联环药业:利润下滑主要受国家集采、地域联盟集采等政策影响,普通仿制药利润空间被压缩

Core Viewpoint - The profit decline of the company is primarily influenced by national and regional alliance procurement policies, which have compressed the profit margins of generic drugs [2] Group 1: Company Measures - The company is leveraging the stable growth of core innovative drugs, such as Aipulete, to solidify its performance base [2] - The company is promoting the gradual market release of newly approved products, expecting to establish a sales scale within 1-2 years [2] - The company is focusing on high value-added products through mergers and acquisitions, such as the integration with Changle Pharmaceutical, to achieve cost synergies [2] Group 2: Accounts Receivable Management - The company has established a special cleaning team to ensure that accounts receivable periods remain within a reasonable range [2] - The majority of sales are derived from hospital terminals, which minimizes the risk of bad debts [2]