企业生命周期视角下石药创新财务战略优化问题研究

Research on the Optimization of Financial Strategy of Sinowell from the Perspective of Enterprise Life Cycle

摘要: 在全球医药产业创新升级与国内“健康中国”战略推进背景下，传统医药企业向创新药转型、挖掘二次成长动能已成为行业发展核心趋势。本文以石药创新(新诺威，300765.SZ)为研究对象，科伦药业作为对比案例，基于企业生命周期理论与财务战略管理理论，运用现金流量组合法、销售收入趋势法双维度判定企业生命周期，结合2020~2025年财务数据与业务布局，分析其筹资、投资、营运、利润分配四大财务战略实施现状。研究发现，石药创新正处于成熟期向创新药二次成长期转型的特殊阶段，当前存在筹资结构失衡、高度依赖关联方与短期负债，资金使用低效、投入产出错配，分红政策与生命周期严重脱节三大核心问题。并据此提出了优化建议，期望能为国内传统药企向创新药转型的财务战略优化提供参考。

Abstract: Against the backdrop of global innovation and upgrading in the pharmaceutical industry and the advancement of China’s Healthy China initiative, it has become a core industry trend for traditional pharmaceutical enterprises to transform into innovative drug developers and tap new growth drivers. Taking Sinowell as the research object and Kelun Pharmaceutical as a comparative case, this paper adopts the enterprise life cycle theory and financial strategic management theory. It identifies the enterprise life cycle from two perspectives via the cash flow portfolio method and sales revenue trend method. Combined with the financial data and business layouts from 2020 to 2025, this paper analyzes the current status of the enterprise’s four major financial strategies: financing, investment, operation and profit distribution. The research reveals that Shiyao Innovation is in a transitional phase from the mature stage to a secondary growth stage driven by innovative drugs. Three major problems are identified: an imbalanced financing structure with heavy reliance on related parties and short-term liabilities, inefficient capital utilization and mismatched input-output performance, as well as a dividend policy severely out of line with the enterprise’s life cycle. Corresponding optimization suggestions are put forward, aiming to provide references for the financial strategy improvement of domestic traditional pharmaceutical enterprises undergoing transformation toward innovative drug research and development.