JLPC(SH:600513) Dong Jian Yan Bao·2025-07-09 15:22Report Summary 1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Viewpoints - The report focuses on the in - depth investigation of Lianhuan Pharmaceutical, covering the company's strategic positioning, responses to challenges, and future development plans [26][28][30]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Lianhuan Pharmaceutical, belonging to the chemical pharmaceutical industry. The reception time was July 9, 2025. The company's reception staff included the chairman, board secretary, general manager, and other key personnel [16]. 3.2. Detailed Research Institutions - The institutions participating in the research include Jiangsu Securities Industry Association, China CITIC Bank, CITIC Construction Securities, Huabao Securities, Yida Capital, Xianghe Investment, Jiazhi Private Equity, Junzilan Capital, Yuanfang Capital, Jintou Assets, Yipin Assets, Deep Vision Technology, and Yangzhou Newspaper Group [17][18]. 3.3. Proportion of Research Institutions - Other types of institutions account for 54%, asset management companies 23%, securities companies 15%, and joint - stock commercial banks 8% [20][21][22]. 3.4. Main Content Information - Event Background: On July 8, 2025, CITIC Construction Securities Yangzhou Jiangyang Middle Road Securities Business Department, together with the Jiangsu Securities Industry Association, organized an event to visit Lianhuan Pharmaceutical [25]. - Strategic Positioning and Core Competitiveness: The company adheres to the "innovation - driven development" strategy. In 2024, the R & D investment was about 277 million yuan. It focuses on innovation drugs, high - end preparations, and large - variety generic drugs in R & D, promotes business model innovation in sales, and improves quality stability through intelligent transformation in production. It has passed the FDA on - site inspection twice and won the "Advanced - level Intelligent Factory in Jiangsu Province" title [26]. - Impact of Centralized Procurement and Countermeasures: The company recognizes the strategic value of centralized procurement policies and has established a dynamic policy research mechanism. It copes with challenges by optimizing product structure, accelerating innovation R & D, and deepening hospital - enterprise cooperation [28]. - Logic and Synergy of Mergers and Acquisitions: The acquisition of Changle Pharmaceutical aims at strategic synergy, layout optimization, production line complementarity, and cost advantages. The acquisition of Longyi Pharmaceutical is to expand CSO business and improve the pharmaceutical circulation layout. After the acquisitions, the company achieves all - round synergy through various measures [28]. - Market Value Management Plan: As a state - owned enterprise, the company attaches great importance to market value management. It is drafting a special market value management plan, focusing on R & D investment, market expansion, capital operation, and investor relationship management, and has maintained a 30% annual dividend ratio [29][30]. - Future Development Strategy: The company will continue to adhere to a market - oriented and innovation - centered development strategy, optimize product structure, expand the market, improve management efficiency, and carry out strategic investments and cooperation in a timely manner [30].