主业承压、转型不力，哈三联预计年度业绩首亏逾3亿

Core Viewpoint - The company, Harbin Sanlian (哈三联), is facing significant financial challenges, with an expected net loss of 315 million to 375 million yuan for the fiscal year 2025, marking its first annual loss since its listing in 2017 [1][2]. Financial Performance - The projected net loss for 2025 represents a year-on-year decline of 636.85% to 739.11% compared to the previous year, with a basic earnings per share expected to be between -1.19 yuan and -1 yuan [2]. - The company's revenue for 2025 is anticipated to be 790 million yuan, a decrease of 30% or 343 million yuan from the previous year [3]. Causes of Decline - The decline in performance is attributed to several factors, including a drop in sales prices due to national drug procurement policies and increased competition in the market [3]. - The company has reported a significant increase in operating costs and expenses, with sales expenses expected to rise by over 23.5 million yuan, primarily due to investments in the health sector [3]. - A substantial credit impairment loss of 24.626 million yuan has been recognized, primarily related to two counterparties [4]. Business Transition - The traditional pharmaceutical business of the company is under pressure, and its transition into animal health and wellness sectors has not yet yielded effective financial support [5]. - The pharmaceutical segment remains the core business, contributing over 86% of total revenue, but has seen a continuous decline in revenue and gross margin [6][7]. Market Position and Strategy - The company has made efforts to diversify into animal health and wellness, but these segments currently contribute only a small fraction (approximately 3.65%) of total revenue [7]. - Harbin Sanlian has participated in industry exhibitions to promote its cosmetic and medical products, indicating a strategic shift towards beauty and health markets [7]. Shareholding and Investments - As of the third quarter of 2025, the company still holds a 4.5% stake in Fulejia (敷尔佳), which is currently the only profitable investment among its subsidiaries [8].