证券代码：002317 编号：2026-001 广东众生药业股份有限公司投资者关系活动记录表 | | √ □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 投资者关系活动 | | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 □一对一沟通 | | | □其他（ ） | | 参与单位及人员 | 嘉实基金管理有限公司分析师、基金经理 | | 时间 | 2026 年 1 月 6 日 14:00～15:00 | | 地点 | 众生睿创会议室 | | 形式 | 现场交流 | | 上市公司 | 1、公司副总裁 陈小新 | | 接待人员 | 2、公司董事会秘书 杨威 1、公司创新药研发管线的布局。 | | | 答：公司立足自主研发，整合内外部资源，以满足未被满 足的临床需求为目标，前瞻性地开展相关创新药的研究。公司 | | | 创新药研发主要聚焦代谢性疾病、呼吸系统疾病等领域，截至 | | | 目前，已有 2 个创新药项目获批上市，多个创新药项目处于 | | | 临床试验阶段，并探索布局具备差异化优势的早研管线。 | | 交流内容及具体 问答记录 | （1）代谢性 ...

Group 1: Innovative Drug Development - The company focuses on independent research and development, integrating internal and external resources to address unmet clinical needs, particularly in metabolic and respiratory diseases [1] - As of now, two innovative drug projects have been approved for market, with several others in clinical trial stages [1] - ZSP1601, an innovative drug for treating metabolic dysfunction-related fatty liver disease (MASH), has shown significant efficacy in reducing liver inflammation markers in clinical trials [2] Group 2: Clinical Trials and Results - RAY1225 injection, a dual agonist for GLP-1 and GIP receptors, is currently undergoing multiple Phase III clinical trials for obesity and type 2 diabetes, with positive results reported in Phase II trials [2][12] - The company is advancing RAY1225's clinical trials for treating MASH, with the drug showing potential in improving liver conditions in animal models [13][15] - The company is also conducting Phase III trials for the innovative drug Anlavi (昂拉地韦) for treating influenza, with successful results in previous phases [3][5] Group 3: Market Access and Insurance Inclusion - Anlavi has been included in the 2025 National Medical Insurance Directory, enhancing patient access to this innovative treatment [7][9] - The company’s core products, including Lai Rui Te Wei (来瑞特韦) and other formulations, continue to be part of the updated medical insurance directory, ensuring broader patient coverage [9] Group 4: Future Directions and Research Focus - The company is exploring new drug development avenues in metabolic diseases, focusing on multi-target therapies and long-acting formulations [6] - There is a strategic emphasis on addressing unmet clinical needs in respiratory diseases, particularly with new antiviral agents targeting RSV [5][6]

证券代码：002317 编号：2025-015 广东众生药业股份有限公司投资者关系活动记录表 | | √ □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 类别 | □新闻发布会 □路演活动 | | | □现场参观 □一对一沟通 | | | □其他（ ） | | 参与单位及人员 | 摩根基金管理（中国）有限公司、国联民生证券股份有限公司、 | | | 深圳翼德全球基金管理有限公司分析师、研究员 | | 时间 | 2025 年 12 月 8 日 10:00～11:00 | | | 2025 年 12 月 8 日 14:00～14:30 | | 地点 | 公司会议室 | | 形式 | 现场交流 | | 上市公司 | 1、公司董事会秘书 杨威 | | 接待人员 | 2、公司证券事务代表 陈子敏 | | | 1、公司新药进入新版医药目录情况。 | | | 答：2025 年 12 月 7 日，根据国家医保局、人力资源社会 | | | 保障部发布的《关于印发<国家基本医疗保险、生育保险和工 | | | 伤保险药品目录>以及<商业健康保险创新药品目录>（ ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance relative to the benchmark index [14]. Core Insights - The company has a stable traditional business foundation, primarily based on traditional Chinese medicine, with significant contributions from its innovative drug transformation efforts [2][3]. - The company reported a revenue of 1.3 billion yuan in H1 2025, a year-on-year decline of 4.74%, while the net profit attributable to the parent company reached 188 million yuan, marking a substantial increase of 114.96% [1][2]. Summary by Sections Traditional Business Stability - The company continues to expand its traditional Chinese medicine sales market, maintaining a stable revenue structure with a focus on proprietary product lines. In H1 2025, sales from traditional Chinese medicine reached 689 million yuan, down 10.14%, but with a gross margin of 69.57%, an increase of 0.46 percentage points [2]. - The core product, the compound thrombus-dissolving series, has successfully participated in national procurement, allowing the company to offset price impacts through volume growth and cost optimization strategies [2]. Innovative Drug Development - The company is actively pursuing innovative drug transformation, focusing on metabolic and respiratory diseases. As of the mid-year report, two innovative drug projects have been approved for market entry, with several others in clinical trials [3][4]. - Notable products include: 1. **Lai Ru Te Wei Tablets**: The first peptide-based 3CL inhibitor for COVID-19, approved in March 2023 and included in the national medical insurance directory [3]. 2. **Angra De Wei Tablets**: The first targeted influenza drug approved in May 2025, with ongoing development for pediatric formulations [3][4]. 3. **RAY1225 Injection**: A dual-target GLP-1 and GIP agonist with promising clinical trial results, gaining attention at international conferences [4][5]. Financial Projections - The company is projected to achieve revenues of 2.646 billion yuan in 2025, with net profits of 323 million yuan, and an EPS of 0.38 yuan, reflecting a positive growth trajectory [6][7].

Core Viewpoint - Guangdong Zhongsheng Pharmaceutical Co., Ltd. reported a slight decline in revenue but a significant increase in net profit for the first half of 2025, indicating a strong performance in profitability despite challenging market conditions [1][2]. Financial Performance - The company achieved a revenue of 1.3 billion yuan in the first half of 2025, representing a year-on-year decrease of 4.74% [1]. - The net profit attributable to shareholders reached 188 million yuan, showing a substantial year-on-year growth of 114.96% [1][2]. Strategic Initiatives - The company has developed a mid-term strategic plan focusing on "traditional Chinese medicine as the foundation, innovation leading, and concentrating on specialty pharmaceutical health" in response to anticipated changes in policy and market environment [2]. - Strategic adjustments across the entire value chain include accelerating innovative research and development, optimizing supply chains to reduce costs, and diversifying sales channels while enhancing academic promotion and brand building [2]. Product Development - Traditional Chinese medicine remains the core business and a significant source of revenue growth, with key products like the Compound Xue Shuan Tong series and Nao Shuan Tong capsules expanding in chronic disease treatment [3]. - The company is focusing on deepening market penetration for selected products and enhancing retail business foundations to gradually improve operational performance [3]. Innovation and Market Expansion - The commercialization of innovative drugs and the market expansion of existing chemical drugs are key drivers of revenue growth, with notable products including the first Chinese oral antiviral drug for COVID-19 and a novel flu treatment [4]. - The company has made significant progress in the consistency evaluation of generic drugs, with 31 products passing the evaluation and 6 selected in national drug procurement, enhancing the market value of its chemical drugs [4].

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].

Core Viewpoint - The innovative drug sector is experiencing a bull market, with funds seeking low-priced stocks for potential gains. Zhongsheng Pharmaceutical's stock has seen significant fluctuations, with a recent increase of 9.99% to 16.84 CNY per share, resulting in a market capitalization of 14.33 billion CNY [1][2]. Group 1: Stock Performance - Zhongsheng Pharmaceutical's stock price has increased by over 61% since April 9, 2023, after a decline of more than 70% from its historical high of 40.7 CNY per share in November 2022, reaching a low of 9.65 CNY [8][10]. - The company announced an abnormal stock trading fluctuation, with a cumulative price deviation exceeding 20% over two consecutive trading days [2]. Group 2: Drug Development Pipeline - Zhongsheng Pharmaceutical has two innovative drug projects approved for market, with several others in clinical trials. The RAY1225 injection, a long-acting GLP-1 drug, is undergoing Phase III clinical trials for treating obesity and type 2 diabetes [4]. - The small molecule innovative drug, Anladiwei (安睿威®), for treating influenza A, has been approved by the National Medical Products Administration and is the first drug targeting the PB2 new target, developed under the leadership of academician Zhong Nanshan [4][6]. - The innovative drug ZSP1601 for treating metabolic dysfunction-related fatty liver disease has completed Phase Ib/IIa clinical trials and is moving into Phase IIb trials [8]. Group 3: Financial Performance - In 2024, Zhongsheng Pharmaceutical reported a revenue of 2.467 billion CNY, a year-on-year decline of 5.48%, and a net loss of 299 million CNY, a year-on-year decrease of 213.63% [10]. - For the first quarter of 2024, the company achieved a revenue of 634 million CNY, a slight decline of 1.03%, while net profit increased by 61.06% to 82.61 million CNY [10]. Group 4: Future Outlook - Guangfa Securities projects Zhongsheng Pharmaceutical's EPS for 2025-2027 to be 0.36, 0.45, and 0.54 CNY per share, maintaining a positive outlook on its core business and the progress of its innovative drugs [10].

Group 1: Company Overview and R&D Pipeline - Guangdong Zhongsheng Pharmaceutical Co., Ltd. has established a multi-modal and healthy R&D ecosystem focusing on metabolic diseases and respiratory diseases, with two innovative drug projects approved for market and several in clinical trials [1] - The innovative drug ZSP1601 for treating metabolic dysfunction-related fatty liver disease (MASH) has completed Phase Ib/IIa clinical trials, showing significant reduction in liver inflammation markers [3][15] - The oral antiviral drug Lurivon (brand name: Le Ru Ling®) received conditional approval in March 2023 and is included in the national medical insurance directory, providing affordable treatment options for patients [3] Group 2: Clinical Trial Results - ZSP1601 has shown potential in improving liver inflammation and fibrosis, with results published in Nature Communications [3][15] - The clinical trial for Lurivon demonstrated effectiveness and safety, particularly for elderly and patients with liver and kidney dysfunction, without requiring dosage adjustments [3] - The innovative drug Anglave (brand name: An Rui Wei®) has shown statistically significant improvement in flu symptom relief compared to placebo, with a median symptom relief time of 38.83 hours [4][8] 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 [12] - The company has made provisions for inventory and goodwill impairment losses totaling CNY 201.68 million due to market conditions and policy impacts [12][14] Group 4: Strategic Initiatives and Future Plans - The company plans to enhance its marketing strategy by integrating academic resources and building a network of experts in respiratory and infectious diseases [11] - The company has increased its stake in its subsidiary Zhongsheng Ruichuang to 74.26%, enhancing control over its operations and R&D capabilities [27] - A change in the use of raised funds has been proposed to accelerate the R&D of innovative drugs, specifically RAY1225 injection and Anglave granules [28][30]