振东制药90后二代接棒：2025完整财年成绩单承压，连续四年亏损待破局

Core Viewpoint - Shanshi Zhendong Pharmaceutical Co., Ltd. is facing significant challenges as it transitions leadership to the younger generation, with the new chairman, Li Kun, inheriting a company that has reported losses for four consecutive years and is now expected to incur a net loss of 220 to 280 million yuan for 2025 [2][3]. Financial Performance - The company is projected to report a net loss of 220 to 280 million yuan for 2025, with a loss of 235 to 295 million yuan when excluding non-recurring items [3]. - Although the projected loss shows improvement compared to the previous year's loss of 1.329 billion yuan, the ongoing trend of losses over four years remains a significant concern for the new leadership [3]. Reasons for Losses - The losses are attributed to several factors, including changes in industry policies and market conditions leading to declines in both sales and prices of certain products, as well as an imbalance in the supply and demand of traditional Chinese medicinal materials [5]. - The company's previous acquisition of Longdi Pharmaceutical, which was a key revenue driver, has turned into a liability due to subsequent operational issues and legal disputes, including a 1.4 billion yuan fine for quality issues [6][7]. Management Changes - The company is undergoing a significant management overhaul, with multiple key executives, including the president and financial director, changing roles or retiring, largely due to the fallout from the previous chairman's forced resignation [8][9]. - Li Kun, the new chairman, has increased R&D investment, which reached 251 million yuan in 2024, marking a 25.27% increase and the highest proportion of revenue at 6.55% since the company went public [9]. Market Position and Competition - The company’s core product matrix remains limited, with only a few products contributing significantly to revenue, and it faces intense competition in the market, particularly in the hair loss treatment sector [7]. - The competitive landscape is evolving, with new entrants and innovations challenging the existing market dynamics, putting additional pressure on the company's flagship products [7].