每经AI快讯，有投资者在投资者互动平台提问：贵公司的三靶点减肥药的优势在哪？ 众生药业（002317.SZ）9月29日在投资者互动平台表示，公司RAY0221是超长效的GLP-1/GIP/GCG三受 体激动剂，具有良好的药代特性，有望在临床中实现每两周及以上注射一次的用药潜力。 （记者 胡玲） ...

Core Viewpoint - The company has reported a significant performance turnaround in its 2025 semi-annual report, exceeding market expectations with a revenue of 1.3 billion yuan and a net profit of 188 million yuan, marking a year-on-year increase of 114.96% [1][2]. Group 1: Financial Performance - The company achieved a revenue of 1.3 billion yuan and a net profit of 188 million yuan in the first half of 2025, reflecting a substantial year-on-year growth of 114.96% in net profit and 7.42% in non-recurring net profit [1][2]. - The revenue from traditional Chinese medicine products reached 689 million yuan, accounting for 53.03% of total revenue, while chemical drug sales amounted to 495 million yuan, representing a year-on-year growth of 6.10% [2]. Group 2: Business Strategy - The company's dual-driven strategy of "traditional Chinese medicine fundamentals + innovative drug breakthroughs" has effectively supported its performance improvement [2]. - The company is focusing on optimizing its operations through innovation in research and development, supply chain efficiency, and diversified sales channels to enhance competitiveness [3]. Group 3: Innovative Drug Development - The launch of the innovative flu drug, Anladiwei, has garnered significant market attention, with its first national sale completed on June 18, 2025, marking a breakthrough in the antiviral market [4]. - Anladiwei demonstrates superior antiviral activity, being over 50 times more effective than Maviroc and 1000 times more effective than Oseltamivir, addressing existing drug resistance issues [4]. - The company is also developing a chemical small molecule drug for respiratory syncytial virus (RSV) infections and a long-acting GLP-1 drug, RAY1225, which has received FDA approval for clinical trials in the U.S. [5][6]. Group 4: Market Opportunities - The innovative drug sector is supported by favorable government policies aimed at enhancing the development of the pharmaceutical industry, including expedited clinical trial approvals and improved insurance coverage for innovative drugs [7]. - The Chinese pharmaceutical market is projected to reach 2.24 trillion yuan by 2025, with innovative drugs expected to account for 30% of this market, indicating a significant growth opportunity for the company [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The company achieved impressive profit growth in H1 2025, with a net profit of 188 million yuan, representing a year-on-year increase of 114.96%. The revenue for the same period was 1.3 billion yuan, showing a decline of 4.74% year-on-year. The report highlights the potential for growth driven by the company's innovative pipeline [4][5]. - The report has raised the profit forecast for 2025-2027, expecting net profits of 344 million yuan, 381 million yuan, and 425 million yuan respectively, with corresponding EPS of 0.40, 0.45, and 0.50 yuan per share [4][8]. Financial Performance - In H1 2025, the company's gross margin was 58.07%, an increase of 1.14 percentage points, while the net margin was 14.22%, up by 8.44 percentage points. The sales expense ratio was 33.69%, up by 1.26 percentage points, while the R&D expense ratio decreased to 2.92%, down by 1.29 percentage points [4][5]. - The revenue breakdown shows that traditional Chinese medicine revenue was 689 million yuan (down 10.14%), chemical medicine revenue was 495 million yuan (up 6.10%), and raw materials and intermediates revenue surged to 28 million yuan (up 250.30%) [5][6]. Product Pipeline and Innovation - The company is focusing on the "metabolism + respiratory" sectors, with key products in development such as RAY1225 injection for obesity and type 2 diabetes, which is currently in phase III clinical trials. Other products include ZSP1601 tablets and RAY0221, targeting various metabolic diseases [6][8]. - In the respiratory disease segment, the company is expanding the application of existing drugs and developing innovative small molecules for RSV infections [6].

Group 1 - The core viewpoint of the articles highlights the strong performance of Zhongsheng Pharmaceutical in the first half of 2025, with a significant increase in revenue and net profit, indicating a successful turnaround from previous losses [1] - The company reported a revenue of 1.3 billion yuan and a net profit of 188 million yuan, marking a year-on-year growth of 114.96% [1] - The company is focusing on a mid-term strategic plan centered on traditional Chinese medicine, innovation, and a diversified sales approach to enhance competitiveness [1] Group 2 - The launch of the innovative flu drug, Anladiwei tablets, is a major breakthrough for the company, expected to capture a significant share of the flu medication market [2] - Anladiwei tablets are characterized by rapid efficacy and low resistance, showing strong inhibition against various flu virus strains [2] - The company has established a partnership with Kexing Pharmaceutical to accelerate the commercialization of Anladiwei tablets, which have also obtained medical insurance negotiation qualifications [2] Group 3 - In the respiratory pipeline, the company has successfully launched two products and is advancing the clinical trials for a pediatric version of Anladiwei [3] - The company is also developing ZSP0540, an innovative drug targeting respiratory syncytial virus (RSV), which has shown strong antiviral activity and is currently in preclinical research [3] - ZSP0540 is expected to meet clinical needs as there are currently no specific treatments for RSV in the domestic market [3] Group 4 - In the metabolic disease research pipeline, RAY1225 injection is one of the few weight loss and blood sugar-lowering drugs in III phase clinical trials, showing promising results [4] - The unique design of RAY1225 aims to minimize side effects and improve patient compliance, making it attractive to multinational pharmaceutical companies [4] - The company is also developing ZSP1601 tablets for treating metabolic dysfunction-related fatty liver disease, which is a significant domestic innovation project [4]

Core Viewpoint - Zhongsheng Pharmaceutical's RAY0221 is a self-developed peptide drug targeting GLP-1, GIP, and GCG, aimed at treating diabetes, obesity, and non-alcoholic fatty liver disease, currently in the preclinical research stage [1] Group 1 - RAY0221 is designed to have multi-target activity, specifically focusing on GLP-1, GIP, and GCG [1] - The drug is intended for clinical applications in diabetes treatment, weight loss, and non-alcoholic fatty liver disease [1] - The project is currently in the preclinical research phase, with plans for orderly advancement in development [1]

Core Viewpoint - The company is developing a multi-target peptide drug, RAY0221, which is aimed at treating diabetes, obesity, and non-alcoholic fatty liver disease, currently in the preclinical research phase [1] Group 1 - The drug RAY0221 has GLP-1/GIP/GCG three-target activity [1] - The project is progressing as planned in its development [1] - The company is committed to advancing the project in an orderly manner [1]

资金流向方面，8月21日主力资金净流出6197.82万元，占流通市值的0.36%。近五个交易日主力资金累 计净流入1.09亿元，占流通市值的0.64%。 风险提示：股市有风险，投资需谨慎。 截至2025年8月21日收盘，众生药业股价报22.56元，较前一交易日下跌0.23元，跌幅1.01%。当日成交 额8.48亿元，换手率4.92%。 众生药业是一家以中药及创新药研发为主的企业，业务涵盖药品生产、销售及研发。公司近期在创新药 领域有所布局，RAY0221作为其自主研发的多靶点药物，拟用于治疗糖尿病、肥胖及非酒精性脂肪 肝。 公司8月21日在投资者互动平台表示，RAY0221目前处于临床前研究阶段，后续将按计划推进开发工 作。 ...

Core Viewpoint - The company is developing RAY0221, a multi-target peptide drug with GLP-1/GIP/GCG activity, aimed at treating diabetes, obesity, and non-alcoholic fatty liver disease, currently in the preclinical research stage [2] Group 1 - RAY0221 is a self-developed drug by the company [2] - The drug targets three pathways: GLP-1, GIP, and GCG [2] - The project is currently in the preclinical research phase and will proceed according to the planned development schedule [2]