Financial Performance - The company reported a revenue increase of 25% year-over-year, reaching RMB 1.5 billion for the fiscal year ending December 31, 2023[10]. - The company achieved a total revenue of RMB 1,369.2 million in 2024, representing a year-on-year growth of 6.4% compared to RMB 1,287.4 million in 2023[16]. - Revenue for the year ended December 31, 2024, was RMB 1,369.2 million, an increase of 6.4% from RMB 1,287.4 million in 2023, primarily due to an increase in product sales revenue of RMB 80.5 million[67]. - Product sales revenue increased by 6.6% from RMB 1,218.5 million in 2023 to RMB 1,299.0 million in 2024, driven by a 19.1% increase in sales from Bone Yodao, which rose from RMB 708.9 million to RMB 844.0 million[68]. - The net profit attributable to the company's shareholders for 2024 was RMB 138.6 million, an increase of RMB 18.8 million from RMB 119.8 million in 2023[16]. - The company achieved a net profit of RMB 138.6 million in 2024, representing a year-on-year growth of 15.7%[20]. - Gross profit increased by 9.2% from RMB 990.7 million in 2023 to RMB 1,081.7 million in 2024, with gross margin rising from 77.0% to 79.0%[71]. - The gross margin improved to 60%, up from 55% in the previous year, reflecting better cost management and pricing strategies[10]. Research and Development - Investment in R&D increased by 15%, amounting to RMB 300 million, focusing on new drug development and innovative technologies[10]. - The company has multiple competitive products in development, with significant progress reported for JY06 and JY23[12]. - The company aims to be the first domestic producer to obtain approval for the GLP-1 class drug, semaglutide, in 2025[14]. - The company plans to submit an IND application for the innovative drug JY54 (long-acting insulin analog) in 2025[21]. - JY29-2, a treatment for diabetes, became the first domestic product to submit a production license application in April 2024, and is currently in Phase III clinical trials for obesity[19]. - The company is developing JY23-2, an injectable bone repair material, with plans to submit an IND application in 2026[62]. - The company has established a diversified product portfolio with nine marketed products and nine in development as of the report date[24]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[10]. - A strategic acquisition of a biotech firm was announced, expected to enhance the company's product pipeline and increase market competitiveness[10]. - The company launched two new products in Q4 2023, contributing to a 5% increase in market share in the domestic market[10]. - The company plans to continue expanding its orthopedic product matrix and enhance market share through innovative initiatives[14]. Corporate Governance - The company has adopted the corporate governance code as its own governance practices, ensuring adherence to standards for enhancing management and protecting shareholder interests[114]. - The board consists of nine members, including two executive directors, four non-executive directors, and three independent non-executive directors, ensuring a diverse governance structure[121]. - The company has complied with the listing rules regarding the appointment of at least three independent non-executive directors, maintaining independence in governance[123]. - The board actively supervises business performance and strategic decisions, ensuring objective decision-making in the best interests of the company[118]. - The company has established a code of conduct for directors and supervisors regarding insider trading, ensuring compliance with securities trading standards[117]. Risk Management and Compliance - The company has implemented a comprehensive risk management system to identify, assess, monitor, and mitigate risks, including strategic, operational, financial, and legal risks[158]. - The company has engaged an independent internal control consultant to evaluate its internal control system, focusing on financial reporting, enterprise-level controls, and information systems control management[159]. - The company conducts regular training for senior management and employees on anti-corruption and compliance to enhance knowledge of applicable laws and regulations[160]. - The board has established comprehensive internal controls against corruption and bribery, ensuring compliance with relevant laws during the reporting period[129]. Human Resources and Diversity - The company has achieved a gender diversity ratio of 2 female directors and 2 female senior management members, with a total of 742 female employees[164]. - As of December 31, 2024, approximately 48.15% of the company's full-time employees, including senior management, are women[163]. - The company is actively seeking female candidates with diverse skills and experiences to maintain board diversity[138]. - The board's composition reflects diversity in age, ranging from 28 to 65 years[138]. Future Outlook - The company provided a positive outlook, projecting a revenue growth of 20% for the next fiscal year, aiming for RMB 1.8 billion[10]. - The company aims to reduce operational costs by 10% through efficiency improvements and automation initiatives[10]. - The company is focusing on expanding its product offerings in metabolic diseases and oncology[24].

第一部分由管理层介绍公司的总体情况2024年度的经营亮点主要板块的进展第二部分是管理层的问答环节有些朋友可能还是第一次全面的来了首先我们就有请公司的董事会主席傅航先生为大家做一个公司的简要概览有请傅总 各位股东 各位投资者 各位关注久元的科技人士大家上午好首先由我来介绍一下公司带来的一些故事其实久元金是从1993年成立到现在的稳健经营是公司的一个特点 其实九原金是源于1992年从华东医药研究所的一个基因工程的一个小组起步的93年成立公司在这个30多年来我们一直专注在生物医药的领域我们有30多年的医药行业特别是生物制品以及无菌注射器的生产的经验 我们在生物制品创新的药械组合产品以及高端的化学药品这个领域里面在投资我们的增产那么我们已经在租集在肿瘤 骨科 血液和代谢四大领域四个赛道那么我们在骨科领域里面我们有六款产品我们有我们的杰利芬 聚芬 胶亭 几乎为地产书和知识分我们在古科领域里面有我们的古幽岛是一个含RHBMP2的创新的药学副产品在血液领域里面我们有我们的伊诺迦和齐泰林 在代谢领域我们有近18年的代谢疾病的开发的经验从2005年开始我们就开展了GRP-1的受体积动剂的研究和盗精这是我们这个30年的大致情况从 ...

Financial Performance - The company reported total revenue of RMB 1,369.2 million for the year ending December 31, 2024, representing a 6.4% increase compared to RMB 1,287.4 million in 2023[4] - Net profit attributable to the company's owners was RMB 138.6 million, an increase of RMB 18.8 million from RMB 119.8 million in 2023[4] - The basic earnings per share increased to RMB 0.68 from RMB 0.60 in 2023[4] - In 2024, the company achieved a net profit of RMB 138.6 million, representing a year-on-year growth of 15.7%, with a gross margin of 79.00% (up 2.05%) and a net margin of 10.12% (up 0.82%) [10] - Sales revenue from products increased from RMB 1,218.5 million in 2023 to RMB 1,299.0 million in 2024, reflecting a growth of 6.6%[19] - Gross profit rose by 9.2% from RMB 990.7 million in 2023 to RMB 1,081.7 million in 2024, with a gross margin increase from 77.0% to 79.0%[22] - Other income and gains increased by 171.4% from RMB 6.9 million in 2023 to RMB 18.7 million in 2024, primarily due to an increase in government subsidies[24] - Administrative expenses increased from RMB 59.9 million for the year ended December 31, 2023, to RMB 88.4 million for the year ended December 31, 2024, primarily due to a rise in professional consulting fees related to listing expenses by RMB 20.3 million[27] - R&D costs decreased from RMB 127.8 million for the year ended December 31, 2023, to RMB 108.9 million for the year ended December 31, 2024, mainly due to a reduction in labor costs by RMB 13.5 million as JY29-2 entered Phase III clinical trials[28] - Financial costs decreased from RMB 9.4 million for the year ended December 31, 2023, to RMB 7.1 million for the year ended December 31, 2024, attributed to a reduction in bank loan interest by RMB 2.3 million[30] - Income tax expenses increased from RMB 15.2 million for the year ended December 31, 2023, to RMB 30.0 million for the year ended December 31, 2024, mainly due to an increase in taxable income[31] - The company's net asset value increased significantly to RMB 1,518,011,000 in 2024 from RMB 897,892,000 in 2023, representing an increase of 68.9%[55] Product Development and Pipeline - Revenue from biopharmaceutical products reached RMB 1,077.3 million, accounting for over 78% of total revenue, with orthopedic product revenue growing over 19% year-on-year[6] - The company has established a product portfolio across four major therapeutic areas: orthopedics, metabolism, oncology, and hematology, focusing on innovative drug development and gene engineering technology [9] - The product JY29-2, a treatment for diabetes, is expected to be the first domestically approved product in its category, with an NDA submission anticipated in 2025 [12] - In the oncology and hematology sector, the company plans to accelerate clinical research for JY43-2, a subcutaneous injection product, and JY56, enhancing its product offerings in this area [13] - The company aims to complete the registration tests and animal studies for JY23 (a bone repair material) in 2025, followed by initiating clinical trials in China [11] - The innovative drug JY54 (long-acting insulin analog) is set to submit an IND application in 2025 [12] - The company plans to submit an NDA for JY29-2 (Jiyoutai) in the first half of 2026, following the completion of Phase I clinical trials[16] - The IND application for JY54, a new obesity treatment, is expected to be submitted in Q4 2025[16] - The company has a diverse product pipeline with nine marketed products and nine in development, covering key therapeutic areas [14] Market Expansion and Strategy - The company achieved a market coverage of 32.5% among targeted medical institutions in China by the end of 2024[6] - The company is expanding its market coverage in county-level hospitals, significantly increasing penetration rates[7] - The company signed exclusive licensing agreements for overseas markets, including a partnership with Kexing Bio for exclusive rights in major Latin American countries[8] - The company is preparing to jointly submit a Biologics License Application (BLA) to the US FDA for pegfilgrastim in collaboration with Nanjing Jianyou Biopharmaceutical[8] - The company plans to strengthen its market presence both domestically and internationally, with a focus on quality assurance and regulatory compliance [13] Corporate Governance and Compliance - The company has established an audit committee to oversee financial reporting and internal control systems, consisting of three independent non-executive directors[48] - The company has complied with all corporate governance code provisions since the listing date until December 31, 2024[44] - The company has adopted a code of conduct for directors and employees regarding insider trading, ensuring compliance with the listing rules[45] - The company has not encountered any violations of the standards set forth in the code of conduct by its employees during the reporting period[45] - The company operates under the corporate governance code as per the listing rules[97] Shareholder Information - The board proposed a final cash dividend of RMB 0.56 per share, totaling approximately RMB 13,742,332.8, which represents about 10% of the consolidated net profit attributable to shareholders for the fiscal year 2024[41] - The proposed final dividend payment is expected to be made around July 30, 2025, subject to approval at the annual general meeting[41] - The annual general meeting for shareholders is scheduled for June 11, 2025[50] - The company has a total issued share capital of 245,398,800 shares as of the date of the dividend proposal[41] Financial Position and Assets - As of December 31, 2024, the company held cash and cash equivalents of RMB 537.6 million, up from RMB 93.2 million as of December 31, 2023[32] - The company's total liabilities to total assets ratio improved to 21.1% as of December 31, 2024, compared to 31.3% as of December 31, 2023[32] - Current assets increased to RMB 1,409,974 thousand in 2024, compared to RMB 839,738 thousand in 2023, representing a growth of 67.8%[54] - Total non-current assets decreased to RMB 467,958 thousand from RMB 513,048 thousand, a decline of approximately 8.76%[54] - Non-current liabilities totaled RMB 63,326,000 as of December 31, 2024, compared to RMB 62,288,000 in 2023, reflecting a slight increase of 1.67%[55] - The company reported a lease liability of RMB 937,000 in 2023, which was eliminated in 2024[55] - Deferred tax liabilities decreased from RMB 19,561,000 in 2023 to RMB 16,501,000 in 2024, a reduction of 15.6%[55] - The total intangible assets increased from RMB 91,347 thousand in 2023 to RMB 157,816 thousand in 2024, a growth of 72.5%[87] Company Background and Structure - The company was established on December 31, 1993, and transitioned to a joint-stock company on December 5, 2023[95] - The company’s A-shares are listed on the Shenzhen Stock Exchange under the stock code 000963.SZ[94] - The company plans to list its H-shares on the Hong Kong Stock Exchange on November 28, 2024[96] - The company focuses on the research, development, production, and commercialization of biopharmaceuticals[57] - The company holds exclusive rights for the global development and commercialization of its pipeline products[16] - The company has only one reportable operating segment, indicating a streamlined operational focus[66]

| --- | --- | --- | |-------|--------------------------------------------------------------------------|-------| | | | | | | | | | | 杭州九源基因工程股份有限公司 Hangzhou Jiuyuan Gene Engineering Co., Ltd. | | | | (於中華人民共和國註冊成立的股份有限公司) | | | | 股份代號 : 2566 | | | | 全球發售 | | | | | | 獨家保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 1 中信证券 重要提示 重 要 提 示： 閣下如對本招股章程的任何內容有任何疑問，應尋求獨立專業意見。 Hangzhou Jiuyuan Gene Engineering Co., Ltd. 杭州九源基因工程股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 全球發售的發售股份數目 ： 45,398,800股H股（視 乎 超 額 配 股 權 ...

| --- | --- | --- | |-------|--------------------------------------------------------------------------|-------| | | | | | | | | | | 杭州九源基因工程股份有限公司 Hangzhou Jiuyuan Gene Engineering Co., Ltd. | | | | (於中華人民共和國註冊成立的股份有限公司) | | | | 股份代號 : 2566 | | | | 全球發售 | | | | | | 獨家保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 1 中信证券 重要提示 重 要 提 示： 閣下如對本招股章程的任何內容有任何疑問，應尋求獨立專業意見。 Hangzhou Jiuyuan Gene Engineering Co., Ltd. 杭州九源基因工程股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 全球發售的發售股份數目 ： 45,398,800股H股（視 乎 超 額 配 股 權 ...