英国医疗产品制造商施乐辉于周一公布了一项雄心勃勃的新战略，目标是到 2028 年实现更快的销售额 增长以及超 10 亿美元的自由现金流，此举旨在巩固其转型计划所取得的成果。 此前，受通胀高企和供应链挑战拖累，公司利润率承压，随后其启动了一项为期三年的转型计划，聚焦 于整顿旗下最大的骨科业务部门、削减成本，并推动伤口管理和运动医学业务的增长，目前该计划已顺 利完成。 与各行各业的其他企业一样，施乐辉也正面临成本上涨以及美国进口关税提高的压力。 该集团在英国、瑞士、哥斯达黎加、马来西亚和中国均设有生产基地，目前已在调整产量及原材料流 向，试图抵消关税成本带来的影响。 纳特称，他对美英两国就英国医药产品及医疗技术达成的贸易协定表示欢迎，但同时指出，英国业务仅 占公司关税敞口的一小部分，集团的主要关税压力来自从哥斯达黎加、马来西亚和中国进口至美国的产 品。 截至格林尼治标准时间 12 时 48 分，其股价上涨 1.9%。 未来三年的宏大增长目标 施乐辉设定了到 2028 年基本营收年复合增长率达到 6%-7% 的目标。公司维持了 2025 年基本营收增长 约 5% 的预期，并预计 2026 年该增速将提升至 6% 左 ...

Core Viewpoint - Wuliangye's performance in 2024 shows a significant slowdown, with revenue growth at approximately 7% and net profit growth at about 5%, marking the lowest growth rates since 2016, raising investor concerns [1][5][10]. Financial Performance - In 2024, Wuliangye's revenue reached approximately 89.18 billion yuan, a 7.09% increase from 2023, while net profit was about 31.85 billion yuan, up 5.44% year-on-year [8][10]. - The company's cash flow from operating activities decreased by approximately 18.69% to about 33.94 billion yuan [30][31]. - The production capacity utilization rate fell to 62% in 2024, down from 68% in 2023, indicating inefficiencies in production [31][32]. Market Position and Competition - Wuliangye's reliance on high-end products and a lack of strong mid-range offerings have made it vulnerable in a competitive market, particularly against brands like Moutai and Guojiao 1573 [13][17][25]. - The company faced significant competition in the 1,000 yuan price range, with rival products like Moutai 1935 and Guojiao 1573 gaining market share [16][22]. Strategic Challenges - Despite efforts to control supply and stabilize prices, Wuliangye's inventory levels increased by 39% to 6,173 tons by the end of 2024, indicating ongoing challenges in managing stock [33][34]. - The company has shifted its growth target from double-digit increases to aligning with macroeconomic indicators, reflecting a more cautious approach in a challenging market environment [41][42]. Management and Future Outlook - Recent management changes, including the appointment of a new general manager, suggest a potential shift in strategy as the company navigates its current challenges [40][44]. - Wuliangye's ambitious "1 billion yuan revenue target" set by its chairman is now in question, as achieving a 12% growth rate in 2025 appears increasingly difficult [44][46].