悦康药业营收净利三连降 于伟仕家族为何还分红超4亿?

Core Viewpoint - The Hong Kong stock market's biopharmaceutical sector is experiencing a long-awaited uptrend, prompting YK Pharmaceutical to accelerate its plans for a dual primary listing in Hong Kong despite facing significant operational challenges and declining financial performance [1][3]. Financial Performance - YK Pharmaceutical's revenue has been on a downward trend, decreasing from 45.21 billion in 2022 to 37.67 billion in 2024, with a significant drop of 39.4% to 13.04 billion in the first seven months of 2025 [9]. - The company's net profit has also declined sharply from 3.39 billion in 2022 to 1.21 billion in 2024, with a net loss of 1.46 billion reported in the first seven months of 2025 [9]. - Gross margin has decreased from 63.5% in 2022 to 45.7% in 2025, indicating a continuous weakening of profitability [9]. Business Transformation - YK Pharmaceutical is transitioning from a leader in generic drugs to focusing on innovative drug development, with a pipeline that includes 11 oligonucleotide drugs, 2 mRNA vaccines, and 3 innovative traditional Chinese medicines [5][6]. - The company aims to avoid traditional competition in the innovative drug space by leveraging a dual-track approach of self-research and authorized introduction [5]. Cash Flow and Dividend Controversy - The company's cash and cash equivalents fell to 875 million by the end of July 2025, a 30% decrease from the end of 2024, with negative net cash flow from operating activities recorded at -27.32 million [11]. - Despite declining performance, YK Pharmaceutical distributed over 8.9 billion in dividends from 2022 to 2024, including a substantial 4.95 billion in 2023, raising concerns about the sustainability of such payouts during a critical transformation phase [12]. IPO and Market Conditions - The upcoming IPO in Hong Kong is primarily aimed at raising funds for innovative drug research, production facility construction, and operational capital, addressing the company's current financial pressures [13]. - The favorable market conditions in 2025, including the recovery of the Hong Kong biopharmaceutical sector and improved investor sentiment towards quality biopharmaceutical companies, provide a strategic window for the listing [13][14]. Risks and Challenges - The company faces significant risks, including stringent valuation expectations from Hong Kong investors, the early-stage nature of its innovative pipeline, and potential challenges in achieving commercial success [15]. - The dual listing may also lead to valuation discrepancies between the A-share and Hong Kong markets, posing additional risks to the company's financial stability [15]. Industry Perspective - YK Pharmaceutical's journey reflects the broader trend of Chinese generic drug companies needing to innovate and invest in R&D to remain competitive amid industry shifts towards centralized procurement and innovation-driven growth [16].