罗欣药业三年“失血”28亿元谋转型，创新药热销难掩“烧钱”危机｜财报异动透视镜

Core Viewpoint - The pharmaceutical company Luoxin Pharmaceutical is facing a transformation dilemma, highlighted by increasing revenue but significantly widening losses, indicating challenges in its innovation strategy and cost management [2][4][10]. Financial Performance - In 2024, Luoxin Pharmaceutical reported a revenue of 2.647 billion yuan, an increase of 11.99% compared to the previous year [3][6]. - The net loss attributable to shareholders expanded to 965 million yuan, a 46.04% increase from the previous year's loss [3][6]. - The net profit after deducting non-recurring gains and losses was -768 million yuan, down 20.23% year-on-year [3][6]. - Operating cash flow turned negative, with a net cash flow of -158 million yuan, a decrease of 133.81% compared to the previous year [4][15]. Business Segments - The pharmaceutical manufacturing segment generated 2.357 billion yuan, accounting for 89.02% of total revenue, with a year-on-year growth of 13.66% [7]. - The revenue from digestive system products saw significant growth, reaching 818 million yuan, a 43.11% increase, driven by the innovative drug Tegoprazan [7][14]. Innovation and R&D - Luoxin Pharmaceutical has focused on innovative drug development, achieving a breakthrough with the approval of Tegoprazan for treating gastroesophageal reflux disease in 2022 [5][11]. - The company has reduced its R&D expenses significantly, with a 22.14% decrease in 2024, bringing the total to 87 million yuan [14]. - The number of R&D personnel also decreased from 113 to 97, a reduction of 14.16% [14]. Market Strategy and Challenges - The company has increased its marketing expenses by 18.39% in 2024, reaching 1.141 billion yuan, primarily for promoting Tegoprazan [14]. - Despite the increase in revenue, the company faces challenges in profitability due to high marketing costs and losses from asset disposals [8][15]. - The cumulative net loss over the past three years has exceeded 2.8 billion yuan, indicating ongoing financial strain [10].