10亿元授权合作达成，众生药业押注热门赛道

Core Viewpoint - The collaboration between Guangdong Zhongsheng Pharmaceutical Co., Ltd. and Qilu Pharmaceutical marks a significant step in the domestic innovative drug sector, with the potential to help Zhongsheng Pharmaceutical overcome challenges in its traditional business and accelerate its innovative drug development [1][2]. Group 1: Collaboration Details - Zhongsheng Ruichuang retains all rights to the licensed intellectual property and will be the marketing authorization holder after regulatory approval [2]. - The total payment under the agreement can reach 1 billion RMB, including an upfront payment of 200 million RMB and milestone payments up to 800 million RMB, along with a double-digit sales commission after the product launch [2][5]. - This agreement is seen as a crucial move for Zhongsheng Pharmaceutical to enhance its innovative drug platform and commercialize new drugs effectively [2]. Group 2: Financial Performance and Challenges - Zhongsheng Pharmaceutical's traditional business has faced significant pressure due to policies like centralized procurement, with a reported revenue decline of 5.25% in traditional Chinese medicine to 1.318 billion RMB in 2024, and a net loss of 299 million RMB [3]. - Despite a recovery in the third quarter of 2025 with a net profit of 251 million RMB, the company recognizes the need to transform into an innovative pharmaceutical enterprise to break through growth bottlenecks [3]. Group 3: Innovative Drug Development - Zhongsheng Ruichuang, established in 2018, is the core platform for innovative drug research and has successfully brought two innovative drugs to market, with seven additional projects in clinical trials [4]. - The funding from this collaboration will alleviate financial pressure on innovative drug development, supporting ongoing clinical trials for RAY1225 [5]. Group 4: Competitive Landscape - The GLP-1 drug market is becoming increasingly competitive, with both international and domestic companies intensifying their efforts [6]. - RAY1225's advantages include convenient dosing and safety, with a bi-weekly injection schedule that may enhance patient compliance, although its development progress is not leading compared to competitors [7].