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葵花葯業(002737.SZ):預計半年度淨利潤同比下降82.52%-85.61%

格隆匯7月11日丨葵花葯業(002737.SZ)公佈,預計半年度歸屬於上市公司股東的淨利潤7,000萬元-8,500萬元,比上年同期下降82.52%-85.61%,扣除非經常性損益後的淨利潤4,000萬元-5,500萬元,比上年同期下降88.04%-91.30%。

1、消化渠道庫存:在諸多行業政策的有序引導下,醫藥行業整體呈現結構性調整態勢,受前期市場形勢非理性波動因素影響,公司產業鏈下遊醫藥商業端備貨、終端用戶囤貨,上半年產業鏈整體庫存仍呈充盈態勢。2025年上半年,公司繼續主動進行下遊渠道梳理,控制發貨總量、降低渠道各鏈條庫存,雖對公司業績實現產生直接影響,但對公司持續、健康、穩健發展有利。經過2024年下半年至2025年上半年近一年的渠道梳理,公司產品羣渠道庫存逐步趨於良性,相較2025年一季度,公司二季度營業收入表現已企穩,並呈穩步回升態勢。2、毛利率階段性下降:公司庫存原材料成本處於高位,加之生產規模下降固定成本分攤增加、導致營業成本上升,進而對產品銷售毛利率也產生較大影響。

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