DMAA Latest Report

Financial Performance of DMAA

Based on the provided financial data, Drugs Made In (stock code: DMAA) recorded a revenue of -79986 yuan at the end of 2024, indicating a loss for the company in that year. Without data for 2023, a year-on-year comparison cannot be made, but it can be seen that the company's overall financial situation is poor, especially in terms of revenue performance.

Key Financial Data

1. DMAA's revenue is negative, indicating that the company failed to achieve positive sales revenue in that year, possibly due to poor product sales or insufficient market demand.

2. Marketing, sales, and general management expenses amount to 79986 yuan, showing that the company incurred corresponding expenses in its operations but failed to cover them through sales revenue, resulting in a negative net profit.

3. Both pre-tax profit and EBIT are negative, further reflecting problems in the company's financial operations.

4. Retained earnings are negative, indicating that the company's past profits are unable to cover current losses, affecting its overall financial health.

Industry Comparison

1. Industry-wide analysis: In the pharmaceutical industry, companies typically face high R&D costs and market competition pressure. If the industry as a whole experiences a sales decline or demand slack, it may lead to a revenue decline for multiple companies. According to data from 2023, Porton's revenue decreased by 42% year-on-year and its net profit attributable to parent decreased by 71%, reflecting the difficult situation for the entire industry. This suggests that DMAA's market environment is not optimistic. [Source](https://mp.weixin.qq.com/s?__biz=Mzg4ODU1NDA1Ng==&chksm=cff50c33f882852590f635195dbbb25449e2658262ff8d3a47fe429266cc862a064b04c6dc17&idx=2&mid=2247686932&sn=18916e36dc224540824c750eb69a7c5f)

2. Peer evaluation analysis: DMAA's negative revenue needs to be compared with the revenue of other companies in the same industry. Toly achieved a revenue of Rmb6.185 billion in 2024, up 5.53% year-on-year, showing strong market competitiveness. This indicates that DMAA's performance is particularly poor and faces greater market pressure. [Source](https://mp.weixin.qq.com/s?__biz=MjM5MzYwNTY2MA==&idx=5&mid=2655508474&sn=c86fd9bf890a7320976475783d57764e)

Conclusion

DMAA's financial performance in 2024 is extremely poor, with negative revenue and inability to cover operating expenses, resulting in negative net profit and retained earnings. The industry-wide decline and intensified competition have exacerbated the company's financial pressure, indicating its lack of competitiveness in the market.

Opportunities

1. If DMAA can adjust its market strategy and improve product sales, it may gradually reverse its current loss situation.

2. Other companies in the industry actively expand the market and conduct product research and development, and DMAA can learn from this strategy to enhance its market competitiveness.

3. In the context of industry integration and mergers and acquisitions, DMAA can seek potential cooperation or acquisition opportunities to enhance its overall strength. [Source](http://www.sse.com.cn/disclosure/listedinfo/announcement/c/new/2025-04-01/601089_20250401_QJTO.pdf)

Risks

1. If the company fails to adjust its strategy in time, continuous negative revenue may lead to a deeper financial crisis.

2. The revenue growth of other companies in the industry may further squeeze DMAA's market share, intensifying competition.

3. Uncertainty in future policies and market environments may pose a threat to the company's recovery plan.