Core Viewpoint - The company, Koyuan Pharmaceutical, has significantly revised its profit forecast for 2025, projecting a net profit of 12.09 million to 18.13 million yuan, representing a year-on-year decline of 70% to 80% due to legal issues involving its subsidiary [1][2][3] Financial Performance - The revised profit forecast indicates a drastic reduction from the previous estimate of 27.20 million to 39.29 million yuan, which was a decline of 35% to 55% year-on-year [2] - The company has experienced a continuous decline in net profit for three consecutive years, with net profits of 7.70 million yuan in 2023 and 6.00 million yuan in 2024, marking declines of 15.60% and 21.54% respectively [4] - The company’s net profit for 2025 is expected to continue this downward trend, following a pattern of declining profits since its IPO [4] Legal Issues - The profit revision is primarily due to a civil judgment against its subsidiary, Shandong Linuo Pharmaceutical, which is required to pay 16.11 million yuan in damages related to a contract dispute [3] Management Instability - The company has faced significant management turnover since its IPO, with three chairpersons and four general managers changing within a short period, raising concerns about leadership stability [1][9] - The frequent changes in key management positions, including the financial director and supervisory board chairman, have occurred within a few months, indicating potential internal challenges [9] Strategic Moves - Koyuan Pharmaceutical attempted to enhance its performance through an acquisition of Hongjitang, a company specializing in traditional Chinese medicine, but ultimately terminated the acquisition due to changing market conditions [7][8]

经济观察网 2026年2月24日，科源制药(301281)发布2025年度业绩预告，预计2025年净利润2720.19万元 至3929.16万元，同比下降35%至55%；扣除非经常性损益后的净利润2011.71万元至2905.81万元，同比 下降35%至55%。 ...

Core Viewpoint - Shandong Keyuan Pharmaceutical Co., Ltd. has significantly revised its 2025 profit forecast, expecting a net profit decline of 70%-80% due to an unexpected legal dispute involving its subsidiary [1][2] Group 1: Profit Forecast Revision - The company revised its expected net profit from a previous estimate of 27.20 million to 39.29 million yuan (a decline of 35%-55%) to a new range of 12.09 million to 18.13 million yuan (a decline of 70%-80%) [1][2] - The legal dispute involves a compensation of 16.11 million yuan that will be recognized as an extraordinary expense, impacting the net profit [1][2] Group 2: Legal and Financial Implications - The subsidiary, Shandong Linuo Pharmaceutical Co., Ltd., has had some bank accounts frozen due to the legal dispute, with 57 million yuan frozen, representing 4.19% of the company's latest audited net assets [2] - The ongoing legal issues have the potential to affect the normal operations of the subsidiary [2] Group 3: Historical Performance and Challenges - In 2023, the company reported a revenue of 448 million yuan, a slight increase of 1.07%, but net profit decreased by 15.60% to 77.04 million yuan [2] - For 2024, revenue grew by 3.60% to 464 million yuan, but net profit fell to 60.45 million yuan, a decline of 21.54% [2] - The first three quarters of 2025 showed continued deterioration, with revenue at 303 million yuan (down 8.5%) and net profit at 31.47 million yuan (down 20.7%) [2] Group 4: Strategic Moves and Acquisitions - The company attempted to find new growth through acquisitions, planning to acquire 99.42% of Hongjitang for up to 3.581 billion yuan, which was seen as a significant asset restructuring [3][4] - The acquisition was expected to enhance the company's business by integrating traditional Chinese medicine with chemical pharmaceuticals, aiming for cost reduction and improved operational efficiency [4] Group 5: Termination of Acquisition - On November 28, the company decided to terminate the acquisition due to changes in the overall market environment, which were not elaborated upon [5] - The acquisition price was deemed excessively high, equating to 7.7 times the company's 2024 revenue and 59 times its net profit, far exceeding its capital capacity [5]

中国经济网北京2月25日讯 科源制药(301281.SZ)昨晚披露的2025年度业绩预告修正公告显示，公司 修正后的预计业绩为归属于上市公司股东的净利润1,208.97万元至1,813.45万元，比上年同期下降70%至 80%；扣除非经常性损益后的净利润2,011.71万元至2,905.81万元，比上年同期下降35%至55%。 | 项 | 目 | 本会计年度 | | 上年同期 | 是否进 | | --- | --- | --- | --- | --- | --- | | | | 厦预计 | 最新预计 | | 行修正 | | 归属于上市公 司股东的净利 | | 盈利: 2. 720. 19 万元 - 3.929.16 万元 | 盈利: 1,208.97 万元 - 1,813.45 | 盈利: | 是 | | | | | 力元 | 6,044.87万元 | | | 润 | | 比上年同期下降: | 比上年同期下降: | | | | | | 35% - 55% | 70% - 80% | | | | 扣除非经常性 盈利: 2,011.71 万 盈利: 2,011.71 万 | | | | | | --- | --- ...

此前，科源制药预计归母净利润为盈利2720.19万元至3929.16万元，比上年同期下降35%至55%。 子公司力诺制药诉讼拖累，科源制药（301281）净利润预期大幅下降。 2月24日，科源制药公告修正2025年度业绩预告，修正后，科源制药预计归母净利润为1208.97万元至1813.45万元，比上年同期下降70%至80%。公司扣非 归母净利润和前次披露一致，均为2012万元至2906万元。 | 项 目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市 公司股东的 | 盈利: 2,720.19 万元 - 3,929.16 万元 | | | 浄利润 | 比上年同期下降: 35% - 55% | 盈利:6,044.87万元 | | 扣除非经常 性损益后的 | 盈利: 2,011.71 万元 - 2,905.81万元 | | | 浄利润 | 比上年同期下降:35% - 55% | 盈利: 4,470.47万元 | | 项 目 | 本会计年度 | | 上年同期 | 是否进 | | --- | --- | --- | --- | --- | | | 原预计 | 最新预计 | | ...

（编辑 丛可心） 证券日报网讯 2月24日，科源制药发布公告称，公司持股5%以上股东问泽鸿于2026年2月10日至2月13 日通过集中竞价减持282700股，占总股本0.2611%，减持后其与一致行动人姜春梅合计持股5414500 股，占总股本5.0000%。 ...

科源制药发布2025年度业绩预告修正公告，预计归属于上市公司股东的净利润为1208.97万元–1813.45万 元，同比下降70% - 80%。公司原预计净利润为2720.19万元–3929.16万元，同比下降35% - 55%。 ...

山东科源制药股份有限公司 简式权益变动报告书 上市公司名称：山东科源制药股份有限公司 股票上市地点：深圳证券交易所 股票简称：科源制药 股票代码：301281 信息披露义务人一名称：问泽鸿 通讯地址：上海市浦东新区江山路 2829 号 股份变动性质：股份减少（持股比例降至 5%） 信息披露义务人二名称：姜春梅（一致行动人） 通讯地址：上海市浦东新区江山路 2829 号 股份变动性质：股份减少（持股比例降至 5%） 签署日期：二〇二六年二月二十四日 1 信息披露义务人声明 一、本报告系信息披露义务人依据《中华人民共和国证券法》（以下简称"《证 券法》"）、《上市公司收购管理办法》（以下简称"《收购办法》"）、《公开发行 证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》（以下简称"《准 则 15 号》"）等相关法律、法规和规范性文件编制。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其行为亦不违反 信息披露义务人章程或内部规则中的任何条款，或与之冲突。 五、本次权益变动是根据本报告书所载明的资料进行的。信息披露义务人没有 委托或者授权任何其他人提供未在本报告书中列载的信息和对本报告书做出 ...

Financial Performance - The company expects a net profit for 2025 to be positive but to decline by over 50% compared to the previous year[2] - The net profit attributable to shareholders is projected to be 27.20 million yuan, a decrease of 55% from the previous year's profit of 60.45 million yuan[3] - The net profit after deducting non-recurring gains and losses is estimated at 20.12 million yuan, also down 55% from 44.70 million yuan in the same period last year[3] Expenses and Costs - Increased sales expenses due to intensified efforts in the formulation market development have impacted overall profitability[5] - Management expenses have risen due to payments related to restructuring intermediary fees[5] - The company has increased R&D investment to support its "innovation-driven development" strategy, leading to higher R&D expenses[5] - There has been a reduction in government subsidies related to daily operations, resulting in decreased other income[5] Asset Management - The company has conducted a comprehensive review of receivables and plans to recognize asset impairment losses, which will increase overall asset impairment losses[6] Financial Reporting - The financial data presented is preliminary and unaudited, with final figures to be disclosed in the 2025 annual report[7] - Investors are advised to be aware of investment risks associated with the preliminary earnings forecast[7]

证券代码：301281 证券简称：科源制药 公告编号：2026-014 山东科源制药股份有限公司 关于子公司诉讼事项的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 3. 涉及金额及对公司损益产生的影响：一审法院判决山东科源制药股份有限 公司（以下简称"公司"）全资子公司山东力诺制药有限公司（以下简称"力诺制 药"）承担赔偿责任 1,610.70 万元，承担案件受理费11.84万元、承担保全费0.5 万元，预计将减少公司2025年度净利润约 1,610.70万元，最终金额及会计处理以 审计机构年度审计结果为准。 一、本次诉讼事项的基本情况 公司分别于披露了2024年11月1日、2024年11月18日、2025年4月29日披露了《 关于全资子公司银行账户被冻结的公告》（公告编号：2024-089），《关于全资子 公司部分银行账户解除冻结的进展公告》（公告编号：2024-091），《关于全资子 公司银行账户部分金额解除冻结的公告》（公告编号：2025-036），因力诺制药与 江苏赛邦药业有限公司（以下简称"江苏赛邦"）发生销售代理合同纠纷，力诺制 药的部 ...