Core Viewpoint - In 2024, Sihuan Pharmaceutical continued to incur losses, with a net profit loss of 217 million yuan, a year-on-year increase of 301.1%, despite a slight revenue increase of 2.2% to 1.901 billion yuan. The company's performance is primarily affected by its generic drug business and innovation drug losses, while its medical aesthetics division shows growth but remains insufficient to reverse the overall decline [1][2]. Revenue and Profit Analysis - Sihuan Pharmaceutical's revenue for 2024 was 1.901 billion yuan, a 2.2% increase year-on-year, while the net profit loss was 217 million yuan, marking a 301.1% increase in losses compared to the previous year [2]. - The company has reported losses for three consecutive years, with net profit losses of 1.915 billion yuan in 2022, 54 million yuan in 2023, and 217 million yuan in 2024 [2]. - The revenue breakdown for 2024 shows that the generic drug segment generated 1.099 billion yuan, a decline of 21.4% and accounting for 58% of total revenue. The medical aesthetics segment achieved 744 million yuan, a growth of 65.4%, making up 39% of total revenue. The innovation drug segment generated 58 million yuan, up 388.1%, but only accounted for 3% of total revenue [2]. Business Segment Performance - The generic drug business, once a cash cow, has been negatively impacted by the inclusion of several products in the national monitoring directory, leading to a significant decline in average prices and sales volume [2]. - The medical aesthetics division has seen growth, but its contribution to overall performance is limited due to its smaller size [1][2]. - The innovation drug segment continues to incur substantial losses, with a reported loss of approximately 948 million yuan in 2024, despite ongoing research and development efforts [3][8]. R&D and Market Position - Sihuan Pharmaceutical is transitioning from generic drugs to innovative and biological drugs, maintaining high R&D spending despite slow commercialization progress [3]. - The company has significantly reduced its R&D personnel, with a decrease from 338 employees in September 2022 to 119 by June 2024, which raises concerns about the impact on future R&D projects [8][9]. - The approval of the "girl needle" product, a type of facial filler, may provide some support to the company's aesthetics business, but its overall impact on profitability remains uncertain [11]
四环医药三年亏近22亿：仿制药拖累营收、创新药拖累利润 医美业务竞争加剧能成扭亏抓手吗？