Research Express | Shuanglu Pharmaceutical Receives Research from 6 Institutions including Eastmoney Securities, Accelerating Innovative Drug Development, Cumulative Dividends Exceed 10 Times the Fundraising

On March 26, Shuanglu Pharmaceutical (002038.SZ) hosted a specific audience research meeting with six institutional investors including Dongfang Caifu Securities and Huiyin Investment. Ms. Liang Shujie, the company’s director and board secretary, engaged in in-depth discussions with the institutions on core issues such as the company’s development history, progress in innovative drug research and development, the impact of centralized procurement, product sales, and investment conditions.

Basic Information on the Research

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Core Topics Focus: Innovative Drugs, Centralized Procurement, and Long-term Development

Company Development History: From Gene Engineering Leader to Multi-field Layout

Liang Shujie introduced that Shuanglu Pharmaceutical was established in 1994, completed its restructuring in 2000, and initially focused on the research and development of gene engineering drugs. Products such as human granulocyte colony-stimulating factor injection (G-CSF) and novel interleukin-2 were successively launched in the 1990s. After being listed on the Shenzhen Stock Exchange in 2004, the company experienced a decade of golden development, with net profits growing from over 30 million yuan at the time of listing to nearly 700 million yuan. Although subsequent policy adjustments and the impact of centralized procurement caused fluctuations in sales of core products, the company has entered a new development stage after over a decade of adjustments and consolidation.

It is noteworthy that the company has not conducted any financing since raising 210 million yuan in 2004, relying entirely on organic growth, with cumulative cash dividends reaching 2.121 billion yuan, ten times the raised funds. State-owned shareholders have received a total return of 1.56 billion yuan (432 million yuan in dividends + 1.128 billion yuan from share sales), and the current market value of their holdings exceeds 900 million yuan, resulting in an overall investment return of 122 times.

Innovative Drug Research and Development: Multiple Globally Innovative Products Entering Key Stages

Regarding innovative drug research and development, the company disclosed the progress of several key projects:

• Registration Applications Submitted: Long-acting recombinant human follicle-stimulating hormone injection (long-acting FSH), GLP-1-Fc fusion protein (dulaglutide), polyethylene glycolylated human granulocyte colony-stimulating factor injection (6mg, 3mg);
• Clinical Stage: DT678 (global first-in-class drug for anti-platelet aggregation, Phase II clinical trial, does not require liver P450 enzyme metabolism, more suitable for Asian populations), PHP0101 eye drops (the first non-pilocarpine treatment for presbyopia in China, Phase II clinical trial, rapid onset and high safety);
• Clinical Application Soon to be Filed: Diapin (oral NASH treatment drug, can inhibit the progression of NASH in non-human primates, with the metabolic product being a natural amino acid, showing significant safety advantages).

Additionally, the company has invested in the U.S. ATGC company (holding 30%) to establish a transgenic rabbit antibody development platform (RbTx). Currently, over 90% of the rabbit immune system has been humanized, with plans to develop 1-3 “blockbuster” antibody drugs in 3-5 years, aiming to break the technological monopoly of multinational pharmaceutical companies.

Products and Market: Dual Driving Forces of Exclusive Formulations + Centralized Procurement Products

Nitroglycerin spray as the only exclusive formulation in China, is noted for its convenience and faster onset (compared to tablets and aerosols), showing market potential in the fields of angina and myocardial infarction rescue. The company plans to enhance coverage through academic promotion and multi-channel cooperation.

In terms of centralized procurement, the company has successfully bid for 25 products including Temozolomide, Lenalidomide, and Voriconazole in national centralized procurement, among which Voriconazole became the top-selling single product in February 2026, with rapid sales growth in products like ademetionine and Telmisartan.

Coenzyme Complex, as a traditionally advantageous product, once contributed over 70% of revenue (with the highest annual sales reaching 1.2 billion yuan). Its components include Nobel Prize-winning ingredients such as Coenzyme A and Coenzyme Q10, clinically used for treating metabolic disorders. The company believes that with the growing public attention on cardiovascular health, this product is expected to regain market recognition.

Investment and Channels: Results in the Healthcare Sector Layout

The company indirectly holds equity in New Mileage Health Industry Group (stock code: 002219) through Jiaxing Yihe Equity Investment Fund (holding 55.69%), while also owning 49% equity in its affiliated medical management company. The New Mileage Group possesses quality medical resources, and the relevant acquisition is expected to bring investment returns to the company. In terms of online channels, products such as nitroglycerin spray have been laid out on mainstream e-commerce platforms, with the proportion of e-commerce business increasing year by year.

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During this research, the company did not disclose any undisclosed major information, and the relevant content has been reported in accordance with regulations.

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