Core Viewpoint - The company received notification from the World Health Organization that its raw material drug product, Levonorgestrel, has passed the site inspection, meeting the WHO's good manufacturing practice standards [1] Group 1: Inspection Details - The inspection took place from March 10 to March 13, 2025, covering the synthesis area and part of the cleanroom production lines [1] - The successful inspection is expected to help maintain product quality and production capacity [1] Group 2: Financial Impact - The inspection results are not expected to have a significant impact on the company's recent performance [1] - The drug master file review has not been closed, indicating uncertainty regarding future procurement [1]

Core Viewpoint - The company, Lianhuan Pharmaceutical, has successfully passed the World Health Organization's (WHO) pre-certification inspection for its active pharmaceutical ingredient, Levonorgestrel, indicating compliance with Good Manufacturing Practice (GMP) standards [1] Group 1: Company Performance - The successful completion of the WHO inspection demonstrates that the company's production line meets GMP requirements, which is crucial for maintaining stable product quality [1] - The inspection results are expected to support the company's ability to sustain stable production capacity to meet market demand for related pharmaceuticals [1] Group 2: Market Impact - The passing of the WHO pre-certification inspection is not anticipated to have a significant impact on the company's recent performance [1]

Core Viewpoint - The announcement details a change in the equity structure of Jiangsu Lianhuan Pharmaceutical Co., Ltd. (hereinafter referred to as "Lianhuan Pharmaceutical") due to the transfer of state-owned shares from the controlling shareholder, Jiangsu Lianhuan Pharmaceutical Group Co., Ltd. (hereinafter referred to as "Lianhuan Group"), to the Jiangsu Provincial Department of Finance, which will not affect the company's operational control or shareholding structure [2][3]. Summary of Key Points 1. Change in Controlling Shareholder's Equity Structure - The Jiangsu Provincial State-owned Assets Supervision and Administration Commission (hereinafter referred to as "Yangzhou SASAC") transferred 10% of its shares in Lianhuan Group and 6.45% of its shares in Yangzhou Industrial Investment Development Group Co., Ltd. (hereinafter referred to as "Investment Group") to the Jiangsu Provincial Department of Finance without compensation [2][4]. - This transfer will not change the number of shares or the proportion of shares held by Lianhuan Group in Lianhuan Pharmaceutical [2][3]. 2. Regulatory Compliance - According to the relevant provisions of the "Measures for the Administration of Takeovers of Listed Companies," this transfer does not trigger a mandatory tender offer [3][4]. 3. Impact on Company Operations - The equity structure change will not alter the controlling shareholder or actual controller of the company, and it will not have a substantial impact on the company's daily operations and production activities [3][9]. - After the transfer, the Jiangsu Provincial Department of Finance will indirectly hold 4.968% of Lianhuan Pharmaceutical's shares through Lianhuan Group and Investment Group [5][7]. 4. Future Developments - As of the announcement date, the relevant industrial and commercial change registration procedures for Lianhuan Group have been completed, while those for Investment Group are still in progress [9].

证券代码：600513 证券简称：联环药业 公告编号：2025—083 江苏联环药业股份有限公司 关于控股股东股权结构变动的提示性公告 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。 重要内容提示： ●江苏联环药业股份有限公司（以下简称"联环药业"或"公司"）控股股 东江苏联环药业集团有限公司（以下简称"联环集团"）股权结构变动系公司实 际控制人扬州市人民政府国有资产监督管理委员会（以下简称"扬州市国资委"） 将其持有的联环集团10%的股权、扬州产业投资发展集团有限责任公司（以下简 称"产发集团"）6.45%的股权无偿划转至江苏省财政厅（以下简称"本次国有 股权无偿划转"），本次国有股权无偿划转不会导致联环集团持有公司股份数量 及持股比例发生变化。 ●根据《上市公司收购管理办法》的相关规定，本次国有股权无偿划转不触 及要约收购。 ●本次公司控股股东股权结构变动不会导致公司控股股东及实际控制人发 生变化，不会对公司日常经营和生产活动产生实质性影响。 一、控股股东股权结构变动基本情况 62.00% 100.00% 38.00% 3 ...

Core Viewpoint - The announcement indicates a transfer of equity stakes in Lianhuan Pharmaceutical, with the Jiangsu Provincial Finance Department increasing its indirect shareholding by 4.968% following the transfer of shares from the Yangzhou State-owned Assets Supervision and Administration Commission [1] Group 1 - The Yangzhou State-owned Assets Supervision and Administration Commission transferred 10% of its shares in Lianhuan Group and 6.45% of its shares in Chanfa Group to the Jiangsu Provincial Finance Department without compensation [1] - After the transfer, the Jiangsu Provincial Finance Department's indirect shareholding in the company increased by 4.968%, while the Yangzhou State-owned Assets Supervision and Administration Commission's indirect shareholding decreased by the same percentage [1] - Lianhuan Group continues to hold 39.90% of the company's shares directly, and the controlling shareholder and actual controller remain unchanged, ensuring no impact on daily operations [1]

Group 1 - The chemical pharmaceutical sector increased by 0.25% on November 3, with Asia-Pacific Pharmaceutical leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] - Asia-Pacific Pharmaceutical's stock price rose by 9.96% to 8.72, with a trading volume of 1.6689 million shares and a transaction value of 1.442 billion [1] Group 2 - The top gainers in the chemical pharmaceutical sector included HaiXiang Pharmaceutical, which rose by 9.93% to 6.31, and Tonghua Golden Horse, which increased by 8.37% to 28.10 [1] - The sector experienced a net outflow of 114 million from institutional investors, while retail investors saw a net outflow of 186 million, and speculative funds had a net inflow of 301 million [2][3] - The stock of YiPinHong decreased by 5.15% to 53.06, with a trading volume of 134,400 shares and a transaction value of 713 million [2]

Core Viewpoint - The technology sector experienced significant declines, prompting a structural shift in market funds towards the innovative drug sector, which saw notable gains on the same day [1][3]. Group 1: Market Performance - The innovative drug sector rose by 3.91% amidst a downturn in the technology sector, successfully breaking through the 20-day moving average with increased trading volume, signaling positive market sentiment [3]. - The innovative drug sector had been in a downward trend since August but began to stabilize and form a bottom pattern in October [3]. Group 2: Multiple Sclerosis (MS) Market - The global market for MS drugs is projected to reach approximately $18.5 billion in 2024, with a significant portion of sales coming from third-generation products, particularly CD20 monoclonal antibodies [6]. - CD20 monoclonal antibodies are expected to account for over 60% of the MS drug sales in 2024, with the drug Ocrelizumab projected to generate sales of 7.64 billion yuan, reflecting a year-on-year growth of 7.4% [6]. Group 3: Chemical Pharmaceutical Industry - The global chemical pharmaceutical market grew from $1,038 billion in 2019 to $1,128 billion in 2023, with expectations to reach $1,156 billion in 2024 [10]. - In China, the chemical pharmaceutical market size was 883.9 billion yuan in 2022, with a year-on-year growth of 4.4%, projected to increase to 945 billion yuan by 2024 [10]. Group 4: Innovative Drug Sector Performance - In the first half of 2025, 21 A-share innovative drug companies reported revenues of 28.69 billion yuan, a year-on-year increase of 42%, while net losses narrowed significantly [11]. - The second quarter of 2025 saw these companies achieve revenues of 15.34 billion yuan, a 39% increase year-on-year, with net losses reduced by 97% [11][12]. Group 5: Future Outlook - Continued policy support for innovative drugs is expected to enhance performance, with an increase in product launches anticipated to drive revenue growth [15]. - The active business development (BD) transactions in the innovative drug sector in the first half of 2025 are expected to bolster the apparent performance of related companies [15].

Core Insights - Lianhuan Pharmaceutical, established in 2000 and listed in 2003, focuses on the research, production, and sales of chemical pharmaceuticals, with a diverse product line and mature production processes [1] Financial Performance - For Q3 2025, Lianhuan Pharmaceutical reported revenue of 2.082 billion yuan, ranking 31st out of 110 in the industry, while the industry leader, East China Pharmaceutical, generated 32.664 billion yuan [2] - The company incurred a net loss of 27.7224 million yuan, ranking 79th in the industry, with the top performer, Heng Rui Pharmaceutical, achieving a net profit of 5.76 billion yuan [2] Financial Ratios - As of Q3 2025, Lianhuan Pharmaceutical's debt-to-asset ratio was 57.72%, up from 47.92% the previous year, exceeding the industry average of 35.26% [3] - The gross profit margin for Q3 2025 was 34.49%, down from 49.89% year-on-year, and below the industry average of 57.17% [3] Executive Compensation - The chairman, Qian Zhenhua, received a salary of 791,500 yuan in 2024, an increase of 31,200 yuan from 2023 [4] - The general manager, Niu Ben, earned 775,500 yuan in 2024, up by 65,700 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 54.72% to 46,600 [5] - The average number of circulating A-shares held per shareholder decreased by 35.37% to 6,130.67 [5]

Core Insights - The innovative drug sector has seen a rise of 3.35%, ranking fifth among various concept sectors, with 248 stocks increasing in value, including notable gainers like Shuyou Pharmaceutical and Sanofi, which hit the 20% limit up [1][2] - Major inflows of capital into the innovative drug sector amounted to 3.783 billion yuan, with 138 stocks receiving net inflows, and 13 stocks exceeding 100 million yuan in net inflows, led by Shuyou Pharmaceutical with 464 million yuan [2][3] Sector Performance - The innovative drug sector's performance was highlighted by significant stock price increases, with Shuyou Pharmaceutical rising by 19.99%, Lianhuan Pharmaceutical by 10.01%, and Zhongsheng Pharmaceutical by 10.02% [3][4] - The sector's top gainers included Kangzhi Pharmaceutical, Zaiqiang Pharmaceutical, and Yifang Biotechnology, which saw increases of 17.47%, 16.14%, and 15.30% respectively [1][2] Capital Inflow Analysis - Lianhuan Pharmaceutical, Anglikang, and Yatai Pharmaceutical led in capital inflow ratios, with net inflow rates of 41.17%, 33.00%, and 21.24% respectively [3] - The top stocks by net capital inflow included Shuyou Pharmaceutical, Lianhuan Pharmaceutical, and Zhongsheng Pharmaceutical, with net inflows of 464 million yuan, 349 million yuan, and 305 million yuan respectively [2][3] Market Trends - The overall market for innovative drugs is experiencing positive momentum, with a significant number of stocks showing strong performance and attracting substantial capital investment [1][2] - The sector's resilience is evident as it continues to attract investor interest despite fluctuations in other sectors, indicating a robust outlook for innovative pharmaceuticals [2][3]

Core Insights - The avian influenza concept sector saw a rise of 3.32%, ranking 6th among concept sectors, with 24 stocks increasing in value, including notable gains from Zhongsheng Pharmaceutical and Lianhuan Pharmaceutical, which hit the daily limit, and Hualan Vaccine and Dongfang Bio, which rose by 17.88%, 7.24%, and 6.41% respectively [1] Group 1: Market Performance - The avian influenza concept sector attracted a net inflow of 811 million yuan from major funds, with 16 stocks receiving net inflows, and 9 stocks exceeding 10 million yuan in net inflow [1] - Lianhuan Pharmaceutical led the net inflow with 349 million yuan, followed by Zhongsheng Pharmaceutical, Hualan Vaccine, and Wens Foodstuff, which received net inflows of 305 million yuan, 64 million yuan, and 58 million yuan respectively [1] Group 2: Fund Flow Ratios - Lianhuan Pharmaceutical, Zhongsheng Pharmaceutical, and Hualan Vaccine had the highest net inflow ratios, at 41.17%, 20.95%, and 13.04% respectively [2] - The trading turnover rates for these companies were 13.81% for Lianhuan Pharmaceutical, 10.14% for Zhongsheng Pharmaceutical, and 3.99% for Hualan Vaccine [2]