一品红连续两年巨亏

Core Viewpoint - The company Yipinhong (300723) has released an annual performance forecast indicating a projected net loss for 2025, despite a year-on-year increase in net profit range, primarily due to declining sales and increased costs from new production facilities and R&D investments [1][4]. Group 1: Financial Performance - The forecasted net profit attributable to shareholders for 2025 is expected to be between -441.64 million to -312.83 million yuan, representing a year-on-year increase of 18.22% to 42.07% [1]. - The projected net profit after deducting non-recurring gains and losses is expected to be between -474.61 million to -336.18 million yuan, indicating a year-on-year decrease of 16.35% to 64.26% [1]. - The company reported a total revenue of 814 million yuan for the first three quarters of the previous year, a decline of 34.35% year-on-year, with a net loss of 136 million yuan [4]. Group 2: Factors Influencing Performance - The anticipated loss is attributed to three main factors: a decline in product sales and gross margin, increased depreciation costs from the new production base in Guangdong, and ongoing investments in R&D [1]. - Non-recurring gains are expected to contribute approximately 27 million yuan, mainly from government subsidies and asset impairment provisions [1]. Group 3: Positive Developments - The company has entered into a merger agreement where its associate, Arthrosi Therapeutics, will be acquired by Sobi US Holding Corp for a total of up to 950 million USD (approximately 6.713 billion yuan), which is expected to have a positive impact on the company [2]. - Additionally, the controlling shareholder, Guangdong Guangrun Group, will transfer a 9.07% stake in Arthrosi to the company to support its R&D efforts, which is also expected to positively influence the company's development [2]. Group 4: Historical Context - The company has experienced a decline in performance over the past three years, with negative net profit growth rates, and reported a loss of 540 million yuan in 2024 [4].