南新制药募投项目延期 上市5年营收缩水七成

Core Viewpoint - Nanjing Pharmaceutical (688189), focused on anti-influenza drugs, has announced a delay in its IPO fundraising project, facing declining revenue and increased losses amid intense market competition [1][2]. Group 1: Financial Performance - In 2020, Nanjing Pharmaceutical achieved revenue of 1.029 billion yuan, with a net profit of 128 million yuan, primarily driven by its flagship product, the anti-influenza drug, which generated nearly 800 million yuan [2]. - From 2021 to 2024, the company reported consecutive losses, with net profits of -162 million yuan, -79 million yuan, -11 million yuan, and -357 million yuan respectively [2]. - By 2024, the company's revenue plummeted to 263 million yuan, a 74% decrease compared to 2020 [2]. Group 2: Project Adjustments - The company has postponed its "Marketing Channel Network Upgrade Project" from June 30, 2025, to December 31, 2026, a delay of 18 months due to macroeconomic conditions and industry policies [1]. - In December 2024, Nanjing Pharmaceutical announced an internal restructuring of its fundraising projects, terminating the "Palivizumab Dry Powder Inhalation Agent Project" and reallocating funds to the "Palivizumab Inhalation Solution Project," which also saw its completion date pushed back to December 31, 2026 [3]. - In April 2025, the company reported a total impairment provision of 325 million yuan for 2024, including 284 million yuan for accounts receivable bad debt losses [3].