创始人肖伟辞任董事长，核心产品业绩承压，康缘药业将何去何从

Core Views - Jiangsu Kangyuan Pharmaceutical Co., Ltd. announced the resignation of Chairman Xiao Wei due to personal reasons, while he will continue to serve as a board member and committee chair [1][2] - The company has faced significant performance pressure in recent years, with a notable decline in revenue and net profit [3][5] Management Changes - Xiao Wei, the founder and actual controller of Kangyuan Pharmaceutical, has been a pivotal figure since 2000, leading the company through modernization and successful public listing [1][2] - The legal representative has been changed to Gao Haixin, who has been with the company since 2014 and has held various leadership roles [2] Financial Performance - In 2024, Kangyuan Pharmaceutical reported a revenue of 3.898 billion yuan, a year-on-year decrease of 19.86%, and a net profit of 392 million yuan, down 15.58% [3] - This marks the first decline in performance since 2021, attributed to increased market competition and stricter healthcare policies [3] Product and Market Dynamics - The company's core products, including the Heat Poisoning Injection and Ginkgo Biloba Injection, have seen declining sales due to market pressures [3] - New product lines are being developed, but their performance has not compensated for the losses from core products [3] Acquisition and Future Outlook - In 2024, Kangyuan Pharmaceutical completed a 100% acquisition of Zhongxin Pharmaceutical, enhancing its presence in the biopharmaceutical sector [4] - However, the acquisition comes with risks, including significant debt and ongoing financial commitments for research and development [5] - The company reported a continued decline in Q1 2025, with revenue of 878 million yuan, down 35.38%, and net profit of 83.41 million yuan, down 38.37% [5]