证券日报网讯 健康元11月18日在互动平台回答投资者提问时表示，公司是一家深耕医药领域的综合性 制药企业，业务领域涵盖化学制剂、生物制品、化学原料药及中间体、中药制剂、诊断试剂及设备、保 健食品等多重领域，形成了多元协同的业务布局。保健品只是其中的一个业务板块。 （编辑 楚丽君） ...

Core Viewpoint - Health元 reported a decline in revenue and net profit for the third quarter of 2025, continuing a trend of decreasing performance over the past nine quarters [1][3]. Financial Performance - The company's revenue for Q3 2025 was 3.58 billion CNY, a year-on-year decrease of 2.3% [2]. - The net profit attributable to shareholders for Q3 2025 was 306 million CNY, down 8.6% year-on-year [2]. - The net profit after deducting non-recurring items was 288 million CNY, a decrease of 7.4% compared to the same period last year [2]. - The operating cash flow for the first nine months of 2025 was 3.00 billion CNY, an increase of 14.8% year-on-year [2]. - The earnings per share (EPS) for Q3 2025 was 0.1674 CNY [2]. Asset and Equity Position - As of the end of Q3 2025, the total assets of the company were 36.014 billion CNY, an increase of 0.8% from the end of the previous year [3]. - The net assets attributable to shareholders were 14.867 billion CNY, up 2.3% from the end of the previous year [3]. Credit Losses - The company reported credit impairment losses of 10.0742 million CNY for the first nine months of 2025, an increase from 797,200 CNY in the same period last year, attributed to increased expected credit losses on receivables [3]. Business Overview - Health元 focuses on the research, production, and sales of pharmaceutical products and health supplements, including chemical preparations, biological products, and traditional Chinese medicine [3]. - The company has been investing in R&D, particularly in clinical trials for new drugs, to drive product innovation and market expansion [3]. Market Performance - As of October 24, 2025, Health元's stock price closed at 12.1 CNY, down 1.22%, with a total market capitalization of 22.136 billion CNY [4][5].

Core Viewpoint - Lijun Pharmaceutical (01513.HK) reported a slight decline in revenue but an increase in net profit for the first half of the fiscal year ending June 30, 2025, indicating stable operational performance despite market challenges [1]. Financial Performance - The company achieved an operating revenue of 6.272 billion yuan, a year-on-year decrease of 0.17% [1]. - The net profit attributable to shareholders was 1.281 billion yuan, reflecting a year-on-year growth of 9.4% [1]. - Basic earnings per share stood at 1.43 yuan [1]. Business Segment Analysis - The company's various business segments showed collaborative growth, with significant year-on-year increases in the digestive, psychiatric, reproductive, and traditional Chinese medicine sectors [1]. - The raw materials and intermediates segment experienced a slight revenue decline due to price fluctuations in cephalosporin raw materials in the domestic market [1]. - The diagnostics reagents and equipment segment faced a minor revenue drop influenced by cyclical changes in respiratory products, following a high base in the first half of 2024 [1]. Profitability Factors - Growth in the formulation segment and high-margin specialty raw material exports contributed to the overall profit increase [1]. - The company has focused on improving operational efficiency and cost reduction, resulting in significant growth in total profit and net profit excluding non-recurring items [1].

Core Viewpoint - Lijun Group's stock price decreased by 1.01% to 40.06 yuan, with a share buyback of 120,000 A-shares costing 4.97 million yuan on the same day [1] Company Overview - Lijun Group is engaged in the research, production, and sales of pharmaceutical products, including chemical preparations, active pharmaceutical ingredients, intermediates, diagnostic reagents, and equipment [1] - In Q1 2025, the company reported a revenue of 3.181 billion yuan and a net profit attributable to shareholders of 637 million yuan [1] Share Buyback Activity - On August 12, Lijun Group repurchased 120,000 A-shares at a transaction price range of 39.96 yuan to 40.64 yuan [1] - The second phase of the employee stock ownership plan for long-term business partners reached its lock-up period on August 12 [1] Capital Flow - On August 12, Lijun Group experienced a net outflow of 23.3351 million yuan in main funds, with a total net outflow of 160.2015 million yuan over the past five days [1]

Core Viewpoint - Lijun Group's stock price has decreased by 2.14% to 40.66 yuan as of August 6, 2025, with a trading volume of 111,257 hands and a transaction amount of 456 million yuan [1] Company Summary - Lijun Group is primarily engaged in the research, production, and sales of pharmaceutical products, covering areas such as chemical preparations, active pharmaceutical ingredients, intermediates, diagnostic reagents and equipment, and biological products [1] - In the first quarter of 2025, Lijun Group achieved an operating revenue of 3.181 billion yuan and a net profit attributable to shareholders of 637 million yuan [1] - On August 6, 2025, Lijun Group repurchased 73,100 A-shares through centralized bidding, with a repurchase price range of 40.54 yuan to 41.55 yuan per share, totaling a payment amount of 3 million yuan [1]

Core Viewpoint - Lijun Group is accelerating its overseas market expansion through the acquisition of a majority stake in Imexpharm Corporation (IMP) in Vietnam for approximately 1.587 billion RMB, which is expected to enhance its international presence and product synergy [1][2][3] Group 1: Acquisition Details - Lijun Group's wholly-owned subsidiary, LIAN SGP, plans to acquire 64.81% of IMP for about 57.3 trillion VND, equivalent to approximately 1.587 billion RMB, representing 11.45% of the company's latest audited net assets [2] - The acquisition does not constitute a related party transaction or a major asset restructuring, and upon completion, IMP will be included in Lijun Group's consolidated financial statements [2] - IMP, established in 1977, is a leading pharmaceutical company in Vietnam, focusing on the research, production, and sales of pharmaceuticals, including antibiotics and cardiovascular drugs [2] Group 2: Financial Performance - Lijun Group has shown consistent growth in overseas revenue, with figures of 1.565 billion RMB, 1.571 billion RMB, and 1.724 billion RMB from 2022 to 2024, reflecting year-on-year growth rates of 1.72%, 0.4%, and 9.69% respectively [3] - The overseas gross profit margin reached 48.9% in 2024, marking a ten-year high [3] - The company's net profit has been on a positive growth trajectory since 2019, with a net profit of 637 million RMB in Q1 2025, representing a year-on-year increase of 4.75% [1][5] Group 3: Research and Development - Lijun Group has invested over 1 billion RMB annually in R&D since 2021, with total R&D expenditures amounting to 4.941 billion RMB from 2021 to 2024 [5] - As of the 2024 annual report, the company has 45 projects under development, including 23 innovative drugs and high-barrier complex formulations, with 7 projects in the review stage for market approval [5] Group 4: Shareholder Returns - Lijun Group has a strong track record of returning value to shareholders, having distributed cash dividends 25 times, totaling 10.54 billion RMB, with a dividend payout ratio of 47.75% [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][13] Core Views - The company achieved a revenue of 11.81 billion yuan in 2024, a year-on-year decrease of 4.97%, while the net profit attributable to shareholders was 2.06 billion yuan, an increase of 5.5% [4][5] - The gross margin for 2024 was 65.45%, up by 1.37 percentage points, and the net profit margin was 19.51%, up by 4.24 percentage points [4][5] - The company is expected to maintain steady growth in net profit, with projections of 2.28 billion yuan, 2.52 billion yuan, and 2.80 billion yuan for 2025, 2026, and 2027 respectively [4][5] Financial Performance Summary - In 2024, the company's revenue from chemical preparations was 6.12 billion yuan, a decrease of 6.87%, while the revenue from hormone products was 2.81 billion yuan, an increase of 1.64% [5] - The company reported a significant increase in revenue from biological products and diagnostic reagents, with growth rates of 102.42% and 9.02% respectively [5] - The overseas revenue for 2024 was 1.72 billion yuan, reflecting a growth of 9.69% [5] R&D and Innovation - The company is accelerating the development of its differentiated innovation pipeline, with several products in various stages of clinical trials and approvals [6] - Notable advancements include the approval of Triptorelin microspheres for endometriosis and the submission of applications for several other products in reproductive and metabolic fields [6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而刊發。 茲載列麗珠醫藥集團股份有限公司於深圳證券交易所網站刊發之《麗珠醫藥集團股份 有限公司二零二四年度審計報告》，僅供參閱。 承董事會命 麗珠醫藥集團股份有限公司 Livzon Pharmaceutical Group Inc. * 公司秘書 劉寧 中國，珠海 二零二五年三月二十六日 於本公告日期，本公司的執行董事為唐陽剛先生 ( 總裁 ) 及徐國祥先生 ( 副董事長及副總裁 ); 本公司的非執行董事為朱保國先生 ( 董事長 ) 、陶德勝先生 ( 副董事長 ) 、林楠棋先生及邱慶 豐先生 ; 而本公司的獨立非執行董事為白華先生、田秋生先生、黃錦華先生、羅會遠先生 及崔麗婕女士。 * 僅供識別 丽珠医药集团股份有限公司 二〇二四年度 审计报告 致同会计师事务所（特殊普通合伙） | 目录 | | --- | | 审计报告 | ...