CR Double-Crane(SH:600062) Chang Jiang Shang Bao·2026-01-08 00:01Core Viewpoint - China Resources Double Crane (华润双鹤) is facing declining performance, with its subsidiary, Shuanghe Limin, recently listed for producing non-compliant products, raising concerns about quality control and operational challenges [1][4][15]. Financial Performance - In 2023, China Resources Double Crane achieved a revenue of 11.31 billion yuan, marking a 17.50% increase, and a net profit of 1.67 billion yuan, up 41.55% [15]. - However, in 2024, the company reported a revenue of 11.21 billion yuan, a decrease of 0.87%, and a net profit of 1.63 billion yuan, down 2.55% [15]. - For the first three quarters of 2025, revenue further declined to 8.28 billion yuan, a drop of 3.10%, with net profit at 1.35 billion yuan, down 3.40% [15][16]. Research and Development - The company's R&D expenses have decreased significantly, with 2024 and 2025 first three quarters showing expenditures of 555 million yuan and 371 million yuan, representing year-on-year declines of 11.57% and 21.47% respectively [3][18]. - The R&D expense ratio was approximately 5% in 2024 and 4.5% in 2025 [3][18]. Product Quality Issues - On January 6, 2025, the National Medical Products Administration announced that a batch of sodium bicarbonate injection produced by Shuanghe Limin was non-compliant due to visible foreign matter and pH value issues [1][4]. - The company has been ordered to recall the problematic product and conduct investigations into the non-compliance [4]. Strategic Developments - In response to declining core business performance, China Resources Double Crane is exploring new growth avenues, including the establishment of a 500 million yuan biopharmaceutical industry fund focused on synthetic biology and related technologies [19][20]. - This fund is part of a broader strategy to diversify and create a second growth curve for the company [20].