值得一提的是，近日，奇正藏药旗下澳门全资子公司取得澳门特别行政区政府药物监督管理局核准签发 的《中成药注册证明书》，公司经典藏药催汤颗粒完成澳门注册。此次获批类别为非处方中成药 （OTC），意味着该药品可通过澳门零售药店等渠道直接触达消费者，快速适配当地民生健康需求。 公告显示，催汤颗粒处方系藏族验方，始载于公元15世纪著名藏医药学家宿喀·娘尼多吉所著的《医学 千万舍利》，为呼吸系统领域感冒类用药。 转自：中国证券报·中证网 中证报中证网讯（记者 吴科任）2月13日晚，奇正藏药发布的2025年度业绩快报显示，报告期内，公司 实现营业总收入24.16亿元，同比增长3.34%；归母净利润为6.46亿元，同比增长10.98%；扣非净利润为 4.77亿元，同比增长12.03%。 奇正藏药主营业务为藏药的研发、生产及销售，包括外用止痛药物和口服藏成药、中药等。公司表示， 2025年扣非净利润的增长主要源于营业总收入的增长。 ...

Core Viewpoint - Qizheng Tibetan Medicine (002287) reported a revenue increase but a decline in net profit for Q1 2025, indicating potential challenges in profitability despite revenue growth [1] Financial Performance - Total revenue for Q1 2025 reached 403 million yuan, a year-on-year increase of 10.39% compared to 365 million yuan in Q1 2024 [1] - Net profit attributable to shareholders was 75.68 million yuan, down 22.35% from 97.46 million yuan in the same quarter last year [1] - Gross margin stood at 81.53%, a slight increase of 0.19% year-on-year, while net margin decreased by 31.07% to 18.63% [1] - Total operating expenses (selling, administrative, and financial) amounted to 232 million yuan, accounting for 57.51% of revenue, a decrease of 1.93% year-on-year [1] - Earnings per share (EPS) decreased by 22.47% to 0.14 yuan, while operating cash flow per share increased significantly by 233.48% to 0.48 yuan [1] Business Model and Strategy - The company relies heavily on marketing-driven performance, with a return on invested capital (ROIC) of 11.42% and a net profit margin of 24.87% last year, indicating a high added value of products or services [3] - Future plans include enhancing market penetration for key products like pain relief patches, focusing on grassroots medical institutions and expanding B2C and O2O channels [4] - The company aims to develop exclusive products and innovate in traditional Tibetan medicine, with over 50% of strategic varieties having established medicinal material bases [4][5] Debt and Financial Health - The company has a debt ratio of 26.91% for interest-bearing liabilities, suggesting a need for monitoring its debt situation [4]