长江商报消息 ●长江商报记者 沈右荣 老牌上市药企哈药股份（600664.SH）经营业绩下滑。 10月24日晚，哈药股份披露了2025年三季度报告。前三季度，公司实现营业收入约120亿元，同比下降 约1.9%；归母净利润为约3.3亿元，同比下降约35%。 其中，第三季度，公司实现的归母净利润为6888.93万元，同比下降约58%。 对于经营业绩下滑，哈药股份的解释为，市场竞争持续加剧，市场非药类制剂以强势宣传推广手段大力 抢占市场份额，公司虽及时调整销售策略积极应对，加大推广力度进一步稳定市场占有率，但仍呈销售 承压态势。 长江商报记者发现，哈药股份也存在重营销轻研发的现象。2024年，公司投入的广告宣传费、销售促销 费、电商推广费（三项费用以下合计简称"营销费"）合计18.06亿元，是当年研发费用的13.28倍。 出人意料的是，2018年以来的七年半（不含2025年第三季度），哈药股份均未派发现金红利。 公司称，第三季度，销售淡季来临使客户需求下降。 二级市场上，哈药股份的股价表现也不佳，总体而言，属于低位徘徊。 营收净利连续两季双降 经营业绩不稳定的哈药股份再现下降。 根据三季度报告，2025年前三季度， ...

Core Viewpoint - The company reported a decline in both revenue and net profit for the first three quarters of 2025, reflecting challenges in the pharmaceutical industry due to structural adjustments and intensified competition [1] Financial Performance - The company's revenue for the first three quarters reached 12.021 billion, a year-on-year decrease of 1.92% [1] - The net profit attributable to shareholders was 329 million, down 35.35% year-on-year [1] Industry Context - The pharmaceutical industry is undergoing structural adjustments and deepening transformations, leading to increased market competition [1] - Resources in the industry are rapidly concentrating towards leading enterprises, resulting in a significant increase in market concentration [1] - Non-pharmaceutical formulations are aggressively capturing market share through strong promotional efforts [1] Sales and Market Dynamics - The third quarter experienced a sales lull, leading to decreased customer demand [1] - Despite the company's timely adjustments in sales strategies and increased promotional efforts to stabilize market share, sales pressure remains evident [1] - Major products such as compound calcium gluconate oral solution, double yellow liquid, amoxicillin capsules, and calcium-iron-zinc oral solution saw a decline in revenue, contributing to the downturn in the pharmaceutical industrial segment [1] Pharmaceutical Commercial Sector - The wholesale segment is facing ongoing impacts from centralized procurement policies, which are tightening profit margins [1] - Changes in sales have led to corresponding fluctuations in operating expenses [1] - An increase in provisions for bad debts has been noted due to changes in the aging of accounts receivable [1]

Core Viewpoint - The company reported a decline in both revenue and net profit for the third quarter of 2025, reflecting challenges in the pharmaceutical industry due to structural adjustments and intensified market competition [1] Financial Performance - The company's third-quarter revenue was 3.897 billion yuan, a year-on-year decrease of 5.29% [1] - Net profit for the third quarter was 68.8893 million yuan, down 58.22% year-on-year [1] - For the first three quarters, total revenue reached 12.021 billion yuan, a decline of 1.92% year-on-year [1] - Net profit for the first three quarters was 329 million yuan, representing a decrease of 35.35% year-on-year [1] - Basic earnings per share were 0.13 yuan [1] Industry Context - The pharmaceutical industry is undergoing structural adjustments and deepening transformations, leading to increased market competition [1] - The arrival of the sales off-season has resulted in decreased customer demand [1] Product Performance - Revenue from key products such as compound calcium gluconate oral solution, Shuanghuanglian oral solution, amoxicillin capsules, and calcium-iron-zinc oral solution has declined, contributing to the downturn in the pharmaceutical industrial segment [1] Commercial Sector Challenges - In the pharmaceutical wholesale sector, the impact of centralized procurement policies has tightened gross profit margins [1] - Operating expenses have fluctuated in line with sales changes [1] - An increase in provisions for bad debts has been noted due to changes in the aging of accounts receivable [1]