随着反垄断利剑频频落下，原料药领域正成为监管重点。6月11日，联环药业（600513）发布公告称，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》，因参与垄断协议操纵地塞米松磷酸钠原料药价格，被处以罚没款6103.82万元。值得注意的是，罚没款占其最近一年净利的比例高达72.53%， 这份罚单对连续两年净利润下滑的联环药业而言，无异于雪上加霜。此外，联环药业连续两次再融资"告吹"。对于联环药业来说，寻觅业绩增长新引擎，将 是比缴纳罚款更难的考题。 违反反垄断法被罚 6月11日，联环药业发布公告称，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》。 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》（以下简称《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考虑行为的性质、程度、持续时间 ...

Core Viewpoint - Jiangsu Lianhuan Pharmaceutical Co., Ltd. is actively pursuing innovation-driven development strategies, focusing on R&D, market expansion, and strategic acquisitions to enhance its position in the pharmaceutical industry [1][2][3][4][5][6][7][8] Group 1: Innovation and R&D - The company is increasing its R&D investment, with a projected total of approximately 277 million yuan for 2024, representing a year-on-year growth of about 96% [6] - Lianhuan Pharmaceutical has established multiple R&D platforms and is focusing on innovative drug development in areas such as cardiovascular, urology, and oncology, with six innovative drugs in the pipeline [4][5] - The company has received multiple drug registration certificates in 2023, including for products like Olmesartan and Furosemide, enhancing its product portfolio [5] Group 2: Strategic Acquisitions - Lianhuan Pharmaceutical's subsidiary, Yangzhou Lianhuan Investment Co., Ltd., plans to acquire a 51% stake in Sichuan Longyi Pharmaceutical for 70.38 million yuan, aiming to strengthen its market presence in Southwest China [2][3] - Earlier in January, the company acquired a 54% stake in Changle Pharmaceutical for 183.26 million yuan, further expanding its portfolio and market reach [3] - The company is committed to continuous investment and acquisition strategies to integrate quality resources and enhance its industry position [3] Group 3: Production Capacity Expansion - Lianhuan Pharmaceutical is increasing the registered capital of its subsidiary, Lianhuan (Anqing) Co., Ltd., from 50 million yuan to 130 million yuan to enhance its production capabilities [7][8] - The Anqing facility is crucial for the company's manufacturing layout and is expected to produce various formulations, including oral solutions and topical preparations [8] - The company has received a drug production license for the Anqing facility, which will contribute to its ability to supply high-quality products [7][8] Group 4: Financial Performance and Shareholder Returns - The company has maintained a consistent dividend payout ratio of 30% over the years, with total dividends of approximately 43.07 million yuan, 42.82 million yuan, and 25.41 million yuan from 2022 to 2024 [8] - Analysts predict that through its strategic initiatives, the company's overall revenue could exceed 4 billion yuan in 2023 [3]

Group 1 - Kexing Pharmaceutical plans to transfer 100% equity of its wholly-owned subsidiary Shenzhen Tong'an Pharmaceutical Co., Ltd. for 15 million yuan, as the subsidiary has not conducted business in recent years and holds 20 drug approval numbers [1] - The sale aligns with Kexing's strategy to focus on the biopharmaceutical sector, enhancing core competitiveness and reducing operational risks, which is expected to increase profit and cash flow in 2025 [1] Group 2 - Renfu Pharmaceutical announced the resignation of three executives, including the president and vice president, due to personal reasons, which may raise concerns about management stability and strategic execution in the short term [2] - The new president, Du Wentao, is an internal candidate with extensive experience, which may facilitate a smooth transition [2] Group 3 - Lianhuan Pharmaceutical was fined approximately 61.04 million yuan for violating antitrust laws by engaging in a price-fixing agreement with competitors regarding a raw material [3] - The penalty includes the confiscation of illegal gains and a fine, which may impact the company's operational stability and profitability, potentially leading to short-term stock price pressure [3] Group 4 - ST Jingfeng is involved in a significant lawsuit concerning a contractual liability dispute with an amount of 76.98 million yuan at stake, with the court having accepted the case [4] - The lawsuit's outcome remains uncertain, which may affect investor confidence and lead to stock price volatility [4] Group 5 - Zhongsheng Pharmaceutical reported abnormal stock trading fluctuations, with a cumulative price deviation exceeding 20% over two trading days [5][6] - The company is conducting Phase III clinical trials for its product RAY1225, but the progress remains uncertain, raising concerns about the sustainability of the high stock price [6]

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]