Core Viewpoint - The announcement indicates that Lifesun Pharmaceutical's subsidiary, Central Pharmaceutical, has successfully passed the consistency evaluation for the generic drug Cefaclor sustained-release tablets 0.375g, which is beneficial for enhancing market competitiveness [1] Group 1: Product Information - The Cefaclor sustained-release tablets are indicated for the treatment of various conditions including acute bronchitis, acute exacerbation of chronic bronchitis, pneumonia, pharyngitis, tonsillitis, sinusitis, uncomplicated lower urinary tract infections, and skin soft tissue infections [1] Group 2: Market Impact - The company believes that passing the consistency evaluation will improve its market competitiveness; however, the sales performance of the product may be influenced by changes in the market environment, leading to uncertainty [1]

公司定于2025年06月04日(周三）下午15:00～17:00在全景网举办2024年度业绩说明 会，本次年度业绩说明会将采用网络远程方式举行，投资者可登陆全景网"投资者关系互动 平台"（http://ir.p5w.net）参与本次年度业绩说明会。 出席本次说明会的人员有：董事长张平先生、独立董事方建新先生、财务总监王家颖先 生、董事会秘书马霏霏女士。 为充分尊重投资者、提升交流的针对性，现就公司2024年度业绩说明会提前向投资者公 开征集问题，广泛听取投资者的意见和建议。投资者可于2025年06月03日（周二）15:00前 访问http://ir.p5w.net/zj/，或扫描下方二维码，进入问题征集专题页面。敬请广大投资者通过 全景网系统提交您所关注的问题，便于公司在业绩说明会上对投资者普遍关注的问题进行回 答，提升此次业绩说明会的针对性。此次活动交流期间，投资者仍可登陆活动界面进行互动 提问。 欢迎广大投资者积极参与本次网上说明会。 证券代码：002393 证券简称：力生制药 公告编号：2025-039 天津力生制药股份有限公司 关于举办2024年度报告网上业绩说明会的通知 本公司及其董事、监事、高级管 ...

Core Insights - Lisheng Pharmaceutical (002393) announced that its wholly-owned subsidiary, Central Pharmaceutical Co., Ltd., will receive a cash dividend of 304 million yuan from its 12.15% stake in Tian Shili Biopharmaceutical Group, positively impacting the company's 2025 operating performance [2] - In 2024, Lisheng Pharmaceutical achieved a revenue of 1.336 billion yuan and a net profit of 103 million yuan after deducting non-recurring items [2] - The company is recognized as a national high-tech enterprise and has been included in the "Science and Technology Reform Demonstration Enterprise" list by the State-owned Assets Supervision and Administration Commission [2] R&D and Product Development - Lisheng Pharmaceutical has maintained a research and development intensity of over 7% in recent years, with a record number of approvals for new products: 6 in 2022, 4 in 2023, and 16 in 2024 [3] - The company is expanding its "raw materials + formulations" integrated advantage, focusing on developing raw materials with technical barriers to complement its formulations and enhance overall competitiveness [3] - In 2024, five raw materials, including Perindopril tert-butylamine salt and Apixaban, received approval, and the company also received a listing application approval for Voriconazole raw material from the National Medical Products Administration [3] Sustainability and ESG Performance - Lisheng Pharmaceutical is recognized as a national green factory, adhering to principles of safety, health, and sustainable development, with a focus on energy conservation, emission reduction, and resource recycling [3] - The company has actively worked on non-hazardous raw materials, clean production, waste resource utilization, and low-carbon energy initiatives [3] - Lisheng Pharmaceutical received an "A" rating in its ESG assessment from Wind Information, reflecting its excellent performance and practices in environmental, social, and governance aspects [3]

Core Insights - The report highlights a positive shift in fiscal data, indicating an improvement in economic conditions and policy direction, with tax revenue growth returning to positive territory for the first time this year [6][9]. - The report emphasizes the recovery of domestic markets for specific companies, particularly in the medical sector, with significant growth potential in overseas markets [14][21]. Summary by Sections Total Research - Fiscal data released on May 20, 2025, shows a year-on-year tax revenue increase of 1.9% in April, marking the first month of positive growth this year [6]. - Non-tax revenue growth slowed to 1.66%, the lowest in nearly a year, indicating a significant easing of local government financial pressures [7]. - Land transfer revenue saw a 4.27% increase, the highest growth rate since 2021, suggesting a normalization in land sales [7]. Expenditure Side - General fiscal expenditure increased by 5.8% in April 2025, significantly above the planned target of 4.4% for the year, indicating strong fiscal spending [8]. - Government fund expenditures surged by 45%, the highest growth rate since 2022, reflecting a normalization of government spending [8]. Economic Recovery - The report suggests that the ongoing "wide fiscal" policy is crucial for driving economic recovery, with improvements in the business environment for enterprises [9]. - The anticipated acceleration in fiscal spending, particularly following the April 25 Politburo meeting's directives, is expected to further boost economic activity [9]. Company Insights: Mindray Medical (300760.SZ) - The company is poised for a domestic market recovery in 2025, with a projected revenue of CNY 367.26 billion in 2024, reflecting a 5.14% increase [14]. - The company plans to distribute dividends of CNY 6.79 billion and CNY 17.10 billion for 2024 and 2025, respectively, with a payout ratio of 6% and 65% [14]. - The overseas market is performing well, with the in-vitro diagnostics (IVD) segment showing a revenue increase of 10.82% [15]. Company Insights: Lifesun Pharmaceutical (002393.SZ) - The company received over CNY 300 million in dividends from its subsidiary, enhancing its financial position [18]. - Lifesun's revenue for 2024 is projected at CNY 13.36 billion, a 15.88% year-on-year increase, despite a decline in net profit due to adjustments in its marketing strategy [20]. - The company is focusing on a dual strategy of industrial operations and capital management to drive growth [20]. Company Insights: 3SBio (01530.HK) - The company has signed an agreement with Pfizer for the global development and commercialization of its PD-1/VEGF dual-specific antibody, SSGJ-707, which could yield up to USD 60.5 billion in milestone payments [21]. - SSGJ-707 has shown promising results in clinical trials, with plans for further studies in various cancer treatments [22]. - The company maintains a strong growth outlook, with projected net profits of CNY 23.28 billion, CNY 26.12 billion, and CNY 29.38 billion for 2025-2027 [21].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has received over 300 million yuan in cash dividends from its wholly-owned subsidiary, further solidifying its status as a model enterprise for scientific and technological reform [4] - The company is expected to benefit from stable income contributions from its product clusters and has raised its profit forecasts for 2025-2027 [4] - The company has a strong market position in multiple therapeutic areas, and its valuation is expected to rebound due to the recent cash dividend [5] Financial Summary - The company achieved a revenue of 1.336 billion yuan in 2024, a year-on-year increase of 15.88% [5] - The net profit attributable to the parent company for 2025 is projected to be 466 million yuan, reflecting a significant year-on-year growth of 152.3% [7] - The company's earnings per share (EPS) for 2025 is estimated at 1.81 yuan, with a corresponding price-to-earnings (P/E) ratio of 9.6 [7] Company Developments - The company was selected as a "Model Enterprise for Scientific and Technological Reform" by the State-owned Assets Supervision and Administration Commission in 2022 [5] - The company has optimized its layout and adjusted its marketing model, which has led to a recovery of core product distribution rights [5] - The company focuses on a dual-driven strategy of "industrial operation + capital operation," integrating research, production, and sales [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has received over 300 million yuan in cash dividends from its wholly-owned subsidiary, further solidifying its status as a model enterprise for scientific and technological reform [4] - The company is expected to benefit from stable income contributions from its product clusters and has a favorable market position in multiple therapeutic areas [5] - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 466 million, 291 million, and 331 million yuan respectively, with corresponding EPS of 1.81, 1.13, and 1.28 yuan per share [4][5] Financial Summary - The company achieved a consolidated revenue of 1.336 billion yuan in 2024, representing a year-on-year increase of 15.88% [5] - The net profit attributable to shareholders for 2024 was 185 million yuan, a decrease of 49% year-on-year [7] - The projected revenue for 2025 is 1.492 billion yuan, with a year-on-year growth of 11.7% [7] - The projected net profit for 2025 is 466 million yuan, with a year-on-year increase of 152.3% [7] - The company maintains a gross margin of 58.1% and a net margin of 31.3% for 2025 [7] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 9.6 for 2025, 15.4 for 2026, and 13.5 for 2027 [4][7] - The price-to-book (P/B) ratio is expected to remain at 0.9 for 2025 and 2026, and decrease to 0.8 for 2027 [7]

力生制药（002393）公告，全资子公司中央药业持有天士力（600535）生物12.15%的股份，将获得现 金分红款3.04亿元。此分红款项将计入公司2025年度的投资收益，对公司的经营业绩产生积极影响。具 体影响金额以会计师事务所审计数据为准。 ...

证券代码：002393 证券简称：力生制药 公告编号：2025-038 天津力生制药股份有限公司 关于全资子公司中央药业参股公司天士力生物医药产业 集团权益分派的提示性公告 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整，公告不 存在虚假记载、误导性陈述或者重大遗漏。 近日，天津力生制药股份有限公司（以下简称"公司"或"本公司"）全资子公司天津 市中央药业有限公司（以下简称"中央药业"）的参股公司天士力生物医药产业集团有限公 司（以下简称"天士力生物"）召开2025年第一次和第二次临时股东会。会议决议，天士力 生物将以现金方式向全体股东进行权益分派，其中公司全资子公司中央药业按持股12.15% 比例可获现金分红款30,375万元。 公司全资子公司中央药业对参股公司天士力生物的投资按照其他权益工具投资核算,根 据企业会计准则，全资子公司中央药业收到的上述权益分派款项将计入公司2025年度投资收 益，将对公司2025年度经营业绩产生积极影响，具体影响金额最终以会计师事务所审计数据 为准，敬请广大投资者注意投资风险。 2025 年 05 月 22 日 特此公告。 天津力生制药股份有限公司 董事会 ...

证券代码：002393 证券简称：力生制药 公告编号：2025-034 天津力生制药股份有限公司 第七届监事会第四十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、监事会会议召开情况 天津力生制药股份有限公司(以下简称"公司"或"本公司")于2025年4月17日以书面方式 发出召开第七届监事会第四十二次会议的通知，会议于2025年4月24日以通讯表决方式召 开。会议应参加的监事3名，实际参加的监事3名，符合《公司法》及《公司章程》的规定。 二、监事会会议审议情况 1.会议以3票同意、0票反对、0票弃权的表决结果，审议通过了《关于2025年第一季 度报告全文的议案》； 监事会的专项审查意见为：经审查，监事会认为董事会编制和审核《2025 年第一季 度报告全文》的程序符合法律、行政法规和中国证监会的相关规定，报告内容真实、准确、 完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 2.会议以3票同意、0票反对、0票弃权的表决结果，审议通过了《关于公司高级管理 人员绩效考核责任书的议案》。 三、备查文件 1.经与会监事签字 ...

1.会议以9票同意、0票反对、0票弃权的表决结果，审议通过了《关于2025年第一季度 报告全文的议案》； 证券代码：002393 证券简称：力生制药 公告编号：2025-035 天津力生制药股份有限公司 第七届董事会第五十一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 天津力生制药股份有限公司（以下简称"公司"或"本公司"）于2025年4月17日以书面方 式发出召开第七届董事会第五十一次会议的通知，会议于2025年4月24日以通讯表决方式召 开。会议应参加的董事9名，实际参加的董事9名。符合《公司法》及《公司章程》的规定。 二、董事会会议审议情况 具体公告详见巨潮资讯网（www.cninfo.com.cn）、中国证券报和证券时报。 2.会议以9票同意、0票反对、0票弃权的表决结果，审议通过了《关于公司高级管理人 员绩效考核责任书的议案》。 三、备查文件 1.经与会董事签字并加盖董事会印章的董事会决议； 2.深交所要求的其他文件。 特此公告。 天津力生制药股份有限公司 董事会 2025 年 4 月 25 日 ...