SL PHARM(SZ:002038) Sou Hu Cai Jing·2026-02-01 16:11Core Viewpoint - The company, Shuanglu Pharmaceutical, is expected to continue reporting losses in 2024, following its first loss in 20 years in 2023, with an anticipated increase in the amount of loss [1]. Financial Performance - The net profit attributable to shareholders is projected to be -29 million, a decline of 291.54% compared to the previous year [3]. - The net profit after deducting non-recurring gains and losses is expected to be -7 million, representing a decrease of 185.02% year-on-year [3]. - Basic earnings per share are forecasted to be -0.28, down from -0.19 in the previous year [3]. Reasons for Performance Decline - The decline in performance is attributed to two main factors: a decrease in product prices due to industry policy adjustments and market competition, leading to a 10% drop in sales gross margin [3]. - Non-recurring gains and losses are expected to reduce net profit by approximately 200 million, primarily due to losses from financial investments and changes in fair value of trading financial assets [3]. Financial Asset Investments - Financial asset investments have become a "double-edged sword" for the company, with significant fluctuations in stock prices of holdings like Fosun Pharma and Shouyao Holdings leading to a net profit reduction of 178 million [5]. - In the first three quarters of 2025, the company reported a net profit of 141 million, a year-on-year increase of 943.10%, mainly due to increased fair value gains from trading financial assets [5]. - The company confirmed a fair value loss of 122 million in the first nine months of 2024, while in the same period of 2025, it achieved a fair value gain of 128 million, a year-on-year growth of 204.93% [5]. Gross Margin Trends - The company's gross margin has been declining, from 81.56% in 2023 to 67.97% in 2024, and further down to 61.60% in the first three quarters of 2025 [5]. Company Background - Shuanglu Pharmaceutical, established on December 24, 1994, was listed on the Shenzhen Stock Exchange on September 9, 2004, and is recognized as the first high-tech enterprise from the capital to be listed [7]. - The company has developed and marketed over 70 products, including three national class I new drugs, with a strong portfolio in blood, oncology, cardiovascular, liver disease, diabetes, and kidney disease treatments [7].