公司创新药研发团队覆盖CMC、临床前开发、临床开发及药政事务全流程；仿制药团队聚焦工艺开 发、制剂研究与质量控制。持续推进人才年轻化、专业化建设。 销售费用率下降主要受益于泰欣赞销售收入规模化增长带来的规模效应。公司加强预算管控、优化人员 配置与工作流程，推动销售及管理费用率持续降低。 本周关注点 机构调研要点 公司在2025年以来战略性聚焦医药工业板块，核心创新药替戈拉生片（商品名泰欣赞）销售量同比增长 近140%，进院数量接近2500家。三大适应症"反流性食管炎""十二指肠溃疡""根除幽门螺杆菌"已全面纳 入医保目录，实现医保全覆盖。 P-CAB类药物相较PPI具有起效快、抑酸持久、不受进食和基因型影响、可有效控制夜间酸突破等优 势。泰欣赞30分钟达峰，首剂全效，主要经CYP3A4代谢，药物相互作用少，与阿托伐他汀可安全联 用。含替戈拉生的四联疗法Hp根除率为93.5%，优于艾司奥美拉唑组的86.4%。 公司研发管线中，注射用LX22001已进入Ⅱ期临床试验阶段，普卡那肽片Ⅲ期临床研究报告已完成定 稿，正推进地产化落地。未来将持续深耕消化系统等领域，关注未满足临床需求。 截至2025年12月31日收盘，罗 ...

Group 1: Financial Performance - The company experienced a significant revenue decline in Q1 2025 due to reduced demand for respiratory and antibiotic products caused by a warm winter [2][3] - In Q4 2024, the company reported substantial losses primarily due to asset impairment provisions and fair value changes of financial instruments, which are non-operational impacts [3][5] - The company achieved profitability in Q1 2025, driven by increased sales of the innovative drug, Tegoprazan, and effective collection of receivables, improving cash flow and reducing bad debt losses [3][4] Group 2: Product Development and Pipeline - The innovative drug LX22001 is currently in Phase II clinical trials, while the clinical research report for Pucanatide tablets has been finalized and is moving towards commercialization [2][3] - The company has over 10 generic drugs in development or submitted for approval, which are expected to contribute to future revenue growth [3][4] Group 3: Market Strategy and Growth Plans - The company plans to significantly increase hospital access for its innovative drugs, with a target of a 130% increase in hospital entries by the end of 2024 [3][4] - The company is focusing on optimizing its supply chain and reducing fixed costs through various measures, including organizational restructuring and talent assessment [4][5] Group 4: Shareholder Information - As of May 9, 2025, the total number of shareholders is 31,442 [5]