九芝堂：上半年营收净利双降超24% 核心产品全线滑坡

Core Viewpoint - Jiuzhitang (000989.SZ) reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in its business operations and market conditions [1] Financial Performance - The company achieved operating revenue of 1.265 billion yuan, a year-on-year decrease of 24.71% [1] - The net profit attributable to shareholders was 144 million yuan, down 29.71% year-on-year [1] - The net cash flow from operating activities was 213 million yuan [1] Product Segment Analysis - OTC business revenue was 583 million yuan, a decline of 36.05%, with a gross margin decrease of 3.41% [1] - Prescription drug revenue reached 636 million yuan, down 10.67% [1] - Health products revenue was 11.58 million yuan, a decrease of 20.88% [1] - Pharmaceutical commercial revenue was 33.3 million yuan, a slight decline of 3.12% [1] - The gross margin for the pharmaceutical industrial sector remained at 59.20% [1] Regional Performance - Revenue in the South China region increased slightly by 3.34%, while the other six major regions experienced declines [1] - The Central China region, accounting for 20.96% of total revenue, saw a significant drop of 42.84% to 265 million yuan [1] - The East China region, representing 17.65% of total revenue, reported a decrease of 35.29% to 223 million yuan [1] Research and Development - R&D expenses amounted to 61.93 million yuan, a slight decrease of 5.95% year-on-year [1] - New drug projects, such as YB211, are still in clinical phase II, and innovative businesses like stem cell therapy are not yet commercialized [1] Shareholder Structure - The shareholder structure has changed significantly, with Heilongjiang Chenen Gongda Venture Capital becoming the largest shareholder with a 24.04% stake [1] - The original controlling shareholder, Li Zhenguo, reduced his stake to 18.91%, with the actual controller now being Heilongjiang Provincial State-owned Assets Supervision and Administration Commission [1] Share Buyback - The company completed a share buyback of 9.66 million shares at a cost of 76.2 million yuan, intended for employee incentives [1]