KELUN PHARMA(SZ:002422) Chang Jiang Shang Bao·2025-06-08 23:09Core Viewpoint - The controversy surrounding Kelong Pharmaceutical's product, Ergothioneine capsules, has raised questions about its legitimacy as a dietary supplement, with accusations of it being a "fake drug" by a prominent academic [1][6][8]. Financial Performance - In Q1 2025, Kelong Pharmaceutical reported a revenue of 4.39 billion yuan, a year-on-year decline of 29.42%, and a net profit of 584 million yuan, down 43.07% [2][10]. - The company's revenue for 2024 was 21.81 billion yuan, a slight increase of 1.67% year-on-year, while net profit reached 2.94 billion yuan, up 19.53% [9]. - Over the past three years, Kelong's sales expenses totaled 12.67 billion yuan, accounting for approximately 20% of its revenue during the same period [3][11]. Product and Market Position - Ergothioneine is marketed as a dietary supplement rather than a drug, with Kelong asserting its safety and efficacy based on scientific validation and international recognition [6][7]. - The product is priced at 1,499 yuan per bottle (60 capsules), claiming to have effects significantly greater than Vitamin C and Coenzyme Q10 [5]. Management and Compensation - Kelong's chairman, Liu Gexin, received a total compensation of approximately 820 million yuan over the past three years, including salary and dividends [4][12][13]. - Liu holds 379 million shares in the company, with a significant portion pledged as collateral, but the company asserts that there is no risk of forced liquidation [11].