Shang Hai Zheng Quan Bao·2026-02-27 19:23Financial Performance Summary - In 2025, the company reported a total operating revenue of 139,028.74 million RMB, representing a year-on-year decrease of 17.06% [1] - The net profit attributable to the parent company was 13,761.67 million RMB, down 59.86% year-on-year [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 4,599.98 million RMB, a decline of 85.79% year-on-year [1] - Basic earnings per share were 0.33 RMB, reflecting a decrease of 60.24% compared to the previous year [1] Asset and Equity Overview - As of the end of the reporting period, total assets amounted to 975,181.82 million RMB, a decrease of 2.98% from the beginning of the period [2] - The equity attributable to the parent company was 935,998.52 million RMB, down 2.12% from the beginning of the period, primarily due to dividend distribution and stock buybacks [2] Factors Affecting Performance - The decline in operating revenue was mainly influenced by changes in the domestic rabies vaccine market, including regulatory policy changes and intensified market competition, leading to reduced market demand [2] - Increased asset impairment losses were due to the company's strategic adjustment in R&D, specifically the termination of the hib vaccine project, resulting in full impairment of capitalized R&D investments [2] - The increase in fair value changes was attributed to the recovery in asset valuations within the innovative drug sector of the private equity investments [2] - The company experienced growth in overseas sales and managed to control selling and administrative expenses effectively, which helped mitigate some downward pressure on performance [2]