Core Viewpoint - Beijing Shuanglu Pharmaceutical Co., Ltd. is facing severe financial difficulties, with a projected net profit loss of between -290 million to -200 million yuan for 2025, representing a maximum decline of 291.54% compared to the previous year [1][6]. Group 1: Investment Business - The company has expanded its investment portfolio over the past few years, focusing on early-stage equity investments in the pharmaceutical sector, participating in seven financing rounds since 2010, with investments ranging from tens of millions to over a hundred million yuan [7]. - In 2024, the company extended its investments into the securities market, but this led to significant fluctuations in performance due to market volatility [7]. - The company reported a fair value loss of 178 million yuan in 2024 due to stock price declines of its investments, while the first three quarters of 2025 saw a fair value gain of approximately 128 million yuan, which was later reversed in the fourth quarter, resulting in an overall loss for the investment business [2][7]. Group 2: Main Business Decline - Since 2021, the company's revenue has continuously declined from 1.215 billion yuan to 459 million yuan in the first three quarters of 2025 [8][11]. - The biopharmaceutical and biochemical segments saw revenue declines of 18.71% in the first half of 2025, while the chemical drug segment experienced a more significant drop of 27.54% due to the impact of centralized procurement policies [8]. - Sales of several core pharmaceutical products have significantly decreased, with the sales revenue of the core product in trauma repair, recombinant human basic fibroblast growth factor, dropping by 28.38% [9]. Group 3: Strategic and Financial Concerns - The dual challenges of investment losses and main business decline have led to a "dual-line loss" situation for the company, highlighting its inadequate response to industry policy adjustments and a lack of clear strategic direction [10]. - The company's early-stage equity investments are characterized by long cycles, high risks, and low liquidity, while its foray into securities investments has further amplified performance volatility [10]. - The ongoing centralized procurement policies have compressed profit margins for the company's pharmaceutical products, and specific measures to mitigate these risks have not been disclosed [10].

因购买私募产品导致一周亏损81%的圣元环保还未完全褪去热度，双鹭药业也因理财、炒股爆雷而成为外界关注的新焦点。 从去年三季报的业绩大幅增长到全年业绩的爆雷，这一突如其来的消息打击下，股价于2月2日应声跌停，并在两个交易日内下跌16.43%。 至于爆雷原因，公司公告表示，报告期内，公司非经常性损益合计减少净利润约2亿元，其中确认的理财投资损失与交易性金融资产等产生的公允价值变 动收益是主要影响因素。同时，公司表示，本报告期公司确认的损失包含投资理财损失，相关损失正在挽回中，董事长徐明波自愿承诺补足无法挽回的差 额，并将于一个月内先行上缴公司5000万元。 从表面上看，这是一起再正常不过因投资理财爆雷导致公司亏损的案例。然而，《每日经济新闻》记者梳理并统计相关数据发现，外界普遍认为的交易性 金融资产亏损可能并非双鹭药业2025年预亏的主要原因，相反，公司持有的几只股票甚至还可能为其带来不少利润；大概率爆雷的理财产品在近年的信披 内容有限：不仅没披露产品基本信息，更有50亿元的巨额信托理财产品去向成谜。 2026年1月30日晚，双鹭药业发布2025年度业绩预告，预计归属于上市公司股东的净利润为-29000万元至-2 ...

每经记者｜黄宗彦 每经编辑｜程鹏 吴永久 易启江 因购买私募产品导致一周亏损81%的圣元环保还未完全褪去热度，双鹭药业也因理财、炒股爆雷而成为外界关注的新焦点。 2026年1月30日晚，双鹭药业发布2025年度业绩预告，预计归属于上市公司股东的净利润为-29000万元至-20000万元，同比下降170.03%至291.54%；扣除 非经常性损益后的净利润为-7000万元至-4000万元，同比下降148.58%至185.02%。 从去年三季报的业绩大幅增长到全年业绩的爆雷，这一突如其来的消息打击下，股价于2月2日应声跌停，并在两个交易日内下跌16.43%。 至于爆雷原因，公司公告表示，报告期内，公司非经常性损益合计减少净利润约2亿元，其中确认的理财投资损失与交易性金融资产等产生的公允价值变 动收益是主要影响因素。同时，公司表示，本报告期公司确认的损失包含投资理财损失，相关损失正在挽回中，董事长徐明波自愿承诺补足无法挽回的差 额，并将于一个月内先行上缴公司5000万元。 从表面上看，这是一起再正常不过因投资理财爆雷导致公司亏损的案例。然而，《每日经济新闻》记者梳理并统计相关数据发现，外界普遍认为的交易性 金融资产 ...

至于爆雷原因，公司公告表示，报告期内，公司非经常性损益合计减少净利润约2亿元，其中确认的理 财投资损失与交易性金融资产等产生的公允价值变动收益是主要影响因素。同时，公司表示，本报告期 公司确认的损失包含投资理财损失，相关损失正在挽回中，董事长徐明波自愿承诺补足无法挽回的差 额，并将于一个月内先行上缴公司5000万元。 从表面上看，这是一起再正常不过因投资理财爆雷导致公司亏损的案例。然而，《每日经济新闻》记者 梳理并统计相关数据发现，外界普遍认为的交易性金融资产亏损可能并非双鹭药业2025年预亏的主要原 因，相反，公司持有的几只股票甚至还可能为其带来不少利润；大概率爆雷的理财产品在近年的信披内 容有限：不仅没披露产品基本信息，更有50亿元的巨额信托理财产品去向成谜。 并且，理财及交易性金融资产在2025年前三季度相安无事甚至大赚的情况下，第四季度突然爆雷，背后 原因亦值得深究。此外，在2025年前三季度业绩同比大增超9倍的情况下，双鹭药业董事会秘书于三季 报发布后7个交易日内快速完成减持计划，也让人有点惊讶。 因购买私募产品导致一周亏损81%的圣元环保还未完全褪去热度，双鹭药业也因理财、炒股爆雷而成为 外界关注 ...

Core Viewpoint - The company has announced that its performance forecast data is preliminary and that it is currently assessing investment losses, having made significant provisions to mitigate risks [1] Financial Management - The company has proactively made large provisions to fully release risks associated with investment losses [1] - The chairman has committed to cover the irretrievable loss portion of the investment, with an initial contribution of 50 million yuan to the company within a month [1] Risk Management - The company has strengthened its risk control management in response to the situation [1] - The company will disclose further details based on the progress of assessments and investigations [1] Operational Status - The company currently has ample cash reserves and normal production operations, indicating that the situation will not affect other business activities [1]

格隆汇2月3日丨双鹭药业(002038.SZ)在投资者互动平台表示，公司富马酸伏诺拉生片已获得药监局批 件。 ...

Core Viewpoint - Double-Helix Pharmaceutical (002038) is expected to continue incurring losses in 2025, with a projected net profit loss of between -200 million to -290 million yuan, representing a year-on-year decline of 170.03% to 291.54% [3][4] Group 1: Financial Performance - The company reported a net profit loss of approximately -74.07 million yuan in 2024, marking a shift from profit to loss [3] - The expected non-recurring losses for 2025 are estimated to reduce net profit by about 200 million yuan, significantly impacting overall financial performance [5] - The sales revenue for 2024 was approximately 660 million yuan, a year-on-year decrease of 35.15% [3] Group 2: Sales and Margins - Sales gross margin decreased by about 10% due to a decline in product prices, which was influenced by centralized procurement policies [4] - The company's major product line, anti-tumor and immune regulation products, generated sales of 276 million yuan, accounting for 42.69% of total sales, with a year-on-year decline of 27.69% [4] Group 3: Investment and Financial Losses - The company faced significant investment losses, particularly from financial assets, which have become a critical factor affecting its performance [6] - Chairman Xu Mingbo has voluntarily committed to cover the irrecoverable portion of investment losses, with an initial payment of 50 million yuan to the company [5] Group 4: Strategic Response - The company plans to accelerate the launch of new products and strengthen its marketing network to adapt to changes in the pharmaceutical market due to procurement policies [5]

继2024年归属净利润出现亏损后，双鹭药业预计去年继续亏损，且较上年增亏。受此消息影响，2月2 日，双鹭药业股价以跌停收盘，收跌10.04%。双鹭药业方面表示，业绩预亏一方面是部分产品单价下 降导致销售毛利下降，另一方面为确认的理财投资损失与交易性金融资产等产生的公允价值变动收益。 在此背景下，双鹭药业董事长徐明波自愿承诺，投资理财无法挽回的差额部分最终确认后由其补足。 业绩预亏股价跌停 2月2日，双鹭药业以跌停收盘。 交易行情显示，2月2日，双鹭药业以跌停开盘，尽管在交易过程中，跌停板曾短暂被打开，但旋即重新 封死跌停至收盘，最终报跌停价6.9元/股，跌幅为10.04%。 据了解，双鹭药业成立于1994年，并于2004年登陆深交所主板。公司主要专注于基因工程及相关药物的 研究开发和生产经营，紧紧围绕疾病谱的变化布局研发、生产和服务领域。经营药品的治疗范围涉及肿 瘤、心脑血管、抗感染免疫、代谢病、创伤修复、肝病、肾病及罕见病等领域。 2025年，双鹭药业非经常性损益合计减少净利润约2亿元，这也是造成公司净利增亏的重要原因。其中 确认的理财投资损失与交易性金融资产等产生的公允价值变动收益是主要影响因素。 双鹭药 ...

Core Viewpoint - The company, Shuanglu Pharmaceutical, is expected to continue incurring losses in 2025, with a projected net profit loss of between -200 million to -290 million yuan, representing a significant increase in losses compared to the previous year [1][3]. Financial Performance - In 2024, Shuanglu Pharmaceutical reported an operating income of approximately 660 million yuan, a year-on-year decrease of 35.15%, and a net profit loss of about -74.07 million yuan, marking a shift from profit to loss [3]. - The projected net profit for 2025 is expected to decline by 170.03% to 291.54% compared to the previous year, with a forecasted non-recurring net profit loss of -40 million to -70 million yuan, a decrease of 148.58% to 185.02% year-on-year [3][4]. Sales and Margins - The company experienced a sales gross margin decline of approximately 10% due to a decrease in product prices, which was influenced by the implementation of centralized drug procurement policies [4][5]. - The sales revenue of the company's primary product line, anti-tumor and immune regulation products, fell by 27.69% in 2024, contributing to the overall revenue decline [5]. Investment Losses - Non-recurring losses, including confirmed investment losses and changes in fair value of financial assets, are expected to reduce net profit by approximately 200 million yuan in 2025 [6]. - The chairman, Xu Mingbo, has voluntarily committed to cover any irrecoverable investment losses, with an initial payment of 50 million yuan to the company [6]. Strategic Response - The company plans to accelerate the launch of new products and strengthen its marketing network to adapt to changes in the pharmaceutical market due to procurement policies [5]. - Shuanglu Pharmaceutical is also evaluating its investment losses and has made significant provisions for asset impairment to mitigate the impact on net profit [6].

Core Viewpoint - Double-Headed Pharmaceutical is facing significant financial challenges, with a projected net loss of 290 million to 200 million yuan for 2025, primarily due to fluctuations in financial investments and a decline in core product sales [4][6]. Financial Performance - The company reported a net profit attributable to shareholders of -29 million yuan for the current reporting period, a decrease of 291.54% compared to the same period last year [3]. - The net profit after deducting non-recurring gains and losses was -7 million yuan, down 185.02% year-on-year [3]. - Revenue for 2024 was 660 million yuan, a decline of 35.15% from the previous year, marking a drop to levels not seen in over a decade [5][6]. Investment and Financial Strategy - The anticipated losses for 2025 are significantly influenced by approximately 200 million yuan in losses from financial investments and fluctuations in fair value of trading financial assets [4]. - The chairman, Xu Mingbo, has committed to covering irrecoverable investment losses and has pledged to pay 50 million yuan within a month [4][6]. Operational Challenges - The company has faced a decline in sales of several core products, with a reported 10% decrease in gross margins due to industry policy adjustments and increased market competition [4][6]. - In December 2024, the company was reported for producing non-compliant batches of a key product, impacting brand trust and market confidence [7]. Governance and Management - Xu Mingbo, the chairman and a key figure in the company, has a long history with the firm and has made a personal financial commitment to address the investment losses, which is seen as a strong statement of responsibility [6][9]. - The company is under scrutiny for governance issues, with recent legal challenges adding to its operational pressures [7].