《中国心血管健康与疾病报告2023》显示，我国18岁及以上居民高血压患病率达31.6%。在降压药市场 中，沙坦类药物长期占据主导地位：2023年厄贝沙坦、缬沙坦销售额分别达22亿元、20亿元。此外，公 司在呼吸领域也取得突破性进展，首个自主研发的吸入制剂LH-1901已于2024年9月获批临床。 接受投资者调研时，公司还表示，公司深刻认同集采政策对于医药行业发展的战略价值，作为国家推动 医药产业高质量发展的重要举措。公司已建立动态政策研究机制，通过优化产品结构、加速创新研发、 深化院企合作等举措，持续提升应对市场变化的能力，努力将政策挑战转化为企业转型升级的新机遇。 7月9日晚间，联环药业（600513）发布投资者关系活动记录表，对于此前两次并购，公司表示，收购常 乐制药着眼于战略协同、布局优化、产线互补和成本优势，以提升整体竞争力；收购龙一医药旨在拓展 CSO领域业务，完善医药流通板块布局，利用其在川渝地区的市场基础和销售网络快速提升当地份额。 收购后，公司通过统筹研发立项和资源分配提高效率，优化各生产基地产品布局降低成本，整合销售网 络和团队实现资源共享，输出先进管理模式提升运营效率，实现全方位协同。 联 ...

Core Viewpoint - The ARB market is experiencing significant developments, particularly with the commercialization of the drug Benazepril by Lianhuan Pharmaceutical, which is expected to drive substantial revenue growth for the company [1][2]. Group 1: Market Position and Commercialization - Lianhuan Pharmaceutical has accelerated its market presence, with its Benazepril product already listed in 13 provinces as of June 30, indicating a rapid commercialization process [2]. - The drug is recognized as a first-line antihypertensive medication, with a strong clinical position and promising market prospects, potentially generating hundreds of millions in revenue for the company [2][3]. - The drug's core advantages include a breakthrough in receptor binding affinity, significant blood pressure reduction, and improved stability in blood pressure control, which enhance its market competitiveness [2]. Group 2: Research and Development Investments - Lianhuan Pharmaceutical has increased its R&D investment for three consecutive years, with a projected R&D expenditure of 277 million yuan in 2024, reflecting a year-on-year growth of 95.93% and surpassing 10% of its revenue for the first time [4]. - The company is advancing its core new drug LH-1801, which targets diabetes and hypertension, with clinical trials expected to conclude in early 2026, potentially opening a market worth 2 billion yuan [4]. Group 3: Product Portfolio and Strategic Positioning - Lianhuan Pharmaceutical has established a multi-layered product portfolio, including basic, combined, and innovative drugs, which strengthens its market position against competitors in the ARB market [6][7]. - The company is pursuing a "generic-innovative" strategy, which is crucial for its transformation into an innovative pharmaceutical enterprise, as it balances innovation with commercial viability [7].