压缩研发难救业绩，舒泰神净利连亏五年

Core Viewpoint - Shuyatong has reported a reduction in net loss for 2024 due to significant cuts in R&D expenses, but the company has not achieved profitability and has recorded net losses for five consecutive years [1][4]. Financial Performance - In 2024, Shuyatong achieved operating revenue of approximately 325 million yuan, a decrease of 10.81% compared to the previous year [2]. - The net profit attributable to shareholders was approximately -144.84 million yuan, an improvement from -398.89 million yuan in the previous year, reflecting a 63.69% reduction in loss [2]. - The cash generated from operating activities was -63.68 million yuan, showing a 72.11% improvement from -228.32 million yuan in the previous year [2]. R&D and Product Sales - The company significantly reduced its R&D investment by over 60%, with R&D expenses dropping from 448 million yuan in the previous year to 162 million yuan in 2024 [3]. - The number of R&D personnel decreased from 122 in 2023 to 104 in 2024, down from 262 in 2022 [4]. - Major products saw a decline in sales revenue: Shutaqing generated 179 million yuan (55.16% of total revenue, down 8.2% year-on-year), and Sutai Sheng generated 134 million yuan (41.21% of total revenue, down 17.3% year-on-year) [3]. Strategic Considerations - Experts suggest that pharmaceutical companies facing continuous losses should rationally plan R&D projects, focus resources on key product development, and enhance internal management to optimize costs [4]. - Collaborations with other companies and research institutions are recommended to share resources, reduce costs, and accelerate R&D progress [4].