SL PHARM(SZ:002038) Xin Lang Zheng Quan·2026-02-02 08:45Core Viewpoint - Double-Headed Pharmaceutical is facing significant financial challenges, with a projected net loss of 290 million to 200 million yuan for 2025, primarily due to fluctuations in financial investments and a decline in core product sales [4][6]. Financial Performance - The company reported a net profit attributable to shareholders of -29 million yuan for the current reporting period, a decrease of 291.54% compared to the same period last year [3]. - The net profit after deducting non-recurring gains and losses was -7 million yuan, down 185.02% year-on-year [3]. - Revenue for 2024 was 660 million yuan, a decline of 35.15% from the previous year, marking a drop to levels not seen in over a decade [5][6]. Investment and Financial Strategy - The anticipated losses for 2025 are significantly influenced by approximately 200 million yuan in losses from financial investments and fluctuations in fair value of trading financial assets [4]. - The chairman, Xu Mingbo, has committed to covering irrecoverable investment losses and has pledged to pay 50 million yuan within a month [4][6]. Operational Challenges - The company has faced a decline in sales of several core products, with a reported 10% decrease in gross margins due to industry policy adjustments and increased market competition [4][6]. - In December 2024, the company was reported for producing non-compliant batches of a key product, impacting brand trust and market confidence [7]. Governance and Management - Xu Mingbo, the chairman and a key figure in the company, has a long history with the firm and has made a personal financial commitment to address the investment losses, which is seen as a strong statement of responsibility [6][9]. - The company is under scrutiny for governance issues, with recent legal challenges adding to its operational pressures [7].