Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82
王妃她不干了:揭示职场潜规则,掌握成功秘诀!
随机图片

王妃她不干了:揭示职场潜规则,掌握成功秘诀!

更新时间: 浏览次数: 503

400电话:123456(点击咨询)
王妃她不干了:揭示职场潜规则,掌握成功秘诀!各观看免费《今日汇总》
王妃她不干了:揭示职场潜规则,掌握成功秘诀!各热线观看免费2025已更新(2025已更新)








王妃她不干了:揭示职场潜规则,掌握成功秘诀!观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








王妃她不干了:揭示职场潜规则,掌握成功秘诀!观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




王妃她不干了:揭示职场潜规则,掌握成功秘诀!各区点热线观看免费《今日发布》
Random Image 王妃她不干了:揭示职场潜规则,掌握成功秘诀!电话








7天观看免费人工电话为您、王妃她不干了:揭示职场潜规则,掌握成功秘诀!团队在调度中心的统筹调配下,线下专业及各地区人员团队等专属,整个报修流程规范有序,后期同步跟踪查询公开透明。








所有团队均经过专业培训、持证上岗,所用产品配件均为原厂直供,








王妃她不干了:揭示职场潜规则,掌握成功秘诀!各观看免费《今日汇总》2025已更新(今日/推荐)








王妃她不干了:揭示职场潜规则,掌握成功秘诀!电话区域:








承德市(双滦区、鹰手营子矿区、兴隆县、承德县、隆化县、滦平县、宽城满族自治县、双桥区、丰宁满族自治县、平泉市、围场满族蒙古族自治县)








海东市(民和回族土族自治县、乐都区、循化撒拉族自治县、平安区、互助土族自治县、化隆回族自治县)








沧州市(南皮县、肃宁县、河间市、泊头市、青县、运河区、海兴县、吴桥县、东光县、孟村回族自治县、新华区、献县、黄骅市、任丘市、盐山县、沧县)








重庆市(铜梁区、九龙坡区、酉阳土家族苗族自治县、合川区、城口县、梁平区、开州区、大渡口区、涪陵区、万州区、璧山区、沙坪坝区、石柱土家族自治县、南川区、黔江区、渝北区、秀山土家族苗族自治县、江北区、云阳县、彭水苗族土家族自治县、渝中区、潼南区、北碚区、忠县、巴南区、永川区、江津区、綦江区、垫江县、丰都县、大足区、武隆区、巫溪县、奉节县、巫山县、长寿区、南岸区、荣昌区)  克孜勒苏柯尔克孜自治州(阿图什市、阿合奇县、阿克陶县、乌恰县)








成都市(双流区、简阳市、彭州市、温江区、青白江区、成华区、武侯区、金牛区、新都区、青羊区、金堂县、邛崃市、龙泉驿区、新津区、崇州市、蒲江县、都江堰市、郫都区、大邑县、锦江区)








上海市(闵行区、长宁区、奉贤区、金山区、徐汇区、静安区、普陀区、青浦区、黄浦区、杨浦区、嘉定区、宝山区、浦东新区、虹口区、松江区、崇明区)








黔南布依族苗族自治州(惠水县、三都水族自治县、长顺县、荔波县、福泉市、罗甸县、独山县、瓮安县、平塘县、贵定县、都匀市、龙里县)








菏泽市(定陶区、巨野县、单县、成武县、曹县、东明县、郓城县、鄄城县、牡丹区)  德宏傣族景颇族自治州(盈江县、梁河县、芒市、陇川县、瑞丽市)








泸州市(叙永县、龙马潭区、合江县、纳溪区、泸县、古蔺县、江阳区)








兴安盟(突泉县、乌兰浩特市、科尔沁右翼前旗、科尔沁右翼中旗、阿尔山市、扎赉特旗)








河源市(紫金县、连平县、东源县、和平县、龙川县、源城区)








汕尾市(陆河县、海丰县、陆丰市、城区)








晋城市(高平市、泽州县、沁水县、阳城县、城区、陵川县)








普洱市(孟连傣族拉祜族佤族自治县、镇沅彝族哈尼族拉祜族自治县、墨江哈尼族自治县、江城哈尼族彝族自治县、景东彝族自治县、西盟佤族自治县、景谷傣族彝族自治县、思茅区、宁洱哈尼族彝族自治县、澜沧拉祜族自治县)








聊城市(莘县、茌平区、高唐县、东阿县、东昌府区、阳谷县、临清市、冠县)








石嘴山市(惠农区、大武口区、平罗县)








潮州市(湘桥区、潮安区、饶平县)








怒江傈僳族自治州(贡山独龙族怒族自治县、福贡县、兰坪白族普米族自治县、泸水市)








锡林郭勒盟(阿巴嘎旗、正镶白旗、二连浩特市、多伦县、苏尼特左旗、东乌珠穆沁旗、锡林浩特市、镶黄旗、西乌珠穆沁旗、苏尼特右旗、正蓝旗、太仆寺旗)








商丘市(夏邑县、虞城县、柘城县、民权县、宁陵县、梁园区、永城市、睢县、睢阳区)








宁夏回族自治区








东营市(东营区、河口区、广饶县、垦利区、利津县)








银川市(永宁县、灵武市、西夏区、兴庆区、金凤区、贺兰县)








嘉峪关市








张家界市(武陵源区、桑植县、慈利县、永定区)








晋中市(祁县、和顺县、介休市、榆社县、昔阳县、平遥县、左权县、寿阳县、灵石县、榆次区、太谷区)








济宁市(嘉祥县、梁山县、泗水县、任城区、邹城市、汶上县、微山县、曲阜市、兖州区、鱼台县、金乡县)
400电话:123456(点击咨询)
王妃她不干了:揭示职场潜规则,掌握成功秘诀!各观看免费《今日汇总》《今日发布》
王妃她不干了:揭示职场潜规则,掌握成功秘诀!各观看免费《今日汇总》(2025已更新)








王妃她不干了:揭示职场潜规则,掌握成功秘诀!观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








王妃她不干了:揭示职场潜规则,掌握成功秘诀!观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




王妃她不干了:揭示职场潜规则,掌握成功秘诀!各观看免费《今日汇总》【2025已更新列表】
王妃她不干了:揭示职场潜规则,掌握成功秘诀!电话








7天观看免费人工电话为您、王妃她不干了:揭示职场潜规则,掌握成功秘诀!团队在调度中心的统筹调配下,线下专业及各地区人员团队等专属,整个报修流程规范有序,后期同步跟踪查询公开透明。








所有团队均经过专业培训、持证上岗,所用产品配件均为原厂直供,








王妃她不干了:揭示职场潜规则,掌握成功秘诀!中心2025已更新(今日/推荐)








王妃她不干了:揭示职场潜规则,掌握成功秘诀!电话区域:








本溪市(溪湖区、明山区、本溪满族自治县、南芬区、平山区、桓仁满族自治县)








延安市(黄陵县、子长市、宝塔区、黄龙县、志丹县、富县、延川县、吴起县、延长县、洛川县、安塞区、宜川县、甘泉县)








淄博市(周村区、高青县、临淄区、张店区、博山区、沂源县、淄川区、桓台县)








绥化市(兰西县、安达市、青冈县、明水县、庆安县、海伦市、肇东市、北林区、望奎县、绥棱县)  香港特别行政区








德阳市(中江县、绵竹市、罗江区、广汉市、旌阳区、什邡市)








徐州市(铜山区、沛县、睢宁县、云龙区、贾汪区、丰县、泉山区、新沂市、鼓楼区、邳州市)








茂名市(信宜市、茂南区、电白区、高州市、化州市)张家口市(阳原县、下花园区、桥西区、万全区、崇礼区、怀安县、怀来县、张北县、赤城县、尚义县、涿鹿县、康保县、桥东区、蔚县、沽源县、宣化区)








抚州市(临川区、广昌县、金溪县、资溪县、崇仁县、宜黄县、南丰县、东乡区、黎川县、南城县、乐安县)  惠州市(惠东县、龙门县、惠阳区、惠城区、博罗县)








克拉玛依市(独山子区、白碱滩区、克拉玛依区、乌尔禾区)








兰州市(西固区、城关区、红古区、安宁区、七里河区、永登县、皋兰县、榆中县)








攀枝花市(东区、仁和区、米易县、盐边县、西区)巴彦淖尔市(临河区、五原县、乌拉特前旗、杭锦后旗、乌拉特后旗、磴口县、乌拉特中旗)








衢州市(常山县、开化县、龙游县、衢江区、江山市、柯城区)








唐山市(滦州市、路南区、迁西县、迁安市、路北区、丰南区、曹妃甸区、丰润区、遵化市、玉田县、滦南县、乐亭县、开平区、古冶区)








扬州市(高邮市、仪征市、广陵区、邗江区、江都区、宝应县)








金昌市(永昌县、金川区)








阿克苏地区(阿瓦提县、柯坪县、沙雅县、阿克苏市、温宿县、拜城县、新和县、乌什县、库车市)








娄底市(冷水江市、娄星区、新化县、双峰县、涟源市)








宁波市(鄞州区、北仑区、江北区、宁海县、海曙区、象山县、镇海区、慈溪市、余姚市、奉化区)








三门峡市(义马市、卢氏县、渑池县、灵宝市、陕州区、湖滨区)








仙桃市(神农架林区、天门市、潜江市)








怀化市(洪江市、沅陵县、麻阳苗族自治县、通道侗族自治县、中方县、新晃侗族自治县、芷江侗族自治县、鹤城区、会同县、靖州苗族侗族自治县、辰溪县、溆浦县)








鸡西市(麻山区、鸡东县、鸡冠区、滴道区、梨树区、密山市、城子河区、虎林市、恒山区)








广西壮族自治区








鄂州市(鄂城区、华容区、梁子湖区)








玉溪市(通海县、易门县、新平彝族傣族自治县、澄江市、元江哈尼族彝族傣族自治县、江川区、红塔区、华宁县、峨山彝族自治县)








揭阳市(惠来县、普宁市、榕城区、揭东区、揭西县)








衡水市(武强县、冀州区、景县、深州市、枣强县、故城县、桃城区、阜城县、饶阳县、武邑县、安平县)

  来源:证券之星

  百年老字号九芝堂(000989.SZ,下称“ST九芝(维权)”)近期发布的2024年年报显示,公司实现营收和归母净利润分别为:23.71亿元和2.16亿元,较上年同期分别下降:19.91%和27.31%。这也是公司连续两年呈现业绩双降。

  证券之星注意到,2024年,公司处方药板块贡献的收入较上年大幅下降14.76%,其中该板块旗下核心产品疏血通注射液自2021年起连续三年收入下滑。受2024年医保目录部分内容调整影响,这一核心产品医保报销范围再度缩窄,未来能否扭转收入下滑颓势充满不确定性。

  主业收入承压下,ST九芝近年也在向创新药、干细胞等前沿领域布局,不过前述业务还处于临床研发阶段,转型远水难解业绩增长近渴。更严峻的是,原实控人李振国还需兑现三年(2025年至2027年)合计9亿元扣非净利润的对赌承诺,而公司已连续7年扣非归母净利润未突破3亿元,业绩承诺实现面临巨大挑战。

  01. OTC毛利率全年锐减8.72%

  2024年,ST九芝的营收结构呈现“两极分化”态势:核心业务承压明显,新兴业务虽增长强劲但体量尚小。公司年报显示,公司三大产品板块中,OTC与处方药作为传统支柱,2024年营收分别为11.34亿元和11.32亿元,同比下滑24.69%和14.76%,拖累整体业绩表现;相比之下,大健康产品板块实现收入2164.82万元,同比上涨35.86%。然而,由于该业务目前规模较小,占公司总营收比重不足1%,短期内仍难以弥补核心板块收入下滑带来的缺口。

  对于整体业绩下滑的原因,ST九芝表示,受医保政策、市场需求变化和市场结构调整等综合因素影响,公司部分产品销售下降,导致公司营业收入下降,加之原材料采购价格上涨等原因导致营业成本上升,公司报告期内盈利有所下降。

  证券之星了解到,2023年12月,国家医疗保障局发布《关于促进同通用名同厂牌药品省际间价格公平诚信、透明均衡的通知》,提出指导医药采购机构聚焦“四同药品”(指通用名、厂牌、剂型、规格均相同的药品),对照全国现有挂网药品价格统计形成监测价,进行全面梳理排查,到2024年3月底前,基本消除“四同药品”省际间的不公平高价、歧视性高价。

  在此政策背景下,ST九芝的OTC业务板块承压,面临全国价格体系重构的巨大挑战。例如该板块旗下的拳头产品之一六味地黄丸需与同仁堂、仲景等品牌在统一价格框架下竞争,可能会挤压终端利润空间。

  分季度看,证券之星注意到,2024年第一季度,公司营收达10.79亿元,营收占比超四成,此后便呈现出连续下滑趋势,直至第四季度,营收仅为3.08亿元。归母净利润方面,第一季度是全年唯一突破亿元大关的季度,随后三个季度持续走低。到2024年第四季度,公司更是陷入亏损为负2410.22万元。值得注意的是,与上一年同期对比,公司每个季度的归母净利润均出现大幅下滑。而在毛利率方面,2024年,ST九芝整体毛利率为59.12%,较上年下滑1.43个百分点,其中OTC板块毛利率下滑幅度更为显著,同比下滑8.72个百分点,降至43.64%。

  02. 核心产品三年收入缩水29%

  作为ST九芝处方药板块的核心单品,疏血通注射液曾贡献超两成营收,但近年来业绩持续承压。数据显示,该产品收入从2021年的8.29亿元逐年下滑,至2023年已降至5.88亿元。公司在2023年年报问询回复中表示,销售遇冷主要源于两大因素:一是未能参与广东省药品招标采购,以及19省区市组成的湖北中成药省际联盟集中带量采购;二是医保支付政策持续收紧,产品适用人群被严格限定为二级及以上医疗机构中具备明确缺血性脑血管疾病急性发作证据的重症患者,限制了临床使用范围。

  医保政策的变动进一步加剧了产品销售压力。证券之星注意到,尽管2023年国家医保目录解除了对疏血通注射液等部分中药注射剂的支付限制,但次年政策再度调整,2024年医保目录将其适用群体从缺血性心脑血管疾病,调整为仅涵盖急性脑梗塞患者。这一改变缩小了产品的医保覆盖范围,尽管公司强调影响可控,但产品未来市场份额是否会被进一步挤压,仍存在较大不确定性,市场表现有待时间验证。

  两大核心业务板块营收齐跌,成为ST九芝业绩下滑的直接诱因。事实上,公司已陷入连续三年营收下滑、连续两年归母净利润双位数降幅的困局。2023年,原实控人李振国违规占用资金事件更是雪上加霜,会计师事务所对公司2023年度内部控制出具否定意见。这一负面审计结果直接导致公司股票于2024年4月26日被实施“其他风险警示”。同年11月,公司发布实控权变更公告,李振国以7.19元/股的价格将其持有的公司53500000股股份(占公司总股本的6.25%)转让给辰能创投,转让款合计为3.85亿元。

  上述前述交易完成后,辰能创投持股比例达到24.04%,成为公司控股股东,公司实控人变更为黑龙江省国资委,而李振国持股比例减少至18.91%,退居第二大股东。

  03. 新业务难解近渴

  值得关注的是,在此次股权转让过程中,李振国作出了业绩承诺:上市公司在标的股份完成过户后的三个会计年度(即业绩承诺期)内,经审计的扣除非经常性损益后的净利润总和不得低于9亿元。若最终业绩未达承诺标准,李振国需在业绩承诺期结束后,就差额部分向交易方进行现金补偿。

  今年1月5日,上述转让的股份正式完成过户登记手续,即业绩承诺期为2025年至2027年。然而该业绩承诺对ST九芝而言颇具有挑战性,公司平均每年实现的扣非净利润需达到3亿元,而公司已经连续8年扣非归母净利润未突破3亿元。

  从2024年的节点看,ST九芝正面临着传统核心业务增长乏力与新兴业务培育漫长的双重困境。尤其在新兴业务方面,ST九芝此前进行了多款创新药研发,并切入干细胞治疗领域。年报显示,公司正在推动两款仿制药YB212、SQ213的上市,其中YB212已完成注册批次生产,但预计完成时间需要到2026年6月30日,SQ213则未有具体的上市时间线。

  公司创新药研发领域主要聚焦于抗凝药物(YB209项目)、抗生素(YB211项目)及糖尿病药物(REMD-477)等方向。年报显示,YB209项目完成I期临床试验所有受试者的入组和出组等收尾工作;YB211项目则进入II期临床试验不久。REMD-477则正在中国1型糖尿病患者中开展临床试验,后续尚需申请开展Ⅲ期临床试验并经国家药品监督管理局审评、审批通过后方可生产上市。公司表示,新药各研发事项的推进时间较长,存在不确定性,短期内不会对公司经营业绩产生重大影响。

  同样,干细胞治疗项目虽具有一定前景,但公司在报告期内还在围绕干细胞治疗缺血性脑卒中、干细胞治疗自身免疫性肺泡蛋白沉积症等项目进行研发,距离商业化落地、实现盈利还有很长的路要走。若仅依赖传统业务,在医保政策持续收紧、核心产品医保适用范围缩窄以及市场竞争白热化态势下,实现上述业绩承诺,难度不容小觑。(本文首发证券之星,作者|吴凡)

 

  每经记者陈鹏丽    

  每经珠海4月22日电(记者陈鹏丽)今天(4月22日)下午,格力电器2025年第一次临时股东大会在珠海格力电子元器件有限公司召开。本次临时股东大会,主要审议格力电器董事会换届选举等相关议案。《每日经济新闻》记者现场参会获悉,董明珠以超过33亿股的同意票数、超100%的高赞成票率被选举为第十三届董事会非独立董事。

王妃她不干了:揭示职场潜规则,掌握成功秘诀!的相关文章 警方通报江西杀害夫妻2人嫌犯被抓的相关文章
努比亚Z70S Ultra摄影师版外观公布
王楚钦说你要能抽死我就给你了
黄仁勋时隔 3 个月再次到访北京,称希望继续与中国合作,中国市场对英伟达有多重要?
丹麦首相称格陵兰岛不会出售
北京电影节红毯开幕式下雨
广东一路段突现高空坠物砸中路人
青春期应该如何补钙更能抓住长高黄金期?
贵州毕节一男子将与两位新娘结婚?警方:不属实,对当事人教育劝导
如何看待 25 考研清华航发院 425 分考生被刷,361 分考生被录取?
三河市委书记付顺义简历已从三河市政府网站撤下
高速上一轮胎滚进服务区撞人致死
如何看待《崩坏:星穹铁道》砂金角色厨,豪掷万金举办线下同人活动纪念角色砂金入池一周年?
  • 友情链接:
  • 「读书人」这个身份在今天还意味着什么? 控糖 1 年男子减百斤年轻 20 岁,控糖对减肥的影响到底有多大?如果不控糖还能减肥成功吗? 释新闻|加州诉特朗普政府:美国最大经济体为何打响关税阻击战? 2025 澳门世界杯王曼昱 4:3 逆转张本美和,如何评价这场比赛? 人形机器人半马排位赛结果出炉 陈幸同4-1战胜布鲁娜晋级四强 当地妇联已介入三人婚礼闹剧调查 美国劳工部长称,要把纺织业从越南等国手中「夺回来」,目前越南等国纺织业情况如何?美国夺回面临哪些难题? 2025 年 NBA 季后赛,你看好哪只队伍夺冠? 春天有哪些能吃的野菜? 杨小伟被查,国家广播电视总局党组:坚决拥护党中央决定 释新闻|新加坡公布新一届大选日期,有何考量?

    查看更多评价 ∨