据证券之星公开数据整理，近期金迪克（688670）发布2025年中报。截至本报告期末，公司营业总收入 352.42万元，同比上升7.18%，归母净利润-3965.31万元，同比上升2.97%。按单季度数据看，第二季度 营业总收入6.04万元，同比上升103.49%，第二季度归母净利润-2207.18万元，同比下降13.91%。本报告 期金迪克存货明显上升，存货同比增幅达83.9%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率94.77%，同比增21.99%，净利率-1125.15%，同 比增9.47%，销售费用、管理费用、财务费用总计3454.96万元，三费占营收比980.34%，同比减 30.86%，每股净资产10.05元，同比减6.94%，每股经营性现金流-0.69元，同比增4.24%，每股收益-0.32 元，同比增3.03% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 328.82万 | 352.42万 | 7.18% | | 归母浄利润（元） | -4086.71万 | -3965.31万 | ...

Core Viewpoint - The price war in the influenza vaccine market has significantly impacted the financial performance of Jindike, leading to a substantial decline in revenue and profitability for the second consecutive year [1][5]. Financial Performance - In 2024, Jindike reported operating revenue of 80.8027 million yuan, a year-on-year decrease of 39.96%, resulting in a net loss of 93.5028 million yuan [2][6]. - The company has experienced a continuous decline in performance, with losses reported for three consecutive years from 2021 to 2023 [6]. - The price reduction of the four-valent influenza vaccine has contributed to the company's financial struggles, with the average price dropping from 128 yuan to 88 yuan, a decrease of 31.25% [6][7]. Product and Sales Performance - Jindike's only marketed product is the four-valent influenza virus split vaccine, which saw a 30% price reduction in 2024, leading to a significant compression of profit margins [3][8]. - The sales volume of the four-valent influenza vaccine was 1.1697 million doses in 2024, a year-on-year decrease of 15.32% [9]. - The company's gross margin for the four-valent influenza vaccine was 62.61% in 2024, down 15.2 percentage points from the previous year [8]. R&D and Future Plans - To reduce reliance on a single product, Jindike has increased its R&D investment, which accounted for 51.81% of its revenue in 2024, totaling approximately 41.8629 million yuan [12][13]. - The company is focusing on the development of a rabies vaccine, which has completed Phase III clinical trials and is currently undergoing product registration [4][15]. - Jindike is also expanding its product pipeline to include vaccines for chickenpox, shingles, and pneumococcal diseases, with ongoing clinical trials for its pediatric four-valent influenza vaccine [16].