联环药业分析师会议-20250701

1. Report Industry Investment Rating - No information provided in the document 2. Core Viewpoints of the Report - The company focuses on R & D of new drugs in the fields of metabolism, respiration, oncology, and urology, with 6 innovative drugs in development, including 1 in Phase III clinical trials, 2 in Phase I, and 3 in pre - clinical research [24] - In 2024, the company's R & D investment reached 2.77 billion yuan, a year - on - year increase of 95.93%, mainly focusing on innovative drugs, generics, and R & D platform construction [24] - The company attaches great importance to market value management, is formulating a special plan, and will promote it through multiple dimensions to achieve the coordinated growth of market value and intrinsic value [26] - The company has a relatively complete mechanism for R & D talent introduction, cultivation, and incentive, and has established a R & D incentive system [27] - The company has a certain foundation in overseas market expansion, mainly exporting APIs, and has passed relevant inspections [27][29] - The company obtained the registration certificate for Meiasartan Potassium Tablets in 2025 and plans to increase market share through differentiated strategies [28][30] 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Lianhuan Pharmaceutical, belonging to the chemical pharmaceutical industry, and the reception time was on July 1, 2025. The reception staff included the chairman, board secretary, general manager, finance manager, and others [17] 3.2. Detailed Research Institutions - The reception object is Flush, with 2 related personnel [20] 3.3. Research Institution Proportion - No information provided in the document 3.4. Main Content Information - New Drug R & D Plan: The company focuses on metabolism, respiration, oncology, and urology, with 6 innovative drugs in development, 1 in Phase III, 2 in Phase I, and 3 in pre - clinical research [24] - R & D Investment and Commercialization Expectations: In 2024, R & D investment reached 2.77 billion yuan, a 95.93% increase. Core varieties LH - 1801 is planned to submit NDA in 2026, and LH - 1901 is advancing clinical trials. In generics, 8 production approvals and 1 clinical approval were obtained in 2025 [24][25] - Market Value Management Plan: The company attaches great importance to market value management, is formulating a special plan, and will promote it through multiple dimensions to achieve coordinated growth [26] - R & D Talent Mechanism: The company has a complete mechanism for R & D talent introduction, cultivation, and incentive, and has a R & D incentive system [27] - Overseas Market Expansion: The company mainly exports APIs, has passed FDA and WHO inspections, and established a platform in the US in 2023 [27][29] - Meiasartan Potassium Tablets: The company obtained the registration certificate in 2025. The drug has high sales growth, and the company plans to increase market share through differentiated strategies [28][30]