JLPC(SH:600513) Zheng Quan Shi Bao Wang·2025-07-03 00:31Core Viewpoint - The ARB market is experiencing significant developments, particularly with the commercialization of the drug Benazepril by Lianhuan Pharmaceutical, which is expected to drive substantial revenue growth for the company [1][2]. Group 1: Market Position and Commercialization - Lianhuan Pharmaceutical has accelerated its market presence, with its Benazepril product already listed in 13 provinces as of June 30, indicating a rapid commercialization process [2]. - The drug is recognized as a first-line antihypertensive medication, with a strong clinical position and promising market prospects, potentially generating hundreds of millions in revenue for the company [2][3]. - The drug's core advantages include a breakthrough in receptor binding affinity, significant blood pressure reduction, and improved stability in blood pressure control, which enhance its market competitiveness [2]. Group 2: Research and Development Investments - Lianhuan Pharmaceutical has increased its R&D investment for three consecutive years, with a projected R&D expenditure of 277 million yuan in 2024, reflecting a year-on-year growth of 95.93% and surpassing 10% of its revenue for the first time [4]. - The company is advancing its core new drug LH-1801, which targets diabetes and hypertension, with clinical trials expected to conclude in early 2026, potentially opening a market worth 2 billion yuan [4]. Group 3: Product Portfolio and Strategic Positioning - Lianhuan Pharmaceutical has established a multi-layered product portfolio, including basic, combined, and innovative drugs, which strengthens its market position against competitors in the ARB market [6][7]. - The company is pursuing a "generic-innovative" strategy, which is crucial for its transformation into an innovative pharmaceutical enterprise, as it balances innovation with commercial viability [7].