发现报告：众生药业机构调研纪要-20260123

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.