JZT(SZ:000989) Zheng Quan Zhi Xing·2025-04-22 03:03Core Insights - ST Jiuzhitang (000989.SZ) reported a decline in revenue and net profit for 2024, with revenue at 2.371 billion yuan and net profit at 216 million yuan, representing decreases of 19.91% and 27.31% year-on-year respectively, marking two consecutive years of declining performance [1][8] - The prescription drug segment saw a significant revenue drop of 14.76%, with the core product, Xuexitong injection, experiencing a continuous decline in revenue for three years [1][7] - The company is facing challenges in meeting a profit commitment of 900 million yuan from 2025 to 2027, as it has not achieved a net profit exceeding 300 million yuan for the past seven years [1][9] Revenue Structure - The revenue structure of ST Jiuzhitang shows a "polarization" trend, with traditional OTC and prescription drug segments generating revenues of 1.134 billion yuan and 1.132 billion yuan, down 24.69% and 14.76% respectively, while the health products segment grew by 35.86% to 21.6482 million yuan, but remains too small to offset losses from core segments [3][4] - The overall gross margin for 2024 was 59.12%, a decrease of 1.43 percentage points, with the OTC segment's gross margin dropping significantly by 8.72 percentage points to 43.64% [5] Regulatory Environment - The National Healthcare Security Administration's new policy aims to create a fair pricing system for generic drugs, which poses a challenge for ST Jiuzhitang's OTC business as it must compete under a unified pricing framework [4][8] - Changes in the medical insurance directory have further restricted the coverage of Xuexitong injection, limiting its applicability to acute cerebral infarction patients, which may further squeeze its market share [7][10] New Business Development - ST Jiuzhitang is attempting to pivot towards innovative drugs and stem cell therapy, but these initiatives are still in the clinical research phase and are unlikely to provide immediate financial relief [1][10] - The company is working on two generic drugs, YB212 and SQ213, with YB212 expected to complete registration by June 2026, while the timeline for SQ213 remains unspecified [10][11] - The stem cell therapy projects are still in the research phase, and commercialization is expected to take considerable time [11]