57亿元vs500亿元！太极集团“四面楚歌”：明星大单品失灵，卖房补血自救

Core Insights - Taiji Group, once a leading player in the traditional Chinese medicine industry, is facing unprecedented operational challenges, with a significant decline in revenue and profit margins in the first half of 2025 [1][2][4] Financial Performance - In the first half of 2025, Taiji Group reported revenue of 5.66 billion yuan, a year-on-year decrease of 27.63%, and a net profit attributable to shareholders of 139 million yuan, down 71.94% [2][6] - The company's net profit margin has deteriorated significantly, with a non-recurring net profit of 120 million yuan, reflecting a 74.52% decline compared to the previous year [2][6] - The decline in performance is attributed to policy impacts and ongoing inventory digestion of certain products, which has been consistent with previous years' explanations [2][4] Industry Context - The pharmaceutical industry is experiencing pressures from policies such as volume-based procurement and medical insurance cost control, but Taiji Group's revenue decline of 27.63% and nearly 70% drop in net profit exceeds the industry average [2][4] - The company's previous high-growth strategy, which relied on heavy inventory stocking, has backfired, leading to high social inventory levels that are now being liquidated [2][4] Product Performance - Taiji Group's main revenue sources are heavily reliant on its pharmaceutical industrial and commercial sectors, with key products like Huoxiang Zhengqi Oral Liquid and Jizhi Syrup facing significant sales declines [8][9] - In 2024, the pharmaceutical industrial sector's revenue fell by 32.25%, with a further decline of 44.03% in the first half of 2025, indicating severe pressure on core products [8][9] Strategic Challenges - The company had set an ambitious revenue target of 50 billion yuan for 2025, but with only 5.66 billion yuan achieved in the first half, meeting this target appears highly unlikely [10] - Taiji Group's high inventory levels and ineffective marketing strategies have been likened to "running with sandbags," continuously dragging down profits [4][5] Financial Pressures - Taiji Group has faced additional financial strain with the freezing of bank accounts totaling 62.92 million yuan, which represents 1.73% of the company's audited net assets [12][13] - The company is taking steps to address its financial situation by selling idle assets, including properties in Chongqing and Chengdu, to improve liquidity [13]