137家药企年报预亏，亏损最高的超百亿

Core Viewpoint - The pharmaceutical sector in A-shares is facing significant losses, with 137 companies forecasting losses for 2025, primarily due to declining product prices and increased competition [1][2]. Group 1: Loss Forecasts - A total of 137 pharmaceutical and biotechnology companies have announced expected losses for 2025, with over half of these companies experiencing initial or increased losses [1]. - The company with the highest projected loss is Zhifei Biological Products, expecting a net loss of up to 13.726 billion yuan, followed by Zhenbaodao with a projected loss of 1.173 billion yuan, and Baili Tianheng with a projected loss of 1.1 billion yuan [2]. - Other companies, including Lanfang Medical, Shenzhou Cell, Rundar Medical, and Guangji Pharmaceutical, are also expected to report losses exceeding 500 million yuan [2]. Group 2: Factors Contributing to Losses - The primary reason for the losses is attributed to declining product prices, which has been mentioned by at least 30 companies [4]. - Zhifei Biological cites underperformance in product sales and impairment losses on inventory and receivables as key factors for its losses [3]. - WanTai Biological expects a loss of up to 410 million yuan, primarily due to pressures from domestic vaccine procurement policies and increased competition in the HPV vaccine market [4]. - Shuanglu Pharmaceutical anticipates a loss of up to 290 million yuan, attributing it to industry policy adjustments and market competition leading to a 10% decline in sales margins [5]. - Guangji Pharmaceutical reports ongoing operational losses due to sustained low sales prices amid intensified market competition [6]. Group 3: Industry Challenges - The pharmaceutical industry is facing challenges from centralized procurement policies that pressure prices and require companies to lower their prices significantly to win bids [6][7]. - Companies like Zhenbaodao and Wanbangde have reported significant revenue declines due to these procurement policies and increased competition, with Zhenbaodao's revenue dropping by 53% and gross profit by 93% [6]. - The impact of tax policy adjustments and market demand reductions is also affecting companies in the in-vitro diagnostics sector, as seen with Hejing Biological, which expects a loss of up to 230 million yuan [7].