1月28日盘后，哈尔滨三联药业（002900.SZ）披露"首亏"业绩预告。 预告显示，公司2025年全年营业收入预计仅为7.9亿元，较上年同期骤降3.43亿元，降幅达30%；归母净 亏损在3.15亿元至3.75亿元，基本每股收益为-1.19至-1元之间。 这是自2017年登陆A股以来，哈三联首次陷入年度亏损。拆解业绩预告可见，这场亏损是营收锐减、成 本刚性、资产减值等多重压力叠加的结果。这背后，既有医药行业集采常态化推进的共性冲击，也暴露 出公司自身抗风险应对失据、转型节奏失序的深层问题。 产品单价下滑 哈三联在公告中明确，"销售单价下降"是业绩变脸的重要原因。 | 项目 | | 本报告期 | | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股东的净利润 | | -37,500 | | -31,500 | 5.867.52 | | | 比上年同期下降 | 739.11% | ﺏ | 636.85% | | | 扣除非经常性损益后的净利润 | | -37.500 | 14 | -31,500 | 5.323.34 | | | 比上年同期下降 | ...

Core Viewpoint - Harbin Sanlian Pharmaceutical Co., Ltd. reported a decline in both revenue and net profit for the first half of 2025, continuing a trend of decreasing performance that began last year [2][3] Financial Performance - In the first half of 2025, the company achieved revenue of approximately 413 million yuan, a year-on-year decrease of 21.08% [2] - The net profit attributable to shareholders was a loss of approximately 92.39 million yuan, a year-on-year decrease of 451.68% [2] - For the full year of 2024, the company reported revenue of 1.132 billion yuan, down 4.58% year-on-year, and a net profit of 58.68 million yuan, down 20.35% year-on-year [4][5] Core Business Segment - The pharmaceutical segment, which is the core business, faced significant revenue pressure, generating sales of 356 million yuan in the first half of 2025, a decline of 24.25% year-on-year, accounting for 86.08% of total revenue [3][4] - Revenue from infusion products was 132 million yuan, down 12.14% year-on-year [4] - Non-infusion products saw growth in sales due to successful bidding in centralized procurement, but the revenue from small-volume injectables dropped by 37.91% due to a 56.85% price reduction on a key product [4] New Business Segments - The animal health and wellness sectors, which the company has been focusing on, have not yet become significant contributors to revenue and are still in the investment phase [6] - Revenue from functional foods, cosmetics, veterinary drugs, and feed additives accounted for only 7.21% of total revenue in 2024 [7] Subsidiary Performance - The company’s two wholly-owned subsidiaries, Lanxi Pharmaceutical and Lingbao Sanlian, contributed to the overall losses [8] - Lanxi Pharmaceutical reduced sales to the parent company due to previous stockpiling of raw materials, leading to a significant drop in revenue [8] - Lingbao Sanlian, in its initial phase, reported negative profit margins and increased depreciation costs after reaching operational status [8]