8月26日晚间，哈尔滨三联药业股份有限公司（简称"哈三联"）交出了一份营收、净利润双降的半年度 成绩单。自去年起，哈三联业绩开始下滑，今年一季度更是陷入亏损状态。数据显示，2025年上半年， 哈三联实现营收约4.13亿元，同比减少21.08%；归属于上市公司股东的净利润亏损约9239万元，同比减 少451.68%。 作为哈三联的核心业务板块，医药板块上半年营收规模持续承压，成为公司业绩亏损的主要拖累。哈三 联披露，报告期内，受集采联动降价及市场竞争加剧等因素影响，公司医药板块营收规模持续承压，实 现销售收入3.56亿元，同比下降24.25%，占营业收入的86.08%。 其中，输液产品实现销售收入1.32亿元，同比下降12.14%。非输液产品受益于集采中标，小容量注射 剂、固体制剂产品销量同比均实现了较快增长，但由于重点产品盐酸昂丹司琼注射液执行集采后价格下 降，降幅达56.85%，导致小容量注射剂营收同比下降37.91%，冻干粉针剂产品注射用炎琥宁因政策增 加黑框警示语，本期收入同比下降明显，降幅达86.07%。受制于整体销售收入的下降，本期制剂产品 毛利率同比下降15.65%。受制于整体销售收入下降及部分产 ...

8月26日晚间，哈尔滨三联药业股份有限公司（简称"哈三联"）交出了一份营收、净利润双降的半年度 成绩单。自去年起，哈三联业绩开始下滑，今年一季度更是陷入亏损状态。数据显示，2025年上半年， 哈三联实现营收约4.13亿元，同比减少21.08%；归属于上市公司股东的净利润亏损约9239万元，同比减 少451.68%。 核心业务板块营收大幅下滑 资料显示，哈三联始建于1996年，2017年9月22日在深圳证券交易所成功上市，是一家面向国内外、具 有多品种、多剂型的医药上市公司，主要从事医药、动物保健和大健康领域相关产品的研发、生产和销 售。 作为哈三联的核心业务板块，医药板块上半年营收规模持续承压，成为公司业绩亏损的主要拖累。哈三 联披露，报告期内，受集采联动降价及市场竞争加剧等因素影响，公司医药板块营收规模持续承压，实 现销售收入3.56亿元，同比下降24.25%，占营业收入的86.08%。 其中，输液产品实现销售收入1.32亿元，同比下降12.14%。非输液产品受益于集采中标，小容量注射 剂、固体制剂产品销量同比均实现了较快增长，但由于重点产品盐酸昂丹司琼注射液执行集采后价格下 降，降幅达56.85%，导致小 ...

Core Viewpoint - The chairman of Kelun Pharmaceutical, Liu Gexin, has become a spokesperson for the company's products, showcasing his physique in a recent advertisement, which has garnered significant attention on social media [4][5]. Financial Performance - In 2024, Kelun Pharmaceutical achieved a revenue of 21.812 billion yuan, representing a year-on-year growth of 1.67%, and a net profit of 2.936 billion yuan, up 19.53%, both hitting historical highs [1][7]. - From 2021 to 2023, the company's revenue grew from 17.277 billion yuan to 21.454 billion yuan, with respective year-on-year growth rates of 4.94%, 9.46%, and 12.69% [7]. - The sales expenses for Kelun Pharmaceutical have decreased for three consecutive years, from 4.728 billion yuan in 2022 to 3.493 billion yuan in 2024, with changes of -5.86%, -5.89%, and -21.51% respectively [1][10]. Research and Development - Kelun Pharmaceutical has invested nearly 14.5 billion yuan in R&D since 2013, with R&D expenses increasing from 1.795 billion yuan in 2022 to 2.171 billion yuan in 2024, reflecting growth rates of 3.37%, 8.27%, and 11.68% [2][8]. - The company has a diverse product portfolio, with 684 varieties and 1,073 specifications of pharmaceutical products, including 143 varieties of infusion products [9]. Market Position and Strategy - Kelun Pharmaceutical is recognized as one of the largest pharmaceutical enterprises in China, with a comprehensive industry system spanning R&D, manufacturing, and distribution [3]. - The company is focusing on optimizing its infusion product structure and expanding its market coverage, benefiting from national drug procurement policies [8][10]. - Analysts express optimism about Kelun Pharmaceutical's innovative drug business contributing significant revenue in 2025, despite short-term pressures on its infusion business [11]. Dividend Policy - For the fiscal year 2024, Kelun Pharmaceutical plans to distribute a total dividend of 1.214 billion yuan, which accounts for 41.34% of its net profit [10].

Core Viewpoint - The marketing strategy of Kelong Pharmaceutical, led by Chairman Liu Gexin, reflects the company's urgent need to explore new business avenues due to declining traditional business growth [5][8]. Group 1: Product and Marketing Strategy - Kelong Pharmaceutical's product, "Ergothioneine Capsules," is positioned in the high-end dietary supplement market, priced at 1499 yuan per bottle, with each capsule containing 30mg of high-activity ergothioneine [3]. - The product claims to have 10-30 times the antioxidant capacity compared to traditional Vitamin C and Coenzyme Q10, targeting health needs related to anti-aging and cell protection [3][9]. - The marketing campaign features Chairman Liu Gexin, who at 75 years old, promotes the product with a strong physical image, aiming to create a compelling narrative around health and vitality [5][9]. Group 2: Financial Performance and Challenges - Kelong Pharmaceutical reported a significant decline in revenue for Q1 2025, with a total revenue of 4.39 billion yuan, down 29.42% year-on-year, and a net profit of 584 million yuan, down 43.07% [5][7]. - The core business segment, particularly infusion products, has been adversely affected by centralized procurement policies, leading to an 11.85% revenue decline in 2024 [5][8]. - Another subsidiary, Chuaning Bio, also faced challenges with a 15% decrease in revenue and an 18.26% drop in net profit for Q1 2025, impacted by regulatory constraints on antibiotic production [8]. Group 3: Strategic Vision and Future Outlook - Liu Gexin's personal commitment to the product, having used it for three years, and his disciplined lifestyle are intended to enhance the credibility of the marketing campaign [8]. - The company aims to integrate treatment and preventive medicine over the next three to five years, indicating a strategic shift towards a dual focus on health and innovation [8][9]. - The health sector is viewed as a "blue ocean" market, but the oral product market for ergothioneine is still in its early stages, requiring further validation of its efficacy [9].