Core Viewpoint - Company has received approval from the National Medical Products Administration for clinical trials of Relugolix tablets, aimed at treating prostate cancer [1] Group 1: Company Developments - Company announced the approval of clinical trials for Relugolix tablets, a GnRH receptor antagonist, primarily used for prostate cancer and endometriosis treatment [1] - Current prostate treatment portfolio includes the marketed drug Apalutamide tablets and the clinical trial stage LH-2103 capsules [1] - Approval for clinical trials does not immediately impact the company's revenue or operational performance significantly [1] Group 2: Regulatory Aspects - The approval from the National Medical Products Administration allows the company to conduct clinical trials, which must be followed by further review and approval before the drug can be marketed [1]

Core Viewpoint - Jiangsu Lianhuan Pharmaceutical Co., Ltd. is actively pursuing innovation-driven development strategies, focusing on R&D, market expansion, and strategic acquisitions to enhance its position in the pharmaceutical industry [1][2][3][4][5][6][7][8] Group 1: Innovation and R&D - The company is increasing its R&D investment, with a projected total of approximately 277 million yuan for 2024, representing a year-on-year growth of about 96% [6] - Lianhuan Pharmaceutical has established multiple R&D platforms and is focusing on innovative drug development in areas such as cardiovascular, urology, and oncology, with six innovative drugs in the pipeline [4][5] - The company has received multiple drug registration certificates in 2023, including for products like Olmesartan and Furosemide, enhancing its product portfolio [5] Group 2: Strategic Acquisitions - Lianhuan Pharmaceutical's subsidiary, Yangzhou Lianhuan Investment Co., Ltd., plans to acquire a 51% stake in Sichuan Longyi Pharmaceutical for 70.38 million yuan, aiming to strengthen its market presence in Southwest China [2][3] - Earlier in January, the company acquired a 54% stake in Changle Pharmaceutical for 183.26 million yuan, further expanding its portfolio and market reach [3] - The company is committed to continuous investment and acquisition strategies to integrate quality resources and enhance its industry position [3] Group 3: Production Capacity Expansion - Lianhuan Pharmaceutical is increasing the registered capital of its subsidiary, Lianhuan (Anqing) Co., Ltd., from 50 million yuan to 130 million yuan to enhance its production capabilities [7][8] - The Anqing facility is crucial for the company's manufacturing layout and is expected to produce various formulations, including oral solutions and topical preparations [8] - The company has received a drug production license for the Anqing facility, which will contribute to its ability to supply high-quality products [7][8] Group 4: Financial Performance and Shareholder Returns - The company has maintained a consistent dividend payout ratio of 30% over the years, with total dividends of approximately 43.07 million yuan, 42.82 million yuan, and 25.41 million yuan from 2022 to 2024 [8] - Analysts predict that through its strategic initiatives, the company's overall revenue could exceed 4 billion yuan in 2023 [3]

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 ...

4月17日，联环药业（600513）发布2024年年报，公司全年实现营业收入21.60亿元，同比下降0.63%； 归属于母公司所有者的净利润为0.84亿元，同比下降37.66%；扣非净利润为4986.80万元，同比下降 56.89%。尽管公司在研发和市场开拓方面取得了一定进展，但净利润的大幅下滑暴露了其在经营效率 和成本控制上的问题。 在市场开拓方面，联环药业通过调整营销策略、实施多渠道销售，重点产品的销售额实现了显著增长。 爱普列特片销售1.19亿片，同比增长30.28%；盐酸多西环素片销售7147万片，同比增长47.89%。此外， 公司还通过并购和数字化转型，进一步增强了市场竞争力。 然而，尽管销售额增长，公司的利润空间却受到严重挤压。2024年，联环药业的毛利润为10.67亿元， 同比仅增长1.91%，远低于销售额的增速。这表明公司在成本控制和定价策略上存在明显问题，市场竞 争的加剧进一步压缩了利润空间。 经营现金流大幅下降，财务压力凸显 2024年，联环药业的经营现金流净额为1077万元，同比下降93.3%。这一数据反映出公司在资金周转和 运营效率上的严重问题。尽管公司在研发和市场开拓上投入了大量资源 ...