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西安阿房宫药业遭问询,业绩连亏6年
Mei Ri Jing Ji Xin Wen· 2025-07-24 10:40
Core Viewpoint - The company Afangong has faced continuous financial losses for six consecutive years, with a total loss of 145 million yuan from 2019 to 2024, raising concerns about its operational viability and future prospects [2][19]. Company Background - Afangong, a traditional Chinese medicine company, has a history of nearly 60 years, originally established as Xi'an Chinese Medicine Factory, and restructured into a joint-stock company in 2003 [4][10]. - The company went public on the New Third Board in 2016, achieving a peak net profit of approximately 23.71 million yuan in its first year [7][10]. Financial Performance - Since 2017, despite revenue growth, the company has experienced a significant decline in net profit, with a 68.38% drop in 2017, attributed to rising operating costs and asset impairment losses [10][20]. - In 2024, the company reported a revenue decline of 4.55% and a net loss of 29.81 million yuan, although its gross margin improved to 31.02% [20][21]. Shareholder Dynamics - The company underwent a change in control, with Chen Zhengwen and Chen Xianhong becoming the actual controllers in 2023 after increasing their shareholding to 44.49% [16][19]. - The new management has not yet reversed the company's declining performance, as evidenced by a record net loss of 48.76 million yuan in 2023 [19]. Product and Market Challenges - Afangong's main products, such as Gut-Strengthening and Diarrhea-Relieving Pills, have seen declining sales, with significant revenue contributions from these products diminishing over the years [22][23]. - The company has struggled with innovation, as indicated by its low R&D expenditures of 2.78 million yuan and 5.49 million yuan in 2023 and 2024, respectively, which are insufficient for the competitive pharmaceutical industry [23].