{"fileID":730639,"siteID":1,"title":"今年来第四家！昔日明星药企，今成A股黄花！","linkTitle":"","catalogs":"","subTitle":"","isExclusive":1,"articleWordCount":1582,"leadTitle":"","source":"国际金融报","sourceID":0,"editor":"褚念颖","modifyTime":"2025-05-29 22:32:02","note":"","author":"李昕","authorID":0,"liability":"佘诗婕","abstract":"","publishTime":"2025-05-29 22:32:03","articleType":0,"keywords":"","countRatio":1,"countClick":377,"countDiscuss":0,"countPraise":0,"countShare":0,"countShareClick":0,"pic3":"","pic2":"","pic1":"https://image.ifnews.com/data/1/images/2025/0529/17485291092871985_600x339.jpg","bigPic":0,"tag":"","shortTitle":"","content":"<section><section><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">2025年5月29日，*ST龙津（002750.SZ）公告称，公司于2025年5月28日收到深交所送达的《关于昆明龙津药业股份有限公司股票终止上市的决定》，深交所决定终止公司股票上市。</p></section></section><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">公司股票将于2025年6月6日起进入退市整理期，退市整理期为十五个交易日，预计最后交易日期为2025年6月26日。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">公告发布后，引发不少股民感叹，时光荏苒，如今的明星药企*ST龙津，居然真的走到了退市。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\"><img src=\"https://image.ifnews.com/data/1/images/2025/0529/17485290554891223_850x502.png\" data-src=\"https://mmbiz.qpic.cn/sz_mmbiz_png/dPDVa3RT3qHSLSff51NIREl8yJFibWeFaflLqZ2XnykwlEfCicyPTHarYY5IfOz8VWZtxXuibzM6qUMbjMIOrgvnw/640?wx_fmt=png&amp;from=appmsg\" class=\"rich_pages wxw-img\" data-ratio=\"0.5905882352941176\" data-s=\"300,640\" data-type=\"png\" data-w=\"850\" data-croporisrc=\"https://mmbiz.qpic.cn/sz_mmbiz_png/dPDVa3RT3qHSLSff51NIREl8yJFibWeFaflLqZ2XnykwlEfCicyPTHarYY5IfOz8VWZtxXuibzM6qUMbjMIOrgvnw/0?wx_fmt=png&amp;from=appmsg\" data-cropselx2=\"578\" data-cropsely2=\"292\" data-imgfileid=\"100040196\"/></p><p class=\"mt-picture-desc-center\" style=\"font-weight: normal; color: rgb(153, 153, 153); font-size: 15px; line-height: 1.75; margin: 5px 0px; text-align: center; text-indent: 0px;\">AI制图</p><p><br/></p><p class=\"mt-title-sm-left\" style=\"font-weight: bold; color: rgb(34, 34, 34); font-size: 18px; line-height: 1.75; margin: 15px 0px; text-align: left; text-indent: 0px;\"><strong>高度依赖单一产品</strong></p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\"><br/></p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">据悉，*ST龙津公司全称为昆明龙津药业股份有限公司，成立于1996年9月，于2015年在深交所挂牌上市。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">公司聚焦于心脑血管疾病及代谢类疾病两大领域的治疗型药物的开发、研究、生产及销售，其主导产品为龙津注射用灯盏花素冻干粉针剂，该产品2016年销量曾达到3569万支的峰值。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">2015年—2017年，上市后前三年公司营收较为稳定，分别为1.81亿元、2.24亿元、3.04亿元，实现扣非净利润为0.54亿元、0.58亿元、0.19亿元。但在2018年之后，公司盈利状况急转直下，2019年至今，其扣非净利润始终为负值。</p><p><br/></p><section><img src=\"https://image.ifnews.com/data/1/images/2025/0529/17485290556731175_1080x580.png\" data-src=\"https://mmbiz.qpic.cn/sz_mmbiz_png/dPDVa3RT3qHx0SXXibdic4w5ic7hcw4ERWWh9MjoN8JWnRiagC9wBImJzhC2xAia2IoWz6v8TzxW4W2tkXoPwtrCVJQ/640?wx_fmt=png&amp;from=appmsg\" class=\"rich_pages wxw-img\" data-ratio=\"0.5369978858350951\" data-type=\"png\" data-w=\"1892\" data-backw=\"553\" data-backh=\"297\" data-imgfileid=\"100040657\" style=\"margin-right: auto; margin-left: auto; padding: 0px; vertical-align: middle; border: 0px; max-width: 100%; display: block; width: 784px;\"/></section><p><br/></p><p class=\"mt-picture-desc-center\" style=\"font-weight: normal; color: rgb(153, 153, 153); font-size: 15px; line-height: 1.75; margin: 5px 0px; text-align: center; text-indent: 0px;\">制图：李昕</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">根据2024年年报，*ST龙津全年营收0.66亿元，同比下滑23.25%，连续五年未达1亿元；净利润亏损0.41亿元，虽同比收窄41.58%，但扣非净利润仍亏损0.5亿元。这一数据直接触发深交所退市新规中&quot;净利润为负且营收低于3亿元&quot;的强制退市条款。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">具体来看，公司长期依赖单一产品，其核心产品注射用灯盏花素占营收比重长期超90%。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">2017年，国家药监局要求修订注射用灯盏花素说明书，增加“过敏性休克”等严重不良反应警示。同年，龙津药业注射用灯盏花素的销量骤降近20%至2857.48万支。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">而该产品在2021年中成药省际联盟集采中以67%的降幅中标，价格从228元/盒骤降至75.31元/盒。而非集采省份同步执行价格联动，导致全国市场价格&quot;腰斩&quot;，叠加医保支付限制和医院处方管控，产品销量锐减。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">2024年，注射用灯盏花素销售额同比再降23%，销量和价格的持续性大幅下滑，可以说对*ST龙津造成了毁灭性的打击。</p><p><br/></p><p class=\"mt-title-sm-left\" style=\"font-weight: bold; color: rgb(34, 34, 34); font-size: 18px; line-height: 1.75; margin: 15px 0px; text-align: left; text-indent: 0px;\"><strong>转型困局</strong></p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\"><br/></p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">此前，*ST龙津曾多次尝试转型，但最终均以失败告终。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">2018年年报中龙津药业曾提及，未来在以注射用灯盏花素为核心，开发治疗心脑血管类、代谢类疾病的特色仿制药物和创新药物的同时，将以工业大麻种植为契机，布局工业大麻全产业链。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">2019年2月，龙津药业计划以不超过1500万元对云南牧亚农业科技有限公司增资，并取得其51%股权，尝试打造“从种植到提取”的工业大麻全产业链。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">但好景不长，2019年起，全球工业大麻监管趋严，加之疫情冲击，公司在2021年年报中表示，工业大麻花叶种植面积较上年减少25%，销量大幅减少，业绩不及预期并产生亏损。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">另外，早在2018年，公司就宣布进军心脑血管类仿制药，但实际进展缓慢。首个仿制药枸橼酸西地那非口崩片（商品名：戈力多）在2024年底才获批，错失市场黄金期。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">数据显示，除*ST龙津外，2025年以来，A股已有3家中药注射剂企业接连摘牌退市。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">其中，大理药业（603963.SH，核心产品为醒脑静注射液、参麦注射液）因连续20日市值低于5亿元触发退市，且2024年营收仅4765万元（不足3亿元），3月21日正式从A股摘牌退市，成为年内首家因市值退市的药企。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">创业板原明星药企普利制药，因2021年至2022年虚增利润6.59亿元（占比超50%），触发重大违法退市标准，5月22日从A股摘牌。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">吉药控股（300108.SZ，核心产品为多类中药注射剂），因2025年4月连续20日股价低于1元，触发面值退市，于5月29日正式摘牌。</p><p class=\"mt-p-default\" style=\"font-weight: normal; color: rgb(34, 34, 34); font-size: 17px; line-height: 1.75; margin: 10px 0px; text-align: justify; text-indent: 2rem;\">另外，此前曾因重组半导体资产而股价飙升的双成药业（002693.SZ，核心产品为化学合成多肽注射剂），如今因2024年业绩持续恶化及跨界交易终止，已被实施退市风险警示。</p>","extField":{"catalogName":"","att":[],"isShareIcon":0,"images":2,"shareIcon":"","videos":0,"audits":[],"articleExt":[]},"isHide":0,"columnID":39,"columnName":"IPO","columnStyle":0,"discussClosed":0,"countClickInit":0,"fullColumn":"IPO","articleUrl":"","specialId":0,"linkID":0,"articleExt":[],"ipCity":"","activityStatus":0,"att":[],"shareIcon":"","images":[{"imgUrl":"https://mmbiz.qpic.cn/sz_mmbiz_png/dPDVa3RT3qHSLSff51NIREl8yJFibWeFaflLqZ2XnykwlEfCicyPTHarYY5IfOz8VWZtxXuibzM6qUMbjMIOrgvnw/0?wx_fmt=png&amp;from=appmsg","imageUrl":"","imgDesc":"","placeholder":"##########"},{"imgUrl":"https://mmbiz.qpic.cn/sz_mmbiz_png/dPDVa3RT3qHx0SXXibdic4w5ic7hcw4ERWWh9MjoN8JWnRiagC9wBImJzhC2xAia2IoWz6v8TzxW4W2tkXoPwtrCVJQ/640?wx_fmt=png&amp;from=appmsg","imageUrl":"","imgDesc":"","placeholder":"##########"}],"videos":[],"videoExif":{},"htmlAbstract":"","relArticle":[],"auditUsers":[],"countCollect":0}