Core Insights - In 2024, Shenzhen Hanyu Pharmaceutical Co., Ltd. demonstrated significant financial improvements, with a notable increase in net cash flow from operating activities and a substantial reduction in sales expenses, indicating a strategic shift in operations and financial management [1][11][4]. Financial Performance Summary - Revenue Growth: The company's revenue for 2024 reached 590.20 million yuan, a 36.82% increase from 431.38 million yuan in 2023, driven by a rise in overseas sales, particularly in peptide formulations and raw materials, with foreign revenue accounting for 55.10% of total revenue [2]. - Profitability: The net profit attributable to shareholders was -173.65 million yuan, a 66.21% reduction from -513.88 million yuan in 2023, reflecting improved revenue and cost control [2]. The adjusted net profit, excluding non-recurring items, was -239.65 million yuan, a 59.44% reduction from -590.91 million yuan [2]. - Earnings Per Share: Basic earnings per share improved to -0.20 yuan from -0.58 yuan in 2023, indicating a narrowing loss [3]. Expense Analysis - Sales Expenses: Sales expenses decreased significantly by 50.76% to 119.49 million yuan from 242.64 million yuan in 2023, suggesting a more efficient sales strategy [4]. - Management Expenses: Management expenses remained relatively stable at 122.45 million yuan, slightly down from 127.70 million yuan in 2023, indicating consistent operational management [5]. - Financial Expenses: Financial expenses decreased by 9.03% to 113.95 million yuan, with interest expenses still high at 106.50 million yuan, reflecting ongoing debt burdens [6]. Research and Development - R&D Expenses: R&D expenses were 88.01 million yuan, down 45.50% from 161.50 million yuan in 2023, primarily due to reduced clinical trial and outsourcing costs [7]. - R&D Investment: Total R&D investment was 119.49 million yuan, accounting for 20.25% of revenue, a significant drop from 44.96% in 2023, with a higher proportion of capitalized R&D expenses [9]. - R&D Personnel: The number of R&D personnel increased slightly to 196, with a stable educational structure, indicating a focus on enhancing team quality [10]. Cash Flow Analysis - Operating Cash Flow: The net cash flow from operating activities surged to 164.71 million yuan from -3.54 million yuan in 2023, marking a 4757.21% increase, reflecting improved cash generation capabilities [11]. - Investment Cash Flow: Investment cash inflow decreased by 77.51% to 51.65 million yuan, while cash outflow increased by 48.52% to 121.66 million yuan, resulting in a net cash flow of -70.01 million yuan [11]. - Financing Cash Flow: Cash inflow from financing activities rose by 10.22% to 1.53 billion yuan, but cash outflow increased by 45.08% to 1.88 billion yuan, leading to a net cash flow of -345.48 million yuan, indicating high reliance on external financing [12].

以下文章来源于36氪Pro ，作者胡香赟 海若镜 36氪Pro . 文 ｜ 胡香赟 编辑 ｜ 海若镜 来源｜ 36氪Pro（ID：krkrpro） 封面来源 ｜ Pexels 我想"再高一点" 春日，宜万物生长，包括人类幼崽的身高。 在讲究科学的时代，孩子的身高理所应当地也应遵循某种可量化的生长公式。 一个颇受大众认可的方法是，根据父母身高来预测孩子未来的身高区间。比如，男孩子的身高区间=（父亲身高+母亲身高+13厘米）÷2±7.5厘米。 公式前半部分就是所谓的"遗传靶身高"，即由遗传决定的无法改变的身高基数。而后半部分的"±7.5厘米"，则是可以通过后天努力改变的部分——只需 要"充分发挥孩子的生长潜能"。 梁宇在一家药企从事研发工作，出于职业敏感，女儿萱萱还在上幼儿园时，就开始关注她的身高问题。她坦言自己和先生都不算高，对孩子未来的身 高"没有过大期待，她个子不高，这点从小就能看出来"。 尽管如此，萱萱上大班后，梁宇还是开始给她报了跳绳兴趣班。运动、光照、补充维生素D，最初梁宇选择的是最朴素的科学"长个儿"方法。 36氪旗下官方账号。深度、前瞻，为1%的人捕捉商业先机。 如果可以，谁都希望自己的孩子 是人 ...

Investment Rating - The report maintains an "Outperform" rating for the medical device sector, indicating a positive outlook for investment opportunities in this industry [1]. Core Insights - The report highlights the ongoing normalization and deepening of centralized procurement for medical consumables, with a focus on innovation and opportunities for domestic substitution in various segments [3][5]. - It emphasizes that the collection of high-value consumables is expected to continue in a moderate manner, with a potential reduction in price suppression effects in the long term [4][21]. - The report suggests that the post-procurement era will present opportunities in sectors with lower procurement pressure and higher growth potential, particularly in areas like orthopedics and electrophysiology [5][20]. Summary by Sections Centralized Procurement Overview - The report discusses the ongoing deepening of centralized procurement for medical consumables, with significant categories like coronary stents, orthopedics, and artificial crystals already undergoing national procurement [3][11]. - It notes that the procurement rules are designed with revival mechanisms, and the expected price reductions are manageable, indicating a controlled impact on the market [3][11]. Review of 2024 Procurement - The report states that the centralized procurement for high-value consumables has been implemented with relatively mild rules, allowing for opportunities for domestic companies to gain market share [4][20]. - It outlines that the procurement rules are becoming more refined, with a shift towards national procurement from provincial alliances, breaking regional price barriers [21][22]. Investment Recommendations - The report advises focusing on sectors that are less affected by procurement pressures and possess innovation and growth potential, such as IVD, neuro-intervention, and peripheral intervention [5][20]. - It highlights that since 2025, the government has been releasing policies to support the development of innovative medical devices, which could lead to a better payment environment for innovative products [22][24].

没有永远的牛市，只有轮动的风口。这句话放在长春高新身上再合适不过。 中国家长对身高的追求是一大风潮，以往孩子发育期身高涨不动只能听之任之，而现在有了科技手段，没有人愿意子孙后代再矮人一头，因此产生了非常 多的打生长激素的需求。在其他方面听到"激素"二字很容易让人应激，但对"恐矮"的家长来说，这是救命稻草。 网上流传一组数据：过去35年，中国19岁青少年平均身高增幅全球领先，男孩平均长高8.1厘米，达到175.7厘米；女孩平均长高6.1厘米，达到163.5厘米。 那些身高表现不佳的孩子的父母，因而会更加焦虑。 而作为生长激素背后的重要供应者，十一年前研发出"金赛增"的长春高新，自然成为了最大的赢家之一，外界也喜欢称之为"长高"，寓意积极。 直到近期，再好的寓意也无法阻挡趋势的降临。一季度近45%的净利润跌幅，年报超43%的业绩下滑，昔日A股医药白马股、"东北药茅"开始经历近二十 年来的至暗时刻。 长春高新最出圈的一次是个暴富故事：曾经有个大妈在2008年买了5万块的长春高新，后来出国忘记了密码，直到2021年去销户时，猛然发现已经涨到了 500万。 如今业绩发布之后，这家曾凭借生长激素单品跻身千亿市值俱乐部的医 ...

Core Viewpoint - Lepu Medical reported a significant decline in financial performance for 2024, marking the worst results in its 16-year history as a public company, with revenue dropping by 23.52% and net profit plunging by 80.37% [1] Financial Performance Summary - In 2024, Lepu Medical achieved revenue of 6.103 billion yuan, a year-on-year decrease of 23.52% [1] - The net profit attributable to shareholders was 247 million yuan, down 80.37% year-on-year, while the non-recurring net profit was 221 million yuan, also down 80.28% [1] - For Q1 2025, the company reported a revenue decline of 9.67% and a net profit decrease of 21.44% [8] Business Segment Analysis - The three main business segments—medical devices, pharmaceuticals, and medical services—saw revenue declines across the board: - Medical devices generated 3.326 billion yuan, down 9.47% [2] - Pharmaceuticals generated 1.758 billion yuan, down 42.25% [3] - Medical services and health management generated 1.019 billion yuan, down 19.24% [5] - The decline in the medical devices segment was primarily due to a 51.31% drop in the in-vitro diagnostics business, which generated 333 million yuan [2] Pharmaceutical Business Challenges - The pharmaceutical segment's revenue fell significantly, with the formulation (generic drugs) revenue at 1.409 billion yuan, down 46.50%, and raw materials at 349 million yuan, down 14.99% [3] - The decline is attributed to reduced willingness from retail channels to stock products, influenced by recent price governance initiatives by the National Medical Insurance Administration [3][4] Impacts of Policy Changes - The implementation of the "Four Same" policy is expected to reduce price disparities between hospital and retail channels, negatively impacting retail margins and willingness to stock products [4] - The company has faced challenges in channel management, leading to reduced inventory turnover and sales [4] Asset Impairment and Goodwill Risks - Lepu Medical recorded impairment losses totaling 251 million yuan, significantly impacting net profit [6] - The company still faces high goodwill impairment risks, with a goodwill balance of 3.62 billion yuan, accounting for 14.35% of total assets [7] - Specific subsidiaries have not recorded impairment despite declining performance, raising concerns about future profitability [7][8]

在医院的众多科室里，药学部（也称"药剂科"）的处境独特又复杂。 他回忆起去年遇到的一件委屈事。当时，这家医院在完成一款中成药的集采任务量后，临床医生按以往 的用药习惯，使用了一些同样集采中标但价格稍高的药品。结果医保部门的批评和警告飞速传来，王俊 说，"作为药剂科的主任，我被要求写一份整改报告，解释清楚为什么院内没有使用那次集采主供应品 牌的药品。" 王俊还表示，一些集采药的价格低，到了基层医院这一层，医院本来用量、报量就不大，负责配送的公 司缺乏积极性。"我们让配送商送货，人家说还不够油费。"经常被配送公司推辞，王俊几乎都习惯了， 甚至跟配送公司拉扯也成了他工作的一部分。 也因此，有时医院里个别药品会经常断货，比如集采的二甲双胍缓释片，"这些都是老百姓常用药，也 会断货。"王俊说。 早些年，它是医院的盈利担当，在药品的流转中扮演着重要角色。2017年公立医院全面取消药品加成的 政策如同一道分水岭，药学部从盈利部门瞬间转变成成本部门。 更始料未及的是，随着时代的推移，各类与用药相关的考核指标如潮水般涌来，抗菌药物使用强度、基 药占比、国采使用比等一系列指标，像一张密密麻麻的大网，将药学部紧紧笼罩其中。 药学部 ...

证券代码：000931 证券简称：中关村 北京中关村科技发展（控股）股份有限公司 投资者关系活动记录表 编号：2025-001 | 投资者关系 | 特定对象调研  | 分析师会议 | 媒体采访 | | --- | --- | --- | --- | | 活动类别 | 业绩说明会 | 新闻发布会 | 路演活动 | | | 现场参观 | 其他 | | | 活动参与人员 | 华安证券 | 熊骥溟 | | | | 易方达基金 | 陈峻松 | | | | 天弘基金 吕 | 俏 | | | | 兴业基金 | 裘若桑 | | | | 万家基金 | 杨梦朝 | | | | 中信建投基金 | 吴县名 | | | | 红土创新基金 | 杨皓童 | | | | 金信基金 | 赵浩然 | | | 时间 | 2025 年 4 月 23 日至 4 月 | 24 日 | | | 地点 | 北京市朝阳区霄云路 26 | 号鹏润大厦 B 座 22 | 层公司会议室 | | 形式 | 网络平台线上交流 | | | | 上市公司接待 | 董事兼总裁：侯占军 | | | | 人员姓名 | 副总裁：车德辉、范秀君 | | | | | ...

部企业通过"以价换量"进一步快速增加市场份额，充分发挥规模效应， 夯实其稳固的行业地位。 问：公司血液透析滤过产品情况？ 答：血液透析滤过是指在血液透析的基础上采用高通透性的透析滤 过膜，以提高超滤率，从血中滤出大量含毒素的体液，同时输入等量置 换液的血液净化方式。公司已打造涵盖血液透析全产品链和血液透析滤 过、连续肾脏替代疗法等多种治疗模式的终末期肾病血液净化产品体系， 其中，公司血液透析滤过产品主要包括透析滤过机、血液透析滤过器、 血液净化补液管路等产品。未来，公司将继续围绕完善血液透析、血液 透析滤过、连续肾脏替代疗法等多种治疗模式丰富产品群，并从肾病全 病程管理布局糖尿病、早中期肾病、血管介入等领域。 问：公司湿膜透析器产品情况？ 答：2024 年，公司自主研发的一次性使用血液透析器(湿膜、高通/ 非高通系列）产品取得医疗器械注册证，为国产品牌第一张注册证，该 产品已取得国家医保耗材的分类编码，其以先进的透析膜湿化填充工艺 和更加优异的生物相容性，在提升患者的透析体验和生存质量的同时， 提升医护人员操作的便利性，受到市场的欢迎。公司将按照国家医保相 关政策，持续加大湿膜透析器的市场开拓力度，加快推动血 ...

心血管器械龙头企业乐普医疗（300003）(SZ300003)，已经连续两年营收、净利润双双下滑。 根据公司4月18日发布的年报，2024年公司营业收入61.03亿元，同比下降23.52%，归母净利润为2.47亿 元，同比下降80.37%。 去年，公司的医疗器械板块收入同比下滑，但这已不是最受伤的板块。公告显示，乐普医疗去年药品收 入同比减少42.25%。作为应对，公司决定战略性收缩仿制药业务投入，逐步将资源转向创新药及皮肤 科注射类产品的研发。战略性收缩仿制药业务投入 乐普医疗的收入、归母净利润"双降"是从2023年开始的。那年公司这两项财务指标的同比降幅分别为 24.78%和42.91%，收入规模最大的医疗器械板块收入同比减少37.50%。 到了2024年，乐普医疗的归母净利润同比降幅进一步扩大到80.37%。但医疗器械板块已经不再是营收 同比下降最多的业务了。 去年，国家医保局推动"四同药品"价格专项治理，院内医保药品价格向院外市场传导，非医保药品价格 同步承压，导致OTC(非处方药)终端销售受阻。在此背景下，乐普医疗零售端产品的纯销与发货量短期 内显著下滑。药品板块去年收入同比减少42.25%，这个降 ...

尊敬的各位投资者和广大支持春梨医疗的伙伴朋友们大家上午好欢迎大家参加春梨医疗2024年度业绩及现金分红说明会很高兴和大家进行互动交流我是春梨医疗董事会秘书谢凤榜首先非常感谢上海证交所上证路演中心为公司搭建这样一个与投资者交流的平台 增加公司向资本市场展示的机会增进投资者对公司的了解及时传递公司的投资价值接下来请允许我介绍出席本次会议的公司管理层他们分别是春丽医疗董事长史文林女士春丽医疗总经理史春生先生春丽医疗财务总监李玉梅女士 今天我们的业绩说明会将会分为两个部分首先是由公司管理层致辞对公司2024年业务发展情况及现金分红情况做详细的介绍然后针对投资者关心的问题和大家进行互动希望今天的业绩及现金分红说明会能够让大家进一步了解春利医疗的经营情况和投资价值 首先有请公司董事长史文林女士致辞尊敬的各位投资者朋友大家上午好欢迎大家参加春粒医疗2024年度业绩及现金分红说明会我是公司董事长史文林首先我仅代表公司董事会管理层以及公司全体员工向一直以来关心支持与帮助我们的朋友表示感谢 春利医疗是国内领先的骨科医疗器械企业主营业务是植入性骨科医疗器械的研发、生产与销售主要产品包括关节、脊柱、运动医学以及创伤产品公司在关节领域 ...