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Core Viewpoint - The fluctuating tariff policies in the U.S. have created a challenging environment for the ibuprofen market, with Hendi Pharmaceutical facing significant declines in revenue and profit due to market saturation and external pressures [2][6]. Financial Performance - Hendi Pharmaceutical reported a revenue of 446 million yuan in 2024, a year-on-year decline of 32.75%, marking the largest drop since data tracking began [2]. - The company's net profit attributable to shareholders was 92 million yuan, down 48.02% year-on-year, with a non-recurring net profit of 73 million yuan, down 57.14% [2]. - The raw material drug segment, primarily ibuprofen, accounted for nearly 80% of the company's revenue, making it difficult to pivot to other business areas in the short term [2][4]. Market Dynamics - The demand for ibuprofen surged during the pandemic, peaking in 2023 with revenues of 663 million yuan, but fell sharply in 2024, dropping below levels seen six years prior [3]. - The raw material drug segment's revenue in 2024 was 356 million yuan, a decrease of 35.78%, with a significant drop in sales volume by 37.51% to 2,222.35 tons [4][5]. - The gross margin for the raw material drug segment fell from 36.11% to 21.18% in 2024, indicating increased cost pressures [4]. Business Strategy - Hendi Pharmaceutical has been developing a range of ibuprofen derivative products to maximize market value, including right-handed ibuprofen, which saw a sales increase of 11.43% to 189.45 tons [4][5]. - The company's formulation business, which generated 85 million yuan in 2024, also faced a decline of 17.57% year-on-year, with a gross margin decrease to 59.48% [5]. - The formulation business remains closely tied to ibuprofen, limiting its ability to act as a buffer against market volatility [5]. Industry Challenges - Hendi Pharmaceutical faces intense competition in the global ibuprofen market, with prices remaining low due to market saturation and external factors such as U.S. tariff policies [6][8]. - The company has decided to terminate its planned expansion project for ibuprofen production, reallocating funds to other development projects instead [7][8]. - The U.S. tariff policies have created uncertainty, particularly affecting exports to key markets like India, despite Hendi's low direct exposure to U.S. sales [8][9].