江苏联环药业股份有限公司 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： ?每股分配比例 A 股每股现金红利0.089元 证券代码：600513 证券简称：联环药业 公告编号：2025-037 ?相关日期 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 Ａ股 2025/6/20 － 2025/6/23 2025/6/23 ?差异化分红送转：否 一、通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 9 日的2024年年度股东会审议通过。 二、分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 三、相关日期 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 Ａ股 2025/6/20 － 2025/6/23 2025/6/23 四、分配实施办法 （1）无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统 向股权登记日上海证券交易所收市后登记在册并在上海 ...

Core Viewpoint - Four pharmaceutical companies, including Tianjin Pharmaceutical Co., Ltd. (Tianjin Pharma), Zhejiang Xianju Pharmaceutical Co., Ltd. (Xianju Pharma), Jiangsu Lianhuan Pharmaceutical Co., Ltd. (Lianhuan Pharma), and Xi'an Guokang Ruijin Pharmaceutical Co., Ltd., were fined a total of 362 million yuan for price-fixing of dexamethasone raw materials, with Tianjin Pharma being penalized for the fourth time for similar monopolistic behavior [1][2][4]. Group 1: Companies Involved - Tianjin Pharma, Xianju Pharma, Lianhuan Pharma, and Xi'an Guokang Ruijin Pharma were involved in a price-fixing scheme for dexamethasone, leading to a significant increase in prices from 8,000 yuan/kg to 13,000 yuan/kg between February 2022 and March 2024 [2][4]. - Tianjin Pharma has a history of monopolistic practices, having been penalized multiple times since 2021 for various violations of antitrust laws [4][5]. - Lianhuan Pharma's fine represents 72.53% of its net profit, significantly impacting its financial performance [6][8]. Group 2: Regulatory Actions - The Tianjin Municipal Market Supervision Administration imposed fines based on the companies' previous year's sales, totaling 355 million yuan, along with confiscation of illegal gains [2][7]. - The regulatory body emphasized the importance of maintaining fair competition in the pharmaceutical sector and indicated a commitment to stricter enforcement of antitrust laws [2][4]. - Lianhuan Pharma has submitted a hearing request to reduce its penalties, but the regulatory authority rejected its arguments, affirming the validity of the evidence against the company [7]. Group 3: Financial Impact - Lianhuan Pharma reported revenues of 2.174 billion yuan and 2.160 billion yuan for 2023 and 2024, respectively, with net profits declining by 4.5% and 37.66% [6][8]. - The fine imposed on Lianhuan Pharma will reduce its net profit for 2025 by approximately 61.04 million yuan [8]. - Tianjin Pharma's market influence is significant, with a strong presence in the domestic market for steroid hormone raw materials [5].

Core Viewpoint - The National Market Supervision Administration has imposed a total fine of 355 million yuan on four pharmaceutical companies for colluding to raise the price of dexamethasone phosphate raw materials, which saw a price increase of up to 282 times [1] Group 1: Companies Involved - Four companies involved in the price-fixing scheme include Tianjin Pharmaceutical Co., Jiangsu Lianhuan Pharmaceutical Co., Xi'an Guokang Ruijin Pharmaceutical Co., and Zhejiang Xianju Pharmaceutical Co. [1] - The organizer of the collusion, identified as Guo, was fined the maximum amount of 5 million yuan, while four responsible individuals from the companies were fined 600,000 yuan each [1] Group 2: Price Increases - Dexamethasone phosphate raw material prices were raised significantly, with Tianjin Pharmaceutical increasing prices from 9,000 yuan/kg to 13,800 yuan/kg, and Xi'an Guokang Ruijin raising prices from 7,900 yuan/kg to between 10,000 and 38,000 yuan/kg [1] - Zhejiang Xianju Pharmaceutical raised prices from 8,200 yuan/kg to 10,000 yuan/kg, while Jiangsu Lianhuan increased prices from 7,800 yuan/kg to 15,000 yuan/kg [1] Group 3: Market Impact - The collusion led to a severe market supply shortage, with the price of dexamethasone phosphate injection skyrocketing from 0.35 yuan per dose to 98.76 yuan per dose, marking a staggering increase of 282 times [1] - As of March 7, 2024, the monopolistic pricing of dexamethasone phosphate raw materials was still being enforced [1] Group 4: Legal Consequences - The total illegal gains from the price-fixing scheme were calculated as follows: Tianjin Pharmaceutical Co. 42,764,400 yuan, Zhejiang Xianju Pharmaceutical Co. 23,746,680 yuan, Xi'an Guokang Ruijin Pharmaceutical Co. 24,763,156 yuan, and Jiangsu Lianhuan Pharmaceutical Co. 17,899,200 yuan [1] - The fines imposed on the four companies amounted to 355 million yuan, which includes the confiscation of illegal gains and an additional penalty of 8% of the previous year's sales [1]

证券代码：600513 证券简称：联环药业 公告编号：2025-037 江苏联环药业股份有限公司 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/20 | － | 2025/6/23 | 2025/6/23 | 差异化分红送转：否 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.089元 相关日期 一、通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 9 日的2024年年度股东会审议通过。 二、分配方案 1.发放年度：2024年年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： 本次利润分配以方案实施前的公司总股本285,456,270股为基数，每股派发现 金红 ...

Core Viewpoint - The recent antitrust penalty imposed on Lianhuan Pharmaceutical for price-fixing of dexamethasone raw materials has significant financial implications, with the fine amounting to over 72% of the company's net profit from the previous year [2][5]. Antitrust Violation - Lianhuan Pharmaceutical, along with other companies, engaged in a price-fixing agreement to stop price competition and jointly raise prices for dexamethasone, violating the Anti-Monopoly Law of the People's Republic of China [3][4]. - The investigation revealed that the companies involved had a meeting in November 2021 to establish this agreement, which led to a dramatic price increase of dexamethasone injection from 0.35 yuan to 98.76 yuan, a rise of nearly 282 times [4][5]. Financial Impact - The total fines for the involved companies reached 326 million yuan, with Lianhuan Pharmaceutical specifically fined 61.04 million yuan, which is 72.53% of its net profit from the previous year [5][6]. - The penalty will reduce Lianhuan Pharmaceutical's net profit for 2025 by 61.04 million yuan, significantly impacting its financial performance [6]. Company Performance - Lianhuan Pharmaceutical has experienced a decline in net profit, with projections showing a drop from 135 million yuan in 2023 to 84 million yuan in 2024, a decrease of 37.66% [7][8]. - The company's revenue for 2023 and 2024 is projected at 2.174 billion yuan and 2.160 billion yuan, respectively, indicating a slight decline [8]. R&D Investment - The company has significantly increased its R&D expenditures, from 66 million yuan in 2021 to 155 million yuan in 2024, which has pressured profit margins [9]. - Lianhuan Pharmaceutical is shifting focus towards high-end formulations and innovative drugs, which has led to increased R&D costs but has not yet translated into higher profits [9][10]. Financing Challenges - Lianhuan Pharmaceutical has faced difficulties in securing external financing for its innovative drug projects, leading to a reliance on loans, which may increase its financial burden [9][10]. - The company attempted to raise funds through convertible bonds and private placements, but both plans were ultimately terminated due to market conditions and operational realities [10].

Group 1 - The State Administration for Market Regulation announced two antitrust enforcement cases in the pharmaceutical sector during a press conference on June 13, 2023 [1] - In the case involving the raw material drug Dexamethasone Sodium Phosphate, four companies collectively raised the price from 8,000 yuan per kilogram to 13,000 yuan, resulting in a total fine of 362 million yuan [1][2] - The companies involved in the price-fixing agreement included Tianjin Jiyuan Pharmaceutical Co., Zhejiang Xianju Pharmaceutical Co., Jiangsu Lianhuan Pharmaceutical Co., and Xi'an Guokang Ruijin Pharmaceutical Co. [1] Group 2 - The Tianjin Market Regulation Commission imposed administrative penalties, including a maximum fine of 5 million yuan on individual Guo, and confiscated illegal gains from the four companies, totaling 354 million yuan [2] - Each of the four companies was fined 8% of their previous year's sales for participating in the price-fixing agreement, and four responsible individuals were fined 600,000 yuan each [2] - In March 2023, authorities also penalized companies involved in a separate case regarding the injection of Neostigmine Methylsulfate, with total fines amounting to 223 million yuan [2]

Core Viewpoint - Lianhuan Pharmaceutical (600513.SH) has been fined approximately 61.04 million yuan for violating antitrust laws by engaging in price-fixing agreements related to the raw material dexamethasone phosphate sodium, which restricted competition in the market [1][2]. Group 1: Regulatory Actions - The Tianjin Municipal Market Supervision Administration issued an administrative penalty decision against Lianhuan Pharmaceutical for colluding with competitors to fix prices, violating antitrust regulations [1]. - The company has submitted a hearing application to contest the decision, but the hearing did not overturn the factual findings of the enforcement personnel [4]. Group 2: Financial Impact - The 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 [2]. - In 2024, Lianhuan Pharmaceutical reported total revenue of 2.16 billion yuan, a decrease of 0.63% year-on-year, and a net profit of 84.16 million yuan, down 37.66% from the previous year [5][6]. Group 3: Market Context - Dexamethasone is a corticosteroid used for its anti-inflammatory and immunosuppressive properties, and it has been included in the treatment protocols for severe COVID-19 cases in China [4]. - Lianhuan Pharmaceutical, along with Tianjin Pharmaceutical and Xianju Pharmaceutical, are the only domestic companies with approval for dexamethasone phosphate sodium injection [4].

Core Viewpoint - Jiangsu Lianhuan Pharmaceutical Co., Ltd. was fined approximately 61.04 million yuan for violating the Anti-Monopoly Law during the sale of the raw material dexamethasone phosphate sodium, marking a significant enforcement action under the revised law [1][2][4][5]. Summary by Relevant Sections Administrative Penalties - The total fines from this series of cases exceed 360 million yuan, with Lianhuan Pharmaceutical's fine being a substantial part of this total [7]. - Lianhuan Pharmaceutical was fined 61.04 million yuan, which includes the confiscation of illegal gains of 17.89 million yuan and a fine of approximately 43.14 million yuan based on 8% of its 2023 sales [4][8]. Case Background - The case involved four pharmaceutical companies colluding to raise prices of dexamethasone phosphate sodium, a critical drug for treating severe COVID-19 cases, leading to increased costs for patients and healthcare systems [8][10]. - The collusion lasted for about two and a half years, starting from November 20, 2021, when the agreement was made during a meeting organized by an individual named Guo [8][21]. Enforcement Trends - The case highlights a trend of stricter enforcement of anti-monopoly laws, particularly in the pharmaceutical sector, where raw material monopolies have become a focus for regulatory bodies [10][11]. - The penalties reflect a dual approach of strict punishment for violations and incentives for compliance, as seen in the differentiated penalties based on cooperation with investigations [13][14]. Implications for the Industry - The case serves as a warning for pharmaceutical companies regarding the risks of horizontal agreements and the need for comprehensive compliance systems to prevent anti-competitive behavior [14]. - Companies are encouraged to establish internal reporting mechanisms and crisis response strategies to mitigate risks associated with anti-monopoly violations [14].

联环药业表示，本次罚没金额占公司合并报表范围最近一个会计年度经审计的营业收入和归属净利润的 比例分别为2.83%和72.53%。上述罚没款金额将相应减少公司2025年度归属净利润6103.82万元。 地塞米松磷酸钠是一种肾上腺皮质激素类药物，具有抗炎、抗过敏、抗风湿、免疫抑制作用，因被证明 对新冠肺炎重症患者有疗效，被编入国内《新型冠状病毒肺炎诊疗方案》（第九版、第十版）推荐用 药，用于重症新冠肺炎临床治疗。 地塞米松原料药垄断案终于尘埃落定。6月11日，江苏联环药业股份有限公司（简称"联环药业"）收到 天津市市场监督管理委员会下发的《行政处罚决定书》，责令其停止违法行为，并处罚款合计6103.82 万元。此前，一同实施垄断的津药药业、仙琚制药也已收到《行政处罚决定书》。而此次被罚没的金 额，占据联环药业去年超七成的净利润。 三家药企累计被罚3.26亿元 根据《行政处罚决定书》，天津市市场监督管理委员会认为，联环药业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》相关规定，属于达成并实施"固定或者变更 ...

Core Viewpoint - The recent monopolistic practices in the raw material drug sector have led to significant penalties for several pharmaceutical companies, highlighting the ongoing issues of price manipulation and collusion in the industry [2][4][12]. Summary by Sections Monopolistic Practices and Penalties - Lianhuan Pharmaceutical was fined 61.0382 million yuan for manipulating the price of dexamethasone phosphate raw materials, which accounts for 72.53% of its projected net profit for 2024 [2][4]. - The total fines for the involved companies, including Jinyuan Pharmaceutical and Xianju Pharmaceutical, reached 326 million yuan [2]. - Dexamethasone prices surged from 0.35 yuan to 98.76 yuan per unit, a staggering increase of 282 times [4]. Nature of Collusion - The actions of Jinyuan Pharmaceutical, Lianhuan Pharmaceutical, Xianju Guokang Ruijin, and Xianju Pharmaceutical are characterized as typical price-fixing collusion, which is a form of horizontal monopoly agreement [3]. - Such collusion is often covert, making it difficult to detect externally, as only the price increases are visible [3]. Regulatory Response and Compliance - In response to the penalties, Lianhuan Pharmaceutical has initiated corrective actions, including terminating improper practices and sending price adjustment notices to clients [5]. - The penalties varied significantly among the companies, with Lianhuan receiving a 30% reduction due to cooperation during the investigation, while others received different levels of leniency based on their compliance [5][6]. Historical Context and Industry Trends - The pharmaceutical industry has seen a rise in monopolistic cases, with Jinyuan Pharmaceutical being a repeat offender, having faced multiple penalties in recent years [7]. - The raw material drug sector is particularly prone to monopolistic behavior due to its concentrated market structure, contrasting with the more competitive formulation market [7]. Evidence and Enforcement - The enforcement of antitrust laws has been strengthened, with recent cases revealing organized efforts to manipulate prices through meetings and agreements among competitors [9][11]. - The introduction of personal liability for individuals involved in monopolistic practices marks a significant shift in regulatory enforcement [10]. Future Implications - The recent penalties are expected to deter similar behaviors in the industry, promoting compliance and encouraging companies to adopt legitimate business practices [12][14]. - The evolving regulatory framework aims to address the complexities of monopolistic behavior in the pharmaceutical sector, enhancing oversight and accountability [14].