复星医药浮现“降收增利”迷局 高比例研发资本化或“藏雷”|财报异动透视镜

华夏时报
Apr 28, 2025

复星医药2024年营业收入连续两年下滑,核心制药业务收入同样下降,抗感染、中枢神经等主力产品毛利率出现缩水。然而,净利润不降反增,主要依赖非经常性损益(如资产处置收益3.71亿元、政府补助6.14亿元)和研发费用缩减(研发总投入减少16.15%)。这一“降收增利”模式暴露了公司对短期财务操作的依赖,长期增长动能存疑。  同时,公司高研发资本化或暗藏业绩“地雷”。  去年公司研发支出资本化比例远超...

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