格隆汇2月10日丨众生药业(002317.SZ)在投资者互动平台表示，公司正在积极推进ZSP1601片IIb期临床 试验。 ...

Core Viewpoint - The company is actively advancing the clinical trial of ZSP1601 tablets and aims to complete the research and apply for drug approval to provide more treatment options for patients [1] Group 1 - The company responded to investor inquiries regarding the data release timeline for ZSP1601 [1] - The company is currently in the IIb phase of the clinical trial for ZSP1601 tablets [1] - The company is committed to completing the relevant research as soon as possible [1]

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 23.37 CNY based on a PE valuation of 57 times for 2026 [3][6]. Core Insights - The company is expected to benefit from a dual-driven strategy of traditional Chinese medicine (TCM) and chemical drugs, with a gradual clearance of the impact from centralized procurement on TCM business. The innovative drug pipeline is entering a harvest phase, with projected net profits for 2025-2027 being 290 million, 350 million, and 410 million CNY respectively, corresponding to EPS of 0.34, 0.41, and 0.48 CNY [3][9]. Summary by Sections 1. Dual-Driven Strategy of TCM and Chemical Drugs - The company has a rich product layout and maintains stable performance, with a focus on TCM and high-end generic drugs. The revenue from TCM has historically contributed over 50% of total revenue, while the share of chemical drugs has increased from 24% in 2016 to 36% in 2024 [13][16]. - The company launched an employee stock ownership plan in 2024 to incentivize core personnel, focusing on performance assessment and innovative drug development [23][24]. 2. Innovative Product Data and Growth Potential - The company has several innovative products entering commercialization or late-stage clinical trials. Notably, RAY1225, a dual-target drug for obesity and diabetes, has shown superior efficacy in clinical trials compared to existing treatments [27][29]. - ZSP1601, a first-in-class drug for NASH, is currently in IIb phase clinical trials and has demonstrated promising results in reducing liver inflammation markers [45][49]. 3. Core TCM Products and Market Recovery - The company's core TCM product, Compound Thrombus Tong Capsule, has maintained a leading market share in the ophthalmic TCM sector. As the impact of centralized procurement diminishes, sales are expected to stabilize and recover [9][18]. - The Brain Thrombus Capsule, another key product, has shown stable clinical demand and is projected to continue its steady growth [9][18].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 23.37 CNY based on a PE valuation of 57 times for 2026 [3][6]. Core Insights - The company is expected to benefit from a dual-driven strategy of traditional Chinese medicine (TCM) and chemical drugs, with a gradual clearance of the impact from centralized procurement on TCM business. The innovative drug pipeline is entering a harvest phase, with projected net profits for 2025-2027 being 290 million, 350 million, and 410 million CNY respectively, corresponding to EPS of 0.34, 0.41, and 0.48 CNY [3][9]. Summary by Sections 1. Dual-Driven Strategy of TCM and Chemical Drugs - The company has a rich product layout and maintains stable performance, with a focus on eye care, cardiovascular, respiratory, and digestive diseases. Revenue for the first three quarters of 2025 was 1.89 billion CNY, a decrease of 1.0% year-on-year, while net profit attributable to the parent company was 250 million CNY, an increase of 68.4% [13][9]. - The core TCM product, Compound Thrombus-Relieving Capsule, is a unique original formulation with a leading market share in the domestic ophthalmic TCM sector. The impact of centralized procurement is gradually being digested, and sales are expected to stabilize [9][10]. 2. Innovative Product Data and Growth Potential - The company has multiple innovative products entering commercialization or late-stage clinical trials. The PB2-targeted RNA polymerase inhibitor, Anladiwei Tablets, was approved in May 2025 for treating adult uncomplicated influenza, showing competitive advantages over Oseltamivir [9][27]. - The GLP-1/GIP dual-target drug RAY1225 for obesity and diabetes has entered Phase III clinical trials, with promising results indicating better weight loss efficacy compared to existing treatments [27][29]. 3. Financial Forecast and Investment Recommendations - The company’s revenue is projected to recover, with expected revenues of 2.803 billion, 3.126 billion, and 3.447 billion CNY for 2025, 2026, and 2027 respectively, reflecting growth rates of 13.6%, 11.5%, and 10.3% [5]. - The report emphasizes the importance of innovation and performance assessment, with an employee stock ownership plan launched in 2024 to incentivize core personnel [23][24].

Summary of the Conference Call for Guangdong Zhongsheng Pharmaceutical Co., Ltd. Company Overview - Guangdong Zhongsheng Pharmaceutical Co., Ltd. was established in 1979 and is recognized as one of the top 100 pharmaceutical companies in China, listed on the A-share market. The company focuses on various therapeutic areas including ophthalmology, cardiovascular, respiratory, and digestive diseases, with a core business in pharmaceutical manufacturing. [3] Key Points Discussed 1. Collaboration with Qilu Pharmaceutical - On January 16, 2026, Zhongsheng Pharmaceutical signed a licensing agreement with Qilu Pharmaceutical for the production and commercialization of RAY1225 injection in China. The company retains all intellectual property rights and will be the marketing authorization holder (MAH) after regulatory approval. The initial payment is RMB 200 million, with potential milestone payments up to RMB 800 million based on development and sales progress. [6][7] 2. Focus on Overseas Markets - The collaboration with Qilu Pharmaceutical will not hinder Zhongsheng's exploration of overseas markets, as the company retains all rights for RAY1225 injection outside of China. [8] 3. Innovation Drug Pipeline - The company is focused on self-initiated research and integrating internal and external resources to meet unmet clinical needs. The innovation drug pipeline primarily targets metabolic diseases and respiratory diseases, with two innovative drugs already approved and several in clinical trials. [10] a. Metabolic Disease Pipeline - ZSP1601 tablets, targeting metabolic dysfunction-related fatty liver disease (MASH), are a major new drug project and have shown promising results in clinical trials. RAY1225 injection, a dual agonist for GLP-1 and GIP receptors, is in advanced clinical trials for treating type 2 diabetes and obesity. [11][12][20] b. Respiratory Disease Pipeline - The company has developed innovative drugs like Lai Ru Te Wei tablets for COVID-19 and Angra De Wei tablets for influenza, both of which have shown significant efficacy and safety in clinical trials. [14][15] 4. New Indications for RAY1225 Injection - RAY1225 injection has received approval for a new indication to treat MASH, addressing a significant unmet clinical need in China. The drug has shown potential in improving liver inflammation and fibrosis in preclinical studies. [21][23][24] 5. Strategic Focus - Zhongsheng Pharmaceutical emphasizes innovation in drug development, particularly in metabolic and respiratory diseases, and aims to accelerate clinical trials while adhering to high-quality standards. The company is committed to overcoming technical barriers and enhancing project implementation. [22] Additional Important Information - The company has established a robust product line, including traditional Chinese medicine and chemical generic drugs, with a focus on chronic disease management and digital marketing strategies. [3] - The collaboration with Qilu Pharmaceutical is seen as a strategic move to enhance commercialization efficiency and reduce operational costs, thereby optimizing cash flow and supporting ongoing research and development. [7] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's commitment to innovation and market expansion.

证券代码：002317 编号：2026-002 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 | 中信证券股份有限公司、广发证券股份有限公司、宝盈基金管 | | | 理有限公司、上海理成资产管理有限公司分析师、研究员 | | 时间 | 2026 年 1 月 23 日 10:30～11:30 | | 地点 | 众生睿创会议室 | | 形式 | 现场交流 | | 上市公司 | 1、公司副总裁 陈小新 | | 接待人员 | 2、公司董事会秘书 杨威 1、众生睿创与齐鲁制药关于RAY1225注射液的合作情况。 | | | 答：众生睿创与齐鲁制药于 2026 年 1 月 16 日签署《许可 协议》，众生睿创授权齐鲁制药在中国地区（包括中国大陆、 | | | 香港、澳门、台湾，统称"许可地区"）内对 RAY1225 注射液 | | | （以下简称"许可产品"）进行生产与 ...

Group 1 - The company announced a licensing agreement for the RAY1225 injection project, allowing Qilu Pharmaceutical to produce and commercialize the drug in China, while the company retains all rights outside of China [1] - The total payment for the licensing agreement is 1 billion yuan, which includes an upfront payment of 200 million yuan and milestone payments up to 800 million yuan, along with a double-digit percentage of net sales after the product launch [1] - RAY1225 is an innovative peptide drug with global intellectual property rights, showing promising results in clinical trials for weight loss, with a weight reduction of 10.1%-15.1% after 24 weeks of treatment [2] Group 2 - The company is seeing initial success in its transformation with core products like the Compound Thrombus Tong series and Brain Thrombus Tong capsules selected for national and regional procurement, indicating a strategy of "volume for price" to maintain profitability [3] - The company has a pipeline of innovative drugs, including ZSP1601 for MASH and RAY1225 for weight loss, with several Phase III clinical trials completed [3] - The company expects revenue growth from 2.53 billion yuan in 2025 to 3 billion yuan in 2027, with net profit projections of 310 million yuan in 2025 and 570 million yuan in 2026, reflecting a significant turnaround [4]

Group 1: Innovative Drug Development - The company focuses on independent research and development, integrating internal and external resources to address unmet clinical needs, particularly in metabolic and respiratory diseases [1] - As of now, two innovative drug projects have been approved for market launch, with several others in clinical trial stages [1] - The innovative drug ZSP1601, targeting metabolic dysfunction-related fatty liver disease (MASH), has completed Phase Ib/IIa clinical trials, showing significant reductions in liver inflammation markers [3] Group 2: Clinical Trials and Research Progress - RAY1225 injection, a dual agonist for GLP-1 and GIP receptors, is currently undergoing multiple Phase III clinical trials for obesity and type 2 diabetes, with positive results reported in Phase II trials [6][7] - The company is advancing RAY1225 for the treatment of MASH, with preclinical studies indicating improvements in liver inflammation and fibrosis in animal models [9] - The innovative drug Anlavi (昂拉地韦) has been approved for use in treating influenza and is undergoing Phase III trials for children and adolescents [4][6] Group 3: Strategic Investments and Corporate Governance - The company has increased its shareholding in its subsidiary, Zhongseng Ruichuang, to enhance operational control and efficiency in drug development [10] - The focus on innovation is seen as a core driver for the pharmaceutical industry, with the company committed to building a complete industrial layout from research to commercialization [12]

Group 1: Innovative Drug Development - The company focuses on independent research and development, integrating internal and external resources to address unmet clinical needs, particularly in metabolic and respiratory diseases [1] - As of now, two innovative drug projects have been approved for market, with several others in clinical trial stages [1] - ZSP1601, an innovative drug for treating metabolic dysfunction-related fatty liver disease (MASH), has shown significant efficacy in reducing liver inflammation markers in clinical trials [2] Group 2: Clinical Trials and Results - RAY1225 injection, a dual agonist for GLP-1 and GIP receptors, is currently undergoing multiple Phase III clinical trials for obesity and type 2 diabetes, with positive results reported in Phase II trials [2][12] - The company is advancing RAY1225's clinical trials for treating MASH, with the drug showing potential in improving liver conditions in animal models [13][15] - The company is also conducting Phase III trials for the innovative drug Anlavi (昂拉地韦) for treating influenza, with successful results in previous phases [3][5] Group 3: Market Access and Insurance Inclusion - Anlavi has been included in the 2025 National Medical Insurance Directory, enhancing patient access to this innovative treatment [7][9] - The company’s core products, including Lai Rui Te Wei (来瑞特韦) and other formulations, continue to be part of the updated medical insurance directory, ensuring broader patient coverage [9] Group 4: Future Directions and Research Focus - The company is exploring new drug development avenues in metabolic diseases, focusing on multi-target therapies and long-acting formulations [6] - There is a strategic emphasis on addressing unmet clinical needs in respiratory diseases, particularly with new antiviral agents targeting RSV [5][6]

Group 1: Investor Relations Activity - The investor relations activity involved a meeting with analysts from Morgan Fund Management, Guolian Minsheng Securities, and Shenzhen Yide Global Fund Management on December 8, 2025 [1] - The meeting was held in the company conference room and included discussions on the company's new drug inclusion in the national medical insurance directory [1] Group 2: New Drug Inclusion - The innovative drug, Olanavir Tablets (brand name: Anruiwei®), was included in the National Medical Insurance Directory on December 7, 2025, following negotiations with the National Healthcare Security Administration [1][3] - Other core products such as Liraglutide Tablets and various capsules were also included in this directory, enhancing their market accessibility [1] Group 3: Drug Characteristics - Olanavir Tablets are the world's first oral drug targeting the PB2 subunit of the RNA polymerase of the influenza A virus, approved for adult patients with uncomplicated influenza [3][4] - The drug demonstrates rapid symptom relief, strong antiviral effects, and low resistance rates, with positive results from clinical trials [4][5] Group 4: Sales and Marketing Strategy - The company plans to enhance marketing through three dimensions: building an academic ecosystem, upgrading data services, and implementing key project practices [8] - The inclusion of Olanavir Tablets in the National Medical Insurance Directory is expected to positively impact market promotion and long-term business development [8] Group 5: Pediatric Development Plans - The company is developing Olanavir Granules for children and adolescents, with ongoing Phase III clinical trials for both adolescents (ages 12-17) and children (ages 2-11) [9][11] - The trials aim to establish a comprehensive treatment matrix for influenza across all age groups [11] Group 6: Other Drug Developments - RAY1225 injection, an innovative dual-agonist drug for type 2 diabetes and obesity, has shown positive results in Phase II clinical trials and is progressing to Phase III trials [12][13] - ZSP1601 tablets, targeting metabolic dysfunction-related fatty liver disease, have completed early clinical trials with promising results and are moving into Phase IIb trials [15][16] Group 7: Research and Development Pipeline - The company is focusing on innovative drug development in respiratory and metabolic diseases, with projects targeting unmet clinical needs [16][18] - Ongoing research includes a new drug for respiratory syncytial virus (RSV) and various GLP-1 receptor agonists, with clinical candidates identified and preclinical studies underway [16][18]