灵康药业：预计2025年全年净亏损1.27亿元—1.27亿元

Core Viewpoint - Lingkang Pharmaceutical is expected to report a net profit attributable to shareholders of approximately -127 million yuan for the year 2025, indicating a year-on-year reduction in losses of about 2.88% [1] - The company anticipates a net profit of approximately -147 million yuan after excluding non-recurring gains and losses, reflecting a year-on-year reduction in losses of about 18.41% [1] Group 1: Financial Performance - The primary reason for the expected losses in 2025 is that the sales gross profit cannot cover the period expenses, leading to operational losses [1] - The sales revenue of the anti-infection product category is expected to decline by approximately 70% year-on-year due to the transition period of the centralized procurement policy and price reductions of winning products [1] - The revenue from the cardiovascular product category is projected to decrease by around 30% year-on-year due to increased competition from newly approved products and expanding market demand [1] Group 2: Operational Challenges - The company is facing pressure on overall profits due to low capacity utilization, which results in higher fixed costs per unit of product, including depreciation and labor [1] - Idle capacity and associated losses are directly accounted for in costs, further impacting profitability [1] Group 3: Strategic Initiatives - The company is leveraging its sales system advantages to expand its pharmaceutical agency and distribution business, which has seen significant revenue growth compared to the previous year [1]