金石亚药财报“告急”：连续两期净利下滑三成左右，核心产品感冒药市场“退烧”致业绩 不彰

Core Viewpoint - Sichuan Jinshi Asia Pharmaceutical Co., Ltd. (referred to as "Jinshi Asia Pharmaceutical" or "the company") reported a decline in both revenue and net profit for the fiscal year 2024 and the first quarter of 2025, primarily due to intensified competition in the cold medicine market and changes in medical policies [1][2]. Financial Performance - In 2024, the company achieved total revenue of 1.102 billion yuan, a year-on-year decrease of 8.84%, and a net profit of 91.76 million yuan, down 27.29% [1]. - For the first quarter of 2025, revenue was 291 million yuan, reflecting a 19.65% decline year-on-year, while net profit was 62.85 million yuan, a decrease of 30.02% [1][2]. Market Dynamics - The cold medicine market has become increasingly competitive, with a diverse range of products including traditional cold medicines, Chinese herbal medicines, and imported antiviral drugs, which has intensified market competition [1][2]. - The shift in patient treatment preferences towards hospital care during the 2024 flu season has led to a significant reduction in retail sales of cold medicines [2]. Business Structure - The company's reliance on the cold medicine category has exacerbated revenue volatility, as its core product line, the "Kuaike" cold medicine series, has seen a decline in demand following a period of heightened consumption [2]. - Despite attempts to diversify into health products and prescription drugs, these new business segments have not yet contributed significantly to overall revenue [2]. Product Concentration - Jinshi Asia Pharmaceutical's main business includes the research, production, and sales of over 90 drug production approvals and 7 health food production approvals, with the Kuaike cold medicine series being a major revenue source [3]. - The concentration of leading products in specific market segments provides a competitive advantage, but any adverse changes in raw material prices or market conditions could significantly impact the company's performance [3].