灵康药业：2025年营收3.65亿元，净利润预亏1.27亿元

Core Viewpoint - Lingkang Pharmaceutical expects to achieve an annual revenue of approximately 365 million yuan in 2025, representing a year-on-year decline of about 3.89% [1] Revenue Summary - The company's revenue, after excluding related income, is projected to be around 345 million yuan, reflecting a year-on-year decrease of approximately 6.64% [1] Profit Summary - The net profit attributable to the parent company's owners is estimated to be around -127 million yuan, indicating a year-on-year reduction in losses of about 2.88% [1] - The non-recurring net profit is expected to be around -147 million yuan, showing a year-on-year reduction in losses of approximately 18.41% [1] Performance Drivers - The performance changes are primarily attributed to the transition period of the new and old procurement standards for anti-infection products, price reductions for winning varieties, intensified competition in cardiovascular products, low capacity utilization, and significant growth in revenue from pharmaceutical agency and distribution businesses [1]