问: 能否请公司介绍 GnRH 类药物的布局？ 答: 丽珠高度重视 GnRH（促性腺激素释放激素）类药物 的布局，目前已形成"全适应症、多剂型、差异化给药频 次"的完整产品矩阵，包括亮丙瑞林、曲普瑞林、戈舍瑞 林、口服 GnRH 拮抗剂等。亮丙瑞林缓释微球（三个月） 预计于 2026 年下半年获批，核心适应症是乳腺癌、前 列腺癌和中枢性性早熟；亮丙瑞林缓释微球（六个月） 处于临床前药学研究阶段；曲普瑞林于 2023 年获批了前 列腺癌适应症，并于 2024 年新增子宫内膜异位症适应 症，子宫内膜异位症适应症于 2025 年医保谈判中成功纳 入医保，将于 2026 年实现医保端销售放量；口服 GnRH 拮抗剂近期在辅助生殖适应症临床Ⅱ期研究中取得显著 成果，该管线预计于 2026 年启动临床 III 期，有机会为 不孕不育患者带来用药更安全、便捷的治疗方案；戈舍 瑞林植入剂处于临床前研究阶段，目标适应症为前列腺 癌、乳腺癌和子宫内膜异位症。 丽珠医药集团股份有限公司投资者关系活动记录表 编号：2026-01 |  | 特定对象调研 □分析师会议 □业绩说明会 □媒体采访 | | --- | --- | | 投 ...

问：精神分裂长效制剂方面，如何看待来自国内其他微 球厂家的竞争？ 答：丽珠更看重未来整个中国精神分裂长效制剂市场渗 透率的提升和市场规模的增长。抗精分长效针剂是国际 精神分裂治疗指南推荐的一线治疗方案，抗精分长效针 剂在欧美地区的平均使用率达 25%-30%，而我国临床使 用率尚不足 1%。2025 年 9 月，中华医学会精神医学分 会组织推出了《中国精神分裂症防治指南（2025 版）》， 强调了精神分裂疾病长效治疗的重要性，同时肯定了丽 珠的阿立哌唑微球在精神分裂症治疗中的价值。随着新 版《指南》的推出，精神分裂长效制剂的医患认可度将 出现随之提升，长效制剂在中国的渗透率和市场规模也 将显著增长，丽珠的抗精神分裂长效制剂产品的销售也 将随之增加。 丽珠医药集团股份有限公司投资者关系活动记录表 编号：2025-14 |  | □分析师会议 特定对象调研 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 别 | □现场参观 | | | □其他 | | | 丽珠集团——董事会秘书 刘宁 | | 活动参与人员 | 丽珠集团——投资者关 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][20]. Core Insights - The company has shown steady growth in revenue and net profit for the first three quarters of 2025, with revenue reaching 9.116 billion yuan (+0.4%) and net profit at 1.754 billion yuan (+4.9%) [1][7]. - Core product sales are stable, and innovative products are progressing towards commercialization, with significant developments in various therapeutic areas [2][18]. - The company is expected to maintain its previous profit forecasts, with projected revenues of 12.337 billion yuan, 13.052 billion yuan, and 13.938 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 4.4%, 5.8%, and 6.8% [4][20]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a gross margin of 66.4% (+0.6 percentage points) and a net profit margin of 23.4% (+1.9 percentage points) [15]. - The company’s earnings per share (EPS) for 2025 is projected to be 2.41 yuan, with a corresponding price-to-earnings (PE) ratio of 16.1 [5][20]. - The return on equity (ROE) is expected to increase from 13.9% in 2023 to 19.3% by 2027 [5][22]. Product Development and Pipeline - The company’s innovative product LZM012, an IL-17A/F monoclonal antibody, has met its primary clinical endpoint and is expected to submit a New Drug Application (NDA) in Q4 2025 [3][19]. - The company’s core products in the formulation segment, including those in digestive, psychiatric, and traditional Chinese medicine fields, have all seen year-on-year sales growth [2][18].

Core Points - The 2025 National Medical Insurance Directory negotiations have officially commenced, highlighting the importance of pharmaceutical innovation and patient access to medications [1] - The atmosphere at the negotiations is characterized by a cautious and low-key approach from pharmaceutical representatives, with an increased emphasis on confidentiality [3][4] - A total of 535 drugs are under review, with 311 outside the directory and 224 within it, alongside 121 high-value drugs reviewed under the commercial insurance innovation drug directory [9][10] Group 1: Negotiation Atmosphere - The entry process for pharmaceutical representatives was notably quieter and more orderly compared to previous years, reflecting a more subdued approach [3][4] - Representatives from both domestic and multinational pharmaceutical companies, including notable names like 恒瑞医药 and 阿斯利康, participated in the negotiations [4][9] Group 2: Key Drug Categories - Antibacterial drugs are expected to be a significant focus in the afternoon session of the negotiations, with specific products like 万古霉素 being highlighted [9][10] - Innovative drugs, including CAR-T products and new lipid-lowering medications, are also under consideration, with 恒瑞医药 presenting multiple products for initial review [10][12] Group 3: Market Insights - The PCSK9 inhibitor 瑞卡西单抗 has gained attention for its long-acting properties, with a market size of 1.32 billion yuan in 2023, representing 7.8% of the national lipid-lowering drug market [10][11] - The long-acting 阿立哌唑微球 from 丽珠集团 is another product of interest, potentially replacing oral formulations and capturing market share if included in the insurance directory [12]

Core Viewpoint - Lijun Group has established a clear上市计划 for its innovative drugs, with a pipeline of products expected to launch annually starting this year, enhancing its sales growth and revenue structure [1] Group 1: Product Pipeline - The company plans to launch the innovative drug Aripiprazole microspheres in 2025, followed by products in the self-immune field for IL-17A/F psoriasis and ankylosing spondylitis, as well as P-CAB products in the digestive field within the next 2-3 years [1] - In three years, additional products such as NS-041 tablets for mental health, H001 capsules for cardiovascular health, flu vaccines, SG1001 for infections, and newly introduced oral GnRH antagonists are expected to be launched [1] Group 2: Business Stability and Growth - The company's main business remains stable, with multi-sector collaborative development, which will support sales growth as innovative drugs are launched [1] - The proportion of innovative drugs in the revenue structure is expected to increase over time, providing stronger support for overall sales growth [1] Group 3: Additional Product Developments - Besides the first and second category innovative drugs, the company is also developing high-barrier complex formulations and other products that synergize with Lijun, which are expected to launch in the coming years [1] - These include Semaglutide for diabetes and weight loss, recombinant FSH, Leuprolide microspheres (three-month sustained release), and long-acting products in the mental health field, further enhancing the company's growth momentum [1]

Core Viewpoint - Lijun Group (000513) announced on October 27 that it is actively advancing the national negotiation process for the pricing of Aripiprazole microspheres, expecting results within the year, indicating significant future sales potential for long-acting psychiatric products in China [1] Group 1: Market Potential - The penetration rate of long-acting psychiatric formulations in China is currently low, with the clinical usage rate of long-acting antipsychotic injections being less than 1%, compared to an average usage rate of 25%-30% in Europe and the U.S. [1] - The company has initiated various market preparation activities for Aripiprazole microspheres, including forming a nationwide team covering key departments [1] Group 2: Research and Evidence - A real-world evidence study has been launched, covering 60 centers and involving 1,200 patients, to accumulate clinical evidence for Chinese patients [1] - The "Psychiatric Expert Says" column has seen significant growth in followers, effectively reaching different groups from doctors to patients [1] Group 3: Future Outlook - If the national negotiation is successful, it will provide strong support for the volume release of Aripiprazole microspheres and promote the continuous expansion of the long-acting psychiatric formulation market [1]

Core Viewpoint - Lijun Group (000513) reported an increase in sales expenses in Q3, attributed to the market promotion costs for new drugs such as Aripiprazole microspheres and Triptorelin microspheres, indicating a temporary phase rather than a long-term trend [1] Group 1 - The increase in sales expenses is primarily due to the initial market promotion of new drugs [1] - The sales structure changed in Q3, with a significant growth in the formulation drug segment, leading to an increased sales proportion [1] - Overall, the increase in sales expenses is characterized as a short-term fluctuation rather than a trend for the entire year [1]

Financial Performance - The company achieved a total revenue of 91.16 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 0.38% [2] - The net profit attributable to the parent company, after deducting non-recurring items, was 4.98 billion yuan, reflecting a year-on-year increase of 17.12% [2] - The formulation segment saw growth in major categories such as digestive, mental health, and traditional Chinese medicine, contributing to overall revenue stability [2] R&D Progress - The company has made significant advancements in key projects, including the submission of the P-CAB tablet for market approval and the completion of Phase II clinical trials for the injection form [3][8] - The IL-17A/F project for psoriasis and ankylosing spondylitis has completed Phase III clinical trials, with data expected to be submitted for market approval by the end of the year [4] - The NS-041 tablet for epilepsy and depression has entered Phase II clinical trials, with promising results in preclinical models [3] Market Strategy - The company plans to leverage its established sales channels in the digestive field to ensure rapid market penetration for new products like JP-1366, which is projected to achieve a sales figure of approximately 12.5 billion yuan in 2024, marking an 81% year-on-year growth [8] - The company is focusing on international expansion, particularly in Vietnam, where it aims to utilize the existing EU-GMP certified product lines of Imexpharm to enhance its market presence [6] Future Outlook - The company anticipates a stable revenue trend for the year, with profit growth expected to outpace revenue growth [11] - A clear roadmap for the launch of innovative drugs has been established, with multiple products set to enter the market over the next few years, including the IL-17A/F project and various formulations in the digestive and mental health sectors [9][10] - The company has committed to a high dividend payout, having repurchased shares worth 17.2 billion yuan and distributed nearly 60 billion yuan in dividends from 2020 to 2024 [13]

Summary of Lizhu Group's Conference Call Company Overview - **Company**: Lizhu Group - **Date**: October 24, 2025 Key Points Financial Performance - **Revenue Growth**: In the first three quarters of 2025, Lizhu Group's revenue increased by 0.38% year-on-year to 6 billion CNY, with a net profit attributable to the parent company (excluding non-recurring items) rising by 4.98% to 17.12 billion CNY [2][4][15] - **Quarterly Performance**: For Q3 2025, the company reported a sales revenue of 28.44 billion CNY, reflecting a 1.6% year-on-year growth [4] - **Segment Performance**: Growth was observed in various formulation categories such as digestive, mental health, reproductive, and traditional Chinese medicine, while the raw material drug segment saw a decline of 5.2% due to weakened downstream demand [2][4] Research and Development - **Product Pipeline**: Lizhu Group has a rich pipeline with several products in various stages of development, including: - PICC GP1,366 tablets submitted for market approval - Interleukin 17 AF for psoriasis expected to be submitted by the end of the year - NS041 for epilepsy entering Phase II trials [2][5][6] - **Innovative Drug Development**: NS041, a novel high-selectivity KCNO 23 agonist, shows promise in both epilepsy and depression indications, with lower adverse reaction rates compared to competitors [8][9] - **Clinical Trials**: Multiple projects are in advanced clinical stages, including H001 anticoagulant and GnIH oral antagonist, indicating a strong focus on enhancing R&D efficiency and international expansion [6][12] Operational Efficiency - **AI Integration**: The company has implemented AI technology across R&D, clinical trials, and sales, leading to a significant reduction in management costs and improved operational efficiency [7] - **Cost Management**: Continuous optimization of management and cost reduction strategies have helped maintain a stable overall expense ratio [7] Market Strategy - **International Expansion**: Lizhu Group is actively pursuing international market opportunities, particularly in Vietnam, leveraging established partnerships and regulatory advantages [11][21] - **Product Diversification**: The company is focusing on a diversified product matrix to mitigate risks associated with market fluctuations and policy changes [16] Future Outlook - **Growth Projections**: The company anticipates stable revenue growth for the full year of 2025, with profit growth expected to outpace revenue growth, supported by innovative drugs [3][15] - **New Product Launches**: A series of innovative drugs are expected to launch over the next three years, contributing significantly to sales growth and enhancing the overall revenue structure [14][15] Shareholder Returns - **Dividend Policy**: Lizhu Group has a strong commitment to shareholder returns, with a history of significant buybacks and dividends, totaling 60 billion CNY over the past five years [17][21] Quality Assurance - **Quality Control**: The company emphasizes stringent quality standards in both generic and innovative drug production, ensuring high-quality outcomes through rigorous R&D and manufacturing processes [22] Sales and Marketing - **Sales Strategy**: Increased sales expenses in Q3 were attributed to initial marketing costs for new drugs, which are expected to be a short-term impact rather than a long-term trend [20][21] This summary encapsulates the key insights from Lizhu Group's conference call, highlighting its financial performance, R&D advancements, operational strategies, market outlook, and commitment to quality and shareholder returns.

Group 1 - TuoJing Life invested 68 million yuan to acquire a 9.2141% stake in HuiHe Bio, which has completed early clinical studies for its CC312 pipeline targeting autoimmune diseases [1] - HuiHe Bio's CC312 pipeline is in Phase I clinical trials and addresses unmet clinical needs in diseases like SLE, showing promising research potential [1] - The investment aligns with TuoJing Life's strategy to establish a comprehensive "diagnosis-treatment-monitoring" chain in the autoimmune disease sector [1] Group 2 - Boehringer Ingelheim's innovative therapy for pulmonary fibrosis, Namilus, has been approved in China, marking the first new drug for idiopathic pulmonary fibrosis (IPF) in a decade [2] - The approval signifies a breakthrough in the IPF treatment field, as it is the first drug to meet primary endpoints in Phase III trials in over ten years [2] - The synchronized global development and registration of Namilus highlight the strategic importance of the Chinese market in the global new drug development framework [2] Group 3 - TeYi Pharmaceutical reported a 51.86% year-on-year increase in revenue to 692 million yuan and a remarkable 985.18% increase in net profit to 65.2 million yuan for the first three quarters of 2025 [3] - The significant growth is attributed to a recovery in sales of core products following a marketing organizational transformation [3] - The upcoming respiratory disease season is expected to further enhance the company's profitability [3] Group 4 - LIZHU Group's revenue for the first three quarters of 2025 reached approximately 9.116 billion yuan, a slight increase of 0.38% year-on-year, with a net profit of about 1.754 billion yuan, up 4.86% [4] - In Q3 alone, the company achieved revenue of approximately 2.844 billion yuan, reflecting a 1.6% year-on-year growth, while net profit decreased by 5.73% [4] - New products approved in the first half of the year are expected to contribute to future revenue growth [4]