生物谷2025年业绩减亏，原实控人获刑及股东变动引关注

Core Viewpoint - The company experienced a reduction in losses for 2025, but revenue and gross margin were under pressure due to price reductions from core products in centralized procurement [1][2]. Financial Performance - In 2025, the company achieved operating revenue of 433 million yuan, a year-on-year decrease of 16.12% - The net profit attributable to shareholders was -55.85 million yuan, representing a year-on-year reduction in losses of 24.94% - The performance changes were primarily influenced by price reductions of core centralized procurement products (Dengzhanxixin capsules and Dengzhanxixin injections) and a decline in gross margin, although the company managed to lower expenses through optimized sales strategies [2]. Recent Events - On December 22, 2025, the company announced that the former actual controller, Lin Yan, was sentenced to three years in prison and fined for breaching trust and harming the interests of the listed company, with related illegal gains being recovered - Despite the conclusion of this legal matter, the long-term impact on the company's governance structure remains a concern for the market [3]. Industry Policy and Environment - The biopharmaceutical industry continues to face pressures from policy adjustments in medical insurance directories and price reductions from centralized procurement - In 2025, the National Medical Insurance Administration added a directory for innovative drugs under commercial insurance, providing new pathways for payment of innovative drugs, but competition intensifies challenges for traditional Chinese medicine companies - The company must continuously address profitability pressures arising from price declines [4]. Capital Movements - In December 2025, the high-tech Jia partnership among the top ten shareholders completed a full exit after five years, potentially leading to a loss - Changes in major shareholders may affect the stability of the company's equity structure, necessitating attention to future changes in shareholder composition [5].