2022年至2025年，国发股份对子公司广州高盛生物科技有限公司（以下简称"高盛生物"）累计计提商誉 减值准备1.78亿元。 连续三年亏损 资料显示，国发股份经营的主要产业包括医药制造及医药流通、司法IVD（体外诊断）、分子医学影像 中心等。2003年初，公司在沪市主板上市。 长江商报消息 ●长江商报记者 徐佳 沪市医药上市公司国发股份（600538.SH）业绩再次亏损引发监管高度关注。 业绩预告显示，2025年，国发股份预计实现营业收入3.3亿元左右，归属于母公司所有者的净利润（以 下简称"归母净利润"）为亏8500万元左右，扣除非经常性损益后的净利润（以下简称"扣非净利润"）亏 8550万元左右，同比减亏900万元、450万元。 连续三年亏损，国发股份的业绩表现异常受到监管部门高度关注。2月23日晚间，国发股份对上交所关 于公司业绩预告相关事项的问询函作出回复。 长江商报记者注意到，2025年，在营业收入同比下降3.2%的情况下，国发股份的毛利率为22.6%，同比 减少3.03个百分点。 除了主营业务利润空间收缩之外，对并购而来的子公司计提商誉减值，成为拖累国发股份业绩表现的重 要原因。 日前，国发股份发 ...

1月16日，国发股份发布2025年度业绩预告称，预计全年实现营业收入约3.3亿元，扣除无关收入后仍为 3.3亿元；预计归母净亏损约8500万元，同比减亏900万元，减亏幅度10%；扣非归母净亏损约8550万 元，同比减亏450万元。业绩预亏主要受子公司高盛生物盈利转亏、制药板块营收下滑及商誉减值计提 影响。 2月24日，国发股份（600538.SH）发布公告，针对上海证券交易所关于公司2025年度业绩预告的问询 函作出详细回复，就营业收入合规性、医药流通增速合理性及商誉减值等核心问题逐一说明。公司明确 营收扣除符合监管规定，医药流通增长具备业务支撑，同时披露拟对全资子公司广州高盛生物计提约 6200万元商誉减值。 上交所对公司医药流通业务增速高于行业水平提出质疑，要求详细说明增长合理性。国发股份从业务结 构、物流模式、区域市场、季度分布四方面进行了回应。 国发股份表示，公司医药流通收入以医院销售为主，占比达86%，快批、零售等板块有所下滑；物流以 自有仓库与配送体系为主，仅单一医院医疗器械合作使用第三方仓储，收入确认政策未发生变更，以客 户签收或实际使用为依据。 从区域来看，公司核心市场北部湾三市药品市场增速 ...

2月23日，国发股份（600538）（600538）发布公告，就上海证券交易所此前关于公司2025年度业绩预告的问询函进行了详细回复。公告披露并回答了有 关公司2025年度业绩预告相关财务问题，主要分为营业收入构成、主要业务板块经营情况、客户结构以及拟计提商誉减值准备等三个部分。 此前，1月16日，国发股份发布公告，公司预计2025年度实现营业收入约3.3亿元，归母净亏损约8500万元；扣非归母净亏损8550万元左右。与2024年度相 比，公司归母净利润亏损减少900万元，同比减少亏损10%；扣非归母净亏损减少450万元左右。 业绩预亏的主要原因包括全资子公司广州高盛生物科技有限公司因市场竞争加剧，营业收入同比下降约10%，毛利率下降约3%，导致其净利润由盈利转 为亏损。 此外，制药厂因生产线维护和市场产品调整，营业收入较上年同期下降约30%，亏损同比增加。同时，公司预计计提商誉减值金额约6200万元。 公司业绩预告显示，预计2025年度实现营业收入约3.3亿元，扣除与主营业务无关的业务收入和不具备商业实质的营业收入仍为3.3亿元；归属于母公司所 有者的净利润-0.85亿元。 上交所要求公司补充说明营业收入扣 ...

关于营业收入扣除情况，国发股份回复称，公司2025年预计营收约3.3亿元，扣除与主营业务无关的收 入248.08万元后，营收为3.27亿元。分业务看，医药流通业务收入占比近58%，同比增长4.43%；而司法 IVD与医药制造业务收入分别下降10%和23.44%。 国发股份（600538）2月24日发布公告，回复了上海证券交易所关于其2025年度业绩预告事项的问询 函。上海证券交易所主要关注业绩合规性、流通业务增长及商誉连续减值方面。 | | | | | | 年公司各业务模块预计实现营业收入的金额、占比、毛利率及同比变动情况如下: | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 神 | | | | | | | | | | | | | | | | | 第3页共32页 | | | | | | | | | | | | A T S ST C H TT L D A L A L L P S M M L L B S L L T W S L L T W S L L T W S L L T W S L L T W ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600538 证券简称：国发股份 公告编号：临2026-005 北海国发川山生物股份有限公司 关于上海证券交易所对公司业绩预告相关事项问询函的回复公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 公司预计2025年度实现营业收入约3.3亿元，扣除与主营业务无关的业务收入和不具备商业实质的营业 收入仍为3.3亿元；归属于母公司所有者的净利润-0.85亿元。请公司补充披露：（1）根据《上海证券交 易所上市公司自律监管指南第2号一一业务办理》附件第七号《财务类退市指标：营业收入扣除》有关 规定，说明营业收入扣除相关情况，包括但不限于扣除项目、金额、相关业务开展情况及扣除原因等， 并逐项核实并说明是否存在其他应当扣除尚无扣除的情况；（2）按主要产品类别或业务板块，列示 2025年度预计实现营业收入的具体金额、占比、毛利率及同比变动情况，并说明主要影响因素；（3） 各业务板块前五大客户情况，包括客户名称、合同签订时间、合作期限、是否新增客户或关联方、销售 内容、销售金额、应 ...

医药流通业务增长与区域市场及行业趋势匹配 北海国发川山生物股份有限公司（以下简称"公司"）近日就上海证券交易所《关于北海国发川山生物股 份有限公司业绩预告相关事项的问询函》发布专项说明公告。公告显示，公司2025年度预计实现营业收 入约3.3亿元，归属于母公司所有者的净利润-0.85亿元，并拟计提商誉减值准备约6244.77万元。天健会 计师事务所对相关财务事项进行了审慎核查，认为公司营业收入扣除合规，医药流通业务增长合理，商 誉减值计提充分。 营业收入扣除合规 医药流通业务成主要增长引擎 根据公告，公司2025年度营业收入32,956.29万元，扣除与主营业务无关的业务收入和不具备商业实质的 营业收入248.08万元后，剩余32,708.21万元。扣除项目主要包括房屋出租、销售废品收入223.54万元及 医药流通贸易业务收入24.54万元（已按净额法调整），占营业收入比重为0.75%。公司表示已对相关业 务及明细进行全面核查，不存在其他应扣未扣情况。 按业务板块划分，医药流通业务2025年实现收入19,072.38万元，占总营收的57.87%，同比增长4.43%， 成为公司收入增长的主要驱动力。该增长主要得 ...

Company Overview - Zhejiang Shapuaisi Pharmaceutical Co., Ltd. is located in Pinghu City, Zhejiang Province, and was established on July 17, 2000. The company went public on July 2, 2014. Its main business includes the research, production, and sales of eye drops, large-volume injections, and cefuroxime, with revenue composition as follows: 65.84% from product sales, 29.11% from medical services, and 5.05% from other sources [1]. Stock Performance - On November 21, Shapuaisi's stock price fell by 5.04%, closing at 7.72 CNY per share, with a trading volume of 28.37 million CNY and a turnover rate of 0.96%. The total market capitalization is 2.888 billion CNY. The stock has experienced a continuous decline for four days, with a cumulative drop of 4.13% during this period [1]. Shareholder Information - Among the top ten circulating shareholders of Shapuaisi, the Yuanxin Yongfeng Fund has a fund that entered the top ten in the third quarter, holding 2.894 million shares, which accounts for 0.9% of the circulating shares. The estimated floating loss today is approximately 1.1865 million CNY, with a floating loss of 1.0129 million CNY during the four-day decline [2]. Fund Performance - Yuanxin Yongfeng Medical Health A (006274) was established on November 29, 2018, with a current scale of 387 million CNY. Year-to-date returns are 37.08%, ranking 1688 out of 8136 in its category, while the one-year return is 28.45%, ranking 2260 out of 8056. Since its inception, the fund has achieved a return of 131.51% [2]. Fund Manager Information - The fund manager of Yuanxin Yongfeng Medical Health A is Xiao Shiyuan, who has a cumulative tenure of 8 years and 156 days. The total asset scale under his management is 2.272 billion CNY, with the best fund return during his tenure being 137.33% and the worst being 21.37% [2].

Core Viewpoint - The company reported a turnaround in profitability for the first half of 2025, achieving a net profit of 21.86 million yuan, driven by increased demand in ophthalmic and maternal-child healthcare markets, alongside supportive policy measures [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 236.09 million yuan and a net profit of 21.86 million yuan, marking a significant improvement from the previous year [1] - The company has strengthened its research and development efforts and channel construction, leading to enhanced core business momentum [1] Group 2: Product Development and Innovation - The company focuses on the research, production, and sales of eye drops, large-volume infusions, and cefixime, while also expanding into ophthalmic and maternal-child healthcare, forming a dual-driven business model of "pharmaceuticals + medical services" [2] - Several products are progressing well in the research pipeline, with multiple eye drop formulations receiving drug registration certificates from the National Medical Products Administration [2] Group 3: Channel Development - The company has established a comprehensive marketing network across most provinces and cities in China, enhancing product penetration through a professional OTC marketing team [3] - The company is leveraging new media trends to build a broad and interactive communication matrix, thereby increasing brand influence [3] Group 4: Market Trends and Strategic Positioning - The company is capitalizing on the accelerating demand in the ophthalmic drug market, which is projected to reach 108.4 billion USD by 2030, driven by aging population and increasing vision issues among youth [4] - The company is focusing on a research-driven strategy in the ophthalmic field, with ongoing clinical trials for key products targeting common eye diseases [4] - The maternal-child healthcare sector is expected to grow due to favorable policies aimed at reducing childcare costs and enhancing support for families [4] Group 5: Future Outlook - The company aims to achieve business growth through the synergistic effect of its "pharmaceuticals + medical services" strategy, with ongoing product development and solid market resources [5]

Core Viewpoint - Guofa Co., Ltd. (600538) reported a narrowing loss in its 2025 interim financial results, with total revenue declining and net profit showing improvement compared to the previous year [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 154 million yuan, a decrease of 13.02% year-on-year [1]. - The net profit attributable to shareholders was -5.84 million yuan, an improvement of 63.74% compared to the previous year [1]. - The second quarter revenue was 75.12 million yuan, down 15.75% year-on-year, with a net loss of -8.99 million yuan, a decline of 139.53% [1]. - Gross margin stood at 22.04%, down 10.57% year-on-year, while net margin was -3.23%, an increase of 61.51% [1]. - Total expenses (selling, administrative, and financial) amounted to 36.70 million yuan, accounting for 23.88% of revenue, an increase of 5.45% year-on-year [1]. - Earnings per share were -0.01 yuan, an increase of 66.67% year-on-year [1]. Key Financial Changes - Accounts receivable decreased by 21.94% to 163 million yuan, while cash and cash equivalents fell by 5.77% to 134 million yuan [1][3]. - The company experienced a significant decrease in accounts payable by 89.11% due to the maturity of notes payable [3]. - Operating cash flow per share was -0.04 yuan, a decrease of 63.14% year-on-year, indicating reduced cash inflows from sales [1][3]. Business Evaluation - The company's historical financial performance has been subpar, with a median Return on Invested Capital (ROIC) of -0.41% over the past decade, and a particularly poor ROIC of -10.7% in 2024 [4]. - The company has reported losses in 10 out of its 22 annual reports since its listing, suggesting a lack of investor interest under typical value investing criteria [4]. - The average operating cash flow over the past three years has been negative, raising concerns about the company's liquidity and financial health [4].

Core Viewpoint - The article emphasizes the importance of eye care for children during the summer vacation, highlighting the risks of increased screen time and irregular routines that can lead to vision deterioration. It advocates for regular eye check-ups and preventive measures to maintain children's vision health [1][4]. Group 1: Vision Health Statistics - In 2022, the overall myopia rate among children and adolescents in China was reported at 51.9%. Despite a downward trend in myopia rates, early onset and high prevalence remain significant challenges [1]. - The concept of "vision savings" is introduced, where the reserve of hyperopia (farsightedness) serves as a buffer against developing myopia [2]. Group 2: Importance of Regular Eye Check-ups - Regular professional eye examinations are crucial for establishing visual health records, which include key indicators such as hyperopia reserve, myopia degree, and axial length [4]. - A low hyperopia reserve relative to age norms indicates an increased risk of myopia, even if the child's vision appears normal [4]. Group 3: Preventive Measures for Eye Health - Four key strategies are recommended for parents to help children maintain clear vision and slow the progression of myopia: 1. Balance study and rest, maintain proper reading posture, and improve lighting conditions. 2. Follow the "20-20-20" rule to reduce eye strain. 3. Engage in outdoor activities for at least 2 hours daily, totaling 14 hours weekly, as outdoor light exposure is critical for myopia prevention. 4. Ensure a balanced diet and adequate sleep, which are essential for children's growth and eye health [6]. Group 4: Standards for Lighting Conditions - The National Health Commission's "Myopia Prevention and Control Guidelines (2024 Edition)" specifies that reading and writing should occur in well-lit environments, with a minimum average illuminance of 300 lux [8]. Group 5: Caution Against Misleading Products - There is a growing concern regarding products claiming to reverse myopia, which are often misleading. True myopia is currently considered irreversible by experts [9]. - Since 2021, the State Administration for Market Regulation has been addressing misleading advertising related to myopia prevention products, emphasizing that myopia cannot be cured under current medical conditions [9].