双鹭药业业绩“双杀”：投资巨亏叠加主业萎缩，董事长承诺补亏5000万

Core Viewpoint - Beijing Shuanglu Pharmaceutical Co., Ltd. is facing severe financial difficulties, with a projected net profit loss of between -290 million to -200 million yuan for 2025, representing a maximum decline of 291.54% compared to the previous year [1][6]. Group 1: Investment Business - The company has expanded its investment portfolio over the past few years, focusing on early-stage equity investments in the pharmaceutical sector, participating in seven financing rounds since 2010, with investments ranging from tens of millions to over a hundred million yuan [7]. - In 2024, the company extended its investments into the securities market, but this led to significant fluctuations in performance due to market volatility [7]. - The company reported a fair value loss of 178 million yuan in 2024 due to stock price declines of its investments, while the first three quarters of 2025 saw a fair value gain of approximately 128 million yuan, which was later reversed in the fourth quarter, resulting in an overall loss for the investment business [2][7]. Group 2: Main Business Decline - Since 2021, the company's revenue has continuously declined from 1.215 billion yuan to 459 million yuan in the first three quarters of 2025 [8][11]. - The biopharmaceutical and biochemical segments saw revenue declines of 18.71% in the first half of 2025, while the chemical drug segment experienced a more significant drop of 27.54% due to the impact of centralized procurement policies [8]. - Sales of several core pharmaceutical products have significantly decreased, with the sales revenue of the core product in trauma repair, recombinant human basic fibroblast growth factor, dropping by 28.38% [9]. Group 3: Strategic and Financial Concerns - The dual challenges of investment losses and main business decline have led to a "dual-line loss" situation for the company, highlighting its inadequate response to industry policy adjustments and a lack of clear strategic direction [10]. - The company's early-stage equity investments are characterized by long cycles, high risks, and low liquidity, while its foray into securities investments has further amplified performance volatility [10]. - The ongoing centralized procurement policies have compressed profit margins for the company's pharmaceutical products, and specific measures to mitigate these risks have not been disclosed [10].