证券代码：002317 编号：2025-007 广东众生药业股份有限公司投资者关系活动记录表 | √ | □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 □一对一沟通 | | | □其他（ ） | | 参与单位及人员 | 甬兴证券有限公司分析师 | | 时间 | 2025 年 07 月 01 日 13:30～14:30 | | 地点 | 公司会议室 | | 形式 | 现场交流 | | 上市公司 | 1、公司董事会秘书 杨威 | | 接待人员 | 2、公司证券事务代表 陈子敏 1、公司创新药研发管线的布局。 | | | 答：公司已建立多模式良性循环的研发生态体系，构建自 主研发为主、合作研发为有效补充的研发模式，主要聚焦代谢 性疾病、呼吸系统疾病等疾病领域。截至目前，公司已有2个 | | | 创新药项目获批上市，多个创新药项目处于临床试验阶段。 | | | 代谢性疾病研发管线，ZSP1601 片是具有全新作用机制的 | | 交流内容及具体 | 治疗代谢功能障碍相关脂肪性肝炎（MAS ...

Core Insights - The article discusses the emergence of Ecnoglutide, a new GLP-1 receptor agonist developed by a team led by Professor Ji Linong from Peking University People's Hospital, which poses a challenge to the market dominance of Novo Nordisk's Semaglutide in the weight loss drug sector [1][4]. Company Developments - Ecnoglutide has shown impressive results in its Phase III clinical trial (SLIMMER), with over 92.8% of participants achieving effective weight loss and an average weight reduction of 15.1% over 48 weeks [3][4]. - The trial involved 664 participants across 36 centers in China, making it the largest sample size for a weight loss drug trial in the country [3]. - The drug has entered the market application stage, indicating a potential for commercialization soon [4]. Market Landscape - The global GLP-1 weight loss drug market is projected to exceed $150 billion by 2025, with Novo Nordisk's Semaglutide leading the market, generating $8 billion in Q1 2025, a 31% year-on-year increase [5]. - Other companies, including Hengrui Medicine, East China Pharmaceutical, and others, are actively developing weight loss drugs, with some products already in Phase II or III clinical trials [2][6]. Competitive Dynamics - Ecnoglutide's clinical trial results suggest a significant competitive edge over existing products, with a higher effective weight loss rate compared to similar drugs [3][4]. - The article highlights the potential for domestic companies to challenge established players like Novo Nordisk and Eli Lilly, as several innovative drugs are in advanced clinical stages [6]. Future Outlook - The article emphasizes the commercial opportunity for domestic alternatives in the weight loss drug market, especially as imported drugs have already cultivated market demand [7].

图：礼来股价长期表现；资料来源：wind，36氪 作者 | 黄绎达 编辑 | 郑怀舟 诺和诺德司美格鲁肽是近年来的一款"网红药物"，在介入减肥领域后，凭借其优秀的药效和名人的示范效应，一时风头无两。礼来的同类型药物替尔泊肽 作为后起之秀，在近两年的表现亦颇为亮眼，曝光度不次于司美格鲁肽。 体现在销售数据上，礼来财报显示，替尔泊肽凭借降糖（Mounjaro）和减重（Zepbound）两项适应症，在2025Q1合计实现收入50亿美元，约占同期公司 收入的39%，同比增速更是超过了100%。 在替尔泊肽如此炸裂的销售业绩驱动下，礼来的股价亦是水涨船高。尽管礼来的股价在今年有所调整，但长期表现依然相当优异，自替尔泊肽在2022年5 月获批上市，礼来股价从彼时至今的涨幅高达180%。 那么，替尔泊肽凭借什么实现了销售额的长期高增长？替尔泊肽在未来将面临哪些挑战呢？ 01 替尔泊肽业绩持续高增都有哪些原因？ 替尔泊肽在2022年在美国获批上市后，处方量持续快速增长，而且增速水平远超同期的司美格鲁肽，由此驱动替尔泊肽的市占率快速提升。IQVIA数据显 示，截至2025Q1，礼来（包含替尔泊肽、度拉糖肽等相关产品）在美国肠促 ...

2025年6月20日至23日，第85届美国糖尿病协会科学会议（ADA）在芝加哥隆重举行。在此次会议上，A股上市公司众生药业 （002317.SZ）旗下控股子公司众生睿创，受邀以壁报形式展示其自主研发的超长效GLP-1/GIP双重受体激动剂RAY1225注射液的II期 临床研究结果。该研究聚焦于RAY1225在治疗超重或肥胖人群及部分2型糖尿病参考者中的疗效与安全性。 整理 | GLP1减重宝典内容团队 数据显示，RAY1225每两周注射一次，在治疗第10周即展现出快速而显著的体重下降效果，各剂量组平均体重降幅均超过10%；24周 时，9mg剂量组的平均减重幅度更是突破15%。此外，约95.1%的受试者在24周时体重下降幅度达到或超过5%。在安全性方面， RAY1225未发现新增风险，整体耐受性良好。 作为一款与目前市场关注度极高的替尔泊肽作用机制相同的药物，RAY1225自然引发业内对比。尽管并未开展头对头试验，RAY1225 在多个关键维度上表现出与替尔泊肽相当甚至更优的潜力。一方面，RAY1225在更低剂量下实现了相似甚至更佳的减重效果；另一方 面，其胃肠道不良反应更温和。 在当前GLP-1类药物中，胃肠 ...

China (PRC) | Healthcare Equity Research China Force in ADA 2025 All eyes on ADA'25 with key presentations during this weekend, e.g.LLY's Orfo and Bima. China biotechs will also have a presence with notable data to watch: 1) Ascletis's ASC30 (orfo-structure oral GLP-1) in Ph1, 2) Laekna's LAE102 (muscle preserving) in Ph1 and 3) Innovent's Mazdutide (GLP-1/ GCG) Ph3 data in T2D. We don't anticipate major surprises from China in ADA'25 though given oral GLP-1 and amylin candidates in early stages and no key ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 行情回顾： 上周，A股医药生物指数下跌4.35%，跑输沪深300指数3.90pp，跑输创业板综指2.67pp，在31个子行业中排名 第29，表现较差。H股恒生医疗健康指数上周收跌7.72%，跑输恒生国企指数6.24pp。 上市公司研发进度跟踪： 免责声明 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯一订阅号。其他任 何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券研究所品牌名称等相关信息的订阅号均不是光大证 券研究所的官方订阅号。 上周，和誉医药的ABSK043片的IND申请新进承办；百济神州的注射用BGB-B455、三生制药的SA102-CAR-T 注射液的临床 ...

医药生物/中药Ⅱ 众生药业（002317.SZ） 夯实中药根基，创新转型乘风破浪未来可期 2025 年 06 月 22 日 投资评级：买入（首次） | 日期 | 2025/6/20 | | --- | --- | | 当前股价(元) | 15.89 | | 一年最高最低(元) | 18.45/9.85 | | 总市值(亿元) | 135.31 | | 流通市值(亿元) | 121.02 | | 总股本(亿股) | 8.52 | | 流通股本(亿股) | 7.62 | | 近 3 个月换手率(%) | 372.25 | 股价走势图 -20% 0% 20% 40% 60% 80% 2024-06 2024-10 2025-02 众生药业 沪深300 数据来源：聚源 余汝意（分析师） 巢舒然（联系人） yuruyi@kysec.cn 证书编号：S0790523070002 chaoshuran@kysec.cn 证书编号：S0790123110015 夯实中药根基，创新引领发展 众生药业从 1979 年的石龙制药厂起步，于 2001 年正式改制，2009 年在深交所 成功上市，是一家集药品研发、生产和销售为一体的中 ...

6月20日，国产减重药物研发赛道迎来重要节点，两家百亿市值药企常山药业（300255）(300255.SZ)与 众生药业（002317）(002317.SZ)同步披露其GLP-1创新药最新进展。或折射出减重药物研发竞争加速。 常山药业：讨论商业化太过遥远 常山药业公告显示，公司及控股子公司常山凯捷健近日收到国家药品监督管理局核准签发的《药物临床 试验批准通知书》，艾本那肽注射液用于减重适应症的临床试验申请获得批准。 值得注意的是，该产品此前已提交用于治疗2型糖尿病的上市许可申请，目前已经获得国家药监局受 理，正处于专业审评阶段。此次减重适应症的临床试验申请获批，或许意味着该产品有着更广泛的商业 前景。 当前，GLP-1类药物在糖尿病与减重领域的潜力正被深度挖掘，全球市场正迎来爆发期。据开源证券研 报援引Jefferies等数据统计，2031年预计GLP-1RA类药物全球销售规模有望超过1500亿美元规模。 二级市场已率先反应。同花顺（300033）iFinD显示，年初至今，减肥药指数(886051.TI)涨幅达 24.16%，常山药业、众生药业股价分别飙升146.37%、32.89%，远超同期上证指数涨幅(0 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report highlights the significant rise in the global obesity population, with the adult overweight/obesity rate reaching 46% in 2025 and projected to rise to 54% by 2035. In China, the overweight/obesity population aged 25 and above reached 402 million by 2021, expected to exceed 627 million by 2050 [2] - The report emphasizes the increasing demand for treatments related to metabolic diseases, particularly the GLP-1 class of drugs, which is projected to surpass $50 billion in global sales by 2024, with semaglutide contributing $25 billion and tirzepatide $16 billion [2] - Domestic pharmaceutical companies are actively developing GLP-1 drugs, with several clinical research results expected to be presented at the upcoming ADA conference, showcasing advancements in obesity and diabetes treatments [3] Summary by Sections Industry Overview - The report notes that the ADA conference is expected to elevate the focus on GLP-1 drugs, with long-acting, oral, multi-target combination therapies, and fat loss without muscle loss being key areas of interest [4] Market Trends - The report indicates that the prescription volume of GLP-1 drugs in the U.S. has been rapidly increasing, with GLP-1 drugs accounting for over 50% of the total market share for weight loss medications as of April 2025 [2] Company Focus - The report suggests monitoring companies such as Heng Rui Medicine, Zhong Sheng Pharmaceutical, and Innovent Biologics, as they are well-positioned in the GLP-1 drug market [4]

Group 1 - President Xi Jinping emphasized the urgency of a ceasefire in the Middle East, stating that the use of force is not the correct way to resolve international disputes [1] - The Chinese photovoltaic industry is expected to see a significant production cut in Q3, with operating rates projected to decrease by 10%-15% [1] - The Ministry of Commerce announced it will expedite the review of export license applications related to rare earths, aiming to maintain global supply chain stability [1] Group 2 - The China Securities Index will officially launch the China Science and Technology Innovation Semiconductor Index on June 20, 2025, which will include 50 companies from the STAR Market and ChiNext [2] - The Ministry of Commerce highlighted the importance of China-EU economic and trade relations, emphasizing ongoing communication and cooperation [2] Group 3 - Kweichow Moutai announced a cash dividend of 27.673 yuan per share for the 2024 fiscal year, totaling 34.671 billion yuan [3] - Zhongqi New Materials reported that Starry Sky Technology has become its controlling shareholder [3] - Lianchuang Optoelectronics noted strong demand for drone countermeasure equipment in the Middle East [3] Group 4 - Fuhuang Steel Structure announced the termination of its plan to issue shares and pay cash for asset purchases [4] - Shengnuo Bio expects a significant increase in net profit for the first half of the year, projecting a year-on-year growth of 254%-332% [4] Group 5 - Zhongyan Chemical plans to agree to a capital reduction for Zhongyan Alkali Industry, which is expected to constitute a major asset restructuring [5] - Kanda New Materials intends to acquire at least 51% of Zhongke Huamei's shares to expand into the semiconductor integrated circuit field [6] Group 6 - Times Publishing clarified that it does not engage in stablecoin business and has a minimal indirect stake in JD Technology [8] - Sanhua Intelligent Controls confirmed the final price for its H-share issuance at 22.53 HKD per share [9] Group 7 - Taiji Co. announced that Changjiang Industrial Group will become its indirect controlling shareholder, with stock resuming trading on June 20, 2025 [10] - Guosen Securities received approval from the Shenzhen Stock Exchange for its acquisition of 96.08% of Wanhe Securities [10] Group 8 - Zhongsheng Pharmaceutical completed the first participant enrollment for its Phase III clinical trial of the innovative drug RAY1225 for obesity [11] - Yuncong Technology stated that its multi-modal AI technology for live detection can be applied to stablecoin wallet scenarios [12]