康芝药业：预计2025年归母净亏损1.68亿元-2.38亿元

Core Viewpoint - The company expects a net profit loss attributable to shareholders of between 168 million to 238 million yuan for the fiscal year 2025 [1] Group 1: Reasons for Loss - The primary reason for the expected loss is intensified competition in the pharmaceutical terminal market, leading the company to increase sales investments and expand marketing channels while maintaining long-term R&D investments [1] - Despite little change in operating revenue during the reporting period, total operating costs are projected to exceed total operating income [1] Group 2: Impact of Non-Recurring Items - The estimated impact of non-recurring gains and losses on net profit is approximately -18 million yuan, primarily due to various government subsidies, gains from the disposal of non-current assets, and changes in the fair value of investment properties measured at fair value [1]