财说｜业绩承压，鲁抗医药靠定增“输血”

Core Viewpoint - Luantang Pharmaceutical is implementing a capital increase plan totaling 1.2 billion yuan to seek new balance amid slowing industry growth, with funds allocated for high-end formulation workshops, biopesticide bases, and new drug research and development [1][2] Group 1: Capital Increase Plan - The company plans to issue up to approximately 270 million A-shares, with a maximum fundraising target of 1.2 billion yuan [1] - The controlling shareholder, Hualu Group, has committed to subscribe for no less than 23.81% of the shares, amounting to about 64.2 million shares, which is seen as a stabilizing factor for market expectations [2] - Approximately 400 million yuan will be allocated to the construction of high-end formulation intelligent manufacturing workshops to enhance production capacity for chronic disease medications [2] Group 2: Financial Performance - In the first three quarters of 2025, the company's net profit attributable to shareholders fell to 141 million yuan, a year-on-year decline of 59.32%, primarily due to the absence of one-time land reserve income [1][7] - The company's revenue for the same period was 4.624 billion yuan, a slight decrease of 0.91% year-on-year, indicating challenges in maintaining revenue growth [7] - Cash flow from operating activities decreased by 24.4% year-on-year to 306 million yuan, suggesting potential issues with cash collection despite reported profits [7] Group 3: Industry Challenges - The pharmaceutical manufacturing industry is transitioning from rapid growth to high-quality development, facing pressure from cost control and research innovation [5] - The core infection business is under pressure from both "antibiotic restrictions" and volume-based procurement, leading to a continuous compression of profit margins in the existing market [5] - In the chronic disease medication sector, intense price competition is evident, with mature generic drugs entering a "micro-profit era" [5] Group 4: Strategic Focus - The company aims to reduce unit production costs through intelligent upgrades in its high-end formulation workshop [6] - Luantang Pharmaceutical is also exploring growth in the non-human medication sector, with veterinary medicine sales projected at 2.476 billion yuan in 2024, accounting for about 40% of total revenue [6] - The company plans to invest 400 million yuan in a biopesticide production base, aiming to leverage synergies across human, veterinary, and agricultural medications [6] Group 5: R&D and Financial Strategy - The company adopts an aggressive capitalization strategy for R&D expenditures, with approximately 154 million yuan allocated to three new drug projects, representing about 77% of the planned R&D investment [3] - A total of 200 million yuan from the fundraising will be used to supplement working capital, which is about 16.7% of the total funds raised [3] - The company faces challenges in managing fixed costs and ensuring that investment projects generate timely returns to avoid further pressure on profits [4][8]