Zhong Guo Zheng Quan Bao·2026-01-30 13:17Core Viewpoint - The company Haipru (002399) has disclosed its earnings forecast for 2025, expecting a significant decline in net profit attributable to shareholders, while projecting an increase in non-recurring net profit [2] Financial Performance - The forecasted net profit for 2025 is estimated to be between 284 million yuan and 377 million yuan, representing a year-on-year decrease of 41.71% to 56.09% [2] - The projected non-recurring net profit is expected to be between 362 million yuan and 460 million yuan, indicating a year-on-year growth of 42.78% to 81.43% [2] - Basic earnings per share are estimated to be between 0.1936 yuan and 0.2569 yuan [2] Valuation Metrics - As of January 30, the company's price-to-earnings ratio (TTM) is approximately between 48.14 and 63.91 times, with a price-to-book ratio (LF) of about 1.47 times and a price-to-sales ratio (TTM) of around 3.36 times [2] Business Overview - The company primarily operates in the heparin industry chain, biopharmaceutical CDMO, and the investment, development, and commercialization of innovative drugs, aiming to provide high-quality and effective medications and services globally [10] - The company has achieved significant results in expanding its heparin product market, with steady sales growth across various regions and a continuous increase in market share [10] Profitability Trends - The decline in net profit attributable to shareholders is mainly due to a high base from the previous year, which included over 350 million yuan in one-time investment income [10] - The company's joint ventures are expected to impact net profit due to unmet research and development progress, with the final impact to be confirmed by the accounting firm [10]