, Anladiwei tablets, has been approved for market release, expected to gradually increase in volume [7][8] - The ongoing clinical trials for RAY1225 and the anticipated overseas rights authorization are areas of continued focus for the company [5][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Insights - The company has signed a licensing agreement with Qilu Pharmaceutical for the domestic commercialization of RAY1225 injection, retaining all rights and interests for international markets. The total transaction value is expected to be RMB 1 billion, including an upfront payment of RMB 200 million and milestone payments of up to RMB 800 million [4][5] - The company forecasts a significant growth potential driven by its innovative drug pipeline, maintaining profit estimates for 2025-2027 with expected net profits of RMB 344 million, RMB 381 million, and RMB 425 million respectively, and corresponding EPS of RMB 0.40, RMB 0.45, and RMB 0.50 [4][5] Financial Summary - Revenue projections are as follows: RMB 2,611 million for 2023, RMB 2,467 million for 2024, RMB 2,802 million for 2025, RMB 3,154 million for 2026, and RMB 3,540 million for 2027, with year-over-year growth rates of -2.5%, -5.5%, 13.5%, 12.6%, and 12.2% respectively [7][9] - The company expects to achieve a gross margin of approximately 56% and a net margin of around 12% in the coming years, with a projected return on equity (ROE) of 9.5% by 2027 [7][9]

中访网数据 广东众生药业股份有限公司于2026年1月16日召开第九届董事会第二次会议，审议通过了其 控股子公司广东众生睿创生物科技有限公司与齐鲁制药有限公司就RAY1225注射液项目签署许可协议 的核心议案。根据协议，众生睿创将授予齐鲁制药在中国地区（包括中国大陆、香港、澳门、台湾）内 对RAY1225注射液进行生产与商业化销售的独家权利，而众生睿创保留该许可知识产权的全部权益， 并在产品获批后作为药品上市许可持有人。此次合作旨在加速公司创新药的上市商业化进程，并聚焦于 核心研发业务。协议约定，在满足相关条款的前提下，众生睿创将获得首付款及里程碑付款总额高达人 民币10亿元，其中包括人民币2亿元的首付款以及最高可达人民币8亿元的开发和销售里程碑付款。产品 上市后，众生睿创还将有权从许可产品的净销售额中获得双位数的销售提成。此次授权不影响众生睿创 对RAY1225注射液在海外市场的全部权益。该决议已获董事会全票通过，标志着众生药业在创新药价 值实现路径上迈出关键一步。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002317 公告编号：2026-001 广东众生药业股份有限公司 第九届董事会第二次会议决议公告 经与会董事签字并加盖董事会印章的董事会决议。 特此公告。 广东众生药业股份有限公司董事会 二〇二六年一月十六日 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"）第九届董事会第二次会议的会议通知于2026年1月12日 以专人和电子邮件通知方式送达全体董事，会议于2026年1月16日在公司会议室以现场和通讯表决方式 召开。本次会议应出席董事9人，实际出席董事9人。会议由公司董事长陈永红先生主持，董事会秘书列 席会议。本次会议的召集和召开符合法律、法规和《公司章程》的有关规定。经与会董事认真审议，以 记名投票方式表决，做出如下决议： 一、审议通过了《关于控股子公司签署RAY1225注射液项目许可协议的议案》。 为推动公司创新药上市商业化进程，聚焦创新药研发核心业务，公司同意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"）与齐鲁制药有限公司（以下简称" ...

整理 | GLP1减重宝典内容团队 2026 年 1 月 16 日，广东众生药业股份有限公司发布公告称，其控股子公司广东众生睿创生物科技有限公司与齐鲁制药有限公司正式 签署许可协议，就创新多肽药物 RAY1225 注射液在中国区域的生产与商业化达成合作。本次交易首付款高达 2 亿元人民币，叠加里程 碑款与销售分成，总对价最高可达 10 亿元人民币，成为近期国内多肽新药领域最受关注的授权案例之一。 交易核心：授权商业化，研发权牢牢在手 根据协议，众生睿创授予齐鲁制药在中国大陆、香港、澳门及台湾地区，对 RAY1225 注射液用于超重/肥胖及 2 型糖尿病适应症的独 占生产与商业化权利。与此同时，众生睿创保留该产品的全部知识产权，并在产品获批上市后继续作为药品上市许可持有人 （MAH）。 在经济条款方面，众生睿创将获得 2 亿元首付款，并在研发与销售节点达成后，收取最高 8 亿元里程碑付款；产品商业化后，还将基 于许可区域内的净销售额，获得双位数比例的销售提成。本次交易已通过董事会审议，不构成关联交易或重大资产重组。 RAY1225：瞄准下一代 GLP-1 竞争焦点 RAY1225 注射液是众生睿创自主研发的创新 ...

众生药业表示，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超长效 药物潜力。 公告显示，在满足许可协议约定的条款下，众生睿创将获得首付款及里程碑付款总金额为10亿元，包括 首付款2亿元、开发和销售里程碑付款最高合计8亿元，后续产品上市后有权获得许可产品净销售额双位 数的销售提成。 北京商报讯（记者 丁宁）1月16日晚间，众生药业（002317）发布公告称，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"） 与齐鲁制药有限公司 （以下简称"齐鲁制药"） 于1月16 日签署《许可协议》 ，众生睿创授权齐鲁制药在中国地区（包括中国大陆、香港、澳门、台湾）内对 RAY1225注射液进行生产与商业化销售，众生睿创保留许可知识产权的全部权利、权属和权益，在许 可产品获得药品监管部门上市注册批准后，众生睿创为药品上市许可持有人（MAH）。同时，众生睿 创仍然拥有RAY1225注射液国外的全部权利、权属和权益，包括但不限于临床开发、生产及新药注 册、销售和市场推广。 ...