灵康药业：预计2025年净利润为-1.27亿元左右

Core Viewpoint - Lingkang Pharmaceutical is expected to report a net profit attributable to the parent company of approximately -127 million yuan for the year 2025, representing a reduction in losses of about 2.88% compared to the previous year [1] Financial Performance - The primary reason for the expected loss in 2025 is that the gross profit from sales cannot cover the operating 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] - Revenue from the cardiovascular product category is anticipated to decrease by around 30% due to increased competition from newly approved products and expanding market demand [1] 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 impacting the cost structure and profitability of the company [1] Strategic Initiatives - The company is leveraging its sales system advantages to further expand its pharmaceutical agency and distribution business, which has seen significant revenue growth compared to the previous year [1]