Core Viewpoint - Zhendong Pharmaceutical (300158.SZ) has reported a continuous decline in performance, with significant losses attributed to non-operational factors such as arbitration issues, overdue trust products, and inventory impairment [2][4][5]. Financial Performance - In 2024, the company achieved revenue of 2.971 billion yuan, a year-on-year decrease of 18.1%, and a net loss of 1.329 billion yuan, with losses widening compared to the previous year [2][3]. - The company has experienced a decline in revenue for three consecutive years, with total losses accumulating to 1.424 billion yuan [4][5]. - For Q1 2025, Zhendong Pharmaceutical reported revenue of 755 million yuan, a year-on-year decrease of 3.53%, and a net profit of 1.1572 million yuan, down 94.99% year-on-year [8]. Asset Decline - Total assets decreased from 10.104 billion yuan in Q1 2022 to 4.635 billion yuan in Q1 2025, representing a reduction of approximately 54% over three years [8]. Operational Challenges - The decline in revenue is attributed to multiple external factors, including significant price reductions due to provincial alliance drug procurement, restricted market access in certain regions, and the impact of outpatient policy on retail traffic [5][6]. - The retail pharmacy industry has seen a closure rate rise to 5.7%, and the overall market for traditional Chinese medicine is experiencing a downturn, with a comprehensive price index dropping by 9.6% year-on-year [5]. Non-Operational Factors - The company cited major arbitration matters, overdue trust products, and inventory impairment as significant contributors to its substantial losses [4][5]. - Zhendong Pharmaceutical faced a claim of approximately 1.467 billion yuan from Beijing Landi Pharmaceutical Co., which was settled for 500 million yuan following arbitration [6][7]. Impairment and Financial Strategy - In 2024, the company recognized impairment losses totaling 291 million yuan, which will reduce the operating profit for the reporting period [8]. - The company announced it would not distribute profits for 2024, indicating a focus on financial recovery [8].

近三年来，振东制药业绩持续处于下滑和亏损状态。 振东制药（300158.SZ）业绩持续亏损，2024年亏损金额同比扩大逾29倍。 根据年报，该公司2024年实现营业收入29.71亿元，同比下降18.06%，归母净利润亏损13.29亿元，同比 下降逾29倍，主要受重大仲裁事项、信托产品逾期兑付及存货减值等非经营性因素影响。 今年一季度虽然略微扭亏为盈，但业绩仍同比下滑，其中归母净利润同比大减95%。 振东制药的业绩自2022年开始出现下滑和亏损态势。值得注意的是，该公司销售费用较高，2022年～ 2024年销售费用占营业收入的比重均超过38%；2025年一季度销售费用占营收的比例也达33.84%。 此外，振东制药曾因内控存在缺陷、资金占用等问题遭到监管处罚，从而引发高管层人事变动。 仲裁事项、信托踩雷拖累业绩 2024年，振东制药营业收入为29.71亿元，同比下降18.06%。其中，医药生产销售行业收入23.13亿元， 占营收的比例为77.86%；药材种植、销售行业收入6.34亿元，占营收的比例为21.34%。 对于营收下滑的原因，该公司称，主要受多重外部环境变化影响：一是省级联盟药品集中带量采购导致 部分品种 ...

证券代码：300158 证券简称：振东制药 公告编号：2025-026 山西振东制药股份有限公司 关于股东股份质押及解押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 山西振东制药股份有限公司（以下简称"公司"或"本公司"）于 近日接到控股股东山西振东健康产业集团有限公司（以下简称"振 东集团"）通知，获悉其所持有的本公司部分股份做了质押及解押， 具体事项如下： 一、股东股份质押及解押基本情况 | 股东 | 是否为控 | 本次质押 | 占其所 持股份 | 占公司 总股本 | 是否为 | 是否为 补充 | 质押起 | 质押到 | 质权人 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 股股东 | 数量（股） | | | 限售股 | | 始日 | 期日 | | 用途 | | | | | 比例 | 比例 | | 质押 | | | | | | 振东 | | | | | | | | 办理解除 | 中国银行股份 | 自身生 | | 集团 | 是 | ...

Core Insights - The company reported a revenue decline of 18.06% to 2.971 billion yuan in 2024, with a net loss of 1.329 billion yuan [1][2] - The decline is attributed to unexpected price drops in certain products, restricted market access in some regions, and the implementation of outpatient policy affecting retail traffic [1] - The overall market for traditional Chinese medicine is experiencing a downturn, with a 9.6% year-on-year decrease in the comprehensive price index [1] Revenue Breakdown - Total revenue for 2024 was 2.971 billion yuan, down from 3.626 billion yuan in 2023 [2] - Revenue from pharmaceutical production and sales accounted for 77.86% of total revenue, while traditional Chinese medicine sales contributed 21.34% [3] - Online sales represented 7.88% of total revenue, with offline sales making up 91.33% [3] Product and Market Development - The company has established four major therapeutic areas: oncology, dermatology, nephrology, and gastroenterology, covering 81% of prefecture-level cities and 87% of county-level cities [4] - Key products include a variety of injections and capsules, with a focus on expanding market presence through both self-operated and distributor models [4] - The company has initiated 2 new innovative drug projects and 9 generic drug raw material projects in 2024, alongside ongoing development in both raw materials and formulations [5] Traditional Chinese Medicine Initiatives - The company is advancing the registration of its compound injection with the FDA and has completed efficacy studies for other products [6] - In 2024, the company introduced 11 new products, enhancing its product structure and laying a foundation for improved operational quality and profitability [6]

Core Viewpoint - Zhendong Pharmaceutical reported a revenue of 2.971 billion yuan for 2024, showcasing resilience in its core products and a strategic dual-track approach to product development [2] Group 1: Financial Performance - In 2024, the company achieved total revenue of 2.971 billion yuan [2] - For Q1 2025, the company reported total revenue of 755 million yuan, a year-on-year decline of 3.53%, but a net profit of 1.16 million yuan, marking a turnaround from the previous quarter [2] Group 2: Product Development and Market Position - Core products such as Compound Sophora Flavescens Injection and Dafeixin Minoxidil Lotion showed steady growth, with the former leading in usage among similar drugs for three consecutive years [2] - Dafeixin Minoxidil Lotion holds a market share of 47.3%, contributing to a new ecosystem for hair health through the introduction of new products [2] - The company is strategically selecting 249 dormant products to enhance its product matrix and optimize revenue generation [2] Group 3: Industry Trends and Government Support - The Chinese government continues to encourage innovation in drug development, providing a favorable environment for the industry [5] - The 2025 government work report emphasizes the establishment of a drug pricing mechanism and support for innovative drugs, indicating a push for industry consolidation and resource optimization [6] Group 4: Technological Advancements - Zhendong Pharmaceutical is exploring AI technology, establishing an AI drug discovery platform and focusing on skin and tumor-related research [7] - The company has created an online "professional hair growth consultant" service, utilizing AI to enhance consumer engagement and optimize marketing strategies [7] Group 5: Shareholder Dynamics - As of the end of Q1 2025, the number of shareholders for Zhendong Pharmaceutical decreased to 48,600, indicating a trend of increasing concentration of shares [3] - The company's price-to-book ratio stands at 0.76, making it one of the lowest in the traditional Chinese medicine sector [3]

证券代码：300158 证券简称：振东制药 公告编号：2025-014 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 中审华会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所由变更为中审华会计师事务所（特殊普通合 伙）。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 □不适用 二、公司基本情况 2、报告期主要业务或产品简介 （一）主营业务 公司主营业务为肿瘤、皮科、消化、泌尿、心脑等仿制药、创新药的研发、生产、销售，以及种子种苗 抚育、种植、加工、仓储、饮片于一体的中药材全产业链。报告期内，公司拥有独家产品或剂型11个， 共有589个批文，441个品种，13个剂型，其中250个品种 ...

Group 1 - The core viewpoint of the news is that Shanxi Zhendong Pharmaceutical Co., Ltd. reported significant financial growth in 2024, achieving an operating income of 2.971 billion yuan and a turnaround in profit for Q1 2025 with a net profit of 28,960 yuan, marking a year-on-year increase of 103.37% [1] - In 2024, the company's key products, including Yanshu Compound Sophora Injection and Dafeixin Minoxidil Lotion, maintained steady growth, with the former leading in usage among similar drugs for three consecutive years and the latter achieving a market share of 47.3% [1] - The company expanded its product offerings in 2024 with new selections in the centralized procurement process, including Du Yi Wei Granules and Dengzhanhua Dispersible Tablets, which are expected to significantly boost sales in grassroots markets [1] Group 2 - In the innovative drug sector, the company completed the efficacy evaluation of a new skin drug and initiated clinical trials for an innovative traditional Chinese medicine, ZD16, while also starting preclinical research for an anti-tumor new drug [2] - The company is advancing 30 raw material drug projects and 31 formulation projects, including the FDA registration of Yanshu and research on its efficacy for pancreatic cancer [2] - A collaboration was signed with Westlake University and Beijing Natural Intelligence Pharmaceutical Technology Co., Ltd. to modernize the research and development of traditional Chinese medicine using AI technology [2]

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0012 | 0.0225 | -94.67 | -0.0004 | | 每股净资产（元） | 3.64 | 4.98 | -26.91 | 5.11 | | 每股公积金(元) | 3.66 | 3.66 | 0 | 3.66 | | 每股未分配利润(元) | -1.38 | -0.04 | -3350 | -0.02 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 7.55 | 7.82 | -3.45 | 9.51 | | 净利润(亿元) | 0.01 | 0.23 | -95.65 | 0 | | 净资产收益率(%) | 0.03 | 0.45 | -93.33 | -0.01 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 41188.62万股，累计占流通股比： 41.09 ...

CAC CAC CAC CAC CAC CAC CAC | 项目 | 本年度 | 上年度 | 备注 | | --- | --- | --- | --- | | 营业收入 | 2, 971, 127, 572. 67 | 3, 626, 016, 132. 88 | | | 减:营业收入扣除项目 | | | | | 与主营业务无关的业务收入 | 23, 598, 139. 57 | 19, 365, 682. 02 | | | 其中:正常经营之外的其他 业务收入 | 23, 598, 139. 57 | 19, 365, 682. 02 | | | 不具备商业实质的收入 | | | | | 营业收入扣除后金额 | 2, 947, 529, 433. 10 | 3, 606, 650, 450. 86 | | CAC 国家企业信用信息公示系统网址: 主体应当于每年1月1日至6月30日通过国家企业信 统一社会信用代码 911201166688390414 (10-1) 名 称 H 资 中审华会计师事务所(特殊普通合伙) 额 式任壹值壹拾万元 奖 મેતે 特殊普通合伙企业 成 立 日 期 二000年九月十九日 执行 ...

CAC CAC CAC CAC CAC 统一社会信用代码 911201166688390414 (10-1) 名 称 H 资 中审华会计师事务所(特殊普通合伙) 额 式任壹值壹拾万元 奖 મેતે 特殊普通合伙企业 成 立 日 期 二000年九月十九日 执行事务合伙人 黄庆林:沈芳;方文森:龙晖;史世利:阴兆银:王建国;王勤:成志 城;姚运海;刘文俊;梁雪萍;王桂林 主要经营场所 大津经济技术开发区第二大街1003室（存在多址信息） 21号4形 经 营 范 FE 办理企业合 短波計且由RAA 基本建设年度财务决算审计: 此件仅用于报告出具及投标使 登 记 机 关 2023 http://www.gsxt.gov.cn 国家企业信用信息公示系统网址: CAC CAC 主体应当于每年1月1日至6月30日通过国家企业信 国家市场监督管理总局监制 证书序号:0000492 明 世 《会计师事务所执业证书》是证明持有人经财政 会计师事务所 部门依法审批,准予执行注册会计师法定业务的 凭证。 2. 《会计师事务所执业证书》记载事项发生变动的, 应当向财政部门申请换发。| | 名 3. 《会计师事务所执业证书》不得伪造、涂 ...