JLPC(SH:600513) Hua Xia Shi Bao·2025-06-14 07:29Core 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].