证券日报网讯11月27日，众生药业（002317）在互动平台回答投资者提问时表示，公司正在积极推进 ZSP1601片IIb期临床试验。公司争取早日完成相关研究，申报药物上市，为广大患者提供更多治疗选 择。 ...

| √ | □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 | 中信建投证券股份有限公司、银华基金管理股份有限公司分 | | | 析师、研究员 | | 时间 | 2025 年 11 月 24 日 14:30～15:30 | | 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、公司昂拉地韦片有什么特色，是否对 H3N2 毒株有效？ | | | 答：昂拉地韦片是全球首款 RNA 聚合酶 PB2 靶点的甲型 流感口服药物，具有快速、强效、低耐药的特点，能够快速缓 | | | 解全身流感症状、强效抗击流感病毒，兼具低耐药性。 | | | 临床前研究结果表明，对包括奥司他韦耐药株、高致病性 | | 交流内容及具体 | 禽流感病毒株和巴洛沙韦耐药株等在内的多种不同亚型流感 | | 问答记录 | 病毒株具有强大的抑制活性。昂拉 ...

Financial Performance - The company achieved a revenue of CNY 1.889 billion from the beginning of 2025 to the end of Q3, remaining stable compared to the previous year [1] - Net profit attributable to shareholders reached CNY 251 million, a year-on-year increase of 68.40% [1] - The net profit excluding non-recurring gains and losses was CNY 246 million, up 30.36% year-on-year [1] - In Q3 alone, the company recorded a revenue of CNY 589 million, an increase of 8.35% year-on-year, with a net profit of CNY 59.03 million, showing a significant growth of 301.03% [1] New Drug Development - The new drug, Angladiwe Tablets, has been successfully approved for market launch, with a comprehensive marketing strategy focusing on academic ecosystem construction, data service upgrades, and key project practices [3] - Angladiwe Tablets is the first oral drug targeting RNA polymerase PB2 for influenza A, demonstrating rapid, effective, and low-resistance characteristics [3] - Clinical trials have shown that Angladiwe Tablets significantly reduce flu symptom relief time compared to placebo, with median relief times of 38.83 hours versus 63.35 hours for adults [6][9] Clinical Trial Results - The Phase II clinical trial for Angladiwe Granules, aimed at children aged 2-17, showed a median flu symptom relief time of 31.72 hours, with high-dose groups achieving 28.63 hours [7] - The safety profile of Angladiwe Granules was favorable, with no serious adverse events reported during the trials [9] - RAY1225 injection, targeting type 2 diabetes and obesity, has shown positive results in Phase II trials, with low rates of gastrointestinal adverse reactions and hypoglycemia [12] Strategic Initiatives - The company is actively seeking international collaborations to expand the market for its innovative drugs, enhancing global R&D capabilities and brand influence [10] - Increased shareholding in its subsidiary, Zhongsheng Ruichuang, aims to strengthen control over innovative drug development and improve operational efficiency [14] - The company is committed to advancing clinical trials for innovative drugs in metabolic and respiratory diseases, focusing on high-quality and accelerated development [12][14]

Group 1 - The company held an investor reception day and mid-year performance briefing on September 19, 2023, with key management present [1] - Investors raised questions regarding new drug development, market expansion, and production capacity, to which the management provided detailed responses [2] - The company has established a commercial partnership with Sinovac Biotech for the overseas expansion of its drug, Anglatavir, in Macau and is actively pursuing international clinical applications and registrations [2] Group 2 - The company is the only domestic entity with innovative drugs for both COVID-19 and influenza, focusing on the commercialization of its products, Le Ruiling® and An Ruivei® [2] - The company is enhancing its marketing strategies through academic ecosystem development, data service upgrades, and key project practices to increase market share [2] - Ongoing clinical trials include RAY1225 for obesity, ZSP1601 for metabolic dysfunction-related fatty liver disease, and the commercialization of cyclosporine eye drops [2][3] Group 3 - Investors inquired about the company's overseas market development plans, traditional Chinese medicine growth, innovative drug insurance negotiations, stock performance, share buybacks, and executive shareholding [3] - The management assured compliance with relevant laws and regulations and emphasized timely information disclosure [3]

Group 1: New Drug Development and Market Expansion - The company has established a commercial partnership with Sinovac Biotech for the marketing of Anglave tablets in Macau, aiming to enhance its international presence [2] - Anglave, as the world's first PB2 inhibitor, shows significant efficacy against resistant strains, supported by endorsements from prominent experts [4] - The company is actively seeking domestic partners to expand into Hong Kong and ASEAN markets [4] Group 2: Production Capacity and Market Demand - The company has sufficient tablet production capacity and can adjust production based on market demand [2] - The potential market for Anglave is substantial, with optimistic projections suggesting it could outperform Oseltamivir, which generated over $3 billion in sales last year [6] Group 3: Financial Performance and Stock Market - The company's stock price has increased by 65.36% year-to-date, reflecting investor confidence in its transition to innovative drug development [15] - The company aims to maintain a stable development trajectory and enhance its market value through continuous innovation and effective management [28] Group 4: Clinical Trials and Regulatory Approvals - The company is progressing with the clinical trials for ZSP1601, a new drug for treating metabolic dysfunction-related fatty liver disease, currently in Phase IIb trials [13] - The company is also advancing the clinical trials for Anglave granules, targeting a significant pediatric and elderly patient population [15] Group 5: Strategic Focus and Future Outlook - The company emphasizes the importance of traditional Chinese medicine as a revenue source while pursuing innovative drug development for sustainable growth [15] - The management is committed to enhancing the company's reputation and visibility in the capital market to support its innovative drug initiatives [28]

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 - ZSP1601 is an innovative drug targeting metabolic dysfunction-related fatty liver disease (MASH) and is currently in the IIb phase of clinical trials [2] Company Summary - Zhongsheng Pharmaceutical (002317.SZ) confirmed that ZSP1601 is a novel drug with a new mechanism of action [2] - The drug is part of a major national new drug creation project [2]

Core Viewpoint - The report from Guosheng Securities highlights that Zhongsheng Pharmaceutical's innovative achievements are systematically being realized, enhancing the company's long-term competitiveness [1] Group 1: Research and Development - The company has established a multi-modal and virtuous cycle research and development ecosystem, focusing primarily on independent research and development, supplemented by collaborative efforts [1] - The main areas of focus include metabolic diseases and respiratory diseases [1] Group 2: Innovative Products - The company has entered a harvest phase for its innovative drugs, with two projects already approved for market launch and several others in clinical trial stages [1] - RAY1225 injection (a GLP1/GIP dual-target biweekly formulation) is progressing smoothly in Phase III trials domestically, showing excellent safety and significant potential for overseas business development [1] - Angladiwe (the world's first influenza RNA polymerase PB2 protein inhibitor) has a vast market potential, and the company's product competitiveness is notable, with expectations for rapid market penetration [1] - ZSP1601 tablets (an innovative drug of the MASH class) are actively advancing through Phase IIb clinical trials [1] Group 3: Financial Outlook - The company's main business is rebounding from a low point, and the gradual realization of innovative achievements is expected to contribute to performance elasticity [1] - The report maintains a "buy" rating for the company's stock [1]