Group 1: Basic Information - The surveyed company is Zhongshan Biologics Co., Ltd., belonging to the traditional Chinese medicine industry. The survey was conducted on July 17, 2025, and the company's receptionists included the board secretary, the president of Zhongrui Innovation, and the securities business manager [8]. - Participating survey institutions include Zheshang Securities Co., Ltd., Tianfeng Securities Co., Ltd., Caitong (a fund management company), Beijing Dingsa Investment Co., Ltd., and individual investors [2][9]. Group 2: R & D Pipeline Layout - The company has established a multi - mode R & D ecosystem, focusing on metabolic and respiratory diseases. It has 2 approved innovative drugs and multiple projects in clinical trials [14]. - In the metabolic disease R & D pipeline, ZSP1601 tablets for MASH are in Phase IIb clinical trials, and RAY1225 injection for T2DM and obesity/overweight has completed Phase II trials and is entering Phase III [14][15]. - In the respiratory disease R & D pipeline, Lairetrievir tablets have been approved and included in the national medical insurance, and Angladivir tablets have been approved in May 2025. Angladivir granules have obtained Phase II clinical trial top - line data [15][16]. Group 3: RAY1225 Injection Phase II Clinical Trial Results - RAY1225 injection has dual - receptor agonistic activity. Its Phase II trials for obesity/overweight and T2DM patients reached the primary endpoints [17]. - In the REBUILDING - 1 trial for obesity/overweight patients, 3mg, 6mg, and 9mg groups showed dose - dependent weight loss, with better results than the placebo group and numerically higher weight - loss达标 rates than Tirzepatide [17][18]. - In the SHINING - 1 trial for T2DM patients, 3mg, 6mg, and 9mg groups showed dose - dependent reduction in HbA1c, with better results than the placebo group and numerically higher glycemic - control达标 rates than Tirzepatide [20][21]. - RAY1225 injection has significant comprehensive advantages in improving cardiovascular - kidney - metabolic indicators and has good safety [22]. Group 4: Angladivir Project R & D Status - Angladivir tablets were approved in May 2025, with better efficacy than the placebo and Oseltamivir in clinical trials, and strong inhibitory effects on various influenza virus strains [24]. - Angladivir granules for 2 - 17 - year - old patients with influenza A have obtained Phase II clinical trial top - line data, showing positive efficacy and good safety [25][26]. Group 5: Marketing Plan for Angladivir Tablets - The company deepens marketing innovation in three dimensions: academic ecosystem construction, data - service upgrade, and key project implementation [27]. Group 6: R & D Investment - The company's annual R & D investment has exceeded 8% of its revenue for many years, and over 10% in the past three years. It will continue to invest in R & D to build a diversified R & D matrix [27][28]. Group 7: Overseas Progress of Innovative Drugs - The company values overseas market opportunities for innovative drugs and will seek international cooperation to create long - term value [28].

Core Viewpoint - The approval of Angladevir tablets marks a significant breakthrough for the company in the innovative drug sector, with potential for rapid market penetration in the billion-level influenza market [2][3]. Group 1: Product Approval and Clinical Data - Angladevir tablets, developed by the company's subsidiary, have received approval from the National Medical Products Administration for the treatment of adult uncomplicated influenza [1]. - The Phase III clinical trial results indicate that Angladevir significantly outperformed the placebo group in key endpoints, including the time to relief of seven influenza symptoms [2]. - The company is also developing a granule formulation of Angladevir for children and adolescents aged 2-17, with promising Phase II trial results showing shorter symptom relief times compared to adult data [2]. Group 2: Market Potential - The influenza drug market in China exceeded 10 billion yuan in 2023 and is projected to reach 22.39 billion yuan by 2027 [3]. - Current leading antiviral drugs include Oseltamivir and Marbofloxacin, with Oseltamivir sales exceeding 8 billion yuan in 2023 [3]. - Angladevir, as a PB2-targeting RNA polymerase inhibitor, shows superior efficacy against various influenza strains compared to existing treatments, including those resistant to Oseltamivir and Marbofloxacin [3]. Group 3: Financial Forecast - The company anticipates accelerated revenue growth following the commercialization of Angladevir, projecting revenues of 2.765 billion yuan, 3.216 billion yuan, and 3.774 billion yuan for 2025-2027 [9]. - Expected net profits for the same period are 300 million yuan, 391 million yuan, and 517 million yuan, with corresponding EPS of 0.35 yuan, 0.46 yuan, and 0.61 yuan [9].