Group 1: Company Overview and Product Development - The company focuses on innovative drugs primarily in cardiovascular, urology, oncology, and respiratory systems, with 6 innovative drugs in development, including 1 in Phase III, 2 in Phase I, and 3 in preclinical research [2] - The product Aipulete has shown strong market performance, with projected sales of 119 million tablets in 2024, representing a 30.28% increase from the previous year [2] - The company emphasizes innovation-driven development strategies, enhancing R&D platforms, increasing investment in technology innovation, and promoting digital transformation and sustainable development [2] Group 2: Export Strategy and International Development - The company primarily exports raw materials to markets in North America, Eastern Europe, Southeast Asia, South America, and Oceania [3] - The company established Unioncle Pharma LLC in the U.S. in 2023 to facilitate international collaboration and accelerate the internationalization of its R&D products [3] - The company is actively seeking opportunities for its newly developed raw materials through various channels to enhance its global presence [3] Group 3: Strategic Acquisitions - The company acquired Longyi Pharmaceutical to strengthen its market presence in Southwest China, aiming to create a dual-core driving pattern with its headquarters in the Yangtze River Delta [4] - Longyi Pharmaceutical has a dense distribution network and advantages in the outpatient market, which will accelerate the regional penetration of the company's existing products [4] - The company's national sales system will provide Longyi Pharmaceutical with more upstream pharmaceutical cooperation resources, expanding its wholesale categories [4]

证券代码：600513 证券简称：联环药业 公告编号：2025-036 江苏联环药业股份有限公司 投资者关系活动记录表 ?特定对象调研 ?分析师会议 □媒体采访 □业绩说明会 投资者关系活动类 □新闻发布会 □路演活动 别 □现场参观 □其他 （请文字说明其他活动内容） 华西证券研究所、华安证券研究所、工银瑞信基金、江 苏省高投、华安资管、金库资本、骐楷资产、九水投资、 参与单位名称 弥加投资、江苏高科技产业投资、上海胜帮、四川大决 策、佰诺私募、海能投资、君子兰投资、武汉泽弘、阳 翔投资、吉石资本、澜胜资产 时间 2025 年 6 月 10 日 江苏省扬州市扬州生物健康产业园健康一路 9 号 3 楼第 地点 八会议室 董事长兼董事会秘书：钱振华先生 总经理：牛犇先生 上市公司接待人员 副董事长：涂斌先生 姓名 财务总监：薛昊先生 总工程师助理兼药研所所长：贾志祥先生 证券事务代表：葛楷先生 答：（1）研发实力与平台 公司不断加大科技创新力度，依托院士工作站、博 要内容介绍 士工作站，打造南京、扬州等多地研发平台，建有 6 个 省级工程技术中心，不断引进高端人才，提升研发及转 化效率。 （2）核心创新药管线 ...

联环药业：目前有6个创新药 智通财经6月10日电，联环药业(600513.SH)发布投资者关系活动记录表，公司创新药目前主要布局心血 管、泌尿系统、抗肿瘤药、呼吸系统等方面，目前有6个创新药，有1个进入III期，2个正在进行I期临床 试验，3个处于临床前相关研究。公司在研产品LH-2103目前临床进行IIT（研究者发起的临床研究）和 DDI（药物相互作用）研究,LH-1801目前处于临床3期阶段，已完成临床3期单药和联合用药患者入组， 将持续开展单药和联合用药患者给药与随访工作。 ...

Core Viewpoint - The Chinese innovative drug sector is experiencing a resurgence, driven by recent approvals of new drugs, increased market activity, and favorable policy changes, indicating a new growth cycle for the industry [1][2][16]. Group 1: Market Activity - On May 29, the National Medical Products Administration approved 11 innovative drugs, with 10 from listed companies, leading to a surge in stock prices and significant market interest [1]. - Following the approvals, 53 stocks hit the daily limit up in the A-share market, and over 200 million yuan flowed into innovative drug ETFs in Hong Kong over the past 20 trading days [1][2]. - The innovative drug sector, which had been quiet for two years, is now seeing renewed interest from investors, with venture capitalists starting to push more projects for investment decisions [2]. Group 2: Funding Trends - The first quarter of 2025 saw over 20 billion yuan in financing for the innovative drug sector, with at least 19 financing events occurring, indicating a robust recovery in investment [3][4][5]. - Major financing rounds included significant investments in companies focusing on various therapeutic areas, including immunotherapy and gene therapy, showcasing a diverse interest from capital [4]. Group 3: Product Development - In the first five months of this year, over 20 class 1 innovative drugs were approved, marking a record for the past five years [6][7]. - The approval rate for new drugs has significantly increased since the implementation of the new drug registration management measures in 2020, with approvals rising from single digits in previous years to over 30 in recent years [8]. Group 4: Policy Environment - The regulatory environment for innovative drugs in China is continuously improving, with recent reforms aligning more closely with international standards, enhancing the credibility of clinical trial data [11][12]. - The government has implemented a comprehensive support system for innovative drugs, including payment reforms and a multi-layered insurance system, which is expected to facilitate market access and improve commercialization prospects [13][14][15]. Group 5: Future Outlook - The innovative drug sector is poised for a new growth cycle, supported by clinical breakthroughs, international collaborations, and favorable policies, indicating a potential "golden period" for the industry [16].

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Group 1 - The Hong Kong stock market opened with fluctuations on June 10, with the innovative drug sector leading the gains. The Hong Kong innovative drug index component stocks saw significant increases, with Jingtai Holdings rising over 16%, and others like 3SBio, CanSino Biologics, Lepu Biopharma-B, and Luye Pharma rising over 6% [1] - The Hong Kong innovative drug ETF (159567) increased by over 4%, with real-time transaction volume exceeding 2.1 billion, indicating high market enthusiasm [1] - A recent policy document emphasizes improving the basic medical insurance drug catalog adjustment mechanism and developing a commercial health insurance innovative drug catalog to better meet the multi-level medication needs of the public, which is seen as a key issue in enhancing China's healthcare industry ecosystem [1] Group 2 - The innovative drug ETF (159992) tracks the innovative drug index, which includes leading companies in the innovative drug industry chain, benefiting from AI-enabled innovation, domestic innovative drug exports, and the introduction of a Class B drug catalog for high-priced innovative drugs [2] - According to Shenwan Hongyuan, the investment value of the innovative drug sector is becoming increasingly prominent in the current industry environment, with the pharmaceutical sector experiencing its first profit upturn in three years in Q1 2025, showing a 0.7% year-on-year increase in net profit attributable to shareholders [2] - The innovative drug sector is achieving breakthroughs in R&D, leading to new product approvals and significant value release through external licensing transactions, with several large-scale BD transactions in the first half of 2025 amounting to tens of billions of dollars, indicating the growing competitiveness of domestic innovative drug companies in the global market [2]

证券研究报告·公司深度研究·化学制药 华东医药（000963） 白马药企转型创新，开启发展新阶段 2025 年 06 月 09 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 40,624 | 41,906 | 45,915 | 49,414 | 52,228 | | 同比（%） | 7.71 | 3.16 | 9.57 | 7.62 | 5.69 | | 归母净利润（百万元） | 2,839 | 3,512 | 4,032 | 4,555 | 5,154 | | 同比（%） | 13.59 | 23.72 | 14.81 | 12.96 | 13.17 | | EPS-最新摊薄（元/股） | 1.62 | 2.00 | 2.30 | 2.60 | 2.94 | | P/E（现价&最新摊薄） | 27.06 | 21.88 | 19.05 | 16.87 | 14.91 | [Table_Tag] [Tabl ...

众生药业分析师会议 调研日期：2025年06月09日 调研行业：中药 参与调研的机构：平安证券股份、深圳创华启盛顾问咨询、远东 宏信等 / | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | 调研基本情况 调研对象：众生药业 所属行业：中药 接待时间：2025-06-09 上市公司接待人员：公司董事会秘书 杨 ...

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Group 1 - The innovative drug sector has recently become a leader in both A-shares and H-shares, with significant market activity observed, particularly on June 9, where the STAR 200 Index rose by 1.79%, reaching a new high since March 24 [1][2] - The current market focus on innovative drug companies is primarily on those in clinical phases I and II, indicating that the profitability of some companies remains uncertain despite rising valuations [1][5] - The Wind Innovative Drug Index has increased by 27.62% year-to-date, with over 20 stocks in the sector rising more than 10% [2][5] Group 2 - Recent large-scale business development (BD) transactions and positive data from the ASCO conference have stimulated strong performance in the innovative drug sector, with significant cross-border collaborations reported [2][4] - The low interest rate environment is beneficial for innovative drug companies, as it reduces financing costs and allows for increased investment in research and development [4][5] - The majority of innovative drugs currently in development are in the clinical I phase, which accounts for 58% of the pipeline, suggesting a long timeline before potential market entry [5][6] Group 3 - Companies like HaiChuang Pharmaceutical and YiFang Bio have seen significant stock price increases, with HaiChuang's stock rising by 13.3% and YiFang reaching a historical high of 32.8 yuan [5][6] - The innovative drug sector's active market has led to increased trading volumes and a spillover effect into related sub-sectors such as in vitro diagnostics and raw materials [6][7] - Analysts note that while some non-innovative drug companies have experienced volatility due to the hype around individual innovative drug pipelines, core innovative drug stocks have remained relatively stable [7]