上半年，公司各业务板块协同发力，推动整体经营呈现稳中有进的良好态势。从收入来看，其中，消 化、精神神经、生殖、中药板块主要产品均实现同比增长；原料药与中间体板块，由于头孢类原料药受 国内市场价格波动影响，整体收入同比略有下降；诊断试剂及设备板块受到呼吸道产品周期变化影响， 在2024上半年高基数基础上，收入小幅下滑。从利润来看，制剂板块的增长，以及原料药板块高毛利特 色原料药出口的增长带动了利润增加；同时通过持续提高运营效率、降本增效，利润总额和扣非归母净 利润均实现较高增长。 格隆汇8月20日丨丽珠医药(01513.HK)公告，截至2025年6月30日止6个月的未经审计中期业绩，公司上 半年实现营业收入62.72亿元，同比下降0.17%；归母净利润12.81亿元，同比增长9.4%；基本每股收益 1.43元。 ...

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 | ...