定增“补血”与业绩“失血”：鲁抗医药的增长焦虑

Core Viewpoint - Lu Kang Pharmaceutical is facing significant challenges with a projected net profit decline of over 50% year-on-year for the first half of 2025, while its main business revenue growth continues to slow down and profit margins are further compressed [2] Group 1: Financial Performance - The company has experienced a continuous slowdown in revenue growth since 2022, with net profit showing a fluctuating downward trend [2] - In 2024, factors such as raw material price fluctuations, rigid cost increases, and ongoing domestic procurement policies have further squeezed the company's profit margins [2] Group 2: Fundraising and Expansion Plans - Lu Kang Pharmaceutical is advancing a targeted fundraising plan of up to 1.2 billion yuan for the expansion of multiple production bases and new product research and development [2] - The fundraising projects include high-end anti-infection formulation industrialization, the establishment of a biopharmaceutical CDMO platform, and the reserve of innovative drug varieties, all of which are encouraged by current policies and market trends [2][3] - The feasibility and market absorption capacity of these projects have been questioned, particularly regarding the company's current technical capabilities and market development strength [2][3] Group 3: Market Position and Strategy - The company is attempting to enter the innovative drug and CDMO business to create new growth opportunities, with high hopes for its proposed biopharmaceutical CDMO platform [3] - However, the domestic CDMO market is highly competitive, with established players like WuXi AppTec and Kelun already having strong customer loyalty and technical barriers [3] - The company's transformation narrative lacks continuity, with previous investments in various areas yielding low returns and diminishing market confidence in its ability to deliver [4] Group 4: Market Reaction and Future Outlook - Following the announcement of the fundraising plan, the company's stock price initially rose but weakened after the profit forecast was released, indicating market caution regarding its ability to achieve internal recovery and external support [4] - Despite the challenges, the company still possesses a certain level of defensive value in the raw material and formulation sectors, and is seen as a key player in the regional pharmaceutical innovation ecosystem [5] - The company stands at a crossroads between stagnation and bold breakthroughs, with the success of its fundraising efforts dependent on its strategic execution and ability to adapt to competitive pressures [5]