JLPC(SH:600513) Bei Ke Cai Jing·2025-06-12 12:34Core Viewpoint - The antitrust case involving dexamethasone raw material has concluded, resulting in significant fines for Jiangsu Lianhuan Pharmaceutical Co., Ltd. and its competitors, impacting their financial performance and future operations [1][2][4]. Group 1: Regulatory Actions and Financial Impact - Jiangsu Lianhuan Pharmaceutical was fined a total of 61.0382 million yuan, which represents 72.53% of its net profit for the previous year [3][4]. - The total fines imposed on the three companies involved in the price-fixing agreement amount to 326 million yuan [4]. - The fines include the confiscation of illegal gains of 17.8992 million yuan and an 8% penalty based on the company's 2023 sales [2][4]. Group 2: Financial Performance and R&D Investment - In 2024, Jiangsu Lianhuan reported a revenue of 2.16 billion yuan, a slight decrease of 0.63% year-on-year, and a net profit of 84.16 million yuan, down 37.66% from the previous year [6]. - The company has significantly increased its R&D investment, with expenses rising from 66 million yuan in 2021 to 155 million yuan in 2024, reflecting a compound annual growth rate of over 51% [7][8]. - The increase in R&D spending has pressured profit margins, leading to a decline in net profit despite revenue growth [7][8]. Group 3: Market Position and Competitive Landscape - Dexamethasone phosphate sodium is included in the treatment guidelines for severe COVID-19 patients, highlighting its importance in the pharmaceutical market [3]. - The company is shifting focus towards high-end formulations and innovative drugs, including projects targeting cancer and Alzheimer's disease [7][8]. - The innovative drug LH-1801, currently in phase III clinical trials, faces competition from several similar products already on the market [9].