去年亏损近3亿元，子公司IPO失利，众生药业能否迎来转机？

Core Viewpoint - The financial performance of the company in 2024 showed a significant decline, with a revenue of 2.467 billion yuan, down 5.48% year-on-year, and a net profit loss of 299 million yuan, a decrease of 213.63% compared to the previous year, primarily due to price reductions from centralized procurement and impairment losses [1][5]. Revenue Breakdown - The company's revenue decline was largely attributed to the impact of centralized procurement on its core products, particularly the Compound Thrombus Tong series, which saw price reductions after being selected for national procurement [3][4]. - The traditional Chinese medicine segment accounted for over 50% of total revenue, with 2023 revenue at 1.391 billion yuan, down 14.86%, and 2024 revenue at 1.318 billion yuan, down 5.25% [3][4]. - The chemical drug segment also experienced a decline, with 2024 revenue of 900 million yuan, down 6.44% [4]. Impairment Losses - The company reported a total impairment loss of 547 million yuan, significantly impacting net profit, with 2024 losses primarily due to goodwill impairment related to subsidiaries [5][6]. - The goodwill from the acquisition of subsidiaries has been fully impaired, with the remaining balance at zero [6]. Innovation Drug Developments - The company established a subsidiary, Guangdong Zhongsheng Ruichuang Biotechnology Co., Ltd., to focus on innovative drug development, but faced challenges, including a failed IPO and subsequent stock buyback [7][8]. - The innovative drug, Lai Rui Te Wei, received conditional approval but has not yet translated into significant financial returns, with revenues of 57.34 million yuan in 2023 and 40.23 million yuan in 2024 [7][8]. Future Outlook - Analysts suggest that the impact of centralized procurement will be largely absorbed by the second half of 2024, with expectations for a recovery in traditional business and innovative drug segments starting in 2025 [2][6]. - In Q1 2025, the company reported a revenue of 634 million yuan, a slight decrease of 1.07%, but a net profit increase of 61.06% year-on-year, indicating potential operational improvements [9].