根据市场公开信息及7月25日披露的机构调研信息，知名私募康曼德资本近期对1家上市公司进行了调 研，相关名单如下： 1）丽珠集团 （康曼德资本参与公司特定对象调研&现场调研及电话会议） 调研纪要：丽珠集团介绍了 IL-17A/F 项目（LZM012）三期临床数据，显示其在银屑病适应症上优效于 司库奇尤单抗，并具有快速起效优势。LZM012 安全性良好，计划开发强直性脊柱炎及化脓性汗腺炎适 应症，并推进海外授权。公司启动小核酸技术平台建设，以痛风项目为先导，构建研发体系和生产线。 2024 年引进 6 个新药项目，旨在巩固优势领域领先地位，围绕慢病领域搭建创新药管线。小核酸项目 LZHN2408 和部分全球权益收益分成机制的产品有望推进海外授权。收购越南 IMP 公司旨在布局东南 亚市场，整合生产能力，推进产品海外销售。公司通过研发布局战略、完善管理架构、强化立项评估调 整管理提升研发效率。 机构简介： 深圳市康曼德资本管理有限公司成立于2013年7月，注册于深圳前海。2013年11月，第一支产品通过中 信信托成立。2014年3月，公司成为第一批通过中国基金业协会登记的私募投资基金50家管理人之一， 现为协会特别 ...

答：LZM012 III 期临床入组患者基线较重，PASI 评 分达 21，与 UCBIII 期临床相当，既往生物制剂用药比例 不高。 | 3. 抗凝药物 H001：适应症为骨科大手术术后静脉血 | | --- | | 栓栓塞症，II 期临床试验已顺利完成入组。该项目具有靶 | | 点创新、用药安全性更佳、剂型便利等优势，II 期初步数 | | 据显示其抗凝效果与依诺肝素相当，出血风险呈现低于达 | | 比加群酯的趋势。 | | 4. 抗癫痫药物 NS-041 片：新一代 KCNQ2/3 激活剂， | | 已完成癫痫适应症 I 期临床并启动 II 期研究。公司 NS-041 | | 片已展现出同类最佳潜力，目前全球尚无同靶点抗癫痫药 | | 物上市。此外，重度抑郁适应症临床前研究已基本结束， | | 计划近期申报 IND。 | | 抗感染 片：适应症为侵袭性真菌病，目 5. SG1001 | | 前已完成 I 期临床，未来有望解决侵袭性曲霉菌感染耐药 | | 以及一线治疗效果不佳的难题。目前全球尚无同靶点药物 | | 获批上市。 | | 消化道药物 产品，其片剂已顺 6. JP-1366：P-CAB | | ...

丽珠医药集团股份有限公司投资者关系活动记录表 编号：2025-09 | | √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 | | 活动参与人员 | 丽珠集团——董事会秘书 刘宁 | | | 丽珠生物——常务副总经理 杨嘉明 | | | 丽珠集团——研究院院长助理 汪永星 | | | 丽珠集团——投资者关系总监 陈文霞 | | | 丽珠集团——投资者关系经理 彭婷 | | | 参会投资机构共计 18 家，详见附件。 | | 时间 | 月 日 7 24 9:30-11:00，13:30-15:00 | | 地点 | 本公司会议室 | | 形式 | 现场调研及电话会议 | | 交流内容及具体问答 | 一、公司重点研发项目最新进展介绍 1. 双靶点， 期临床试验 | | | IL-17A/F 项目 LZM012：靶向 IL-17A/F | | | 适应症覆盖中重度银屑病及强直性脊柱炎。近日公司已公 | | | 布其与司库奇尤单抗（可善挺®）头对头的 III | | | ...

R&D Strategy and Product Pipeline - The company has initiated a comprehensive review of its R&D strategy starting in 2024, focusing on clear and defined strategic lines around disease areas and technology platforms [2][3]. - In the gastrointestinal field, the company is expanding its product lineup with P-CAB tablets and injectables, with P-CAB tablets currently in Phase III clinical trials [3]. - The reproductive health sector has a complete product cycle from ovulation induction to luteal support, with a key product, recombinant human follicle-stimulating hormone injection, reported in January 2023 and expected to enhance the product pipeline [3]. - In the field of mental health, the company is advancing its pipeline with innovative products like NS-041 tablets, which have completed Phase I trials and are moving into Phase II [4]. Key Product Developments - NS-041 tablets are positioned as a best-in-class product for epilepsy, showing superior selectivity and efficacy compared to similar products in development, with a patent protection until 2042 [4]. - The small nucleic acid project LZHN2408 has completed IND filing and targets gout with high patient demand, expected to receive clinical approval soon [5]. - The IL-17A/F monoclonal antibody for psoriasis has completed Phase III clinical enrollment and is expected to launch in 2025, with promising clinical data showing a 60% complete skin clearance rate at 12 weeks [6][7]. Business Development and Market Strategy - The company employs a dual strategy of self-research and business development (BD) to enhance its pipeline, focusing on projects that align with its core areas and technology platforms [9]. - The acquisition of Vietnam's IMP company aims to strengthen innovation and global market presence, leveraging IMP's established marketing network and production capabilities [12]. - The company anticipates steady growth in its traditional Chinese medicine sector, driven by products like the ginseng and astragalus injection, benefiting from policy changes [10][11]. Organizational Changes and Efficiency - The company has enhanced its operational efficiency through systematic improvements in R&D project management, optimizing processes and resource allocation [13]. - Structural adjustments have been made to ensure a stable workforce while optimizing roles, particularly in sales, to support product launches and market penetration [13].