SPAS(SH:603168) Shang Hai Zheng Quan Bao·2025-04-30 04:09Core Viewpoint - The company reported a significant decline in revenue and net profit for the year 2024, primarily due to underperformance in core product sales and challenges in the medical service sector [4][18]. Group 1: Company Overview - Zhejiang Shapuaisi Pharmaceutical Co., Ltd. focuses on drug research, production, sales, and medical services, adhering to a "pharmaceutical + medical" dual-driven strategy [7]. - The company operates in the pharmaceutical manufacturing and medical services industries, which are crucial for national health and economic development [7]. Group 2: Financial Performance - The company achieved a total revenue of 483.96 million yuan in 2024, representing a year-on-year decline of 24.96% [18]. - The net profit attributable to shareholders was -123.44 million yuan, with a basic and diluted earnings per share of -0.33 yuan [18]. Group 3: Business Segments - The pharmaceutical manufacturing segment includes ophthalmic medications and anti-microbial drugs, with key products like benzalkonium chloride eye drops leading in the cataract medication market [10]. - The medical services segment includes a fully-owned subsidiary, Taizhou Maternity Hospital, which is a secondary specialized hospital with 300 beds and over 400 staff [11]. Group 4: Industry Context - The pharmaceutical manufacturing industry is undergoing significant reforms, including the implementation of centralized drug procurement and compliance management to enhance drug quality and safety [7][8]. - The medical services industry is experiencing steady growth, with a reported 10.7% increase in total medical visits across the country in the first eight months of 2024 [9].