联环药业2025年净利预亏8300万元至9900万元，同比由盈转亏

Core Viewpoint - Lianhuan Pharmaceutical (600513) forecasts a net profit loss for 2025, estimating a range between -99 million to -83 million yuan, indicating a shift from profit to loss year-on-year [1] Financial Performance - The company expects a significant decline in net profit and net profit excluding non-recurring items compared to the previous year [1] - The anticipated loss is attributed to multiple factors, including pressure on gross margins from major products due to national drug procurement and adjustments in medical insurance payment policies [1] Operational Factors - Despite maintaining stable overall operations, the company faces increased competition in international markets, which has further impacted profitability [1] - Administrative penalties have resulted in non-recurring expenditures, contributing to the financial downturn [1] R&D Investments - The company has been increasing its investment in research and development, particularly in innovative drugs, leading to higher R&D expenses and related costs [1]