每经记者｜林姿辰 每经编辑｜董兴生 2025年10月10日是第34个世界精神卫生日，"人人享有心理健康服务"的活动主题背后，是我国精神卫生 领域面临的日益严峻的挑战。 数据显示，我国精神分裂症患者因依从性不高治疗中断率达75%，出院后1年内复发率达77%，2年内攀 升至90%，每次复发直接医疗成本激增4倍。 因此，如何避免患者漏服药，提高患者治疗依从性是改善患者功能预后的关键环节。 最新指南强调长效针剂作用，而目前临床使用率尚不足5% 今年9月12日，《中国精神分裂症防治指南（2025版）》正式发布，是近10年来首次更新。作为该版指 南的副主编，刘登堂表示，这次更新有两个核心变化，一是撰写方式从传统"教科书或综述式"，转 向"临床问题+推荐意见+循证证据导向"；二是在维持治疗部分，明确强调了抗精神病药物长效针剂的 临床使用价值，建议在尊重患者意愿的情况下，早期启用长效针剂。 长效针剂对比口服药物，成分一致、剂型不同，能显著降低患者用药频率，提升治疗依从性。据记者梳 理，目前国内已有几款长效针剂获批，比如绿叶制药的利培酮微球、强生的棕榈帕利哌酮酯注射液等。 获批时间最近的，则是丽珠医药研发的注射用阿立哌唑微球， ...

Summary of Shengzhao Pharmaceutical Conference Call Company Overview - Shengzhao Pharmaceutical has 26 pipelines under development, focusing on indications such as malignant tumors and schizophrenia, with a business model primarily based on contract manufacturing and self-production, leveraging the MAH system in collaboration with Jilin Aodong, Haizheng Pharmaceutical, and Aoya Biological [2][3][8] - The company has a strong core technical team of over 90 R&D personnel, with a high proportion of PhD holders (75%), including several former CDE new drug review experts, making it one of the strongest teams in the domestic innovative formulation field [2][5] Market and Product Insights - The development of complex injectables is challenging, involving multiple stages such as process, active pharmaceutical ingredients, and quality control, but the market size is substantial, with products like Bupivacaine V0 exceeding 5 billion RMB in domestic sales [2][6] - Shengzhao has approved and filed for 8 complex injectable products, with 2 already approved and 6 under review, expected to be approved around 2026 [2][12] - The company has achieved breakthroughs in foreign industrialization technology barriers, implementing linear scaling continuous production processes and holds the largest single-batch production capacity globally, with 99 authorized invention patents [2][12] Competitive Landscape - Complex injectables are considered the pinnacle of the pharmaceutical industry due to high R&D difficulty and significant market potential, with products like liposomal formulations maintaining high sales even after patent expiration due to their complex formulation barriers [6][9] - Shengzhao's strategy includes focusing on long-acting and targeted formulations, which enhance therapeutic efficacy while reducing side effects, particularly in oncology and postoperative pain management [3][11] Financial and Production Strategy - The company is actively pursuing international market expansion, with a total investment of approximately 200 million RMB in the Linping project for Bupivacaine liposome production, with an annual capacity of 30 million units [3][27] - The pricing strategy for products like Doxorubicin liposome is competitive, with a bid price of 109.96 RMB in the tenth batch of centralized procurement, ensuring profitability before participating in bids [15][20] Future Outlook - Shengzhao aims to become a leading enterprise in the innovative formulation sector and is committed to global expansion, contributing to the rise of the Chinese pharmaceutical industry [14] - The company plans to further increase production capacity to meet domestic and international market demands and is pursuing GMP certification compliant with European and American standards [21][27] R&D and Financial Projections - R&D expenses are expected to decrease to around 70-80 million RMB in 2025, following a peak in 2024 due to multiple clinical trials [28] - The company has faced challenges in its IPO process, but with significant R&D achievements and product approvals, it anticipates improved cash flow and financial performance in the coming years [26][29] Key Products and Market Potential - Bupivacaine liposome is positioned as a unique long-acting analgesic with significant market potential, especially given the high volume of surgeries in China and the U.S. [21] - Paliperidone long-acting injection has shown rapid growth in sales, with domestic sales reaching approximately 600 million RMB in 2024, and significant potential in international markets [22][24] Conclusion - Shengzhao Pharmaceutical is well-positioned in the complex injectable market with a robust pipeline, strong technical capabilities, and a clear strategy for growth and international expansion, making it a noteworthy player in the pharmaceutical industry [30][34]