Laimeiyao Pharmaceutical R&D Investment Accounts for 13.55% in 2025; Focus on Expanding Hospital Coverage This Year

Source: Shanghai Securities Journal · China Securities Journal

Shanghai Securities Journal China Securities Network News: Laimei Pharmaceutical announced its 2025 annual report on the evening of March 18. In 2025, the company achieved operating revenue of 776 million yuan, a slight decrease of 2.5% year-on-year; net profit attributable to shareholders was -135 million yuan, with a slight increase in losses compared to the previous year. During the reporting period, the company continued to increase R&D investment, diversify its product pipeline, with R&D expenditure accounting for 13.55% of revenue, reaching a recent high; at the same time, it provisioned a total asset impairment of 75.5532 million yuan, which affected operating profit accordingly.

It is understood that in 2025, the company continued to focus on advantageous niche fields, consolidating the leading position of its flagship product, Kanarin, in related areas; maintained continuous introduction of new products, accelerated listing conversions, and expanded generic drug business; increased efforts in independent innovation to promote healthy and sustainable development. Through ongoing technological R&D and market deepening, the company has formed a differentiated core competitiveness with characteristic specialty drugs and an innovative pipeline, establishing a solid industry position in its niche fields.

Meanwhile, the company accelerated its layout in the centralized procurement track through a “dual-wheel drive” of “group procurement breakthrough + channel expansion.” Its product Nicorandil tablets successfully won the bid in the 11th batch of national drug centralized procurement; other products such as Clindamycin hydrochloride injection, Voriconazole tablets, Telmisartan tablets, Esomeprazole magnesium enteric-coated capsules, Esomeprazole sodium injection, Triptorelin acetate injection, Cefpodoxime proxetil dry suspension, and multiple infusion varieties under Hunan Kangyuan successfully bid in relevant provincial centralized procurement projects, which facilitated sales growth and market expansion, enhancing brand influence. The company obtained five drug registration certificates in total for the year, with three products passing consistency evaluation and two products obtaining medical device registration certificates. Its subsidiary Sichuan Yingrui’s innovative anti-cancer drug “Nano-Carbon Iron Suspension Injection” officially entered Phase II clinical trials. The associated company, Kangdesai, is steadily advancing its personalized tumor vaccine project (CUD002) for late-stage ovarian cancer and its macrophage project (CUD005) for treating moderate to advanced liver cirrhosis. The generic drug Mabalosavir tablets, developed by external agencies, received ethical approval, marking progress in R&D.

In 2026, the company will base its operations on its actual business conditions, focusing on the essential needs of business development, firmly practicing the development route of “medium scale × differentiated innovation × lean costs,” establishing a three-level advancement of “stabilize foundation, expand volume, break through.” It will focus on cultivating core competitiveness, building a “light asset + high certainty” growth model, and improving operational quality while addressing shortfalls. The company aims to restore performance through project-driven efforts, optimize assets, enrich product lines, and achieve profitability through cost reduction and efficiency improvements.

This year, the company will prioritize increasing hospital coverage, striving for steady sales growth. Using its flagship product Kanarin as the core, it will continue to consolidate its high market share advantage in the thyroid surgery field, while also focusing on expanding new indications such as gastrointestinal, breast, and gynecological tumors. Simultaneously, it will accelerate overseas market breakthroughs, expedite its international expansion, and systematically promote FDA registration applications to achieve new breakthroughs in overseas market access. The company will focus on the generic drug sector, promoting the rapid listing of approved varieties, accelerating capacity release and sales growth; strengthen R&D efforts, speed up centralized procurement applications, and aim for stable profitability in the generic drug sector. (Wang Yi)