大南药板块承压 白云山遭遇业绩阵痛

Core Viewpoint - The traditional Chinese medicine company Baiyunshan is facing significant challenges, with its net profit continuing to decline for the second consecutive year due to insufficient demand, intensified industry competition, and regulatory pressures [1][2]. Financial Performance - In the first half of the year, Baiyunshan reported an operating income of approximately 418.35 billion yuan, a year-on-year increase of 1.93%, while the net profit attributable to shareholders was about 25.16 billion yuan, a decrease of 1.31% [2]. - The company’s net profit for the first half of 2024 is projected to be around 25.5 billion yuan, reflecting a year-on-year decline of 9.31% [2]. - Quarterly performance shows a significant drop in Q1, with operating income of about 224.7 billion yuan, down 2.06%, and a net profit of approximately 18.21 billion yuan, down 6.99%. However, Q2 showed signs of recovery with operating income of about 193.6 billion yuan, up 6.99%, and a net profit of 6.95 billion yuan, up 17.48% [3]. Business Segment Analysis - Baiyunshan's business is divided into four main segments: Traditional Chinese Medicine (TCM), Health Products, Commercial, and Medical [5]. - The TCM segment, which is the core business, saw a revenue decline of 15.23%, with the main revenue from TCM products dropping by 20.12% to approximately 32.46 billion yuan [5][6]. - The Health Products and Commercial segments reported revenue growth of 7.42% and 4.25%, respectively, with revenues of 70.23 billion yuan and 290 billion yuan [5]. R&D and Marketing Expenditure - Baiyunshan's R&D expenses decreased by 27.06% to 2.85 billion yuan in the first half of the year, continuing a downward trend over the past three years [8]. - In contrast, sales expenses were 30.28 billion yuan, down 2.92%, but still significantly higher than R&D expenses, indicating a long-standing focus on marketing over R&D [8]. Management Changes - Baiyunshan has experienced management instability, with the former chairman resigning in July 2024 amid allegations of serious violations, and a new chairman, Li Xiaojun, taking over in January 2024 [9].