证券代码：600513 证券简称：联环药业 公告编号：2025-065 江苏联环药业股份有限公司 关于公司 2025 年度"提质增效重回报"专项行动方案 及半年度评估报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为深入贯彻中央经济工作会议和中央金融工作会议精神，落实国务院《关于 进一步提高上市公司质量的意见》等要求，响应上海证券交易所《关于开展沪市 公司"提质增效重回报"专项行动的倡议》，践行以"投资者为中心"的发展理 念，联环药业结合自身发展战略和实际情况，现制定 2025 年度"提质增效重回 报"行动方案，并将 2025 年上半年的主要工作成果报告如下： 一、聚焦主业精耕，筑牢发展根基 公司作为集研发、生产、销售为一体的国家高新技术企业，核心业务覆盖医 药制造与医药流通两大领域，产品涵盖特色原料药、化学药品制剂、生物药以及 医疗器械等多元品类。在医药制造板块，公司持续优化产品结构，强化优势品种 的市场地位，积极布局创新药与高端仿制药研发管线；医药流通业务则依托完善 的配送网络与专业服务能力，不断提升市场份额与运营效 ...

8月14日晚间，易明医药发布2025年半年度报告，公司上半年实现营业收入3.11亿元，同比下降 11.52%；归属于上市公司股东的净利润3755.71万元，同比下降5.27%。同日公司公告称，与业绩承诺方 签订了《补偿协议》，涉及金额1443.30万元。 8月15日易明医药主力资金净流入1994.69万元，占流通市值比为0.49%。近五日主力资金累计净流入 1.99亿元，占流通市值比为4.89%。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 易明医药8月15日收盘报23.35元，较前一交易日下跌0.15元，跌幅0.64%。当日成交量为20.83万手，成 交金额达4.85亿元。 易明医药属于医药制造业，主营业务为化学药品制剂、中成药及原料药的研发、生产和销售。公司产品 涵盖心脑血管、消化系统、抗感染等多个治疗领域。 ...

Core Viewpoint - The company faces significant risks due to its heavy reliance on a major client, Beijing University International Hospital, with the termination of their business cooperation expected to lead to substantial revenue and profit declines starting in mid-2025 [2][4][5]. Business Dependency - Beijing Beiyi Pharmaceutical Co., Ltd. has been the sole provider of procurement, logistics, and distribution services for medical equipment, surgical instruments, and consumables to the International Hospital, with a contract set to expire in May 2025 [3][4]. - The company has not identified alternative business opportunities, which raises concerns about a complete halt in operations and potential layoffs [4][5]. Financial Impact - The anticipated financial impact includes a revenue decrease of approximately 600 million yuan (29.13% of the latest audited revenue) and a net profit reduction of about 40 million yuan (28.99% of the latest audited net profit) from June 2025 to the end of that year [2][4]. - From 2026 onwards, the company may face a revenue drop of around 1.027 billion yuan (49.85% of the latest audited revenue) and a net profit decline of approximately 68.69 million yuan (49.78% of the latest audited net profit) [2][4]. Transition Efforts - The company is actively exploring new directions for the transformation of Beiyi Pharmaceutical to mitigate the impact of the business termination, although the success of this transition remains uncertain [5]. - If the company fails to find a viable transformation path, it may face further operational challenges and potential shutdown [5]. Historical Context - The company has undergone several name changes and has a history of significant financial fluctuations, with net profits reported at 55.61 million yuan in 2022, 44.36 million yuan in 2023, and 137.99 million yuan in 2024 [6][8]. - As of March 31, 2025, the company reported a total revenue of approximately 502.36 million yuan, with a slight growth rate of 1.70% [8].

Core Viewpoint - The termination of the long-term service contract between Beijing Beida Pharmaceutical's wholly-owned subsidiary and Peking University International Hospital may lead to significant operational challenges and potential closure or transformation of the subsidiary [2][3][5]. Summary by Sections Contract Termination - The long-term service contract between Beijing Beida Pharmaceutical's subsidiary, Beijing Beida Medicine Co., Ltd., and Peking University International Hospital will end in May 2025, which is expected to impact the company's operations significantly [5][8]. Financial Impact - The termination is projected to result in a revenue decrease of approximately 600 million yuan (about 29.13% of the latest audited revenue) and a net profit decrease of around 40 million yuan (about 28.99% of the latest audited net profit) starting from June 2025 [5]. - From 2026 onwards, the company may face a revenue reduction of about 1.027 billion yuan (approximately 49.85% of the latest audited revenue) and a net profit decrease of around 68.69 million yuan (approximately 49.78% of the latest audited net profit) [7]. Operational Challenges - The company is currently exploring new directions for the subsidiary's transformation to mitigate the impact of the contract termination, but there is uncertainty regarding the success of this transformation [8]. - If the subsidiary fails to find an effective transformation direction, it may face closure or significant operational challenges [8]. Strategic Adjustments - In response to industry trends, the company plans to strategically adjust its production and manufacturing system, focusing on establishing a manufacturing subsidiary to enhance operational efficiency and core competitiveness [10]. - The company is also initiating a name change process to gradually achieve a "de-Peking University" status, reflecting the change in its actual controlling shareholder [11]. Business Overview - Beijing Beida Pharmaceutical primarily engages in the research, production, and sales of chemical drug formulations, pharmaceutical distribution, and medical services [12]. Market Position - As of August 11, the company's stock price was 6.93 yuan per share, with a total market capitalization of 4.1 billion yuan [13].

Core Viewpoint - The long-term service contract between Beijing University Pharmaceutical's wholly-owned subsidiary and Peking University International Hospital will terminate in May 2025, leading to significant operational challenges for the company [1][3]. Group 1: Business Impact - The termination of the contract is expected to result in a revenue decrease of approximately 600 million yuan (29.13% of the latest audited revenue) and a net profit decrease of about 40 million yuan (28.99% of the latest audited net profit) starting from June 2025 [3]. - From 2026 onwards, the company may face a revenue reduction of around 1.027 billion yuan (49.85% of the latest audited revenue) and a net profit decrease of approximately 68.69 million yuan (49.78% of the latest audited net profit) [3][5]. Group 2: Strategic Adjustments - The company is exploring new directions for the transformation of its subsidiary to mitigate the impact of the contract termination, although the success of this transformation remains uncertain [5]. - A strategic adjustment of the production and manufacturing system is proposed to enhance operational efficiency and core competitiveness, focusing on establishing a manufacturing subsidiary [6]. Group 3: Corporate Identity Changes - The company is initiating a name change process to gradually achieve a "de-Peking University" status, following changes in its actual controlling shareholder [7]. - The company primarily engages in the research, production, and sales of chemical drug formulations, pharmaceutical distribution, and medical services [7]. Group 4: Market Position - As of August 11, the company's stock price was 6.93 yuan per share, with a total market capitalization of 4.1 billion yuan [8].

Group 1: Industry Development Direction - The company will enhance R&D innovation and improve product quality and production processes to solidify its market position in the raw material drug sector [1] - There will be increased investment in the R&D, production, and sales of chemical drug formulations, gradually extending into the formulation industry chain [1] - This extension aims to better meet customer needs, increase product added value, and enhance market competitiveness for sustainable development [1] Group 2: Market Value Management - The company emphasizes market value management through a series of measures, focusing on core business development and enhancing operational efficiency to drive value growth [2] - Active communication with investors is maintained through performance briefings and interactive platforms to enhance information transparency [2] - A reasonable and sustainable profit distribution plan is in place to create a long-term, stable shareholder value return mechanism [2] Group 3: Product Development Focus - Currently, the company has 17 products under research, covering areas such as antiviral, antidepressant, and lipid-lowering treatments [2] - Key development directions for the year include improving existing product processes to reduce production costs and enhance market competitiveness [2] - Accelerating the transition of existing raw material products to formulations and ensuring smooth commercialization of research products are prioritized to create new business growth points and profit sources [2]

Core Viewpoint - The stock price of Koyuan Pharmaceutical (301281) plummeted after the announcement that its second-largest shareholder, Wen Zehong, plans to reduce his stake by 3%, indicating potential lack of confidence in the company's future performance [1][6]. Group 1: Stock Performance - On May 26, Koyuan Pharmaceutical's stock fell by 8.03%, closing at 32.42 yuan per share, with a total market capitalization of 3.511 billion yuan [3]. - The stock opened down 5.39% and experienced a decline of over 10% during the trading session [3]. - The trading volume for the day was 317 million yuan, with a turnover rate of 14.34% [3]. Group 2: Shareholder Actions - Wen Zehong, the second-largest shareholder, holds 8.4 million shares, representing 7.76% of the total share capital [4]. - The planned reduction involves selling up to 3.2487 million shares, which is 3% of the total share capital, through both centralized bidding and block trading [3][5]. Group 3: Financial Performance - Koyuan Pharmaceutical's revenue for 2023 was approximately 448 million yuan, a year-on-year increase of 1.07%, but the net profit attributable to shareholders decreased by 15.6% to about 77 million yuan [9]. - In 2024, the company expects a further decline in net profit, projected at 60.4 million yuan, down 21.54% year-on-year, despite a revenue increase to approximately 464 million yuan [9]. - The company attributed the profit decline to increased sales costs, lower sales prices, and higher asset impairment losses [9]. Group 4: Future Plans - Koyuan Pharmaceutical is planning a restructuring, aiming to acquire 99.42% of Hongjitang's shares for approximately 3.581 billion yuan and raise up to 700 million yuan through a share issuance to specific investors [10]. - The restructuring aims to expand the company's business into traditional Chinese medicine and health products [10].