（记者 曾健辉） 每经头条（nbdtoutiao）——地方国资开始"抄底"法拍房！单价六七千元"扫货"广州南沙区超60套房 源，同小区二手房挂牌均价逾2万元 每经AI快讯，灵康药业1月23日晚间发布业绩预告，预计2025年年度实现归属于母公司所有者的净利润 为-1.27亿元左右，与上年同期相比，减亏2.88%左右。2025年度亏损的主要原因为销售毛利无法覆盖期 间费用，导致经营业绩亏损。报告期内，随着药品集采政策持续推进，行业市场竞争加剧，公司努力将 产品市场覆盖率与产品价格形成最佳合理机制，由于抗感染类部分产品处于集采新旧标期过渡阶段、中 标品种价格下降等因素导致该大类销售收入较上年同期下降70%左右；由于国内心脑血管类产品逐渐获 批上市，市场需求的扩大与产品日渐增多形成竞争效应，导致该大类收入下降30%左右；产能利用率偏 低，导致单位产品分摊的折旧、人工等固定成本相对较高，闲置产能停工损失直接计入成本对整体利润 形成较大压力；公司充分利用销售体系的优势，进一步拓展医药代理及流通业务，以做大做强公司规 模，该业务收入较上年同期大幅增长。 ...

南财智讯1月23日电，灵康药业发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润 为-12,700万元左右，同比减亏约2.88%；预计2025年全年归属于上市公司股东的扣除非经常性损益的净 利润为-14,700万元左右，同比减亏约18.41%；2025年度亏损的主要原因为销售毛利无法覆盖期间费 用，导致经营业绩亏损。报告期内，随着药品集采政策持续推进，行业市场竞争加剧，公司努力将产品 市场覆盖率与产品价格形成最佳合理机制，由于抗感染类部分产品处于集采新旧标期过渡阶段、中标品 种价格下降等因素导致该大类销售收入较上年同期下降70%左右；由于国内心脑血管类产品逐渐获批上 市，市场需求的扩大与产品日渐增多形成竞争效应，导致该大类收入下降30%左右；产能利用率偏低， 导致单位产品分摊的折旧、人工等固定成本相对较高，闲置产能停工损失直接计入成本对整体利润形成 较大压力；公司充分利用销售体系的优势，进一步拓展医药代理及流通业务，以做大做强公司规模，该 业务收入较上年同期大幅增长。 ...

Core Viewpoint - Recent announcements from Buchang Pharma highlight systemic risks in its transition from traditional Chinese medicine to biopharmaceuticals, medical devices, and internet healthcare, as evidenced by a lawsuit involving inventory disputes and a significant drop in the stock price of a strategic investment [1][6]. Group 1: Supply Chain Weakness and Inventory Management Risks - The inventory dispute involving Shanghai Hupu and Jiemai reveals Buchang Pharma's strategic shortcomings in the medical device distribution sector, with Shanghai Hupu failing to manage a stockpile worth approximately 5.5 billion yuan after the expiration of its agreement [2][8]. - The company's reliance on a "strong channel, heavy marketing" sales model for traditional Chinese medicine is inadequate in the technology-intensive and complex medical device market, risking significant inventory depreciation that could erode profits [2][8]. Group 2: Investment Risk Control Failures and Valuation Concerns - The stock price of Shiliu Cloud Medical plummeted over 90% within three months of its IPO, indicating a lack of risk control in Buchang Pharma's capital operations and revealing flaws in due diligence and post-investment management [3][8]. - The investment's book value dropped from 326 million yuan to approximately 33 million yuan, suggesting that Buchang Pharma may be facing the consequences of an inflated valuation, which directly impacts shareholder equity [3][8]. Group 3: Core Business Pressure and Difficulties in Transformation - Buchang Pharma has experienced continuous revenue decline, with no signs of recovery in the first three quarters of 2025, primarily relying on cardiovascular products and struggling to diversify into chemical drugs and medical devices [4][9]. - The company's sales expense ratio remains high at 39.45% for the first three quarters of 2025, while R&D investment has decreased to a low of 1.81%, indicating a persistent reliance on marketing over research and development [4][9]. - Historical mergers have led to goodwill impairments exceeding 4.5 billion yuan, reflecting the consequences of aggressive expansion strategies, and the company faces increasing challenges in a tightening regulatory environment and intensifying competition [4][9]. Conclusion: Need for Fundamental Change in Transformation Strategy - The two recent events, while distinct, point to systemic risks in Buchang Pharma's cross-industry transformation, including weak supply chain control, inadequate investment risk management, and sluggish core business growth [5][10]. - For Buchang Pharma to navigate the challenging market and regulatory landscape successfully, it must shift from a channel-driven approach to a technology-driven and quality-oriented strategy, moving beyond mere business expansion [5][10].

Group 1 - As of August 7, 2025, the stock price of Peking University Pharmaceutical is 6.81 yuan, down 1.02% from the previous trading day, with a trading volume of 146 million yuan and a turnover rate of 3.58% [1] - Peking University Pharmaceutical operates in the chemical pharmaceutical industry, with main business areas including pharmaceutical manufacturing, pharmaceutical distribution, and medical services. The company's products cover multiple therapeutic areas such as anti-infection, cardiovascular, and digestive systems [1] - As of July 31, 2025, the total number of shareholders is 53,400, an increase of 10.77% from the previous period. The average number of shares held per shareholder has decreased to 11,200 shares, with an average market value of 77,100 yuan, which is below the average level of the pharmaceutical and biotechnology industry [1] Group 2 - On August 7, 2025, the net outflow of main funds is 12.88 million yuan, with a cumulative net outflow of 50.01 million yuan over the past five days [1]

Core Insights - The company reported a slight decline in revenue and net profit for 2024, indicating challenges in market competition and operational efficiency [1][2][3] Financial Performance - Revenue for 2024 was 795.29 million yuan, a decrease of 2.63% from 816.77 million yuan in the previous year [2] - The net profit attributable to shareholders was 206.79 million yuan, down 18.55% from 253.90 million yuan [3] - R&D expenses increased by 28.65% to 100.42 million yuan, representing 12.63% of revenue [9][8] Revenue Breakdown - The raw materials and intermediates segment saw a revenue decline of 3.11%, while technical service fees increased by 8.08% [2] - Specific product categories like antibacterial and gout medications experienced significant revenue drops of 21.56% and 15.76%, respectively [2] - Domestic sales grew by 5.14% to 332.89 million yuan, while export sales fell by 7.24% to 462.18 million yuan [2] Profitability Metrics - Basic earnings per share decreased by 19.35% to 0.25 yuan, reflecting reduced shareholder returns [4] - The decline in net profit was attributed to decreased revenue and increased costs, including R&D and management expenses [3] Expense Analysis - Sales expenses decreased by 7.64% to 16.75 million yuan, primarily due to a significant reduction in commission expenses [5] - Management expenses rose by 6.16% to 106.45 million yuan, driven by increases in employee salaries and consulting fees [6] Cash Flow Insights - Net cash flow from operating activities decreased by 19.80% to 177.93 million yuan, indicating potential operational efficiency issues [11] - Investment cash flow improved, with a net cash flow of -119.97 million yuan, reflecting more cautious investment decisions [13] - Financing cash flow saw a significant decline of 123.03% to -108.22 million yuan, highlighting changes in funding sources [14] R&D and Innovation - The company maintained a strong focus on R&D, with 76 ongoing projects and a commitment to innovation through collaboration with academic institutions [9][10] - R&D personnel accounted for 40.61% of the total workforce, emphasizing a youthful and highly educated team [10] Overall Assessment - Despite facing revenue and profit pressures, the company is investing in R&D to drive future growth [23] - The company must address risks related to product quality, innovation, and market competition to ensure sustainable development [23]