Core Viewpoint - Hendi Pharmaceutical (301211) anticipates a significant decline in performance for 2025, with net profit expected to drop by 57.40% to 66.14% year-on-year, amounting to between 31 million to 39 million yuan [1][3]. Financial Performance Summary - The projected net profit for 2025 is between 31 million and 39 million yuan, a decrease of 57.40% to 66.14% compared to the previous year [1][2]. - The expected non-recurring net profit for 2025 is between 550,000 and 820,000 yuan, reflecting a decline of 88.76% to 92.46% year-on-year [1][2]. - In the first three quarters of 2025, the company reported revenue of 319 million yuan, down 4.52% year-on-year, with a net profit of 20.93 million yuan, a decrease of 71.96% [3]. Market Position and Product Overview - Hendi Pharmaceutical is one of the six major global producers of ibuprofen raw materials and ranks second in domestic production and sales [3]. - The company's main products include ibuprofen, dexibuprofen, and torasemide, with ibuprofen and dexibuprofen being the primary revenue sources [3]. - The revenue share from the raw material drug segment has been consistently high, accounting for 79.88% in 2024, down from 83.65% in 2023 [4]. Sales and Strategy Adjustments - In 2024, the sales volume of ibuprofen decreased by 37.51% to 2,222.35 tons, leading to a revenue drop of 32.75% to 446 million yuan and a net profit of 9.155 million yuan, down 48.02% year-on-year [5]. - The company has adjusted its sales strategy in response to intense international market competition and low pricing for ibuprofen raw materials, resulting in reduced production and sales volumes [6]. - Hendi Pharmaceutical has also terminated its planned expansion project for ibuprofen production, reallocating funds towards research and development and safety upgrades for existing projects [6].
布洛芬“退热”，亨迪药业预计2025年业绩大降