The daughter of "Madame Oral Liquid" founder Zhu Baoguo has been nominated as a non-independent director candidate at both his controlled listed firms, Joincare Pharmaceutical Group Industry Co.,Ltd. (SH: 600380) and Livzon Pharmaceutical Group Inc. (SZ: 000513; HK: 1513), following his retirement earlier this month. Zhu Linlin, aged 31, is stepping into the spotlight as part of a broader wave of second-generation heirs taking the helm across China's pharmaceutical industry.
Zhu is not alone in this transition. The eldest son of CSPC PHARMA (HK: 1093) founder Cai Dongchen, Cai Lei, assumed the role of group CEO at the end of last year, while the daughter of Sinocare Inc. (SZ: 300298) controlling shareholder Li Shaobo, Li Xinyi, took over as general manager during the same period. These successors are now being thrust into leadership positions at a pivotal time for their companies.
Education and Age Stand Out Among Second-Generation Pharma Leaders
On September 19, both Joincare Pharmaceutical Group Industry Co.,Ltd. and Livzon Pharmaceutical Group Inc. announced their agreement to nominate Zhu Linlin as a non-independent director candidate. This comes just one week after Zhu Baoguo stepped down from all positions, including chairman, citing retirement. For Zhu Linlin, this marks her first appearance on the management roster of either company.
Her resume shows she was born in 1995 and holds a master's degree in applied economics from Johns Hopkins University. She previously served as deputy director of marketing for Joincare's health products division, overseeing brand building, product management, and sales. During her tenure, she drove sales growth, market promotion, and channel expansion for key brands. She currently serves as chairwoman of Maoguanzi Animal Health (Guangdong) Co., Ltd.
The entry of second-generation leaders into management is not uncommon, with ages ranging from those born in the 1980s to the 2000s. Unlike their founding parents, they typically boast overseas academic credentials from prestigious institutions and employ varied paths into core leadership roles.
Take CSPC PHARMA as an example. In December of last year, Cai Lei, the eldest son of controlling shareholder Cai Dongchen, was appointed vice chairman of the board, executive director, and CEO. At 46, Cai holds a bachelor's degree in biochemistry from Beijing Normal University and a Ph.D. from the National University of Singapore. He joined CSPC PHARMA in 2014, having previously served as vice president, head of marketing operations, and vice president of several business units. Later, he took on roles as vice president of the US R&D division and president of the pharmaceutical product sales division, primarily responsible for the group's overseas R&D and sales operations.
Notably, Cai Dongchen's younger son, Cai Xin, born in the 1990s, has also joined the CSPC PHARMA board. Cai Xin holds a background in pharmacy from Purdue University and experience at CDH Investments. He joined CSPC PHARMA in March 2022 and currently serves as executive president and president of the marketing decision center, overseeing the group's sales business.
Li Xinyi, daughter of Sinocare Inc. controlling shareholder Li Shaobo, assumed the general manager role at the end of last year. Born in 1990, she holds a master's degree in management from McGill University and is a founding promoter and chairwoman of the Hunan Sinocare Diabetes Public Welfare Foundation. She has served as executive director of Sinocare Health Management Co., Ltd. since November 2019, as a supervisor at Shanghai Pharmaceutical Health Cloud Commerce Co., Ltd. since February 2021, as vice chairwoman of the company since December 2022, and as general manager since December 2025.
In April of this year, Yuan Fenni, daughter of Brightgene Bio-Medical Technology Co.,Ltd. (SH: 688166) controlling shareholder Yuan Jiandong, became a non-independent director at just 26 years old. Her age and educational background have drawn considerable attention. Yuan graduated from Harvard Medical School with a master's degree in immunology, and earned her undergraduate degree in biochemistry and cell biology from the University of California, San Diego. She previously conducted oncology immunology and cancer-related research at institutions such as the Dana-Farber Cancer Institute and The Rockefeller University. She also worked in the asset management department at Guosen Securities, focusing on biomedical industry research and investment analysis, and served as a founding partner at Honghui Fund, concentrating on investments and research in the biomedical sector.
Several other second-generation heirs have also stepped into prominent roles this year. For instance, Peng Ling, daughter of Jiangxi Sanxin Medtec Co.,Ltd. (SZ: 300453) chairman Peng Yixing, was promoted to executive chairwoman. Brian Chang, son of MicroPort Scientific (HK: 0853) founder Chang Zhaohua, was appointed chairman of the board of MicroPort CardioFlow (HK: 2160). And Che Yuxuan, born in 2001 and son of Siyuan Medical (HK: 0460) chairman and controlling shareholder Che Fengsheng, recently took on the role of non-executive director.
Many Pharma Firms in Transition, Succession May Bring New Challenges
It is worth noting that many of the listed companies recently seeing second-generation leaders take over are currently in the midst of business transformation. In the first half of 2026, Joincare Pharmaceutical Group Industry Co.,Ltd. reported operating revenue of 6.583 billion yuan, a year-on-year decline of 16.66%; net profit attributable to shareholders of 648 million yuan, down 17.49%; and deducted non-recurring profit of 604 million yuan, down 21.55%. During the same period, Livzon Pharmaceutical Group Inc. reported operating revenue of 5 billion yuan, down 20.28% year-on-year, and net profit attributable to shareholders of 932 million yuan, down 27.23%.
Livzon Pharmaceutical Group Inc. attributed the decline to several key products being affected by medical insurance price cuts or national centralized procurement, with the active pharmaceutical ingredient (API) business at a cyclical bottom and undergoing structural repair. Additionally, the flu and respiratory disease incidence rate fell year-on-year in the first quarter, leading to lower sales of related products.
Joincare Pharmaceutical Group Industry Co.,Ltd. stated that the performance fluctuation primarily stemmed from its controlling subsidiary Livzon Pharmaceutical Group Inc.. Joincare also mentioned that it is advancing its transformation from generic drugs to innovative drugs, with innovative drug revenue in its respiratory segment accounting for nearly 35% of total revenue in the first half, a significant improvement from 2025.
Over the previous two years, CSPC PHARMA had seen sustained profit declines. In 2025, its core finished drug business generated annual revenue of 20.584 billion yuan, accounting for nearly 80% of total revenue, a year-on-year drop of 13.3%. The oncology segment suffered the most severe impact, with full-year revenue of 2.201 billion yuan, down approximately 50% year-on-year. However, in the first half of this year, thanks to out-licensing deals with multinational pharma companies such as AstraZeneca, CSPC PHARMA achieved total revenue of 18.594 billion yuan, up 40.1% year-on-year, and net profit attributable to shareholders of 6.094 billion yuan, up 139.2%. Finished drug revenue reached 16.061 billion yuan, up 56.7%, with licensing fee income soaring to 5.895 billion yuan, a 448.5% surge, representing 31.7% of total revenue.
Brightgene Bio-Medical Technology Co.,Ltd., which started with specialty APIs and pharmaceutical intermediates before expanding downstream into formulations, currently has products covering therapeutic areas such as metabolism, antiviral, antifungal, immunosuppression, respiratory, and oncology. In 2025, the company posted operating revenue of 1.224 billion yuan and net profit attributable to shareholders of 54.5147 million yuan, down 4.59% and 71.18% year-on-year, respectively. The company cited changes in flu trends and increased depreciation costs from completed construction projects being capitalized as contributing factors.
In the first half of 2026, Brightgene Bio-Medical Technology Co.,Ltd. reported operating revenue of 678 million yuan, up 26.17% year-on-year, and net profit attributable to shareholders of 58.9328 million yuan, up 243.17%. Supported by stable profits from its core business, the company continues to emphasize a combination of innovative and generic drugs, laying out a pipeline of multi-target drugs including GLP-1, with its GLP-1 innovative drug pipeline approaching key market launch milestones.
As these second-generation leaders take the stage, the question of how successfully they will navigate their companies through transformation remains to be seen.
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