以下文章来源于后浪研究所 ，作者杨小彤、巴芮 后浪研究所 . 36氪旗下年轻态公众号。这位青年里边请，你被研究了。 这不是40岁才会得的病吗？ 文 ｜ 杨小彤 编辑 ｜ 巴芮 封面制图 ｜ 曲枚 来源｜ 后浪研究所（ID：youth36kr） "我还年轻，吃点药就好了" "卵巢功能下降。" 2018年，26岁的袁媛看着诊断报告上的这六个字，没有任何概念。 在这之前，袁媛的月经已经不正常一段时间了。从2017年开始，要么一个月来两次，要么两个月来一次。 那时袁媛也去当地的妇幼保健院检查过，医生 和她说只是月经混乱，吃点黄体酮就行。可吃了几周还是无济于事。 直到2018年5月，26岁的她在熟人的建议下来到了这家卫生院，先后检查了性激素6项和AMH值（即抗缪勒管激素，是衡量卵巢储备功能的指标），指标 都非常差， 甚至AMH只有0.01——成年女性正常范围应该在2 ~ 6.8 ng/mL之间，数值越低，代表卵巢功能越差。 医生并没有解释这是一个什么样的疾病，只告诉她可能生不了孩子，并企图安慰她，说自己的同学曾失去孩子，"现在两个人过的也挺好的"。并告诉她说 现在还有卵泡，应该有怀孕的机会。"可能医生觉得我比较年轻，不 ...

"我还年轻，吃点药就好了" "卵巢功能下降。" 2018年，26岁的袁媛看着诊断报告上的这六个字，没有任何概念。 在这之前，袁媛的月经已经不正常一段时间了。从2017年开始，要么一个月来两次，要么两个月来一次。那时袁媛也去当地的妇幼保健院检查过，医生和 她说只是月经混乱，吃点黄体酮就行。可吃了几周还是无济于事。 直到2018年5月，26岁的她在熟人的建议下来到了这家卫生院，先后检查了性激素6项和AMH值（即抗缪勒管激素，是衡量卵巢储备功能的指标），指标 都非常差，甚至AMH只有0.01——成年女性正常范围应该在2 ~ 6.8 ng/mL之间，数值越低，代表卵巢功能越差。 医生并没有解释这是一个什么样的疾病，只告诉她可能生不了孩子，并企图安慰她，说自己的同学曾失去孩子，"现在两个人过的也挺好的"。并告诉她说 现在还有卵泡，应该有怀孕的机会。"可能医生觉得我比较年轻，不想说太多比较严重的话，怕打击到我。"袁媛想。 医生给她开了芬吗通和补佳乐，用来补充雌激素。但袁媛吃了几次就开始抗拒，她担心长胖，而且每次服用都恶心、想吐。2019年，她自行停掉激素药， 试图用中药改善自己的情况，但同样无济于事，最长时间，她曾三个月 ...

Core Viewpoint - In 2024, the company achieved revenue of 4 billion yuan, a slight year-on-year decline, while net profit attributable to shareholders was significantly impacted by a fine related to sodium dexamethasone sales, with a stable growth in non-recurring net profit [1][2][3] - The impact of centralized procurement on the formulation segment has been largely digested, and new products are continuously being introduced, with expectations for accelerated growth in 2025 [1][4] - Revenue from the raw materials segment declined due to inventory destocking by overseas clients and price decreases, but sales volume remains stable, with a positive outlook for gradual recovery [1][5] Financial Performance - In 2024, the company reported operating revenue of 4.001 billion yuan, a year-on-year decrease of 2.98%, and a net profit attributable to shareholders of 397 million yuan, down 29.46% [2][3] - The non-recurring net profit for 2024 was 549 million yuan, reflecting a year-on-year increase of 2.15% [2][3] - For Q1 2025, the company achieved operating revenue of 1.01 billion yuan, a year-on-year decline of 2.9%, with a net profit of 140 million yuan, down 4.7% [2][3] Formulation Segment - In 2024, the formulation sales revenue reached 2.276 billion yuan, an increase of 8% year-on-year [4] - Key therapeutic areas showed varied performance, with gynecology and family planning sales at 450 million yuan, stable year-on-year; anesthetic muscle relaxants at 160 million yuan, up 55%; respiratory products at 880 million yuan, up 31%; and dermatology products at 230 million yuan, up 19% [4] - The company’s new products are expected to accelerate growth, with significant sales increases in new offerings such as sodium glucosamine injection [4][6] Raw Materials Segment - In 2024, revenue from raw materials and intermediates was 1.55 billion yuan, a year-on-year decline of 13% [5] - The decline was attributed to inventory destocking in the international market and increased competition leading to price drops [5][6] - The company is expected to see a recovery in the raw materials segment as prices stabilize and market share increases [5][6] Expense Analysis - In 2024, the company's sales, management, and R&D expense ratios were 25.84%, 7.74%, and 6.63%, respectively, with slight increases year-on-year [7] - The gross margin improved to 57.49%, up 4.61 percentage points, attributed to the clearing of centralized procurement impacts and operational efficiency [7] - The net profit margin was 10%, significantly impacted by a fine provision of 195 million yuan [7] Future Outlook - The company is expected to achieve stable growth in revenue and profit in 2025, with non-centralized procurement products anticipated to grow steadily [8] - Revenue projections for 2025-2027 are 4.35 billion, 4.81 billion, and 5.48 billion yuan, with year-on-year growth rates of 8.6%, 10.7%, and 13.8% respectively [8]