营收下滑叠加天价索赔，一品红2025年预亏超3亿元

Core Viewpoint - Yipinhong Pharmaceutical Group Co., Ltd. has reported a significant loss for the year 2025, continuing a trend of declining performance due to various pressures including high patent litigation costs and weak core business performance [1] Financial Performance - The company expects a net profit attributable to shareholders for 2025 to be between -313 million to -442 million yuan, representing a year-on-year increase of 18.22% to 42.07% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between -336 million to -475 million yuan, showing a year-on-year decrease of 16.35% to 64.26% [1] - In 2024, the company reported its first loss since going public, with a net profit attributable to shareholders of -540 million yuan and a net profit of -289 million yuan after deductions [3] - For the first three quarters of 2025, the company achieved operating revenue of 814 million yuan, a year-on-year decline of 34.35%, and a net profit attributable to shareholders of -136 million yuan [4] Business Challenges - The decline in sales and gross margin is attributed to the company's new production base and increased depreciation and amortization costs, alongside ongoing R&D investments [1] - The company faced a significant challenge from a 266 million yuan medical insurance refund due to previous procurement violations, which heavily impacted its financial results [3] Positive Developments - Yipinhong announced a positive development with its investment in Arthrosi Therapeutics, Inc., which is set to be acquired by Sobi US Holding Corp. for a total of 950 million USD (approximately 6.713 billion yuan) in upfront payments and potential milestone payments [2] - The company's controlling shareholder, Guangdong Guangrun Group Co., Ltd., has transferred a 9.07% stake in Arthrosi to Yipinhong without conditions, supporting the company's R&D efforts [2] Legal Issues - The company is currently involved in a legal dispute with Huiyou International, facing a claim of 528 million yuan related to patent valuation and ownership issues [5] - Yipinhong has engaged a legal team to respond to the lawsuit, asserting that the claims are unfounded [6]