科伦药业董事长赤膊代言麦角硫因背后：产品疗效、资质争议不断 业绩高压下急需新故事？

Core Viewpoint - The controversy surrounding Kelun Pharmaceutical and its chairman Liu Gexin has intensified due to allegations regarding the efficacy and regulatory status of its anti-aging product, Ergothioneine, which has not received official certification as a health product in China [1][2][4]. Financial Performance - In Q1 2025, Kelun Pharmaceutical reported a significant revenue decline of 29% year-on-year, totaling 4.39 billion yuan, while net profit plummeted by 43% to 584 million yuan, marking the worst quarterly performance in five years [5][6]. - The company's traditional infusion business revenue fell below 9 billion yuan, a record low, contributing to the overall financial downturn [5][6]. - The cash flow from operating activities also dropped over 60%, reaching 450 million yuan, indicating severe operational challenges [5]. Product Controversy - Ergothioneine, marketed as an anti-aging supplement, lacks regulatory approval and has not been substantiated by scientific evidence for its claimed benefits, raising compliance and ethical concerns [2][3][4]. - The product is being sold through cross-border e-commerce channels, exploiting regulatory differences between domestic and international markets [3][4]. Business Strategy and Challenges - The chairman has positioned the anti-aging sector as the "fourth entrepreneurial venture" for the company, following its traditional infusion and antibiotic businesses, aiming to create an ecosystem around anti-aging products [6][7]. - The subsidiary, Chuaning Biological, which was expected to drive growth through synthetic biology, has seen its revenue contribution remain minimal, indicating slow progress in its transformation strategy [7]. Market Environment - The pharmaceutical industry is facing significant challenges due to stringent government policies, such as the "limit on antibiotics" directive, which has adversely affected the infusion market and overall demand [6][7]. - Despite the decline in traditional business, non-infusion segments (generic and innovative drugs) showed some growth, but this was insufficient to offset the losses from the core infusion business [6].