研报掘金丨国盛证券：众生药业创新成果有序落地，维持“买入”评级

Core Viewpoint - The report from Guosheng Securities highlights that Zhongsheng Pharmaceutical's innovative achievements are systematically being realized, enhancing the company's long-term competitiveness [1] Group 1: Research and Development - The company has established a multi-modal and virtuous cycle research and development ecosystem, focusing primarily on independent research and development, supplemented by collaborative efforts [1] - The main areas of focus include metabolic diseases and respiratory diseases [1] Group 2: Innovative Products - The company has entered a harvest phase for its innovative drugs, with two projects already approved for market launch and several others in clinical trial stages [1] - RAY1225 injection (a GLP1/GIP dual-target biweekly formulation) is progressing smoothly in Phase III trials domestically, showing excellent safety and significant potential for overseas business development [1] - Angladiwe (the world's first influenza RNA polymerase PB2 protein inhibitor) has a vast market potential, and the company's product competitiveness is notable, with expectations for rapid market penetration [1] - ZSP1601 tablets (an innovative drug of the MASH class) are actively advancing through Phase IIb clinical trials [1] Group 3: Financial Outlook - The company's main business is rebounding from a low point, and the gradual realization of innovative achievements is expected to contribute to performance elasticity [1] - The report maintains a "buy" rating for the company's stock [1]