MicuRx(SH:688373) Zheng Quan Zhi Xing·2025-04-24 22:15Core Viewpoint - The recent financial report of Amgen Pharmaceuticals (688373) indicates a slight increase in revenue but a significant improvement in net profit loss, suggesting a potential recovery in profitability despite ongoing challenges [1] Financial Performance - Total revenue for Q1 2025 reached 33.217 million yuan, a year-on-year increase of 0.61% [1] - The net profit attributable to shareholders was -61.6325 million yuan, showing a year-on-year improvement of 39.66% [1] - Gross margin increased to 84.53%, up by 2.58% year-on-year, while net margin improved to -185.55%, a 40.02% increase year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 37.1351 million yuan, accounting for 111.8% of revenue, a decrease of 26.18% year-on-year [1] Cash Flow and Debt Situation - The company reported a negative operating cash flow per share of -0.08 yuan, an improvement of 48.36% year-on-year [1] - The company’s interest-bearing liabilities increased to 288 million yuan, a rise of 71.58% year-on-year [1] - The average operating cash flow over the past three years is significantly negative, raising concerns about liquidity [4] Business Model and Market Position - The company’s business model is primarily driven by research and development, indicating a reliance on innovation for revenue generation [3] - Sales of the drug Kangti Zuoan Tablets reached 130 million yuan in 2024, a growth of 43.51% year-on-year, with a significant increase in hospital coverage [5] - The company has expanded its market presence, covering 582 hospitals and achieving formal access in 150 hospitals by the end of 2024 [5]