Core Viewpoint - Hendi Pharmaceutical has issued a profit warning for 2025, predicting a more than 90% drop in core profits, highlighting its reliance on ibuprofen raw materials and the challenges it faces in the market [1][15]. Financial Performance - The company expects a significant decline in net profit for 2025, estimating a range of 31 million to 39 million yuan, a year-on-year decrease of 57.40% to 66.14% [1][15]. - The projected non-recurring net profit for 2025 is estimated to be between 5.5 million and 8.2 million yuan, reflecting a year-on-year reduction of 88.76% to 92.46% [1][15]. - Total revenue for 2024 is projected at approximately 445.86 million yuan, a decrease of 32.75% compared to 2023 [3]. Business Dependency - Hendi Pharmaceutical primarily engages in the research, production, and sales of chemical raw materials and formulations, with a significant reliance on raw material revenue, which constitutes nearly 80% of its income [2][17]. - The company is the largest supplier of ibuprofen in China and the second largest globally [2][17]. Market Conditions - The global ibuprofen market is experiencing an imbalance in supply and demand, leading to a continuous decline in prices, which has significantly impacted the company's gross margin [1][15]. - Since 2020, the supply of ibuprofen raw materials in China has exceeded daily demand, contributing to a saturated market and declining prices [5][21]. Strategic Changes - The company has terminated its plan to expand ibuprofen production by 5,000 tons and is shifting focus towards formulation and CDMO (Contract Development and Manufacturing Organization) services [1][15][25]. - The company aims to enhance its market competitiveness through technological upgrades and by increasing research and development investments in new products [27]. Shareholder Actions - Major shareholders have begun to reduce their stakes in the company, which may indicate a lack of confidence in the company's short-term recovery prospects [1][14][29]. - Three shareholders plan to collectively reduce their holdings by up to 2.33% of the company's total shares [29].
亨迪药业困在周期里？未走出单一业务依赖困局 股东组团减持失去信心？