这三方面遇问询，国发股份回复上交所问询函

Core Viewpoint - Guofang Co., Ltd. (600538) has responded to the Shanghai Stock Exchange regarding its 2025 performance forecast, addressing concerns about compliance, growth in circulation business, and continuous goodwill impairment [1] Revenue and Business Performance - The company expects a revenue of approximately 330 million yuan for 2025, with a main business revenue of 327 million yuan after deducting unrelated income of 2.4808 million yuan [3] - The pharmaceutical circulation business is projected to account for nearly 58% of total revenue, showing a year-on-year growth of 4.43%, while the judicial IVD and pharmaceutical manufacturing businesses are expected to decline by 10% and 23.44%, respectively [3][4] Business Segment Analysis - The judicial IVD business is anticipated to generate 107 million yuan in revenue for 2025, a decrease of 10% due to reduced executable orders and intensified market competition, with the backlog of orders at 47.15 million yuan, down 7.22 million yuan from the previous year [4][5] - The pharmaceutical manufacturing segment is expected to achieve revenue of 27.1421 million yuan, down 23.44%, with a decrease in gross margin by 14.12 percentage points, attributed to maintenance of production lines and adjustments in sales policies [5] - The pharmaceutical circulation business is the only growth area, projected to reach 191 million yuan in revenue, a 4.43% increase driven by collective procurement and revenue from narcotic drugs [5] Goodwill Impairment - Guofang Co., Ltd. plans to recognize over 62 million yuan in goodwill impairment for its wholly-owned subsidiary, Guangzhou Gaosheng Biotechnology Co., Ltd., marking the third consecutive year of significant impairment [5] - The adjusted net profit realization rate for Gaosheng Biotechnology was only 26.19% in 2023 and further declined to 23.40% in 2024, with a projected realization rate of just 1.17% for 2025 [6] - The decline in performance is attributed to significant budget cuts from clients and a decrease in successful bids, aligning with industry trends where comparable companies also show a decline in performance from 2023 to 2025 [7]