营利双降叠加监管风波，甾体药龙头仙琚制药如何突围？

Core Viewpoint - Zhejiang Xianju Pharmaceutical Co., Ltd. reported a decline in both revenue and net profit for the first three quarters of 2025, indicating ongoing pressure on its performance [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.826 billion yuan, a year-on-year decrease of 12.71%, and a net profit attributable to shareholders of 407 million yuan, down 23.29% [2]. - The weighted average return on net assets was 6.8%, a decrease of 2.16 percentage points year-on-year, while the return on invested capital was 6.33%, down 2.22 percentage points compared to the same period last year [3]. Historical Performance Trends - The company has experienced a continuous decline in performance, with 2023 revenue falling by 5.85% to 4.123 billion yuan and net profit down 24.86% to 563 million yuan. In 2024, revenue further declined by 2.98% to 4.001 billion yuan, and net profit decreased by 29.46% to 397 million yuan [4]. - In the first half of 2025, revenue was 1.869 billion yuan, a year-on-year decrease of 12.56%, and net profit was 308 million yuan, down 9.26% [4]. Business Segment Analysis - The core revenue sources, both formulation and raw material drug businesses, are facing difficulties. In the first half of 2025, formulation sales revenue was 1.127 billion yuan, down 7.2%, while raw material and intermediate sales revenue was 730 million yuan, a decline of 20% [5]. - The company attributed its performance decline to the impact of national centralized procurement on products like dexamethasone sodium phosphate injection and the influence of provincial-level centralized procurement on common drugs like progesterone injection [5]. Regulatory Challenges - In 2025, the company faced dual regulatory challenges, including an "antitrust penalty" and "fundraising violations," which not only resulted in direct financial losses but also negatively impacted its market reputation [6]. - The Tianjin Market Supervision Administration imposed a fine totaling 195 million yuan for engaging in price-fixing agreements, which represented 4.88% of the company's audited revenue and 49.17% of its net profit attributable to shareholders for 2024 [7][8]. - Additionally, the Zhejiang Securities Regulatory Bureau issued a warning regarding issues in the management and use of raised funds, highlighting internal control weaknesses [9].