TAIJI GROUP(SH:600129) Tianfeng Securities·2025-09-29 04:14Investment Rating - The investment rating for the company is "Hold" with a downgrade from previous ratings [7]. Core Views - The company's performance is under pressure due to inventory digestion, with a significant decline in revenue and net profit in the first half of 2025 [2][4]. - The company is optimizing its marketing structure to enhance sales team vitality and improve internal collaboration [3]. - There is a focus on strengthening research and innovation capabilities to accelerate the commercialization of research outcomes [4]. Financial Performance Summary - In H1 2025, the company achieved revenue of 5.66 billion yuan, a year-on-year decrease of 27.6%, and a net profit attributable to shareholders of 139 million yuan, down 71.9% [1]. - The pharmaceutical segment saw a revenue drop of 44.03%, with core products experiencing significant declines [2]. - The revenue forecast for 2025-2026 has been revised down from 19.86 billion yuan to 10.44 billion yuan for 2025 and from 22.17 billion yuan to 11.03 billion yuan for 2026 [4]. Financial Data and Valuation - The company's total market capitalization is approximately 12.12 billion yuan, with a current price of 21.98 yuan per share [7]. - The projected earnings per share (EPS) for 2025 is 0.83 yuan, with a price-to-earnings (P/E) ratio of 26.43 [5]. - The company’s asset-liability ratio stands at 73.46%, indicating a relatively high level of debt [7].