近日，湖南达嘉维康医药产业股份有限公司发布2025年度业绩预告，预计全年营收55亿至60亿元，而归 属于上市公司股东的净利润则预计巨亏2.5亿至3亿元。与2024年扣非净利润2560.61万元相比，其2025年 扣非净利润预计同比暴跌超过1076%。 从"增收不增利"到直接坠入亏损深渊，这家四年前登陆创业板的区域性医药流通企业，其激进扩张战略 的反噬效应已全面暴露。 一、四年狂飙：从湖南一隅到全国布局 2021年上市之初，达嘉维康还只是一家深耕湖南的区域性企业，门店仅121家。上市后的四年间，公司 以"直营+并购+加盟"的组合拳高速扩张，门店数量从121家猛增至2025年上半年末的1505家，增长超11 倍。 其并购步伐可谓密集且跨区域：2022年走出湖南，收购宁夏德立信医药；2023年加快节奏，拿下银川美 合泰医药、山西思迈乐药业；2024年进军海南、北京；2025年又将触角伸向安徽。业务版图迅速铺开， 但激进的并购也为后续经营埋下隐患。 二、扩张代价：高商誉、高负债与现金流危机 激进的现金收购给达嘉维康带来沉重的财务负担。截至2025年三季度末，公司累计收购成本达13.15亿 元，其中10.96亿元计入商 ...

Core Viewpoint - The rapid expansion of Duofe Group, a major player in various industries, has raised concerns about potential risks and underlying issues, particularly related to debt disputes and project delays [1][4][9]. Group 1: Company Overview - Duofe Group, founded by Hu Xingrong, has transformed from a small lock manufacturing company into a diversified business empire with over 200 billion yuan in annual revenue, ranking 38th among China's private enterprises [2][5][8]. - The company has expanded into multiple sectors, including real estate, aviation, new energy, and cultural tourism, establishing a global business footprint [5][7]. Group 2: Financial Performance - In 2024, Duofe Group reported revenues of 218.9 billion yuan and total assets of 143.3 billion yuan, with Hu Xingrong's personal wealth reaching 13 billion yuan, placing him on the Hurun Global Rich List [8]. Group 3: Debt Issues - Duofe Group is facing significant debt disputes, with its subsidiary, Wenzhou Duofe Real Estate Group, involved in 18 legal cases, totaling approximately 34.2 million yuan, and a total execution amount of 28.5 million yuan [10]. - Other subsidiaries, including Chongqing Huangshi Real Estate, are also embroiled in financial disputes, indicating a broader issue within the group's financial management [10]. Group 4: Project Delays - Several projects, including the aviation industrial park and cultural tourism initiatives, have experienced significant delays and standstills, raising concerns about the company's operational efficiency [11][12]. - The Wenzhou Aviation Industrial Park, initially projected to be a major investment, has not progressed as planned, with the company facing legal actions related to its commitments [11]. Group 5: Strategic Risks - The aggressive expansion strategy of Duofe Group, while initially successful, has exposed the company to various risks, including financial instability and operational challenges, highlighting the need for a more sustainable approach to growth [13].