毛利率四连降、研发人员锐减超3成，掉队的汇宇制药何解？｜直击业绩会

Core Viewpoint - The company, Huyou Pharmaceutical, has faced significant financial challenges in the first half of the year, with a revenue decline of 14.86% year-on-year and a net profit loss of 807.2 million yuan, continuing the trend from Q1 [1][2][7] Financial Performance - In the first half of the year, the company reported a revenue of 453 million yuan and a net profit loss of 807.2 million yuan, marking a year-on-year decline of 14.86% and 223.78% respectively [1][2] - The revenue from the company's main product, the injectable pemetrexed disodium, has sharply decreased from 1.447 billion yuan in 2021 to an estimated 211 million yuan in 2024 [5][6] - The overall gross margin for the company has also declined from 91.36% in 2021 to 79.60% in the first half of 2025 [7] Market Dynamics - The company has launched five new generic drugs in the domestic market this year, bringing the total to 43, with 24 in oncology and 19 in other therapeutic areas [2] - The competitive landscape in the generic drug market has intensified, leading to revenue and profit declines for Huyou Pharmaceutical [2][8] Research and Development - The company has seen a continuous reduction in R&D investment and personnel, with R&D staff decreasing from 743 in 2022 to 478 in mid-2025, a reduction of 36% [9][10] - Despite the reduction in R&D personnel, the company claims to maintain a high proportion of R&D investment, with 16.38 million yuan allocated in the first half of 2025, representing 36.15% of revenue [11] - The company plans to accelerate the development of high-barrier generic drugs and expand its international market presence [9][10]