（文章来源：证券日报） 证券日报网12月25日讯 ，联环药业在接受投资者提问时表示，公司隶属于联环集团，联环集团聚焦医 药制造、医疗器械和医养健康三大板块，联环药业作为核心子公司，主要产品有泌尿系统药、抗组胺 药、心血管药、甾体激素、抗生素等几大系列，涵盖化学原料药和注射剂、固体制剂多种药物剂型，包 含国家一类新药爱普列特片（川流）、二类新药依巴斯汀片（苏迪）以及非洛地平片（联环尔定）、达 那唑胶囊及栓剂、二甲双胍格列齐特片（度和）、蚓激酶胶囊、盐酸舍曲林胶囊（联环优定）、盐酸达 泊西汀片、他达拉非片、替莫唑胺胶囊、醋酸阿比特龙片、盐酸莫西沙星片、依巴斯汀口服液等产品。 近年来，公司重点拓展内分泌、肿瘤、呼吸系统等新兴治疗领域，形成"传统优势+新兴战略"的产品发 展格局，同时布局了达泊西汀、他达拉非等男科产品及孕妇专用药叶酸片等特色品种，构建了多元化、 梯度化的产品管线。 ...

Core Viewpoint - Lianhuan Pharmaceutical reported strong financial performance in Q3 2023, with significant year-on-year growth in revenue and a focus on optimizing product structure through innovation and strategic acquisitions [1][2] Financial Performance - Q3 revenue reached 797 million yuan, a year-on-year increase of 53.81% - Net profit for Q3 was 4.97 million yuan - Revenue for the first three quarters totaled 2.08 billion yuan, reflecting a year-on-year growth of 26.63% [1] Business Overview - Lianhuan Pharmaceutical's main business includes the R&D, production, and sales of pharmaceuticals, medical devices, and related health products - The company offers a wide range of products, including urological drugs, antihistamines, cardiovascular drugs, steroids, and antibiotics, with a total of 135 varieties and specifications [1] Production Capacity - The company operates 10 intelligent manufacturing production lines with an annual capacity of 5 billion tablets (or granules) - It has 4 production lines for small-volume injectables, with an annual capacity of 500 million units - Over 20 modern API production lines certified by GMP, with several products passing FDA inspections since 1984 [1] R&D and Innovation - The company is focusing on a "combination of imitation and innovation" strategy to optimize its product structure - Increased R&D investment in new therapeutic areas such as respiratory, oncology, and endocrinology to reduce reliance on single segments and enhance overall profitability [1] High-Value Product Development - LH-1801 (SGLT-2 inhibitor) has completed patient enrollment and is expected to reveal results in Q1 2026, being the first domestic product to conduct head-to-head studies with a positive control drug - LH-1802 (targeting LSD-1 for acute myeloid leukemia) is in phase one, with a longer development cycle due to its novel target and complex indications [2] Strategic Acquisition - Following the acquisition of Longyi Pharmaceutical, Lianhuan Pharmaceutical aims to leverage its resources and national sales system to enhance product distribution and market penetration in the southwest region [2]

Core Insights - The main business of the company includes research, production, and sales of pharmaceuticals and health foods, as well as medical diagnostic services, genetic preservation, and pregnancy environment testing [2] - The core products are primarily categorized into urological drugs and nephrology drugs, with urological drugs accounting for the highest revenue share at 23.41%, followed by nephrology drugs at 2.94% [2] Financial Performance - In 2011, the company achieved a net profit attributable to shareholders of 0.35 billion yuan, which increased to 0.42 billion yuan by the end of the latest complete fiscal year in 2024, reflecting a cumulative growth of 19.37% over the years [2] - The company experienced losses in 3 out of the 14 years since its listing, with net profit growth occurring in 6 years, representing 42.86% of the time [2] - Revenue remained stable, with 8.48 billion yuan in 2020 and 8.47 billion yuan in 2024, indicating consistent revenue performance [3] - The company transitioned from a loss of 2.62 billion yuan in 2020 to a net profit of 0.42 billion yuan in 2024, demonstrating a successful turnaround [3] Market Valuation - Since its listing, the company's market value has increased by 0.32 times, peaking at 105.13 billion yuan on June 15, 2015, with a corresponding stock price of 65.48 yuan [5] - As of August 18, the stock price was 11.97 yuan, and the market value was 29.72 billion yuan, indicating a decrease of 75.41 billion yuan from its peak, resulting in a market value evaporation of 71.73% [5]