Group 1: Clinical Trial Results - RAY1225 injection shows significant weight loss in obese/overweight participants with a mean percentage change from baseline of -10.05%, -12.98%, and -15.05% for the 3mg, 6mg, and 9mg groups respectively, compared to -3.55% in the placebo group [3] - The percentage of participants achieving weight loss ≥5% was 73.2%, 95.1%, and 95.1% for the 3mg, 6mg, and 9mg groups respectively, while the placebo group had a rate of 51.2% for weight loss ≥10% [4] - In the SHINING-1 trial, the HbA1c levels decreased by -1.68%, -2.06%, and -2.16% for the 3mg, 6mg, and 9mg groups respectively, compared to -0.33% in the placebo group [6] Group 2: Safety and Tolerability - RAY1225 injection demonstrated good safety and tolerability across both REBUILDING-1 and SHINING-1 trials, with a low risk of hypoglycemia and no new safety signals identified [10] - The most common adverse reactions were gastrointestinal, with a lower incidence compared to similar drugs [10] Group 3: Future Development and Market Strategy - The company has received ethical approval for Phase III clinical trials of RAY1225 for obesity and type 2 diabetes, with participant enrollment for REBUILDING-2 initiated in June 2025 [10] - The company plans to enhance its marketing strategy for the newly approved drug, focusing on academic ecosystem construction, data-driven service upgrades, and key project practices [14][15] Group 4: Research and Development Investment - The company has consistently invested over 8% of its annual revenue in R&D, with the last three years exceeding 10% [16] - The focus is on building a diversified R&D matrix that includes traditional Chinese medicine, innovative drugs, and generic drugs, transitioning towards an innovative pharmaceutical enterprise [18] Group 5: International Collaboration and Market Expansion - The company emphasizes the importance of international collaboration for expanding market opportunities and enhancing global R&D capabilities [19] - Plans are in place to explore the commercial potential of innovative drug pipelines and seek international partnerships [19] Group 6: Shareholder and Subsidiary Management - The company redeemed 13.15% of shares from its subsidiary, increasing its ownership from 61.11% to 74.26%, enhancing control and operational efficiency [20] - This move is part of a broader strategy to strengthen the company's position in innovative drug development, particularly in respiratory and metabolic disease areas [20][21]

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].

R&D Pipeline and Innovations - The company has established a multi-modal, positive cycle R&D ecosystem focusing on metabolic diseases and respiratory diseases, with 2 innovative drug projects approved for market and several in clinical trials [1][2] - ZSP1601 tablets, targeting metabolic dysfunction-related fatty liver disease (MASH), are the first domestic innovative drug project to complete clinical trials for safety and pharmacokinetics, showing significant potential in reducing liver inflammation markers [1][2] - RAY1225 injection, a long-acting GLP-1 analog, has shown promising results in Phase II trials for obesity and Type 2 diabetes, achieving primary endpoints in both REBUILDING-1 and SHINING-1 trials [2][5] Clinical Trial Results - In the REBUILDING-1 trial, RAY1225 injection demonstrated a dose-dependent weight loss: 3mg, 6mg, and 9mg groups showed weight reductions of -10.05%, -12.98%, and -15.05% respectively, compared to -3.55% in the placebo group [5][7] - The SHINING-1 trial indicated significant reductions in HbA1c levels: -1.68%, -2.06%, and -2.16% for the 3mg, 6mg, and 9mg groups respectively, with the placebo group at -0.33% [8][10] - RAY1225 injection also showed superior results in cardiovascular and metabolic indicators, with significant reductions in uric acid levels compared to the placebo [8] Product Approvals and Market Strategy - The oral antiviral drug, Lai Ruitewei tablets (乐睿灵®), received conditional approval in March 2023 and is included in the national medical insurance directory, enhancing patient access [3] - The company’s innovative drug Angladiwei tablets (安睿威®) was approved in May 2025, showing significant efficacy in alleviating flu symptoms compared to the placebo [4][11] - The company is focusing on building an academic ecosystem and enhancing digital services to improve healthcare delivery and patient trust [14][15] Investment and Future Directions - The company has consistently invested over 10% of its revenue in R&D over the past three years, emphasizing the importance of innovation in its growth strategy [15] - Plans for international collaboration on innovative drugs are underway to expand market opportunities and enhance global brand influence [16][18]

Core Viewpoint - The company has successfully completed the first lock-up period of its 2024 employee stock ownership plan, allowing 45 eligible participants to unlock 30% of the initially granted shares, totaling 1.467 million shares, which represents 0.17% of the company's total share capital [2][7]. Implementation of Employee Stock Ownership Plan - The company held board meetings on June 14, 2024, and July 1, 2024, to approve the implementation of the employee stock ownership plan [2]. - On July 16, 2024, the company transferred 5.551 million shares to the dedicated account for the employee stock ownership plan, which accounted for 0.65% of the total share capital at that time [3]. - The stock ownership plan has three unlocking phases, with the first phase's unlocking conditions met on July 16, 2025 [3][4]. Performance Assessment - The performance assessment for the first lock-up period included company-level targets for revenue and innovation drug development progress [4]. - The company achieved its innovation drug development goals, with significant progress in clinical trials for multiple drugs, resulting in a 100% unlocking ratio for this performance metric [5][6]. - Individual performance assessments for the 45 participants were all rated B+ or above, meeting the criteria for full unlocking [7]. Future Arrangements - Following the unlocking of the first lock-up period, the employee stock ownership management committee will manage the rights of the participants according to the authorized decisions made in the meetings [8]. - The company will adhere to market trading rules and relevant regulations regarding stock transactions [8].

Group 1: Innovative Drug Development - The company has established a multi-mode, positive cycle research and development ecosystem, focusing on metabolic diseases and respiratory diseases, with two innovative drug projects approved for market and several in clinical trials [2][4]. - ZSP1601 tablets, targeting metabolic dysfunction-related fatty liver disease (MASH), have shown significant reduction in liver inflammation markers after four weeks of treatment, indicating potential for improving liver inflammation and fibrosis [2][4]. - RAY1225 injection, a long-acting GLP-1 class drug, has completed Phase II clinical trials for obesity and type 2 diabetes, achieving primary endpoints and demonstrating significant weight loss and metabolic improvements [4][14][18]. Group 2: Clinical Trial Results - RAY1225 injection demonstrated a weight loss of -10.05%, -12.98%, and -15.05% for 3mg, 6mg, and 9mg doses respectively, significantly outperforming the placebo group [14][16]. - The RAY1225 injection also showed a reduction in HbA1c levels of -1.68%, -2.06%, and -2.16% for the same doses, with a notable percentage of participants achieving target HbA1c levels [16][18]. - The clinical trial for the oral antiviral drug, Liratewe tablets, has been approved and included in the national medical insurance directory, providing accessible treatment options for patients [5][6]. Group 3: Safety and Efficacy - The clinical trials for RAY1225 injection reported good safety and tolerability, with low incidence of gastrointestinal adverse effects, similar to previous GLP-1 drug profiles [18]. - The clinical trial for Anglave tablets showed a median flu symptom relief time of 31.72 hours, with no serious adverse events reported, indicating good safety and efficacy in children and adolescents [10][11]. - Anglave tablets demonstrated a significant reduction in flu symptoms compared to placebo, achieving statistical significance in symptom relief and viral load reduction [10][11]. Group 4: Research and Development Investment - The company has consistently invested over 8% of its annual revenue in R&D, with the last three years exceeding 10%, reflecting a commitment to innovation and development [19]. - The R&D strategy includes a diversified matrix of traditional Chinese medicine, innovative drugs, modified new drugs, chemical generics, and raw materials, transitioning from a traditional to an innovative pharmaceutical enterprise [19].

Group 1: Product Development and Clinical Trials - The innovative drug Anglavei (brand name: Anruiwei®) has been approved for market release, showing significant efficacy in clinical trials compared to placebo, with a median symptom relief time of 38.83 hours versus 63.35 hours for the placebo group (P<0.001) [5] - Anglavei has demonstrated superior antiviral activity against various strains of influenza, outperforming existing treatments like Oseltamivir and Baloxavir, particularly against resistant strains [4] - The Phase II clinical trial for Anglavei granules in children aged 2-17 showed a median symptom relief time of 31.72 hours, with high-dose and low-dose groups showing times of 28.63 hours and 33.65 hours, respectively [4] Group 2: Safety and Efficacy - No serious adverse events were reported during the clinical trials of Anglavei granules, indicating good safety and tolerability in children and adolescents [7] - The Phase II trial results for Anglavei granules indicated that most adverse reactions were mild and resolved without treatment, confirming the drug's favorable safety profile [7] Group 3: Financial and Asset Management - In 2024, the company recorded an asset impairment loss of CNY 546.68 million, impacting the net profit attributable to shareholders by CNY 484.10 million [10] - The company has taken a cautious approach to asset management, including impairment provisions for inventory and goodwill, totaling CNY 201.68 million for goodwill impairment [10] Group 4: Strategic Initiatives and Market Positioning - The company plans to enhance its marketing strategy for Anglavei by building an academic ecosystem and integrating digital services to improve healthcare solutions [7] - The company has increased its stake in its subsidiary, Zhongsheng Ruichuang, from 61.11% to 74.26% by redeeming shares for CNY 546 million, strengthening control over its innovative drug development [29] Group 5: Research and Development Pipeline - The company has established a robust R&D ecosystem focusing on metabolic and respiratory diseases, with multiple innovative drug projects in various stages of clinical trials [13] - The innovative drug ZSP1601 for treating non-alcoholic steatohepatitis (NASH) has shown promising results in Phase II trials, significantly reducing liver inflammation markers [17] Group 6: New Drug Approvals and Market Impact - The oral antiviral drug Liratewei (brand name: Leruoling®) received conditional approval in March 2023 and is included in the national medical insurance directory, expanding access for patients [14] - RAY1225, a GLP-1 receptor agonist, has shown significant weight loss and glycemic control in Phase II trials, with a notable reduction in HbA1c levels [20]

Core Viewpoint - The company reported a challenging performance in 2024 due to policy adjustments and increased market competition, but showed significant improvement in Q1 2025, indicating a potential for long-term value release [1][2]. Financial Performance - In 2024, the company achieved a revenue of 2.467 billion yuan and a non-GAAP net profit of -260 million yuan [1]. - In Q1 2025, the company reported a revenue of 634 million yuan, maintaining year-on-year stability, with a net profit attributable to shareholders of 82.61 million yuan, a 61.06% increase, and a non-GAAP net profit of 78.43 million yuan, an 8.60% increase [1]. Market Dynamics - The company's core product, the compound thrombus-dissolving series, faced price reductions due to centralized procurement policies, impacting short-term performance but potentially expanding market share in the long run [1][2]. - The company is positioned as a leader in the market for its core products, aiming to achieve a "volume for price" strategy [1]. Strategic Adjustments - The company has made provisions for goodwill impairment due to cautious principles, which do not reflect the true operational status of its core business [2]. - The company is strategically pausing some R&D investments to focus on more promising projects in metabolic and respiratory diseases, which may enhance long-term growth [2][4]. R&D and Innovation - The company has established a multi-layered R&D system focusing on traditional Chinese medicine, high-end generic drugs, and innovative drugs, which is crucial for competitive differentiation [3][4]. - The RAY1225 project, targeting type 2 diabetes and obesity, showcases the company's unique dual-target mechanism, enhancing its market competitiveness [3]. - The company has consistently invested over 10% of its revenue in R&D for the past three years, reflecting its commitment to innovation [4]. Regulatory Environment - Recent government policies encourage pharmaceutical companies to increase R&D investments, providing tax incentives and subsidies, which will benefit the company's innovative drug development [4][5].