东亚药业基本盘溃败巨额存货是否埋雷？募投资金涉嫌被挪用收监管函

Core Viewpoint - Under high pressure from restrictions on supply and procurement, the fundamentals of Dongya Pharmaceutical appear to be deteriorating, with a significant decline in revenue exceeding 40% in the third quarter. The company's high inventory raises concerns about potential risks in the 2025 financial report, alongside regulatory scrutiny for alleged misappropriation of raised funds [1][9]. Financial Performance - For the first three quarters, Dongya Pharmaceutical reported revenue of 596 million yuan, a year-on-year decrease of 38.08%. The net profit attributable to shareholders was -72.41 million yuan, down 260.31%, while the net profit excluding non-recurring items was -81.98 million yuan, a decline of 315.27%. In Q3 alone, revenue was 180 million yuan, down 42.67%, with a net profit of -42.18 million yuan, a drop of 432.24% [1][2]. Business Overview - Established in 1998, Dongya Pharmaceutical focuses on the research, production, and sales of chemical raw materials and intermediates, primarily in the antibacterial drug sector, including β-lactam antibiotics and quinolones. The decline in performance is attributed to reduced demand from downstream customers for β-lactam antibiotics [2][4]. Product Performance - The β-lactam antibiotics segment generated revenue of 793 million yuan, accounting for nearly 70% of the company's total revenue. The overall market for systemic antibacterial drugs has faced significant fluctuations due to ongoing policy pressures, with a reported 12.68% decline in sales in 2024 [4][5]. Inventory Concerns - As of now, the company holds nearly 700 million yuan in inventory. The substantial inventory raises questions about potential impairment risks, especially given the ongoing decline in the company's core business [7][9]. Regulatory Issues - Dongya Pharmaceutical has received a regulatory notice for allegedly misappropriating raised funds, with discrepancies found between the actual use of funds and the disclosures made in the IPO prospectus. This violation of disclosure regulations has led to corrective measures mandated by the regulatory authority [9][10]. Project Delays - The company has announced delays in two key projects funded by convertible bonds, pushing the expected production start date to December 2025. This decision is influenced by various factors, including industry policy changes and increased market competition [10].