景峰医药2024年年报解读：营收下滑超36%，经营现金流净额骤降115.83%

Core Viewpoint - In April 2025, Hunan Jingfeng Pharmaceutical Co., Ltd. released its 2024 annual report, revealing significant changes in key financial indicators such as revenue, net profit, and cash flow, indicating potential operational challenges and risks for investors [1] Financial Performance Summary - Revenue: The company reported a revenue of 416,031,777.19 yuan in 2024, a decrease of 36.67% from 656,893,837.84 yuan in 2023. The pharmaceutical business accounted for 94.05% of total revenue, declining by 37.86% [2] - Net Profit: The net profit attributable to shareholders was 152,304,308.31 yuan, a turnaround from a loss of 236,100,444.69 yuan in 2023. However, the net profit excluding non-recurring items was -76,117,930.25 yuan, indicating weak core business profitability [3] - Earnings Per Share: Basic earnings per share improved to 0.1731 yuan from -0.2684 yuan in 2023, while the diluted earnings per share excluding non-recurring items was -0.0865 yuan, highlighting the disparity in earnings quality [4] Expense Analysis - Sales Expenses: Sales expenses decreased by 60.51% to 137,032,632.93 yuan from 347,051,196.83 yuan in 2023, potentially impacting market promotion and sales performance [5] - Management Expenses: Management expenses fell by 28.09% to 112,695,669.98 yuan, reflecting successful cost reduction measures [6] - Financial Expenses: Financial expenses remained stable at 40,282,025.19 yuan, indicating ongoing debt pressure, with a notable bond balance of 185 million yuan due [7] Cash Flow Analysis - Operating Cash Flow: The net cash flow from operating activities turned negative at -5,550,958.03 yuan, down 115.83% from 35,063,943.44 yuan in 2023, indicating weakened cash generation ability [10] - Investing Cash Flow: The net cash flow from investing activities was positive at 64,489,461.03 yuan, a recovery from -9,366,822.30 yuan in 2023, primarily due to asset disposals [11] - Financing Cash Flow: The net cash flow from financing activities improved to -10,724,112.52 yuan from -192,978,032.40 yuan in 2023, reflecting a need for improved financing conditions [12] Overall Assessment - Despite achieving a net profit turnaround, the company faces challenges with declining revenue, deteriorating cash flow, and reduced R&D investment, which may impact future growth potential. Investors should closely monitor the company's restructuring process, market strategy adjustments, and cost control efforts to assess investment value and risks [1]