6869万利润蒸发！北大医药核心子公司"失血"10亿，大客户依赖症难解

Core Viewpoint - The termination of the exclusive cooperation between Peking University Medicine's core subsidiary and Peking University International Hospital is expected to significantly impact the company's revenue, leading to a projected decrease of 1 billion yuan in revenue for the next year, causing a 7% drop in stock price [2][3]. Revenue Impact - The long-term service contract with the International Hospital, which was the sole provider of medical equipment, surgical instruments, and pharmaceuticals, contributed 814 million yuan in revenue in 2022, accounting for 39.19% of the company's total revenue [3]. - The projected revenue from the International Hospital for 2023 and 2024 is 986 million yuan and 1.123 billion yuan, respectively, representing 44.94% and 54.51% of total revenue [3]. - The termination is expected to reduce sales revenue by 600 million yuan in the second half of the year and net profit by 40 million yuan, with a total revenue decrease of 1.027 billion yuan and net profit decrease of 68.69 million yuan in 2026 [4]. Financial Performance - In 2024, the company is projected to achieve total revenue of 2.06 billion yuan, a decrease of 6.10% from 2023, while net profit is expected to be 138 million yuan, a 211% increase year-on-year [5]. - The pharmaceutical distribution business is expected to contribute 1.437 billion yuan, accounting for 69.75% of total revenue in 2024 [6]. Transformation Challenges - The termination of the cooperation poses a significant challenge to the company's business structure and future development strategy, as it has historically relied heavily on this partnership [6]. - The company has undergone multiple transformations, shifting from raw material production to formulation and medical services since 2015, and has increased R&D investment in key areas [7]. - In 2024, R&D investment is expected to reach 40.13 million yuan, a 12.22% increase year-on-year, indicating the company's efforts to diversify and innovate [7].