灵康药业(603669) - 2025 Q4 - 年度业绩预告

Financial Performance - For the fiscal year 2025, the company expects a net profit attributable to shareholders of approximately -127 million yuan, a year-on-year reduction in loss of about 2.88%[2] - The expected operating revenue for 2025 is around 365 million yuan, representing a year-on-year decline of approximately 3.89%[2] - The revenue from the main business, after excluding unrelated income, is projected to be about 345 million yuan, down approximately 6.64% year-on-year[2] - The preliminary financial results have not yet been audited by registered accountants[2] Product Revenue Expectations - Sales revenue from anti-infection products is expected to decline by around 70% due to the transition period of centralized procurement and price drops[3] - Revenue from cardiovascular products is anticipated to decrease by about 30% due to increased competition from newly approved products[3] Operational Challenges - The company's capacity utilization rate is low, leading to higher fixed costs per unit and significant pressure on overall profits[3] Business Expansion - The company is expanding its pharmaceutical agency and distribution business, which has seen substantial revenue growth compared to the previous year[3] Credit Rating - The company's credit rating remains at A- with a stable outlook, as assessed by Dongfang Jincheng[1]