子公司高盛生物商誉减值遭质疑，国发股份回应上交所问询

Core Viewpoint - Guofang Co., Ltd. (600538.SH) responded to the Shanghai Stock Exchange's inquiry regarding its 2025 performance forecast, addressing key issues such as revenue compliance, the reasonableness of pharmaceutical distribution growth, and goodwill impairment [1][3]. Revenue Compliance - The company confirmed that its revenue deductions comply with regulatory requirements, ensuring no unaccounted deductions exist [3]. - The main business segments include pharmaceutical distribution, pharmaceutical manufacturing, judicial IVD, and other businesses, with a slight overall revenue decline expected in 2025 [3]. Pharmaceutical Distribution Growth - Pharmaceutical distribution is the largest business segment, expected to account for 57.87% of total revenue in 2025, with a year-on-year increase of 4.43% driven by increased market share in centralized procurement and rising demand for narcotic drugs [3]. - Centralized procurement revenue is projected to grow by 56%, while narcotic drug revenue is expected to increase by 16%, with a stable customer base primarily consisting of long-term cooperative hospitals [3]. Pharmaceutical Manufacturing and Judicial IVD - The pharmaceutical manufacturing segment is expected to account for 8.24% of total revenue, with a year-on-year decline of 23.44% due to maintenance-related production reductions and adjustments in product structure [4]. - The judicial IVD segment is projected to account for 32.42% of total revenue, with a year-on-year decline of 10% attributed to intensified industry competition, reduced orders, and increased bidding difficulties [4]. Other Business Segment - Other businesses are expected to account for 1.47% of total revenue, with a year-on-year growth of 32.74%, primarily due to a low base and increased consulting service revenue [5]. Goodwill Impairment - The company plans to recognize approximately 62 million yuan in goodwill impairment for its wholly-owned subsidiary, Guangzhou Gaosheng Bio, in 2025, following significant impairments in 2023 and 2024 [1][6]. - The performance decline of Gaosheng Bio is attributed to common industry challenges, including tightened fiscal budgets in the public security system and prolonged payment cycles, with overall industry performance expected to decline from 2023 to 2025 [6]. Future Outlook - The company anticipates that comparable listed companies will show positive revenue growth from 2026 to 2027, with an average growth rate of 12.86% expected for 2027, driven by economic recovery and improved demand for related products and services [6].