Macro News - The Central Committee and State Council issued opinions to support the Guangdong-Hong Kong-Macao Greater Bay Area enterprises listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange according to policy regulations [1][5] - The National Development and Reform Commission held a meeting focusing on technology-driven private enterprises, emphasizing the importance of incorporating feedback from companies into the "14th Five-Year Plan" to support innovation and modern industrial systems [2][5] - The Ministry of Commerce announced an anti-dumping investigation into imported pork and pork products from the EU, extending the investigation period to December 16, 2025, due to the complexity of the case [6] Industry News - Four major automotive manufacturers, including China FAW Group and Dongfeng Motor Corporation, announced a unified payment term of 60 days [7] - The State Administration for Market Regulation is soliciting opinions on the "Live E-commerce Supervision Management Measures," requiring live marketing personnel to provide truthful and comprehensive product information [7] - The first-generation LABUBU art piece was auctioned for 1.08 million yuan, marking a significant event in the art market [7] - The National Taxation Administration reported a 116% year-on-year increase in the number of tax refund applications for departing tourists in the first month of the new policy, with the number of refund stores reaching 5,196 [7] - The Hami-Chongqing ±800 kV UHVDC project was put into operation, capable of transmitting over 36 billion kWh of electricity annually from Xinjiang to Chongqing [8] Company News - Vanke A announced the sale of 22 million A-shares from its inventory, totaling 146 million yuan [10] - Tencent Music announced a proposed acquisition of Ximalaya Holdings for a total cash amount of 1.26 billion USD [11] - *ST King Kong signed a restructuring investment agreement with industrial investor Ouhao Group [11] - Lianhuan Pharmaceutical received an administrative penalty totaling 61.0382 million yuan [11] - Honghe Technology announced a potential change in control, with its stock set to resume trading [12] - Qu Mei Home announced that a board member reduced holdings by 58,000 shares during a period of unusual stock trading [13] - Zhongke Shuguang will hold an investor briefing on major asset restructuring on June 11 [14] - Beizhi Technology reached a strategic cooperation intention with Xingdong Era to develop humanoid robots for smart logistics [14] - Founder Technology plans to raise no more than 1.98 billion yuan for an AI and high-density interconnect circuit board project [14]

江苏联环药业股份有限公司 投资者关系活动记录表 证券代码：600513 证券简称：联环药业 公告编号：2025-036 | | ☑特定对象调研 ☑分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 别 | □现场参观 | | | □其他 （请文字说明其他活动内容） 华西证券研究所、华安证券研究所、工银瑞信基金、江 | | | 苏省高投、华安资管、金库资本、骐楷资产、九水投资、 | | 参与单位名称 | 弥加投资、江苏高科技产业投资、上海胜帮、四川大决 | | | 策、佰诺私募、海能投资、君子兰投资、武汉泽弘、阳 | | | 翔投资、吉石资本、澜胜资产 | | 2025 时间 | 年 6 月 10 日 | | | 江苏省扬州市扬州生物健康产业园健康一路 9 号 3 楼第 | | 地点 | 八会议室 董事长兼董事会秘书：钱振华先生 | | | 总经理：牛犇先生 | | 上市公司接待人员 | 副董事长：涂斌先生 | | 姓名 | 财务总监：薛昊先生 | | | 总工程师助理兼药研所所长：贾志祥先生 | | | 证券事务代表：葛 ...

证券代码：600513 证券简称：联环药业 公告编号：2025—035 江苏联环药业股份有限公司 关于公司收到《行政处罚决定书》的公告 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 5 月 1 日披露 了公司收到《行政处罚告知书》的相关事项，内容详见《关于公司收到<行政处 罚告知书>的公告》（公告编号：2025-025）。近日，公司收到天津市市场监督管 理委员会下发的《行政处罚决定书》（津市监垄处[2025]5 号），现将具体情况 公告如下： 一、《行政处罚决定书》的主要内容 天津市市场监督管理委员会认为，公司与具有竞争关系的经营者，以垄断 协议形式变更、固定地塞米松磷酸钠原料药价格，排除、限制了地塞米松磷酸 钠原料药销售领域的竞争，违反了《中华人民共和国反垄断法》第十七条第（一） 项的规定，属于达成并实施"固定或者变更商品价格"垄断协议的行为，应当 依据《反垄断法》第五十六条的规定依法追究法律责任。 根据《反垄断法》第五十九条的规定，反垄断执法机构确定罚款数额应当 ...

Core Viewpoint - The monopolistic fine imposed on Lianhuan Pharmaceutical due to price-fixing of a COVID-19 recommended drug ingredient has significantly impacted the company's net profit, accounting for over 72% of its profit from the previous year [2][3]. Group 1: Regulatory Actions and Financial Impact - Lianhuan Pharmaceutical received an administrative penalty of approximately 61.04 million yuan for violating antitrust laws by colluding with competitors to fix the price of dexamethasone phosphate sodium raw materials [2][3]. - The fine represents more than 72% of the company's net profit from the previous year, which indicates a substantial financial burden [2][3]. - The company's net profit reached its peak in 2022 but has since declined for two consecutive years, with changes in net profit of 18.96%, -4.50%, and -37.66% from 2022 to 2024 [5]. Group 2: Market Dynamics and Price Manipulation - Dexamethasone, a corticosteroid used for treating severe COVID-19 cases, saw its price surge from 0.35 yuan to 98.76 yuan per injection, a nearly 282-fold increase, due to supply shortages during the pandemic [3][4]. - A meeting among representatives from Lianhuan and other companies led to a verbal agreement to stop price competition and raise prices, resulting in significant price hikes for the raw material [4]. Group 3: Research and Development Progress - Lianhuan Pharmaceutical's revenue for 2024 was 2.16 billion yuan, a slight decrease of 0.63%, while its net profit dropped by 37.66% to 84.16 million yuan [6]. - The company has increased its R&D expenses from over 66 million yuan to 155 million yuan from 2021 to 2024, focusing on innovative drugs across various therapeutic areas [6][7]. - Currently, Lianhuan has six innovative drugs in development, with one in Phase III clinical trials and two in Phase I trials [6][7].

Group 1 - Zhongtai Securities' controlling shareholder plans to increase its stake in the company by 300 million to 500 million yuan within three months, representing up to 0.76% of the total share capital [2] - Fangzheng Technology intends to raise no more than 1.98 billion yuan through a private placement, with the controlling shareholder participating in the subscription [4] - Kexing Pharmaceutical plans to transfer 100% equity of its wholly-owned subsidiary, Shenzhen Tong'an Pharmaceutical Co., Ltd., to Guangxi Zhuang Autonomous Region Drug Research Institute, with no significant legal obstacles [2] Group 2 - Deep Kangjia A has decided to terminate the acquisition of 78% equity in Hongjing Microelectronics due to disagreements on core terms with the counterparty [6] - Haimer Technology is planning a change in company control, with stock suspension continuing for up to three trading days [7] - Dongfang Electric Heat has signed a strategic cooperation agreement with Shanghai Zhishi to develop electronic skin for robots [8] Group 3 - Redik plans to acquire 51% equity in Chengzhan Precision Technology Co., Ltd. for a total consideration of 104 million yuan, aiming to enter the embodied intelligence field [9] - Vanke A sold 22 million A-shares on June 10, raising approximately 146 million yuan, accounting for 0.18% of the total share capital [10] - Jintai Technology has not yet engaged in any business related to stablecoin concepts, despite recent market interest [11] Group 4 - Apac Co., Ltd. received a project designation from a large domestic automotive group, with an expected total sales amount of approximately 360 million yuan over a six-year lifecycle [12] - Ice Wheel Environment won two large cold chain projects with a total bid price exceeding 190 million yuan, representing about 2.9% of the company's projected revenue for 2024 [13] - Songyuan Safety received a project designation from a well-known domestic automotive manufacturer, totaling approximately 45 million yuan [14]

Group 1 - Vanke A announced the sale of 22 million A-share treasury stocks for a total of 146 million yuan, representing 0.18% of the company's total share capital, aimed at supplementing liquidity without impacting current profits [1] - Tencent Music plans to acquire 100% of Himalaya for a total consideration of $1.26 billion, which includes cash and shares, to expand its audio content ecosystem [1] - Dongfang Electric Heat signed a strategic cooperation agreement with Xiaomi's subsidiary to develop robotic electronic skin, focusing on flexible fabric pressure sensing applications [3] Group 2 - Chengdu Huamei launched a 4-channel, 12-bit, 16G high-precision RF direct sampling ADC chip, marking a significant breakthrough in high-speed data conversion technology [4] - Jinshi Technology clarified that it has not engaged in any business related to stablecoins, despite recent market interest, and noted a significant stock price increase of 76.51% over six trading days [5] - Xiantan Co. reported a 14.22% year-on-year increase in chicken product sales revenue for May, amounting to 469 million yuan [7]

Group 1: Company Overview and Product Development - The company focuses on innovative drugs primarily in cardiovascular, urology, oncology, and respiratory systems, with 6 innovative drugs in development, including 1 in Phase III, 2 in Phase I, and 3 in preclinical research [2] - The product Aipulete has shown strong market performance, with projected sales of 119 million tablets in 2024, representing a 30.28% increase from the previous year [2] - The company emphasizes innovation-driven development strategies, enhancing R&D platforms, increasing investment in technology innovation, and promoting digital transformation and sustainable development [2] Group 2: Export Strategy and International Development - The company primarily exports raw materials to markets in North America, Eastern Europe, Southeast Asia, South America, and Oceania [3] - The company established Unioncle Pharma LLC in the U.S. in 2023 to facilitate international collaboration and accelerate the internationalization of its R&D products [3] - The company is actively seeking opportunities for its newly developed raw materials through various channels to enhance its global presence [3] Group 3: Strategic Acquisitions - The company acquired Longyi Pharmaceutical to strengthen its market presence in Southwest China, aiming to create a dual-core driving pattern with its headquarters in the Yangtze River Delta [4] - Longyi Pharmaceutical has a dense distribution network and advantages in the outpatient market, which will accelerate the regional penetration of the company's existing products [4] - The company's national sales system will provide Longyi Pharmaceutical with more upstream pharmaceutical cooperation resources, expanding its wholesale categories [4]

Company Announcements - Dongfang Electric Heat signed a strategic cooperation agreement with Xiaomi's subsidiary Shanghai Zhishi to actively develop robotic electronic skin [2] - Chengdu Huami launched a 4-channel, 12-bit, 16G high-speed high-precision RF direct sampling ADC chip, marking a significant breakthrough in high-speed data conversion technology [4] - Vanke A sold 22 million A-share treasury stocks for a total of 146 million yuan, which will help supplement the company's liquidity [5] - Honghe Technology's stock will resume trading as Hefei Ruicheng is set to become the company's indirect controlling shareholder [8] Strategic Partnerships - Beizhi Technology reached a strategic cooperation intention with Xingdong Jiyuan to collaborate on humanoid robots in smart logistics applications [3] - Redik plans to acquire 51% of Yuzhan Precision, focusing on the application of micro-screw technology in robotic dexterous hands [19] Financing and Capital Increase - Fangzheng Technology plans to raise no more than 1.98 billion yuan through a private placement to fund the AI and high-density interconnect circuit board industry [17] Shareholding Changes - Guangting Information intends to purchase 100% of Kaima Technology for 360 million yuan, aiming to enhance its market position [19] - Qu Mei Home's director reduced holdings by 58,000 shares during a period of abnormal stock trading [4] Market Reactions - Jinshi Technology clarified that it has not engaged in any business related to stablecoins, despite a significant stock price increase of 76.51% [11] - Jinying Co. announced it is not involved in solid-state battery business, with its lithium battery materials revenue being only 1.70% of total revenue [12]

Core Viewpoint - The company, Lianhuan Pharmaceutical, has been penalized for engaging in anti-competitive practices related to the pricing of dexamethasone phosphate sodium raw materials, violating China's Anti-Monopoly Law [2][3]. Group 1: Regulatory Actions - The Tianjin Municipal Market Supervision Administration issued an administrative penalty decision against the company for forming a monopoly agreement to fix prices, which restricts competition in the sales of dexamethasone phosphate sodium [2]. - The company is required to cease illegal activities and has been fined a total of 61.0382 million yuan, which includes the confiscation of illegal gains amounting to 17.8992 million yuan and a fine based on 8% of the 2023 sales revenue [2]. Group 2: Financial Impact - The total penalty amount represents 2.83% of the company's audited revenue and 72.53% of its net profit attributable to shareholders for the most recent fiscal year [3]. - The penalty will reduce the company's net profit attributable to shareholders by 61.0382 million yuan for the fiscal year 2025 [3].

Group 1: R&D Strength and Innovation - The company is enhancing its technological innovation efforts by establishing multiple R&D platforms in Nanjing and Yangzhou, supported by academicians and provincial engineering technology centers [1][2] - The company has six innovative drugs in development, focusing on cardiovascular, urology, oncology, and respiratory systems, with one drug in Phase III and two in Phase I clinical trials [2][3] Group 2: Core Innovative Drug Pipeline - LH-1801, developed in collaboration with the Shanghai Institute of Materia Medica, targets Type 2 diabetes and is part of a treatment matrix for metabolic diseases [2] - LH-1901, an inhalation drug approved for clinical trials in September 2024, aims to fill a gap in the respiratory field with superior efficacy [2] - LH-2103, submitted for clinical application in January 2025, is expected to strengthen the company's position in the urology market [2] Group 3: Sales Performance and Market Strategy - The company's product Aipulete has shown strong market performance, with sales volume reaching 11.89 million tablets in 2024, a 30.28% increase from the previous year [3] - The company is focusing on professional and academic promotion strategies to expand product influence and brand recognition [3] Group 4: Export and Internationalization - The company exports mainly raw materials to markets in North America, Eastern Europe, Southeast Asia, South America, and Oceania, with a focus on long-term international strategies [4] - The establishment of Unioncle Pharma LLC in the U.S. aims to facilitate international collaboration and accelerate the registration of R&D products abroad [4] Group 5: Market Integration and Operational Efficiency - The company is implementing a strategy of "three integrations and one transformation" to enhance marketing team professionalism and drive sales through multiple channels [5] - Investments in automation and digital transformation are aimed at improving collaboration across R&D, sales, and production [5][6] Group 6: Financial and Capital Operations - The company is focusing on mergers and acquisitions to enhance its resource integration and improve its capital structure [6][9] - Recent capital increases in subsidiaries are intended to strengthen core competitiveness and support overall strategic goals [7][8]