Financial Performance - The company achieved revenue of 6.272 billion yuan (-0.2%) and a net profit attributable to shareholders of 1.281 billion yuan (+9.4%) for the first half of 2025 [1] - The gross profit margin remained stable at 66.0% (+0.1 percentage points), and the net profit margin increased to 24.7% (+3.2 percentage points) [1] - The expense ratio decreased to 36.7% (-2.8 percentage points), indicating a significant optimization in the cost structure [1] Business Segment Performance - The biopharmaceutical segment showed the most significant growth, while other segments had mixed results [2] - The chemical preparation segment generated revenue of 3.270 billion yuan (+1.4%), with digestive products contributing 1.351 billion yuan (+3.9%) [2] - Revenue from raw materials and intermediates was 1.662 billion yuan (-5.7%), affected by price fluctuations in the domestic market [2] - Traditional Chinese medicine revenue was 799 million yuan (+7.3%), while the biopharmaceutical segment reached 95 million yuan (+8.3%) [2] - Revenue from diagnostic reagents and equipment was 374 million yuan (-5.1%) due to product cycle changes and a high base in the first half of 2024 [2] R&D Progress - The company continues to enrich its innovative drug product matrix, with several new drugs and core projects accelerating commercialization [3] - JP-1366 tablets have completed phase III clinical trials and have submitted a listing application [3] - Other drugs, including a humanized monoclonal antibody and semaglutide injection, are progressing to late-stage clinical trials [3] - The company has introduced six projects through business development, with five successfully entering clinical transformation [3] Profit Forecast - The company's fundamentals are robust, with strong earnings certainty and innovative products expected to accelerate growth [4] - Projected net profits for 2025-2027 are 2.216 billion yuan, 2.511 billion yuan, and 2.951 billion yuan, respectively, with corresponding EPS of 2.45 yuan, 2.78 yuan, and 3.26 yuan [4] - The current market capitalization corresponds to PE ratios of 16x, 15x, and 12x for the respective years [4]

[Table_Title] 证券研究报告 / 公司点评报告 盈利能力稳健提升，创新管线加速兑现 --- 丽珠集团 25 中报点评 事件： [Table_Summary] 公司发布 2025 年中期业绩，实现营收 62.72 亿元（-0.2%），实现归属于 上市公司股东的净利润为 12.81 亿元（+9.4%），实现归属于上市公司股 东的扣除非经常性损益的净利润 12.58 亿元（+8.9%）。 点评： 财务端：毛利率保持稳定，成本结构持续优化，盈利能力稳健提升。1） 25H1 公司实现毛利润率 66.0%（+0.1pct），实现净利润率 24.7%（+3.2pct）， 盈利能力稳健提升；2）25H1 实现期间费用率 36.7%（-2.8pct），其中销 售/管理/研发/财务费用率同比 0/-0.5/-0.9/-1.4pct，成本结构明显优化。 业务端：不同板块表现不一，其中生物制品板块增长最为明显。1）化学 制剂板块营收 32.70 亿元（+1.4%），其中消化道产品营收 13.51 亿元 （ +3.9% ）， 促 性 激 素 / 精 神 / 抗 感 染 及 其 他 领 域 营 收 同 比 分 别 - 1.2 ...

内容概要：质子泵抑制剂（PPI），又称胃氢-钾泵（氢-钾腺苷三磷酸酶）抑制剂，可通过抑制胃壁细 胞上的氢-钾腺苷三磷酸酶来阻断由各种原因所致胃壁细胞泌酸的共同及最终环节，进而强效而持久地 抑制胃酸分泌。PPI是目前抑酸作用最强的药物之一，被广泛用于消化性溃疡、胃食管反流病、上消化 道出血和卓-艾综合征（又称"胃泌素瘤"）等酸相关性疾病及应激性溃疡的临床治疗和预防。2018-2024 年期间，中国口服质子泵抑制剂市场规模一直保持在100亿元以上，市场需求强劲，但由于对多款已上 市的仿制质子泵抑制剂实施带量采购计划，口服质子泵抑制剂的市场规模呈现波动态势。如泮托拉唑、 埃索美拉唑及兰索拉唑于2021年被纳入带量采购计划，雷贝拉唑于2023年被纳入带量采购计划。尽管销 量不断增加，但价格因集采下降，因此2022年与2024年中国口服质子泵抑制剂市场规模有所下滑，2024 年同比下滑10.5%。截止2024年末，共有7款PPI在中国获批上市，其中丽珠医药的艾普拉唑于2007年获 批上市，是首个由我国制药企业自主研发上市的质子泵抑制剂，属于一类新药。轩竹生物研发的安奈拉 唑于2023年6月获批上市。从2024年产品市占 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown good profit growth, with multiple products entering the harvest phase [1] - In H1 2025, the company achieved operating revenue of 6.272 billion yuan (down 0.17% year-on-year) and a net profit attributable to shareholders of 1.281 billion yuan (up 9.40% year-on-year) [4][5] - The company is expected to maintain stable operations, with new products gradually contributing to performance growth [4] Financial Performance Summary - In H1 2025, the sales gross margin was 66.02%, an increase of 0.06 percentage points year-on-year, and the net profit margin was 24.73%, an increase of 3.17 percentage points year-on-year [4] - The chemical formulation segment achieved operating revenue of 3.270 billion yuan (up 1.43% year-on-year), while the raw materials and intermediates segment saw a revenue decline of 5.65% year-on-year [4] - The company’s R&D pipeline is progressing smoothly, with several products entering the harvest phase [4] Profit Forecast and Valuation Summary - The company’s net profit attributable to shareholders is forecasted to be 2.382 billion yuan in 2025, 2.663 billion yuan in 2026, and 2.945 billion yuan in 2027, with corresponding EPS of 2.64, 2.95, and 3.26 yuan respectively [5][6] - The corresponding P/E ratios are projected to be 15.85, 14.18, and 12.83 times for the years 2025, 2026, and 2027 [5][6]

丽珠医药集团股份有限公司投资者关系活动记录表 编号：2025-11 | | □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 | | | 其他 | | | 丽珠集团——执行董事、总裁 唐阳刚 | | | 刘大平 丽珠集团——副总裁、丽珠生物总经理 | | 活动参与人员 | 丽珠集团——副总裁、财务负责人 司燕霞 | | | 刘宁 丽珠集团——董事会秘书 | | | 参会投资机构共计 122 家，详见附件。 | | 时间 | 8 月 21 日 13:30-14:30 | | 地点 | 本公司会议室 | | 形式 | 线上接入 一、上半年整体经营情况介绍 | | | （一）业绩彰显经营韧性，核心优势持续夯实 报告期内，公司实现营业收入 亿元，利润总额 62.72 | | | 18.28 亿元，同比增长 13.66%，扣非归母净利润 12.58 亿 | | | 元，同比增长 8.91%。公司业绩增长源自：其一，保证基 | | | 本面和存量产品"稳中有增"，存量产品在激烈市场竞争中 | ...

Summary of Lizhu Group Conference Call Company Overview - **Company**: Lizhu Group - **Industry**: Pharmaceutical and Biotechnology Key Points and Arguments 1. **Product Pipeline and Growth Drivers**: Lizhu Group has a rich pipeline of formulations, with Aripiprazole already launched and the IL-17 dual-target monoclonal antibody showing excellent efficacy in Phase III clinical trials. The biosimilar of Semaglutide is expected to be approved soon, with multiple products anticipated to launch in the next 3-4 years, driving growth [2][3][4] 2. **Focus on Innovative Drug Development**: The company is concentrating on the development of innovative drugs, including small nucleic acid drugs, epilepsy medications, and thrombin inhibitors, while also enhancing development in gastrointestinal and assisted reproductive fields, and exploring emerging areas such as immunology, metabolism, anti-infection, and cardiovascular diseases [2][5] 3. **Financial Performance**: Lizhu Group has maintained double-digit profit growth, although revenue has slightly declined due to industry factors. Long-term projections indicate high single-digit compound annual growth rate (CAGR) for revenue and double-digit growth for net profit attributable to shareholders, with a net profit margin expected to reach 20% by 2024 [2][7] 4. **Market Potential for IL-17 Dual-Target Monoclonal Antibody**: This product targets psoriasis and ankylosing spondylitis, with a large patient base in China and a global market potential of $25 billion. The Phase III head-to-head clinical study shows that Lizhu's product has advantages in onset speed, depth of skin lesion clearance, and dosing frequency [2][10][11] 5. **Small Nucleic Acid Products**: These products target hyperuricemia and gout, showing good safety in Phase I trials, with a single dose maintaining uric acid-lowering effects for 3-6 months [2][12] 6. **Strategic Acquisitions and International Expansion**: Lizhu Group acquired 65% of a Vietnamese listed pharmaceutical company, which is expected to generate approximately 700 million RMB in revenue in 2024, growing at about 20%. This acquisition will help expand Lizhu's presence in Southeast Asia and Europe [4][18][19] 7. **Research and Development (R&D) Cost Control**: The company has managed to control R&D expenses, spending around several billion RMB annually, allowing for better cost management and profit enhancement [8] 8. **Future Development Strategy**: Lizhu Group plans to focus more on innovative drug development, with over 40 projects in various clinical stages, including key products in gastrointestinal, reproductive, and mental health fields [9] 9. **Market Position of Apalutamide**: As the largest domestic PPI, Apalutamide faces low collection risks in the short term, with several new products in development to support its future growth [20] 10. **Stock Rating and Valuation**: The company is considered relatively undervalued at a current P/E ratio of 15 times, with stable growth in core business and a commitment to high dividend payouts, leading to a "buy" rating [25] Additional Important Information - **Shareholder Structure**: Health元 directly holds 45% of Lizhu Group's shares, with clear responsibilities among subsidiaries focusing on various drug development and production areas [6] - **Performance in Raw Material Drugs**: The raw material drug segment has shown a CAGR of 11% over the past decade, with over 50% of revenue coming from exports [23] - **Market for Mental Health Drugs**: Lizhu Group is developing innovative pipelines for treating epilepsy and potentially expanding into treatment for refractory epilepsy and severe depression, with a significant market opportunity [13] This summary encapsulates the key insights from the conference call, highlighting Lizhu Group's strategic focus, product pipeline, financial outlook, and market positioning.