创新厚积薄发：从众生药业双报看创新药企的“逆周期”布局

Core Viewpoint - The company reported a challenging performance in 2024 due to policy adjustments and increased market competition, but showed significant improvement in Q1 2025, indicating a potential for long-term value release [1][2]. Financial Performance - In 2024, the company achieved a revenue of 2.467 billion yuan and a non-GAAP net profit of -260 million yuan [1]. - In Q1 2025, the company reported a revenue of 634 million yuan, maintaining year-on-year stability, with a net profit attributable to shareholders of 82.61 million yuan, a 61.06% increase, and a non-GAAP net profit of 78.43 million yuan, an 8.60% increase [1]. Market Dynamics - The company's core product, the compound thrombus-dissolving series, faced price reductions due to centralized procurement policies, impacting short-term performance but potentially expanding market share in the long run [1][2]. - The company is positioned as a leader in the market for its core products, aiming to achieve a "volume for price" strategy [1]. Strategic Adjustments - The company has made provisions for goodwill impairment due to cautious principles, which do not reflect the true operational status of its core business [2]. - The company is strategically pausing some R&D investments to focus on more promising projects in metabolic and respiratory diseases, which may enhance long-term growth [2][4]. R&D and Innovation - The company has established a multi-layered R&D system focusing on traditional Chinese medicine, high-end generic drugs, and innovative drugs, which is crucial for competitive differentiation [3][4]. - The RAY1225 project, targeting type 2 diabetes and obesity, showcases the company's unique dual-target mechanism, enhancing its market competitiveness [3]. - The company has consistently invested over 10% of its revenue in R&D for the past three years, reflecting its commitment to innovation [4]. Regulatory Environment - Recent government policies encourage pharmaceutical companies to increase R&D investments, providing tax incentives and subsidies, which will benefit the company's innovative drug development [4][5].