Core Viewpoint - The company Shiyao Group's subsidiary, Shiyao Innovation Pharmaceutical, forecasts a significant net loss for 2025, with expected losses ranging from 170 million to 255 million yuan, marking a decline of 416% to 575% compared to the previous year [1][4]. Financial Performance Summary - The net profit attributable to shareholders is projected to be a loss of 170 million to 255 million yuan, compared to a profit of 53.73 million yuan in the same period last year, representing a decline of 416% to 575% [2][5]. - The net profit after deducting non-recurring gains and losses is expected to be a loss of 210 million to 315 million yuan, down from a profit of 42.34 million yuan in the previous year, indicating a decline of 596% to 844% [2][5]. Reasons for Performance Changes - The company has made significant progress with multiple research and development (R&D) products, leading to increased R&D expenses. The total R&D expenditure is expected to reach approximately 1 billion yuan, reflecting a substantial increase year-on-year [3][5]. - The acquisition of an additional 29% minority stake in the subsidiary, Jushi Bio, has increased its ownership to 80%. Jushi Bio is currently not profitable due to high R&D investments, and the increased stake has amplified its impact on the consolidated financial statements [6]. - The company's functional raw materials business has experienced a decline in profit due to reduced gross margins on caffeine products, despite efforts to increase sales [7].
石药创新制药：2025年亏损1.70-2.55亿元，研发费用10亿元