业绩被一季报打回原形？两面针主业疲软，过度依赖资本市场

Core Viewpoint - The financial performance of Two Faced Needle in Q1 2025 shows a significant decline in net profit despite a year-on-year revenue increase, primarily influenced by fluctuations in the fair value of financial assets rather than core business operations [1][5][8] Financial Performance Summary - In Q1 2025, Two Faced Needle achieved revenue of 240 million yuan, a year-on-year increase of 15.49%, but the net profit attributable to shareholders was a loss of 14.17 million yuan, widening from a loss of 12.75 million yuan in the same period last year [2][5] - The net profit decreased by 133.48% compared to Q4 2024, where it was 42.29 million yuan [2][5] - The revenue from household toothpaste was 35.56 million yuan, up 8.48% year-on-year, while travel toothpaste revenue was 29.90 million yuan, up 13.89% year-on-year [2][3] Product Performance Summary - Household toothpaste production was 937.02 thousand units with sales of 816.53 thousand units, while travel toothpaste production was 29,819.21 thousand units with sales of 33,390.24 thousand units [3] - The average selling price of household toothpaste decreased by 0.86% year-on-year, while travel toothpaste's average selling price increased by 4.76% [4] Profitability Analysis - The gross margin for the daily chemical segment was only 13.84%, significantly lower than industry leaders like Yunnan Baiyao, which has a gross margin of 65.93% [4][6] - The company's financial performance is heavily reliant on the fluctuations in the fair value of financial assets, which has led to inconsistent profit results [5][8] Strategic Insights - The chairman indicated that future profit growth will depend on the development of both daily chemical and pharmaceutical businesses, as well as leveraging the health industry fund for resource acquisition and market synergy [7] - However, there is a noticeable imbalance in the performance of the daily chemical and pharmaceutical segments, with daily chemical revenue being nine times that of pharmaceuticals, which are experiencing a continuous decline [7][8]