康缘药业核心产品“崩盘”，大佬提前跑路？留给市场的只有问号

Core Insights - The early resignation of Chairman Xiao Wei has raised concerns in the industry, as he has been a key figure in the company for nearly 25 years, and his departure during a challenging performance period has led to speculation about the company's future [2][3] - The company is facing significant challenges, with its first decline in both revenue and net profit in 2024, reporting a revenue of 3.898 billion yuan, down 19.86% year-on-year, and a net profit of 392 million yuan, down 15.58% year-on-year [3][4] - The management transition, with Gao Haixin now serving as the legal representative, is seen as a move towards "de-familization," but concerns remain about his lack of experience in the chairman role and his ability to manage the company's strategic direction effectively [6][7] Financial Performance - In 2024, the company experienced a dual decline in revenue and net profit, with a revenue of 3.898 billion yuan and a net profit of 392 million yuan, marking a year-on-year decrease of 19.86% and 15.58% respectively [3] - The first quarter of 2025 continued the downward trend, with revenue down 35.38% and net profit down 38.37% year-on-year [3] - R&D investment also saw a significant decline of 38.63%, which could hinder long-term growth for a company reliant on technological innovation [3] Product Performance - Core products are under pressure, particularly the main products, Heat Toxicity Ning Injection and Ginkgo Biloba Terpene Lactone Injection, which have seen declining market performance due to various factors including medical insurance cost control and intensified industry regulation [3][4] - The Heat Toxicity Ning Injection's sales have dropped significantly due to restrictions on its use, with a 30% price reduction in local procurement affecting profit margins [4] - The Ginkgo Biloba Terpene Lactone Injection's price was reduced by 70.35% following negotiations, leading to a continuous narrowing of profit margins despite maintaining sales volume [4] Management Changes - Since April 2024, the company has experienced multiple personnel changes, raising concerns about management stability and strategic continuity [6] - The recent appointment of Gao Haixin as the legal representative is interpreted as a shift towards reducing family influence in management, but his lack of relevant experience raises doubts about his ability to balance technical heritage and operational management [7]