卖了20年老药的舒泰神连亏五年 3月24日晚间，舒泰神发布2024年年报。年报显示，2024年，舒泰神实现营收3.25亿元，同比下降 10.81%，实现净利润为亏损1.448亿，同比增长63.69%。 舒泰神的净利润收窄很大程度依靠于"砍"研发。据年报，2024年，舒泰神研发投入1.62亿元，较上 年同期减少63.77%。 此外，这是舒泰神连续第5年亏损。据历年年报，2020年至2023年，舒泰神实现净利润分别 为-1.330亿、-1.374亿、-1.970亿、-3.989亿元。五年累计亏损10.111亿元。同期，2020年至2024年，舒 泰神的营收也从4.25亿跌至如今的3.25亿。 根据《股票上市规则》第9.3.1条之"（一）最近一个会计年度经审计的利润总额、净利润、扣除非 经常性损益后的净利润三者孰低为负值，且扣除后的营业收入低于3亿元"规定，若舒泰神2025年业绩继 续下滑（营收低于3亿元和净利润亏损）或将被深圳证券交易所实施退市风险警示。 界面新闻制图 舒泰神的困境在于曾经的"王牌产品"衰落，而新的接班者迟迟未能出现。业绩高度依赖老药，缺乏 新的增长点。 截至目前，舒泰神上市销售产品主要为创新生物 ...

Investment Rating - The report indicates a positive outlook for the pharmaceutical industry, particularly for innovative drug development, with a focus on quality and regulatory improvements [1][10]. Core Insights - The government emphasizes the importance of supporting innovative drug development, optimizing drug procurement policies, and enhancing quality assessments and regulations [1][3][10]. - The report highlights the expected improvement in the competitive landscape of the pharmaceutical industry due to policy support, which will shorten the return period on R&D investments for innovative drug companies [1][4][10]. - The increasing aging population and enhanced medical insurance payment capabilities are projected to sustain growth in downstream demand for the pharmaceutical industry [1][10]. Summary by Sections Encouragement of Innovative Drug Development - The 2025 government report reiterates support for innovative drugs, including the establishment of a pricing mechanism and a directory for innovative drugs [3][4]. - Policies introduced in 2024 aim to protect innovative drug companies from early price reductions due to procurement [3][4]. Focus on Quality in Drug Procurement - The report states that drug procurement policies will be optimized to emphasize quality assessments and regulations, transitioning from merely promoting procurement to optimizing it [5][6]. - Historical data shows that the average price reduction in drug procurement has been between 52% and 59%, with the most competitive procurement round in 2024 seeing reductions exceeding 70% [5][7]. Enhancement of Medical Insurance Payment Capabilities - The government plans to increase per capita financial subsidies for medical insurance and improve the overall payment capabilities of the medical insurance fund [7][8]. - The expansion of the medical insurance coverage to include innovative drugs is anticipated as the new drug directory is implemented [7][8]. Encouragement of Traditional Chinese Medicine Development - The report outlines ongoing support for the development of Traditional Chinese Medicine (TCM), including the establishment of innovation centers and the integration of digital technologies [9][10]. - Policies aimed at modernizing and industrializing TCM are expected to enhance the operational efficiency of TCM enterprises [9][10]. Conclusion - The report concludes that the pharmaceutical industry is poised for recovery in growth rates, with improved external environments for innovative drugs and TCM enterprises [10][11].

胰岛素集采中选产品价格上涨，新一轮集采协议量增加。 本文为IPO早知道原创 作者｜罗宾 微信公众号｜ipozaozhidao 据IPO早知道消息，10月22日，甘李药业（603087.SH）发布2024年三季报，前三季度实现收入 22.45亿元，同比增长17.81%；归母净利润5.07亿元，同比增长90.36%，主要系前三季度营业收 入、交易性金融资产公允价值变动收益较上年同期大幅增长所致。其中，今年第三季度营业收入为 9.30亿元，同比增长37.61%；实现归母净利润2.08亿元，同比增长57.47%。 第三季度，公司国内外收入均实现增长。 报告期内国内收入为6.80亿元，同比增加22.25%，主要 归因于公司制剂产品价格的上涨。 2024年前三季度，公司国内销售收入18.68亿元，同比增长2.39亿元，其中国内制剂销售收入 18.02亿元，同比增2.21亿元。 来源：公司财报 今年第二季度，公司参加了全国药品集采（胰岛素专项接续）的投标工作，所有产品均中选，且中选 产品价格上涨。新一轮胰岛素集采在二、三季度陆续由各省开始执行，且产品价格上涨推动2024年 前三季度公司总收入增加了1.50亿元。 此外， 公 ...