Core Viewpoint - The company, Yuekang Pharmaceutical, reported a decline in revenue for 2024, with total revenue of 3.781 billion yuan, a year-on-year decrease of 9.90% [1] Group 1: Operating Performance - The revenue breakdown shows that cardiovascular and anti-infection products generated 2.105 billion yuan and 789 million yuan, respectively, with declines of 20.73% and 22.67% [1][4] - The gross profit margin for the company was 58.76%, with significant differences among product categories; anti-infection products had a gross margin of 6.91%, while cardiovascular products had a margin of 91.08% [1][4] - The company provided a detailed table of sales revenue, volume, unit price, and year-on-year changes for different product types [2][3] Group 2: Revenue Analysis - The decline in cardiovascular product revenue was primarily due to a drop in sales of Ginkgo biloba extract injection, which saw an 8.47% decrease in volume and a reduction in average selling price [5] - The anti-infection product revenue decline was attributed to a shrinking market demand and increased competition, leading to lower sales volumes [5] - Conversely, the digestive system product revenue increased by 123.04% due to improved sales of omeprazole enteric-coated capsules, driven by enhanced marketing strategies [5] Group 3: Gross Margin Analysis - The gross margin differences among product types were influenced by drug classification and centralized procurement impacts [6][7] - Cardiovascular products maintained high margins due to effective market development and production cost management, while anti-infection products faced lower margins due to competitive pricing pressures [7] - The company’s gross margins were compared with industry peers, showing that its margins were generally in line with industry averages [8] Group 4: Sales and Marketing Expenses - The company reported a decrease in marketing and promotion expenses from 1.715 billion yuan in 2023 to 1.242 billion yuan in 2024, a reduction of 27.59% [10][11] - The decrease was attributed to the expansion of centralized procurement, which stabilized sales volumes in public medical institutions, leading to reduced promotional activities [11] - The company’s pricing strategy for major products considered various factors, including R&D costs, market demand, and competition [12] Group 5: Related Party Transactions - The company increased its purchases from Anhui Hengshun Information Technology Co., Ltd. to 221.678 million yuan in 2024, a significant increase from the previous year [18][20] - Anhui Hengshun primarily engages in the production and sale of various pharmaceutical intermediates, and the increase in purchases was due to expanded sales channels and cost advantages [19][20] - The procurement prices from Anhui Hengshun were found to be fair and competitive compared to other suppliers [21]

2025年，是于伟仕进入医药行业的第40个年头。这40年里，他2/3的时间用在悦康药业的发展上，挖掘 了奥美拉唑肠溶胶囊、银杏叶提取物注射液等黄金单品，也见证了行业从仿制到创新的跃迁。 变化往往伴随阵痛。但同时，公司的生物药布局日益清晰，多款在研新药屡传捷报。3月中旬，于伟仕 接受《每日经济新闻》采访时表示，做创新药的挑战太大了，但必须做，"要用生物药最前沿的技术争 取所有疾病的治愈，要敢闯无人区"。 拥有多个年销亿元甚至10亿元单品 "药品质量只有一百分，九十九分等于零"。在悦康药业，这句随处可见的标语见证了公司24年发展史。 2001年，于伟仕揣着在南方地区医药贸易领域10多年摸爬滚打的经验，一路北上创立悦康药业。当时， 中国医药市场正值快速成长期，但药品质量参差不齐，进口药占据高端市场，于伟仕决心自己创 业，"做老百姓用得起的好药"，向医药研发、生产、销售一体化领域进军。 最初10年，悦康药业以仿制药生产为主，成立次年就获得了首个药品生产批件（盐酸林可霉素注射 液），随着奥美拉唑肠溶胶囊上市销售、注射用头孢曲松钠和注射用头孢哌酮钠获得第一批出口药品注 册证、国内唯一获得国产化学药物批文的"银杏叶提取物注 ...