Group 1 - The core viewpoint of the report is that Zhongsheng Pharmaceutical (002317.SZ) is rated as a "buy" due to its solid foundation in traditional Chinese medicine and stable development of its proprietary Chinese medicine business [2] - The company is expected to benefit from the market potential of its innovative drug, Anladiwei tablets, for treating influenza [2] - The ongoing research product, RAY1225 injection, a long-acting GLP-1 class drug, has shown promising data, and there is a focus on overseas rights authorization [2]

（文章来源：每日经济新闻） 每经AI快讯，8月15日，创新药概念股震荡拉升，阳光诺和、广生堂涨超10%，神州细胞、众生药业、 翰宇药业、微芯生物等多股涨逾6%。 ...

Core Viewpoint - The report highlights the rich product layout of innovative drugs by Zhongsheng Pharmaceutical, with a focus on the upcoming launch of its influenza product, Anladiwei tablets, which is expected to capture significant market share [1][2][3] Company Overview - Zhongsheng Pharmaceutical is primarily engaged in the research, production, and sales of traditional Chinese medicine and chemical drugs, with traditional Chinese medicine being its core business [1] - The company has established a solid foundation for growth through its well-known traditional Chinese medicine products, which are projected to generate 1.32 billion yuan in revenue by the end of 2024, accounting for 53% of total revenue [1] Innovative Drug Development - The company has successfully launched innovative drugs, including the first peptide-based 3CL single-agent anti-COVID drug, Lairuitewei tablets, and the recently approved influenza drug, Anladiwei tablets, which is a PB2-targeted small molecule RNA polymerase inhibitor [2] - Anladiwei tablets are expected to outperform current mainstream influenza drugs, showing faster symptom relief and lower resistance risk, thus potentially reshaping the influenza market landscape [2] Clinical Trial Results - The long-acting GLP-1 drug, RAY1225 injection, has shown promising results in Phase II clinical trials, demonstrating better weight loss and blood sugar control compared to similar drugs [2] - The drug's efficacy and safety profile are noteworthy, with ongoing Phase III clinical trials in China and potential for overseas rights authorization [2] Financial Projections - The company is expected to see revenue growth from 2.808 billion yuan in 2025 to 3.501 billion yuan in 2027, with year-on-year growth rates of 13.8%, 11.2%, and 12.1% respectively [3] - Net profit is projected to increase significantly from 305 million yuan in 2025 to 387 million yuan in 2027, with growth rates of 201.9%, 11.3%, and 14.1% respectively [3] Investment Recommendation - The report recommends a "buy" rating for Zhongsheng Pharmaceutical, emphasizing the positive outlook for its innovative drug portfolio and stable performance in traditional Chinese medicine and chemical generic drug sectors [3]

证券代码：002317 公告编号：2025-085 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 广东众生药业股份有限公司（以下简称"公司"）于 2024 年 10 月 26 日召开 了第八届董事会第十六次会议和第八届监事会第十六次会议，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 70,000.00 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 70,000.00 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。 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 上述具体内容详见公司于 2024 年 10 月 29 日刊载在《证券时报》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，公司及子公 司广 ...

格隆汇8月13日丨众生药业(002317.SZ)在互动平台表示，公司暂无治疗基孔肯雅热病毒的产品。公司控 股子公司众生睿创对于经实验室分离的基孔肯雅热病毒，使用公司已上市创新药昂拉地韦以及公司一款 在研药物开展了体外抗病毒活性试验，初步结果显示昂拉地韦以及在研药物对基孔肯雅热病毒有较强的 抑制活性。公司将持续获取更多试验数据，关注病毒流行态势，助力做好疾病防控。 ...

格隆汇8月12日｜国盛证券研报指出，众生药业创新成果有序落地，打造公司长期竞争力。公司已建立 多模式良性循环的研发生态体系，构建自主研发为主、合作研发为有效补充的研发模式，主要聚焦代谢 性疾病、呼吸系统疾病等疾病领域。公司创新药已迈入收获期，已有2个创新药项目获批上市，多个创 新药项目处于临床试验阶段。RAY1225注射液（GLP1/GIP双靶点双周制剂）：国内三期推进顺利，安 全性优异，海外BD潜力较大。昂拉地韦（全球首款流感RNA聚合酶PB2蛋白抑制剂）：流感市场空间 巨大，公司产品竞争力显著，有望实现快速放量。另外，ZSP1601片（MASH一类创新药）：积极推进 IIb期临床试验。公司主业触底反弹，创新成果逐步落地，有望贡献业绩弹性，维持"买入"评级。 ...

江海证券指出，中药饮片标注保质期使得产品信息更加透明，有助于消费者更好地判断产品质量与安全 性，从而增强对中药饮片的消费信心。消费者在购买时会倾向于选择那些保质期标注清晰、生产企业信 誉良好的产品，这将促使企业更加注重品牌建设与产品质量宣传。随着消费者对中药饮片认知的加深， 一些原本对中药饮片质量存在疑虑的潜在消费者可能会开始尝试购买，从而有望拓展中药饮片的消费市 场。企业可以借此机会，加大产品研发与创新力度，推出更多符合消费者需求的中药饮片产品，如小包 装、便于储存与服用的新型中药饮片剂型。 从资金净流入方面来看，中药ETF近5天获得连续资金净流入，合计"吸金"3002.74万元。截至8月12日， 中药ETF8月以来资金净流入2214.84万。 数据显示，截至2025年7月31日，中证中药指数(930641)前十大权重股分别为云南白药(000538)、片仔癀 (600436)、同仁堂(600085)、东阿阿胶(000423)、华润三九(000999)、白云山(600332)、吉林敖东 (000623)、众生药业(002317)、以岭药业(002603)、佐力药业(300181)，前十大权重股合计占比54.5 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has established a multi-mode positive cycle research and development ecosystem, focusing on metabolic diseases and respiratory diseases, with two innovative drug projects already approved for market and several others in clinical trials [1] - The negative impacts on the company's main business have been largely digested, and it is expected to achieve steady growth in the future, with a projected net profit of 170-210 million yuan in the first half of 2025, representing a year-on-year growth of 94%-140% [2] - The company is expected to see a rebound in its main business, with innovative results gradually contributing to performance elasticity, projecting net profits of 351 million yuan, 435 million yuan, and 513 million yuan for 2025-2027, with corresponding growth rates of 217.4%, 23.8%, and 17.9% [2][3] Financial Summary - The company's revenue for 2023 is reported at 2,611 million yuan, with a year-on-year decline of 2.5%. It is expected to recover to 2,810 million yuan in 2025, reflecting a growth rate of 13.9% [3] - The net profit for 2023 is 263 million yuan, with a significant decline of 18.3%. However, it is projected to turn positive in 2025 with a net profit of 351 million yuan [3] - The earnings per share (EPS) is expected to improve from -0.35 yuan in 2024 to 0.41 yuan in 2025, indicating a recovery trend [3] Market Position and Product Development - The company’s core product, the brain thrombus capsule, is unique in the market, and the company is enhancing its product competitiveness through a combination of evidence-driven and market-driven cultivation models [2] - The innovative drug RAY1225 is progressing smoothly in clinical trials, showing significant potential for weight loss and improvement in metabolic indicators [7] - The company’s flu drug, Angladiwei, has a substantial market potential, with the global flu treatment market reaching 68.738 billion yuan in 2023, and it is expected to achieve rapid market penetration following its approval [7]

Core Viewpoint - The investment value of innovative drugs is not a short-term pulse but a long-term industrial dividend, with optimal solutions for sharing this dividend through index tools in golden tracks [1] Group 1: Performance of Innovative Drug Indices - Since July, the National Index for Hong Kong Stock Connect Innovative Drugs and the China Securities Innovative Drug Industry Index have reached new highs, with year-to-date increases of 106.7% and 32.3% respectively as of July 31 [2] - The impressive performance of these indices reflects a decade-long transformation of China's innovative drug industry from "follower" to "leader" [2] - Recent inflows into ETFs tracking innovative drug indices have been significant, with a net inflow of 4.26 billion yuan from August 4 to August 8 and over 16 billion yuan since June [2] Group 2: Index Adjustments and Sensitivity - The recent upgrade of the Hong Kong Stock Innovative Drug Index aims to enhance its focus by excluding CXO companies and increasing adjustment frequency from semi-annual to quarterly, effective August 12 [3][4] - This adjustment allows the index to better capture the core drivers of the innovative drug industry, focusing on pharmaceutical companies that lead drug development and hold key patents [3] - The increased adjustment frequency enhances the index's sensitivity, enabling it to quickly identify emerging growth companies in a rapidly evolving market [4] Group 3: Policy Support for Innovative Drugs - The innovative drug industry has received significant policy support this year, with the State Council's 2025 strategic goal to create a globally competitive innovation ecosystem [5] - Multiple regulatory bodies have introduced supportive measures, including optimizing review processes and reopening IPO channels for unprofitable companies [6] - The 2024 medical insurance fund expenditure on innovative drugs is projected to be 3.9 times that of 2020, with an annual growth rate of 40% [7] Group 4: Market Dynamics and Future Outlook - By the end of 2024, China is expected to have 3,575 original innovative drugs in clinical trials, surpassing the U.S. and becoming the global leader [7] - The proportion of first-in-class (FIC) drugs has increased from less than 10% in 2015 to 24% in 2024, indicating a significant enhancement in original innovation capabilities [7] - The innovative drug market in China currently accounts for less than 10% of the total pharmaceutical market, indicating substantial growth potential compared to over 20% in other G20 countries [9] Group 5: Investment Opportunities in Innovative Drugs - The China Securities Innovative Drug Industry Index has shown a year-to-date increase of 32.3%, with significant upside potential remaining [8] - The long-term growth of the innovative drug market is supported by an aging population and increasing demand for treatments for chronic diseases and rare diseases [8] - Investing in ETFs that track the innovative drug sector provides a way to mitigate risks associated with individual stock investments while capitalizing on overall industry growth [9]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector, indicating a positive outlook for investment opportunities in this industry [5]. Core Insights - The report highlights the ongoing competition in the weight loss drug sector, particularly focusing on the technological advancements and the performance of various companies in this space [14][20]. - It emphasizes the strong performance of innovative drugs, particularly in the context of the pharmaceutical market's overall trends, which remain robust despite some short-term fluctuations [3][16]. - The report outlines a strategic focus on innovative drugs and new technologies, including brain-computer interfaces and AI in medicine, as key areas for investment moving forward [17][18]. Summary by Sections 1. Industry Performance - The pharmaceutical index decreased by 0.84% during the week of August 4-8, underperforming compared to the CSI 300 and ChiNext indices [14]. - The market showed signs of recovery after a previous downturn, with innovative drugs experiencing some volatility but still presenting structural opportunities, particularly in weight loss medications [2][15]. 2. Weight Loss Drug Sector - The report discusses the shift from single-target GLP-1 drugs to multi-target approaches, highlighting the potential of drugs like Retatrutide, which showed a weight reduction of 24.2% in clinical trials [20][25]. - Emerging multi-functional targets such as FGF21 are gaining attention, with companies like GSK making significant investments in this area [22][31]. - The report notes the importance of oral formulations and long-acting drugs to improve patient compliance and market penetration [33][34]. 3. Investment Strategies - The report suggests focusing on overseas large pharmaceutical companies and small to mid-cap technology revolutions as primary investment themes [17][18]. - Specific companies highlighted for investment include Innovent Biologics, BeiGene, and others in the innovative drug space [18][19]. - The report also emphasizes the importance of new technologies, including AI in pharmaceuticals and brain-computer interfaces, as critical areas for future growth [8][9]. 4. Future Outlook - The report maintains an optimistic view for the pharmaceutical sector through 2025, with a focus on innovative drugs and new technologies [17]. - It identifies key themes for investment, including innovative drugs, new technologies, and the restructuring of supply chains [17][18].