Core Viewpoint - The A-share market continues to show strength in innovative drug concept stocks, with significant gains observed across multiple companies on October 16 [1] Group 1: Stock Performance - Guizhou BaiLing and Luoxin Pharmaceutical reached the daily limit up [1] - Yifang Bio increased by over 7% [1] - Laime Pharmaceutical, Guangsheng Tang, Anglikang, and Shutaishen all rose by over 6% [1] - Dize Pharmaceutical and Lianhuan Pharmaceutical saw increases of over 5% [1]

Core Viewpoint - Lianhuan Pharmaceutical is actively engaging with institutional investors and focusing on optimizing its product structure through innovative research and development, aiming to enhance overall profitability and reduce reliance on single business segments [1][2]. Group 1: Business Overview - Lianhuan Pharmaceutical's main business includes pharmaceutical manufacturing and distribution, with key products in urology, antihistamines, cardiovascular drugs, steroids, and antibiotics [1]. - The company has established long-term partnerships with production enterprises and traders across North America, South America, Eastern Europe, and Southeast Asia [1]. - In the pharmaceutical distribution sector, subsidiaries maintain stable relationships with numerous well-known pharmaceutical companies and various healthcare institutions [1]. Group 2: Financial Performance and Projections - For the fiscal year 2024, Lianhuan Pharmaceutical projects a revenue of 2.16 billion yuan, with the innovative drug Aipulete tablets expected to sell 119 million tablets [1]. - The company plans to invest 277 million yuan in research and development for 2024, with 145 million yuan allocated for the first half of 2025, focusing on high-value innovative drugs [2]. Group 3: Research and Development - The LH-1801 (SGLT-2 inhibitor) has completed participant enrollment for its clinical trial, with results expected in Q1 2026, marking it as the first domestic product to conduct head-to-head research against the positive control drug Dapagliflozin [2][3]. - The company is advancing several projects, including LH-1802 for acute myeloid leukemia, which is in phase I, and other projects like LH-1901 and LH-2103 are progressing as planned [2]. Group 4: Market Position and Strategy - Lianhuan Pharmaceutical's current product portfolio has limited exposure to national centralized procurement, with only one product, Ebastine tablets, included in the procurement list, minimizing the impact of such policies on the company [3]. - The acquisition of a 51% stake in Longyi Pharmaceutical is based on fair market valuation and includes performance-based clauses, enhancing the company's market presence in the southwest region of China [4]. - The strategic acquisition aims to strengthen the company's channel control in the southwest market, creating a dual-core driving pattern with its headquarters in the Yangtze River Delta [4].

证券代码：600513 证券简称：联环药业 公告编号：2025-080 江苏联环药业股份有限公司 投资者关系活动记录表 投资者关系活动类 别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称 光大证券、天风证券、华源证券、广发基金、南华基金、 中金财富、俊远投资、海能投资、华安资管、雪石资产、 如码创投、达浩投资、投关易 时间 2025 年 10 月 14 日 地点 上海 上市公司接待人员 姓名 董事兼总经理：牛犇先生 董事会办公室主任兼证券事务代表：葛楷先生 投资者关系活动主 要内容介绍 1、问：公司当前收入结构如何？仿制药是否已退 出？未来产品策略是什么？ 答：公司 2024 年度实现营业收入 21.60 亿元，其中 医药制造板块，创新药爱普列特片销售 1.19 亿片。公司 正通过"仿创结合"路径主动优化产品结构，通过研发 创新实现管线的换挡升级，并持续加大呼吸系统、肿瘤、 内分泌等新治疗领域的研发投入，以降低对单一板块的 依赖，增强整体盈利韧性。 2、问：公司研发投入增长迅速，资金主要投向哪些 项目？重点创新药进展 ...

Group 1 - Company Lianhuan Pharmaceutical announced that on October 14, 2025, it will accept an investor survey conducted by Everbright Securities, with participation from the company's general manager, Niu Ben, who will address investor inquiries [1] Group 2 - The silver leasing market is experiencing a significant opportunity, with annualized interest rates soaring to 35%, indicating a strong demand for silver as it is being airlifted to the UK for profit [1]

Market Overview - The chemical pharmaceutical sector increased by 2.94% on October 15, with Sunflower leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Notable stock performances in the chemical pharmaceutical sector include: - Sunflower (300111) closed at 8.11, up 19.97% with a trading volume of 3.1035 million shares [1] - Guangshantang (300436) closed at 120.00, up 17.41% with a trading volume of 298,500 shares [1] - Shutaishen (300204) closed at 36.26, up 12.50% with a trading volume of 597,600 shares [1] - Anglikang (002940) closed at 41.20, up 10.01% with a trading volume of 129,600 shares [1] - Lianhuan Pharmaceutical (600513) closed at 20.90, up 10.00% with a trading volume of 309,500 shares [1] Capital Flow - The chemical pharmaceutical sector saw a net inflow of 2.451 billion yuan from institutional investors, while retail investors experienced a net outflow of 948 million yuan [2][3] - The capital flow for key stocks includes: - Sunflower (300111) had a net inflow of 4.41 billion yuan from institutional investors [3] - Guangshantang (300436) had a net inflow of 2.82 billion yuan from institutional investors [3] - Lianhuan Pharmaceutical (600513) had a net inflow of 1.33 billion yuan from institutional investors [3]

Core Insights - The A-share market has seen a significant rally in innovative drug concept stocks, with notable increases in share prices for several companies [1] Group 1: Stock Performance - Guangxi Shengtang (广生堂) experienced a rise of approximately 18% [2] - Shutaishen (舒泰神) increased by over 12% [2] - Jimin Health (济民健康) and Anglikang (昂利康) both hit the 10% daily limit up [2] - Huahai Pharmaceutical (华海药业) rose by over 9% [2] - Frontier Biologics (前沿生物) increased by over 8% [2] - Hanyu Pharmaceutical (翰宇药业) saw a rise of over 7% [2] - Saily Medical (塞力医疗) and Jiuzhou Pharmaceutical (九洲药业) both increased by over 6% [2] Group 2: Market Capitalization and Year-to-Date Performance - Guangxi Shengtang has a market capitalization of 19.2 billion with a year-to-date increase of 269.02% [2] - Shutaishen has a market capitalization of 17.3 billion with a year-to-date increase of 389.07% [2] - Jimin Health has a market capitalization of 5.76 billion with a year-to-date increase of 61.56% [2] - Anglikang has a market capitalization of 8.31 billion with a year-to-date increase of 213.50% [2] - Huahai Pharmaceutical has a market capitalization of 31.4 billion with a year-to-date increase of 18.92% [2] - Frontier Biologics has a market capitalization of 5.544 billion with a year-to-date increase of 51.64% [2] - Hanyu Pharmaceutical has a market capitalization of 19.2 billion with a year-to-date increase of 68.35% [2] - Saily Medical has a market capitalization of 5.628 billion with a year-to-date increase of 270.91% [2] - Jiuzhou Pharmaceutical has a market capitalization of 18.5 billion with a year-to-date increase of 56.50% [2]

Core Viewpoint - The innovative drug concept stocks experienced a significant surge in early trading on October 15, with several companies reaching their daily price limits and notable increases in stock prices [1]. Group 1: Stock Performance - Angli康 reached the daily limit up, indicating strong investor interest [1]. - Guangshengtang saw a rise of over 10%, with a notable increase of 14.41% in its stock price [2]. - Other companies such as Saili Medical, Shutaishen, Rongchang Bio, and Lianhuan Pharmaceutical also experienced substantial gains, contributing to the overall positive trend in the innovative drug sector [1]. Group 2: Notable Stock Increases - Guangshengtang (300436) reported a stock increase of 116.94%, with a rise of 14.41% [2]. - Pinlikang (002940) increased by 41.20%, with a rise of 10.01% [2]. - Saili Medical (603716) saw a 27.12% increase, with an 8.35% rise [2]. - Shutaishen (300204) experienced a 34.77% increase, with a 7.88% rise [2]. - Jimin Health (603222) rose by 10.64%, with a 6.72% increase [2]. - Lianhuan Pharmaceutical (600513) increased by 20.21%, with a 6.37% rise [2]. - Rongchang Bio (688331) saw a 97.06% increase, with a 6.31% rise [2]. - Zhendong Pharmaceutical (300158) increased by 6.95%, with a 5.95% rise [2]. - Kangchen Pharmaceutical (035500) rose by 48.68%, with a 4.91% increase [2]. - Maiwei Niwu-U (688062) saw a 46.58% increase, with a 4.86% rise [2].

Core Points - The resignation of independent director Hu Yiqiao due to personal reasons will not reduce the number of independent directors below the legal requirement, but it will affect the composition of the board's specialized committees [1][2] - The company held a half-year performance briefing on October 13, 2025, to discuss financial status and development strategies with investors [3][4] Summary by Sections Resignation of Independent Director - Hu Yiqiao has submitted her resignation as an independent director and from various committee roles due to personal reasons [1] - The resignation will take effect after the company adjusts its specialized committees, although she will continue to fulfill her duties until then [1][2] Half-Year Performance Briefing - The performance briefing was conducted online, featuring key executives including the chairman and general manager [3] - The company disclosed its R&D expenses for the first half of the last three years: 33.52 million in 2023, 67.58 million in 2024, and 68.42 million in 2025 [5] - The company is focusing on innovation-driven development, with significant R&D investments, including 277 million for 2024, representing 12.82% of revenue, and 145 million for the first half of 2025, accounting for 11.26% of revenue [5] - The company is actively pursuing new drug development in various therapeutic areas and has multiple products at different clinical trial stages [5]

Core Points - Hu Yiqiao, an independent director of Lianhuan Pharmaceutical, has resigned from her position due to personal reasons [2] - Following her resignation, Hu Yiqiao will no longer hold any position within the company [2]

证券代码：600513 证券简称：联环药业 公告编号：2025-078 江苏联环药业股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 答:尊敬的投资者，您好！公司 2023 年上半年研发费用 3,352.30 万元、2024 年上半年研发费用 6,757.95 万元、2025 年上半年研发费用 6,842.39 万元,详情 请见公司相关定期报告，谢谢您的关注！ 2、您好！请问贵公司的 LH-1801 的代谢途径是仍经肝脏吗？是否有与达格 列净相比毒副作用更低的预期。 答：尊敬的投资者,您好！感谢您对公司的关注！公司 LH-1801 经过肝脏代 谢，正同步开展在不同程度肝功能不全和肾功能不全受试者中 PK/PD 和安全性研 究。在Ⅲ期临床试验中，与二甲双胍联合项目中的阳性药物为达格列净片，旨在 进行头对头的对比研究。请您持续关注公司发布的相关公告，谢谢。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江苏联环药业股份有限公司（以下简称"公司"）于 2025 年 10 月 13 日 10:00-11:00, 通 过 ...