问: 能否请公司介绍 GnRH 类药物的布局？ 答: 丽珠高度重视 GnRH（促性腺激素释放激素）类药物 的布局，目前已形成"全适应症、多剂型、差异化给药频 次"的完整产品矩阵，包括亮丙瑞林、曲普瑞林、戈舍瑞 林、口服 GnRH 拮抗剂等。亮丙瑞林缓释微球（三个月） 预计于 2026 年下半年获批，核心适应症是乳腺癌、前 列腺癌和中枢性性早熟；亮丙瑞林缓释微球（六个月） 处于临床前药学研究阶段；曲普瑞林于 2023 年获批了前 列腺癌适应症，并于 2024 年新增子宫内膜异位症适应 症，子宫内膜异位症适应症于 2025 年医保谈判中成功纳 入医保，将于 2026 年实现医保端销售放量；口服 GnRH 拮抗剂近期在辅助生殖适应症临床Ⅱ期研究中取得显著 成果，该管线预计于 2026 年启动临床 III 期，有机会为 不孕不育患者带来用药更安全、便捷的治疗方案；戈舍 瑞林植入剂处于临床前研究阶段，目标适应症为前列腺 癌、乳腺癌和子宫内膜异位症。 丽珠医药集团股份有限公司投资者关系活动记录表 编号：2026-01 |  | 特定对象调研 □分析师会议 □业绩说明会 □媒体采访 | | --- | --- | | 投 ...

Investment Rating - The investment rating for the company is "Buy" [7][13] Core Insights - The company is accelerating its innovation pipeline with 14 Class I innovative drug projects, including dual-target small molecules and biopharmaceuticals, with expectations of 2-3 innovative drugs entering clinical research each year over the next three years [4] - The company has achieved significant overseas certifications for its generic drugs, which is expected to drive a turnaround in performance [8] - The company experienced a decline in revenue and net profit in 2025, but is projected to see improvement in 2026 due to anticipated growth in overseas business and marginal improvements in domestic generic drug procurement [5] Financial Summary - As of Q1-Q3 2025, the company reported revenue of 742 million yuan, a decrease of 12.92%, and a net profit attributable to shareholders of -50.81 million yuan, a decline of 122.35% [5] - Revenue projections for 2025-2027 are 1.196 billion yuan, 1.446 billion yuan, and 1.742 billion yuan, respectively, with net profits expected to be 91 million yuan, 201 million yuan, and 300 million yuan [9][10] - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 83.03, 37.57, and 25.10, respectively [5][9]

Core Insights - The pharmaceutical industry is experiencing a structural change driven by the growth cycles of major products, with significant opportunities emerging in innovative drugs, medical devices, and consumer healthcare [3][6][31] - The demand for pharmaceuticals is expected to improve in 2026, supported by policies encouraging innovation and a recovery in domestic consumption [3][7] - The supply side of the pharmaceutical industry is characterized by high entry barriers due to patent protections and government regulations, which helps maintain a stable competitive environment [4][5] Group 1: Industry Trends - The aging population, urbanization, and changing disease patterns are making the pharmaceutical industry a perpetual growth sector [3] - The global pharmaceutical market has seen rapid expansion from 2009 to 2019, followed by a surge in demand due to COVID-19, and is now entering a phase of recovery and growth [3][6] - The Chinese pharmaceutical industry is expected to gradually produce world-class companies, with increasing recognition of Chinese innovative drug assets by multinational corporations (MNCs) [4][5] Group 2: Investment Opportunities - Opportunities in innovative drugs are highlighted, particularly in oncology, metabolic diseases, and autoimmune diseases, with a focus on next-generation therapies and precision medicine [6][31] - The demand for innovative drugs is expected to remain strong, with policies improving medical insurance payments and the upcoming launch of commercial insurance drug catalogs [7][31] - The medical device sector is anticipated to recover, with a focus on domestic demand and international expansion, particularly in areas with low domestic production rates [7][8] Group 3: Company Performance - Major pharmaceutical companies like Eli Lilly, AbbVie, and AstraZeneca are experiencing significant growth driven by key products, with Eli Lilly's Tirzepatide generating $24.8 billion in sales [12][15] - The report identifies specific companies such as Hengrui Medicine, Hansoh Pharmaceutical, and BeiGene as outperformers in the market, with strong pipelines and global competitiveness [7][8] - The report emphasizes the importance of mergers and acquisitions (M&A) and business development (BD) strategies for MNCs, with China becoming a significant source of projects for top global pharmaceutical companies [22][24]