益盛药业2024年财报：营收净利双降，振源胶囊成唯一亮点

Core Viewpoint - Yisheng Pharmaceutical (益盛药业) reported a significant decline in financial performance for 2024, with total revenue dropping by 21.69% and net profit decreasing by 45.02%, despite the strong performance of its core product, Zhenyuan Capsule (振源胶囊) [1][4]. Financial Performance - The company achieved total revenue of 668 million yuan in 2024, a decrease of 21.69% year-on-year [1][4]. - Net profit attributable to shareholders was 52.0861 million yuan, down 45.02% compared to the previous year [1][4]. - The non-recurring net profit fell by 64.33% to 27.0646 million yuan [1][4]. - In contrast, 2023 saw a revenue increase of 2.85% and a net profit increase of 14.00% [4]. Product Performance - Zhenyuan Capsule generated sales revenue of 243 million yuan in 2024, contributing significantly to the company's main business income [4]. - The capsule's advantages, such as low daily treatment costs and high product quality, helped it secure a place in the national centralized procurement of traditional Chinese medicine, enhancing market penetration [4]. Challenges in Diversification - The company faced challenges in its diversification strategy, particularly in the health food and cosmetics sectors, which saw significant revenue declines [5][6]. - Health food sales dropped by 35.92%, with total revenue of 57.6042 million yuan in 2024, despite the launch of new products [6]. - The cosmetics segment also underperformed, with new product launches failing to significantly boost revenue, indicating a need for improved competitiveness in the market [6]. R&D Investment - Yisheng Pharmaceutical maintained its R&D investment despite the overall decline in performance, achieving several breakthroughs in drug, health food, and cosmetics sectors [7]. - Collaborations with academic institutions aimed to validate the efficacy of Zhenyuan Capsule in coronary heart disease prevention [7]. - The company developed multiple health food products and laid the groundwork for future cosmetics development, although the market conversion of these R&D efforts remains a challenge [7].