陕西康惠制药股份有限公司 2025 年半年度报告 公司代码：603139 公司简称：康惠制药 陕西康惠制药股份有限公司 二 O 二五年八月 陕西康惠制药股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王延岭 、主管会计工作负责人邹滨泽 及会计机构负责人（会计主管人员） 白丽丽声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中如有涉及未来计划、发展战略等前瞻性陈述，不构成公司对投资者实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内， ...

Core Viewpoint - Kanghui Pharmaceutical, a traditional Chinese medicine company, reported a significant decline in both revenue and net profit for 2024, marking its third consecutive year of losses, raising concerns about its future viability and potential acquisition by a tech firm [1][4][17]. Financial Performance - In 2024, the company's revenue decreased by 16.54% to 562 million yuan, while the net profit attributable to shareholders expanded its loss by 242.6% to 89.63 million yuan, with a non-recurring net profit loss of 67.02 million yuan [1][5][8]. - For Q1 2025, the total revenue was 121 million yuan, down 4.72% year-on-year, with a net profit loss of 17.24 million yuan [8][9]. Business Segments - The pharmaceutical manufacturing segment saw a revenue decline of 19.65% to 278 million yuan, and the pharmaceutical distribution segment's revenue fell by 16.37% to 266 million yuan, indicating a simultaneous downturn in both core business areas [5][7]. Cost and Expense Management - The company's operating expenses for 2024 reached 237 million yuan, an increase of 40.82 million yuan from the previous year, with an expense ratio rising to 42.20% [7][8]. - Sales expenses grew by 15.32% to 140 million yuan, accounting for 24.98% of revenue, with marketing costs significantly higher than industry averages [7][8]. Operational Challenges - The company faced multiple operational pressures, including underutilization of new production capacity leading to increased fixed asset depreciation, which rose from 31.77 million yuan in 2023 to 54.55 million yuan in 2024 [11][12]. - The performance of subsidiaries has also negatively impacted overall results, with significant losses reported from high-premium acquisitions that failed to meet profit commitments [13][14]. Market Environment - The company is experiencing intense pricing pressure due to industry-wide price reductions, with average price drops of 58% for similar products in the centralized procurement process [15]. - Kanghui's core products have been on the market for over ten years, lacking new blockbuster drugs, which limits its ability to withstand competitive pressures [15]. Ownership Change and Strategic Direction - Kanghui Pharmaceutical is undergoing a change in control, with its major shareholder transferring a 22% stake to a tech firm, raising questions about potential strategic shifts and the future of its core business [17][21]. - The new controlling entity, Yuhua Zhichuang, operates in the tech sector, leading to speculation about whether Kanghui will pivot away from traditional pharmaceutical operations [21][22].