主业承压、转型不力，哈三联预计年度业绩首亏逾3亿

Core Viewpoint - The company Hasi Lian (002900.SZ) is expected to report a net loss of over 315 million to 375 million yuan for the year 2025, marking its first annual loss since its listing in 2017, primarily due to declining sales prices, increased operating costs, and significant credit impairment losses [3][4][5]. Financial Performance - Hasi Lian's projected net profit loss for 2025 is between 315 million and 375 million yuan, representing a year-on-year decline of 636.85% to 739.11% [6]. - The company's revenue is expected to drop to 790 million yuan, a decrease of 30% compared to the previous year [7]. - The basic earnings per share are projected to be in the range of -1.19 to -1.00 yuan [6]. Cost and Expense Analysis - The company anticipates an increase in operating costs and expenses, with sales expenses expected to rise by over 23.5 million yuan due to increased investments in the health sector [7]. - Depreciation expenses are projected to increase by over 31 million yuan, primarily due to the completion of construction projects [7]. - The company will also incur significant inventory impairment losses of nearly 38 million yuan due to declining net realizable value of certain inventories [7][8]. Business Transition Challenges - Hasi Lian's traditional pharmaceutical business is under pressure, and its transition to animal health and wellness sectors has not yet yielded significant results [10][12]. - The pharmaceutical segment, which constitutes over 86% of total revenue, has seen a decline in sales revenue, dropping by 24.25% year-on-year in the first half of 2025 [11][12]. - The gross margin of the pharmaceutical business has been declining, from 69.72% in 2021 to 55.34% in 2024 [12]. Strategic Developments - Hasi Lian has been attempting to diversify into animal health and wellness sectors, but these segments accounted for only 3.65% of total revenue in the first half of 2025 [12]. - The company has participated in industry exhibitions to promote its new products in the beauty and health sectors, indicating a strategic shift [12][13]. - Hasi Lian has also planned to sell a portion of its stake in its subsidiary, Fulejia, within 24 months, reflecting ongoing adjustments in its investment strategy [14].