睿智医药回复定增审核问询函：业绩回暖，多项业务调整与风险披露

Core Viewpoint - The company has responded to the Shenzhen Stock Exchange's inquiry regarding its application for a specific stock issuance, with the auditing firm conducting a thorough review of related issues [1] Performance Fluctuation Reasons and Improvement Measures - The company reported revenues of 1,326.58 million, 1,138.37 million, 970.20 million, and 533.80 million, with gross profit margins of 25.42%, 25.94%, 21.80%, and 29.01%, and net profits of 362.42 million, -916.94 million, -226.51 million, and 25.35 million over the reporting periods [2] - Revenue and gross margin have declined due to competition in the innovative drug industry, but began to recover in the first half of 2025 [2] - Net profit fluctuations were influenced by business adjustments and goodwill impairments [2] Business Segment Analysis - The chemical business faced reductions due to market competition and shifts in client R&D directions [2] - The large molecule business struggled with order acquisition but saw revenue growth in the first half of 2025 as the market improved [2] - The pharmacodynamics business experienced revenue growth in 2023 due to platform expansion but fell short of expectations in 2024, with recovery in 2025 [2] Measures for Performance Improvement - The company benefits from an improved external industry environment, with increased order volumes and active investment [3] - Internal optimizations include governance improvements, business model enhancements, and refined cost management [3] - Goodwill and long-term asset impairments have been addressed, leading to stable future performance expectations [3] Domestic and International Business Performance - The company’s international business primarily serves U.S. clients, with over 70% revenue share [4] - Gross margins for international business have increased due to a higher proportion of high-margin pharmacodynamics business [4] - R&D expenses have decreased as the company adjusts its strategy to focus on core projects [4] Accounts Receivable and Debt Servicing - The company has made adequate provisions for bad debts, with a decline in accounts receivable aging due to reduced revenue and improved management [5] - Liquidity ratios are below industry averages, but the company maintains stable cash reserves for debt servicing [5] - Inventory provisions are higher than industry peers due to strategic focus and insufficient CDMO orders [5] Related Transactions and Asset Impairment - Related transactions are deemed necessary and fair, with no significant financial mismanagement [6] - Fixed asset depreciation policies align with industry norms, and asset impairment provisions are considered reasonable [7] - The company’s management stability and experience are expected to support business development [7]