证券日报网12月25日讯 ，联环药业在接受投资者提问时表示，为深入贯彻落实国资委关于提升上市公 司质量、做好市值管理工作的相关要求，切实履行上市公司股东回报责任，2025年，公司以内在价值为 核心，联动信息披露、投资者关系、投资并购等多维度举措，探索构建"价值创造—价值传播—价值实 现"的闭环管理体系。公司股票在股票调整考察日前6个月市值不低于人民币50亿元，满足沪股通准入要 求，公司已在2025年12月22日正式被调入沪股通。 （文章来源：证券日报） ...

Core Viewpoint - The company is actively responding to national procurement policies by optimizing product structure, enhancing production efficiency, and leveraging vertical integration to control costs and mitigate the impact of procurement on profits [1] Group 1: Strategic Adjustments - The company is adjusting its development strategy by increasing investment in innovative drugs and high-barrier generic drug research and development [1] - The focus is on product upgrades to overcome policy restrictions and reduce reliance on ordinary generic drugs [1] Group 2: Policy Engagement - The company will continue to strengthen policy research and interpretation to ensure its operational development aligns with policy directions [1] - It aims to enhance market recognition of innovative drugs through academic promotion and brand building [1] - The company is actively participating in the formulation of industry standards to improve its adaptability to policies [1]

Core Viewpoint - Lianhuan Pharmaceutical (600513) is proactively addressing raw material price volatility risks by establishing a comprehensive industrial chain layout, ensuring supply chain security through its subsidiaries and production bases [1] Group 1: Company Strategy - Lianhuan Group, the controlling shareholder of Lianhuan Pharmaceutical, has developed a complete industrial chain layout with intermediate production enterprises such as Inner Mongolia Shengshi Chemical and Prin Pharmaceutical [1] - The company has established two major intermediate production bases in Inner Mongolia and Anhui to secure its supply chain [1] Group 2: Regulatory Compliance and Future Plans - The company’s predecessor, Yangzhou Pharmaceutical Factory, was one of the first in China to pass FDA on-site inspections in 1984 [1] - A new factory is set to pass FDA on-site inspection again in August 2024 [1] - The company plans to leverage its World Health Organization (WHO) pre-certification advantage to enhance the overseas promotion of specialty raw materials like Levonorgestrel, aiming to increase the export sales ratio and make the raw material business a significant growth driver [1]

证券日报网12月25日讯 ，联环药业在接受投资者提问时表示，利润下滑主要受国家集采、地域联盟集 采等政策影响，普通仿制药利润空间被压缩。公司已采取多项改善措施：一是依托爱普列特等核心创新 药的稳定增长筑牢业绩基本盘；二是推动近年新获批品种逐步放量，预计1-2年内形成销售规模；三是 通过并购整合（如常乐制药）发挥成本协同优势，聚焦高附加值产品。应收账款方面，公司成立专项清 理小组，确保应收账款账期在合理范围，且主要销售来自医院终端，坏账风险较低。 （文章来源：证券日报） ...

Core Viewpoint - Lianhuan Pharmaceutical, a core subsidiary of Lianhuan Group, focuses on pharmaceutical manufacturing, medical devices, and health care, with a diverse product line including urological drugs, antihistamines, cardiovascular drugs, steroids, and antibiotics [2] Group 1: Company Overview - Lianhuan Pharmaceutical is part of Lianhuan Group, which emphasizes three main sectors: pharmaceutical manufacturing, medical devices, and health care [2] - The company offers a wide range of products, including national class I new drug Aipulete Tablets, class II new drug Ebastine Tablets, and various other medications such as Nifedipine Tablets and Dapoxetine Capsules [2] Group 2: Product Development Strategy - In recent years, the company has focused on expanding into emerging therapeutic areas such as endocrinology, oncology, and respiratory systems, creating a product development pattern of "traditional advantages + emerging strategies" [2] - The product pipeline is diversified and includes specialized products like Dapoxetine and Tadalafil for male health, as well as folic acid tablets for pregnant women [2]

Core Viewpoint - The company emphasizes its commitment to core business operations and strategic acquisitions, aiming for synergy and collaboration with high-quality targets in the future [1] Group 1: Business Strategy - The company will continue to pursue mergers and acquisitions that align with its core business and create synergistic effects [1] - There is no current plan for a Hong Kong stock listing, but the company will evaluate this based on business development and market conditions [1] Group 2: Financial Position - The company's financial situation is manageable, supporting existing research and business needs [1] - If the funding requirements for innovative drug projects increase in the later stages, the company may consider refinancing options [1] Group 3: Stock Market Operations - The company has been included in the Shanghai-Hong Kong Stock Connect, which will help optimize its equity structure and enhance stock liquidity [1]

Core Viewpoint - The company emphasizes innovation in its research and development strategy, focusing on innovative drugs, improved new drugs, and generic drugs with technical barriers, while gradually reducing investment in ordinary generic drugs [1] Group 1: R&D Focus - The company has six ongoing innovative drug R&D projects, with the core project LH-1801 (SGLT-2 inhibitor) currently in the Ⅲ phase clinical trial, expected to unblind in Q1 2026 [1] - LH-1801 demonstrates differentiated advantages in controlling glycosylated hemoglobin and offers benefits for heart failure and kidney protection, indicating a broad future market potential [1] - The company is also developing LH-1802 for acute myeloid leukemia, which is in clinical trial stages, and LH-1901 for chronic obstructive pulmonary disease, which has initiated phase I clinical trials [1] Group 2: Collaborations and Achievements - The company collaborates with renowned research institutions and universities, including the Shanghai Institute of Pharmaceutical Industry, China Pharmaceutical University, and Zhejiang University, through its academician and doctoral workstations [1] - As of 2025, the company has obtained 13 production approvals and 2 clinical approvals, being one of the two companies to pass the consistency evaluation for methanesulfonic acid phenylephrine injection (1ml: 10mg) [1] - The company is one of three manufacturers in China for the market of benazepril potassium tablets and the first nationwide company to pass the consistency evaluation for hydrochloride quetiapine tablets [1]

证券日报网12月25日讯，联环药业（600513）在接受投资者提问时表示，公司高度重视员工激励与人才 保留，已建立差异化的薪酬体系，研发人员薪酬与项目进展深度挂钩，将研发流程分阶段给予团队相应 奖励，充分调动创新积极性。此外，公司已连续多年为员工调资，让员工切实共享企业发展的成果。公 司将进一步完善激励机制，吸引更多优秀人才投身研发与创新业务。 ...

证券日报网12月25日讯 ，联环药业（600513）在接受投资者提问时表示，公司通过"三整合一转变"的 销售改革，构建了遍布全国、远销欧美的营销网络，形成专业推广、招商、OTC、电商、进出口五条销 售线。其中电商渠道增长迅猛，达泊西汀与他达拉非组合的销售额中绝大部分来自电商平台。未来新零 售业务将持续发力，联环集团在北京成立了电商运营公司，同时联环药业在美国设立合资公司探索跨境 电商，引入海外保健品试水国内市场，逐步构建国内电商与跨境电商融合发展的模式。此外，公司通过 学术合作、终端深耕等方式巩固传统渠道，产品已从三级医院下沉至社区医疗机构，市场覆盖持续扩 大。 ...

证券日报网12月25日讯 ，联环药业（600513）在接受投资者提问时表示，公司将继续深入推进"仿创结 合"发展战略。在业务布局上，将进一步巩固传统优势领域，加大内分泌、肿瘤、呼吸系统等新兴领域 的研发和市场投入；在产品端，推动核心创新药落地及国际化，丰富高附加值产品管线；在渠道端，持 续拓展新零售和国际市场，提升市场渗透率。作为国有企业，公司将响应联环集团战略要求，依托稳健 的经营策略、持续的创新能力和产业链优势，实现业务规模与盈利能力的同步提升，为股东创造更大价 值。 ...