北大医药继续“去北大化” 子公司痛失第一大客户，进一步向医药制造转型

Core Viewpoint - The termination of the business cooperation between Beijing Beida Pharmaceutical's subsidiary and Peking University International Hospital poses significant risks to the company's main operations, potentially leading to a substantial loss in revenue and profit due to its heavy reliance on this partnership [1][2][3]. Group 1: Business Impact - The termination of cooperation with the International Hospital has resulted in a projected revenue decrease of approximately 6 billion yuan for the current year, which accounts for about 29.13% of the company's most recent audited revenue [2]. - The company anticipates a net profit reduction of around 40 million yuan, representing about 28.99% of the latest audited net profit attributable to shareholders [2]. - Starting in 2026, the company may face even greater losses, with projected revenue declines of 10.27 billion yuan and net profit reductions of approximately 68.69 million yuan, which could account for nearly 50% of the company's recent audited revenue and net profit [2]. Group 2: Business Transition - In response to the loss of its primary client, the company is shifting its focus towards pharmaceutical manufacturing, establishing a new subsidiary based on its production center to enhance its capabilities in generic drug production [1][3]. - The pharmaceutical distribution business, which heavily relied on the International Hospital, generated 14.37 billion yuan in revenue in 2024, making up 69.75% of the company's total revenue [3]. - The company has announced plans to concentrate resources on the manufacturing segment to improve efficiency and leverage its strengths in generic drug production [3][4]. Group 3: Financial Performance - In 2024, the company's pharmaceutical manufacturing revenue was 6.23 billion yuan, accounting for approximately 30% of total revenue, with a gross margin of 57.47%, significantly higher than the 13.48% gross margin from the pharmaceutical distribution business [4]. - The company's generic drug products have been affected by centralized procurement policies, which have led to a decline in gross margin by 11.23 percentage points compared to the previous year [5].