证券日报网讯金城医药（300233）11月13日在互动平台回答投资者提问时表示，公司子公司金城泰尔生 产和销售磷酸奥司他韦原料药。其终端制剂产品可以用于甲流的治疗和预防。 ...

Core Viewpoint - 博瑞生物医药's financial performance has significantly deteriorated in the first half of 2025, with a sharp decline in revenue and profit margins, raising concerns about its business model and future prospects [1][2][10]. Financial Performance - Revenue for the first half of 2025 was 524 million yuan, a decrease of 18.7% year-on-year [2] - Net profit plummeted to 1.657 million yuan, down 97.9% from 82.2 million yuan in the same period last year, resulting in a net profit margin of only 0.3% [1][2] - Gross margin fell to 49.3%, down 6.5 percentage points from the previous year, marking a continuous decline over three years [2] Business Structure - The company heavily relies on raw materials and intermediates, which accounted for 83.5% of total revenue in the first half of 2025, while formulation products contributed only 14.5% [3][4] - The core product, Oseltamivir phosphate, saw a 66.2% drop in sales due to inclusion in volume-based procurement, adversely affecting revenue growth [2][4] Supply Chain Risks - The concentration of suppliers has increased significantly, with the largest supplier accounting for 40.7% of total purchases, up from 6.3% in 2024 [5][6] - The top five suppliers now represent 52.3% of total purchases, indicating a heightened risk of supply chain disruptions [5][6] R&D Investment and Challenges - The company has invested 790 million yuan in R&D from 2022 to 2024, representing 21.4% of revenue, but has not seen significant returns [7][8] - The core product BGM0504 is still in Phase III clinical trials, with expected market entry in 2026, while competitors have already launched similar products [8] Governance and Financial Concerns - The controlling shareholder holds 38.53% of voting rights, raising concerns about governance and potential conflicts of interest, especially with high dividend payouts during critical R&D phases [9][10] - Cumulative dividends from 2022 to 2024 reached 405 million yuan, which is 35.7% of net profits, while R&D investment during the same period was only 790 million yuan [9][10] Market Position and Valuation - The company's gross margin of 49.3% is below the industry average of 61.2%, and its R&D investment ratio of 26.4% is also lower than the industry average of 31.5% [10][11] - The projected P/E ratio of 37 times for 2025 is significantly higher than the average of 28 times for the Hong Kong biotech sector, indicating potential valuation risks [10][11]