Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately RMB 5,804.66 million, a decrease of 25.40% compared to RMB 7,781.44 million for the year ended December 31, 2023[16]. - The gross profit margin for the reporting period was approximately 41.03%, down 9.86 percentage points from 50.89% in the same period last year[17]. - The net profit attributable to shareholders of the parent company was approximately RMB 948.95 million, a decline of 58.17% from RMB 2,268.81 million in the previous year[18]. - In Q4 2024, the company's operating revenue increased by 15.83% year-on-year and 19.37% quarter-on-quarter, with net profit attributable to shareholders at RMB 238.62 million, a 12.99% increase quarter-on-quarter[25]. - The net profit attributable to shareholders for the reporting period was RMB 948.95 million, a decrease of 58.17% year-on-year, primarily due to the absence of high-margin large orders from the previous year and low gross margins in emerging businesses[25]. - The adjusted net profit attributable to shareholders was RMB 803.07 million, a 65.12% decrease compared to 2023[75]. - The net profit decreased by 58.43% from RMB 2,250.82 million in 2023 to RMB 935.76 million in 2024, with a net profit margin of 16.35%, down 12.81 percentage points from 29.16% in 2023[93]. - Basic and diluted earnings per share fell from RMB 6.26 in 2023 to RMB 2.69 in 2024, primarily due to the decline in net profit[94]. Business Growth and Development - In 2024, Asymchem Laboratories achieved an 8.28% year-on-year growth after excluding the impact of large orders during the pandemic, maintaining strong profitability in its small molecule CDMO business[8]. - The company is expanding its emerging business in peptide, antibody-drug conjugates (ADC), and oligonucleotide markets, with a notable increase in project deliveries and orders in the fourth quarter[8]. - The company signed new orders in 2024, with a year-on-year growth of approximately 20%, particularly from European and American markets, which exceeded the overall order growth rate[23]. - The emerging business segment generated revenue of RMB 1,226.37 million, an increase of 4.80% year-on-year, with overseas customer revenue growing by 15.41%[24]. - The biopharmaceutical CDMO segment revenue increased by 17.36% year-on-year, with over 60 ongoing orders, including IND and multiple BLA stage projects, and a 56% increase in orders year-on-year[40]. - The chemical macromolecule CDMO business, including peptides, saw a revenue growth of 15.66% year-on-year, with over 200% quarter-on-quarter growth in Q4 2024 and more than 130% year-on-year increase in backlog orders[37]. - The company is focusing on strategic reserves of potential blockbuster projects, particularly in the GLP-1 weight loss area, with 12 projects expected to reach the PPQ stage by 2025[34]. Research and Development - The company has automated peptide synthesis and purification capabilities, with solid-phase synthesis capacity exceeding 20,000 liters, and plans to further increase production scale[9]. - Continuous investment in research and development for continuous reaction technology is driving market demand and recognition for continuous processes[10]. - Research and development expenses for the year ending December 31, 2024, amounted to RMB 614.49 million, representing 10.59% of total revenue, with plans for continued proportional investment in R&D[48]. - The company aims to increase R&D investment to strengthen its research platform and promote smart manufacturing technologies[139]. - The company has published a total of 47 research papers in leading international journals, with 14 papers having an impact factor exceeding 10[48]. Operational Efficiency and Technology - Asymchem's advanced manufacturing technologies, including continuous flow reaction and synthetic biology, are gaining traction globally, enhancing the company's competitive edge in the pharmaceutical and fine chemical industries[10]. - The company is focusing on enhancing its green chemistry capabilities to reduce costs and improve efficiency in pharmaceutical process development[7]. - The company is committed to seamless integration of cutting-edge technologies and industrial applications to strengthen its competitive edge in the CDMO industry[44]. - The company is one of the few able to apply continuous production technology at a ton-scale level, creating a strong competitive advantage by simplifying process paths and reducing raw material costs[47]. - The fixed enzyme continuous reaction technology has been successfully applied in the production of multiple ton-level products, achieving production capacity increases of up to 1,500 times compared to traditional enzyme catalysis[50]. Market Position and Customer Relationships - The company has established partnerships with 16 out of the top 20 global pharmaceutical companies, with 8 of these relationships lasting over a decade, indicating strong customer loyalty and retention[126]. - The company aims to enhance its CDMO products and services, expanding into advanced drug categories including peptides, oligonucleotides, monoclonal antibodies, and ADCs[122]. - The company is actively expanding its global customer base by deepening relationships with existing clients and targeting small to medium-sized innovative drug companies[131]. - The company aims to strengthen relationships with key customers and actively seek growth opportunities in domestic and international markets[23]. Sustainability and Corporate Responsibility - The company is committed to sustainable development and social responsibility, actively engaging with stakeholders to create a harmonious business environment[71]. - The company has established a comprehensive ESG management system and supply chain behavior guidelines to meet the expectations of overseas clients[72]. - The company has implemented environmental policies and measures, promoting energy conservation and waste reduction among employees[180]. - The company is committed to green operations and actively practices environmental sustainability[180]. Human Resources and Management - The company has introduced 245 senior talents in 2024, including 78 PhDs and 136 individuals with overseas pharmaceutical experience[69]. - The total number of employees reached 9,595 by December 31, 2024, with approximately 78% holding a bachelor's degree or higher[69]. - The company emphasizes talent management strategies to attract and retain diverse professionals in the competitive pharmaceutical industry[68]. - The company has a stable and experienced senior management team, with many members having over 20 years of industry experience, ensuring strong governance and operational effectiveness[128]. Future Outlook and Strategic Plans - The company plans to continue enhancing its global supply chain through multi-site production capacity to support global partners in accelerating drug launches[13]. - In 2025, the company plans to accelerate overseas expansion by establishing production capabilities in Europe and enhancing collaboration with international pharmaceutical companies[136]. - The company intends to enrich its service offerings and expand overseas by seeking investments for strategic capacity expansion and enhancing collaboration with multinational companies[133]. - The company aims to rebalance profitability by improving the gross margin of its core small molecule CDMO business and controlling costs in emerging businesses[137].

Core Viewpoint - The report from China Europe Fund highlights the performance and strategic outlook of three funds managed by renowned fund manager Ge Lan, focusing on the healthcare and innovation sectors, indicating a positive trend in the Chinese pharmaceutical and medical device markets [1][3]. Fund Performance - The largest fund, China Europe Healthcare Mixed Fund, reported a net value growth rate of 2.37% for Class A shares and 2.17% for Class C shares, outperforming the benchmark return of 0.46% during the same period [3]. - The top ten holdings of the fund include major companies such as Heng Rui Medicine, WuXi AppTec, and Mindray Medical, with notable changes in the portfolio compared to the end of 2024 [3]. Market Environment - The overall policy environment continues to support innovation while reinforcing compliance, with the National Medical Insurance Administration exploring a new category for Class B drugs, which expands payment options for innovative drugs [3]. - The normalization of anti-corruption and price governance in the pharmaceutical sector is leading companies to enhance their academic promotion systems, fostering a healthier and more sustainable domestic medical market [3]. Innovation and Collaboration - The report emphasizes the acceleration of research and development in innovative drugs, particularly in areas like multi-antibody and ADC technologies, with increasing collaboration between domestic companies and international firms [4]. - Key clinical data disclosures and ongoing global partnerships are expected to enhance the competitiveness of Chinese companies in the ADC, multi-antibody, and peptide sectors [4]. Consumer Healthcare and Medical Devices - The consumer healthcare sector is anticipated to see structural opportunities, particularly in aesthetic medicine and ophthalmology, driven by rising health management awareness among residents [4]. - The demand for home medical devices is projected to grow steadily due to the aging population, while the medical device sector is recovering, with significant growth in domestic bidding data observed in the first quarter [4].

金融界2025年4月21日消息，中欧医疗健康混合A(003095) 最新净值1.5603元，增长1.85%。该基金近1个 月收益率-1.41%，同类排名1379|4672；近3个月收益率2.56%，同类排名1469|4599；今年来收益 率-0.54%，同类排名2715|4590。 公开资料显示，中欧医疗健康混合A基金成立于2016年9月29日，截至2024年12月31日，中欧医疗健康 混合A规模159.10亿元，基金经理为葛兰。 简历显示：葛兰女士:中国籍。美国西北大学生物医学工程专业博士。历任国金证券股份有限公司研究 所研究员,民生加银基金管理有限公司研究员。2014年10月加入中欧基金管理有限公司,曾任研究员、中 欧明睿新起点灵活配置混合型证券投资基金基金经理(2015年1月29日起至2016年4月22日)、中欧瑾泉灵 活配置混合型证券投资基金基金经理(2015年3月16日起至2016年4月22日)、中欧瑾源灵活配置混合型证 券投资基金基金经理(2015年3月31日起至2016年4月22日)、中欧瑾和灵活配置混合型证券投资基金基金 经理(2015年4月13日起至2016年4月22日)。现任中欧医疗健康混 ...

Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately RMB 5,804.66 million, a decrease of 25.40% compared to RMB 7,781.44 million for the year ended December 31, 2023[5]. - Net profit attributable to shareholders of the parent company was approximately RMB 948.95 million, a decline of 58.17% from RMB 2,268.81 million in the previous year[6]. - The company achieved a net profit of RMB 238.62 million in the fourth quarter, a quarter-on-quarter increase of 12.99%[10]. - Adjusted net profit attributable to shareholders was RMB 803.07 million, a decrease of 65.12% compared to 2023[49]. - The proposed dividend for 2024 is RMB 11.00 per 10 shares, down from RMB 18.00 per 10 shares in 2023, indicating a reduction of 38.9%[148]. - The total proposed final dividend amount for 2024 is approximately RMB 390,367,340, a decrease of 39.2% from RMB 641,939,094 in 2023[148]. - Basic and diluted earnings per share for the year were RMB 2.69, compared to RMB 6.26 in 2023, reflecting a decline of 57.0%[152]. Revenue Breakdown - Revenue from small molecule CDMO services was RMB 4,570.73 million, with a year-on-year growth of 9.23% after excluding large orders[10]. - The company's overseas business revenue for the reporting period was RMB 4,284.75 million, a decrease of 32.46% year-on-year, primarily due to the conclusion of large orders[13]. - Revenue from U.S. clients amounted to RMB 3,370.91 million, with an 18.41% year-on-year increase when excluding large orders. The European market saw a significant revenue increase of 101.33% year-on-year[13]. - Emerging business revenue was RMB 1,226.37 million, reflecting a year-on-year increase of 4.80%, with a gross margin of 21.18% for the year[21]. - Domestic revenue reached RMB 1,519.91 million, an increase of 5.75% compared to 2023[49]. - Revenue from clinical stage projects was RMB 1,766.78 million, reflecting a year-on-year increase of 17.97%[51]. Cost and Profitability - The gross profit margin for the reporting period was approximately 41.03%, down 9.86 percentage points from 50.89% in the same period last year[6]. - The gross margin for domestic operations in China was 19.90%, down 2.60 percentage points, while the gross margin for overseas operations was 48.52%, down 8.81 percentage points[61]. - The company's total gross margin for 2024 is 41.06%, a decrease of 9.86 percentage points compared to 2023, primarily due to the conclusion of large orders[55]. - Revenue from the main business decreased by 25.44% in 2024, while the cost of main business decreased by 10.46%[55]. Research and Development - R&D expenditure for the year ending December 31, 2024, was RMB 614.49 million, accounting for 10.59% of total revenue, with plans for continued proportional investment in R&D[32]. - Research and development expenses for 2024 were RMB 614,490,000, a decrease of 13.2% from RMB 707,863,000 in 2023[152]. - The company has published 47 research papers in leading international journals, with 14 papers having an impact factor exceeding 10, showcasing its commitment to technological innovation[31]. - The company is committed to increasing R&D investment to establish a robust R&D platform that promotes cross-departmental collaboration in process, engineering, and equipment[101]. Operational Developments - The company expanded its customer base by adding over 200 new CDMO business clients in 2024[12]. - The company completed nearly 200 projects in the formulation CDMO business, with a year-on-year increase of approximately 30% in backlog orders[23]. - The company has established multiple R&D centers and production facilities in China, the USA, and the UK, with the addition of its first European production and R&D base by December 31, 2024[33]. - The company has successfully developed several internationally recognized patented technologies, which have been applied in commercial manufacturing[91]. Corporate Governance - The roles of Chairman and CEO are held by the same individual, Dr. Hao Hong, which the board believes does not compromise the balance of power and authority within the company[106]. - The board will continue to review the effectiveness of the corporate governance structure to assess the necessity of separating the roles of Chairman and CEO[107]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[104]. Share Repurchase and Capital Management - The company has successfully repurchased a total of 12,300,701 A-shares, accounting for 3.6161% of the total A-share capital, with a total payment of RMB 999,644,601.56[111]. - The company is conducting a share repurchase plan approved by shareholders on February 29, 2024, using its own funds for employee stock ownership and capital reduction[110]. - The company completed the cancellation of 7,122,703 shares, representing 1.94% of the total share capital[150]. Future Outlook and Strategy - The company plans to continue investing in new technology development and business cultivation despite the challenges faced in the emerging business sector[11]. - The company aims to deepen relationships with major clients and diversify its customer base across various regional markets, focusing on both existing and new clients[20]. - The company is actively seeking investments to enrich its service offerings and expand its overseas presence, focusing on commercial production of APIs for multinational companies[95]. - The company aims to enhance its market leadership in the small molecule CDMO sector by leveraging its strong reputation, advanced R&D platforms, and high-quality customer service[88].

Financial Performance - Asymchem Laboratories reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the fiscal year, representing a 15% year-over-year growth[14]. - The company's operating revenue for 2024 was ¥5,804,657,336.92, a decrease of 25.82% compared to ¥7,825,190,298.27 in 2023[6]. - The net profit attributable to shareholders for 2024 was ¥948,950,036.00, down 58.17% from ¥2,268,810,444.07 in 2023[6]. - The cash flow from operating activities for 2024 was ¥1,254,337,014.51, a decline of 64.66% compared to ¥3,549,728,383.28 in 2023[6]. - The basic earnings per share for 2024 was ¥2.69, a decrease of 57.03% from ¥6.26 in 2023[6]. - The total revenue for 2024 was approximately ¥5.80 billion, a decrease of 25.82% compared to ¥7.83 billion in 2023[59]. - Revenue from the pharmaceutical industry accounted for 99.87% of total revenue, totaling approximately ¥5.80 billion, down 25.86% from ¥7.82 billion in 2023[59]. - The company reported a total revenue of 274.4 million in the first quarter of 2023, maintaining a steady performance compared to previous periods[119]. Market Expansion and Growth Strategy - The company is focusing on market expansion, particularly in North America and Europe, aiming to increase its market share by 25% in these regions[14]. - Asymchem is optimistic about future growth, projecting a revenue increase of 10-15% for the next fiscal year[14]. - The company is actively pursuing market expansion strategies to enhance its competitive position[86]. - The company is expanding its strategic emerging business in biopharmaceuticals, focusing on CDMO and clinical CRO services[122]. - The company expects a double-digit revenue growth for the full year 2025, driven by positive signals in market conditions and business progress[100]. Research and Development - The company has invested 200 million RMB in R&D for new technologies, emphasizing its commitment to innovation[14]. - The company is actively developing new products, with 5 new drug candidates expected to enter clinical trials in the upcoming year[14]. - The company invested CNY 616 million in R&D for 2024, accounting for 10.47% of total revenue, and holds 487 authorized patents globally[46]. - The company is focusing on new product development, with a projected investment of 10 million in innovative drug solutions by June 2026[87]. - The company has a strong patent portfolio with over 200 domestic and international patents granted[121]. Operational Efficiency - The company has implemented new strategies to improve operational efficiency, aiming for a 10% reduction in production costs[14]. - The company reported a 4% increase in operational efficiency due to recent strategic adjustments[86]. - The company has established a comprehensive service platform for drug development and production, focusing on small molecules, peptides, oligonucleotides, and biologics[53]. - The company has successfully implemented continuous reaction technology, achieving production capacity increases of up to 1,500 times compared to traditional methods[45]. Environmental Compliance and Sustainability - The company has complied with various environmental protection laws and regulations, ensuring legal and compliant operations[167]. - The company has obtained and renewed its pollutant discharge permit, valid from April 10, 2024, to April 9, 2029[168]. - The company has implemented pollution control measures to ensure compliance with the relevant environmental standards[177]. - The company has been recognized as a national-level "green factory" by the Ministry of Industry and Information Technology, being the only one in Tianjin to receive this designation[181]. - The company emphasizes sustainable development and aims to enhance environmental management performance continuously[182]. Governance and Shareholder Relations - The company has established a robust governance structure, complying with relevant laws and regulations, ensuring no significant discrepancies exist[1]. - The company actively engages with investors through various channels, ensuring transparent communication and protection of minority shareholders' rights[10]. - The board of directors consists of 9 members, including 3 independent directors, and held 15 meetings during the reporting period[2]. - The company has established measures to ensure that no unfair benefits are provided to other entities or individuals[200]. - The company has committed to ensuring the normal progress of the raised funds investment projects while temporarily supplementing working capital[89]. Employee Engagement and Compensation - The company emphasizes a comprehensive compensation system that includes fixed salaries, short-term and long-term incentives, and employee benefits to enhance employee engagement[145]. - The employee stock ownership plan (ESOP) includes 588 employees holding a total of 4,429,800 shares, representing 1.20% of the company's total equity[156]. - The company has implemented a multi-faceted training program to improve employee skills and efficiency, supporting both management and technical career development[146]. - The company has a total of 9,595 employees, with 4,653 in R&D and analysis roles, indicating a strong focus on innovation[144]. Strategic Investments and Acquisitions - Asymchem is exploring potential acquisitions to enhance its capabilities, with a target of completing at least one acquisition in the next 12 months[14]. - The company is actively involved in market expansion and strategic acquisitions to enhance its competitive position[122]. - The company is committed to building a closed industrial chain and becoming a recognized technology-leading international pharmaceutical outsourcing service provider[8]. Financial Management and Cash Flow - The company has reported a significant increase in financing cash outflow by 171.84% to ¥1,928,186,600.16, primarily due to stock repurchases[73]. - The company’s total investment in 2024 was ¥11,537,049,278.63, a decrease of 62.21% compared to ¥30,530,783,640.41 in the previous year[80]. - The company has a total of 354,879,400 shares eligible for profit distribution after excluding repurchased shares[149]. - The company has implemented a stock repurchase plan, with a total of 1,753,430 shares of restricted stock being repurchased and canceled[153].

政策红利与产业升级 从政府工作报告看中国创新药 及CXO行业战略机遇 据《2024年度中国生物医药投融资蓝皮书》，2024年共有19家中国生物医药企业完成IPO，其A股6 家、港股11家、美股2家，总募资127.73亿元人民币，同比下滑超50%，IPO数量较前一年减少10家，生 物医药IPO市场降温态势明显。而2024年A股上市的6家生物医药企业中，也并没有属于严格定义的创新 研发型企业。 全景网注意到，2025年，多个政策不断支持医药创新驱动和行业现金流改善，集采已经全面化，同 时，经过两院合编后正式提交的美国2025年度国防授权法案（NDAA）并未包含《生物安全法案》。叠 加AI制药技术的突破性进展，极大地推动了创新药的研发和产业链的拓展。 专业人士指出，从近期创新药企所发布的财报数据来看，创新药研发已步入密集收获期。百济神州 （688235.SH、06160.HK）2024年全年总收入达38亿美元，同比增长55%；GAAP经营亏损持续收窄， 首次实现全年非GAAP经营利润为正。 再鼎医药（09688.HK）发布业绩报告，2024年第四季度销售收入超过1亿美元，全年总收入近4亿 美元，分别同比增长66%、 ...

Financial Performance - The company expects net profit attributable to shareholders to be between CNY 850 million and CNY 1.05 billion, a decrease of 54%-63% compared to the previous year[3]. - The projected operating revenue for 2024 is between CNY 5.8 billion and CNY 6 billion, representing a decline of 23%-25% year-on-year[5]. - The basic earnings per share are estimated to be between CNY 2.50 and CNY 3.00, down from CNY 6.26 in the same period last year[3]. Revenue Growth and Orders - The company achieved a year-on-year revenue growth of approximately 20% in Q4 2024, despite an overall decline in annual revenue[5]. - New orders signed throughout the year increased by approximately 20%, with growth in orders from European and American markets exceeding the overall order growth rate[6]. - The small molecule CDMO business showed a year-on-year growth of about 11% after excluding the impact of large orders from the previous year[5]. Emerging Business and Capacity Utilization - The emerging business revenue declined, and some segments are still ramping up, leading to lower capacity utilization and reduced gross margins[6]. - The company continues to invest heavily in new technology research and development, resulting in increased R&D expenses[6]. Business Trends and Developments - The chemical macromolecule business is showing positive trends in areas such as peptides, nucleic acids, and ADCs, with Q4 revenue accounting for over 45% of total annual revenue[6]. - The company’s UK Sandwich site began operations in the second half of the year and is currently in the ramp-up phase[6].

Financial Performance - In Q3 2024, Asymchem Labs reported revenue of CNY 1.44 billion, a decrease of 18.09% year-over-year, and a total revenue of CNY 4.14 billion for the first three quarters, down 35.14% year-over-year[3]. - The net profit attributable to shareholders was CNY 211.19 million in Q3 2024, a decline of 59.68% year-over-year, with a total net profit of CNY 710.33 million for the first three quarters, down 67.86% year-over-year[3]. - Total revenue for Q3 2024 was approximately RMB 4.14 billion, a decrease of 35.14% compared to RMB 6.38 billion in Q3 2023, primarily due to the absence of large orders delivered in the same period last year[7]. - Operating profit for Q3 2024 was approximately RMB 761.46 million, down 69.41% from RMB 2.49 billion in Q3 2023, mainly due to the decrease in revenue[7]. - The net profit for Q3 2024 was approximately ¥700.18 million, a significant decrease of 68.2% compared to ¥2.20 billion in Q3 2023[18]. - Basic and diluted earnings per share for Q3 2024 were both ¥2.01, down from ¥6.10 in Q3 2023[19]. - The total comprehensive income for Q3 2024 was approximately ¥698.37 million, a decrease of 68.4% from ¥2.21 billion in Q3 2023[19]. Profitability and Margins - The company achieved a gross profit margin of 43.60% for the first three quarters, with a decrease of 1.02 percentage points year-over-year, while the gross margin for small molecule business was 48.89%, an increase of 1.19 percentage points year-over-year[4]. - The small molecule business generated revenue of CNY 3.39 billion in the first three quarters, with a year-over-year growth of 7.71% after excluding large orders[4]. - Operating revenue for the current period was 4.14 billion yuan, down 35.1% from 6.38 billion yuan in the previous period[17]. - Total operating costs decreased from 4.05 billion yuan to 3.42 billion yuan, a decline of about 15.6%[17]. Cash Flow and Investments - The company's cash flow from operating activities for the first three quarters was CNY 1.05 billion, down 63.24% year-over-year[3]. - Cash inflow from operating activities was ¥4.98 billion, down 28.3% from ¥6.94 billion in the previous year[20]. - The total cash outflow from investing activities was ¥9,830,165,531.45, down from ¥20,999,540,521.49 in the same period last year[21]. - The cash inflow from investment activities was ¥8,739,043,535.13, down from ¥20,104,491,861.56 in Q3 2023[21]. - The company invested approximately RMB 240 million in industry funds, representing a 390.99% increase compared to RMB 48.88 million in the same period last year[7]. Assets and Liabilities - The total assets of Asymchem at the end of Q3 2024 were CNY 18.70 billion, a decrease of 5.41% compared to the end of the previous year[3]. - Total current assets decreased from 12.35 billion yuan to 10.61 billion yuan, a reduction of approximately 14.1%[15]. - Cash and cash equivalents decreased from 7.11 billion yuan to 5.20 billion yuan, a decline of about 26.7%[14]. - Total liabilities decreased from 2.26 billion yuan to 2.06 billion yuan, a reduction of approximately 9%[16]. - The company's total equity decreased from 17.51 billion yuan to 16.63 billion yuan, a reduction of about 5%[16]. Shareholder Information - The top shareholder, ASYMCHEM LABORATORIES, holds 31.31% of the shares, totaling 115,133,168 shares[8]. - The total number of ordinary shareholders at the end of the reporting period was 53,290[8]. - The company repurchased a total of 12,300,701 shares, accounting for 3.60% of the total A-share capital, with a total expenditure of approximately RMB 999.64 million[12]. - The company plans to continue its stock repurchase program with a total fund not less than RMB 600 million and not exceeding RMB 1.2 billion[12]. - The company plans to increase its A-share holdings by at least 20 million yuan, reflecting confidence in its future development and value recognition by key personnel[13]. Research and Development - Research and development expenses for the current period were 484.14 million yuan, compared to 513.11 million yuan in the previous period, a decrease of approximately 5.7%[17]. - Asymchem's peptide production capacity exceeded 20,000L by the end of the reporting period, supporting the demand for commercial production of solid-phase peptides[4]. - The company signed multiple commercial orders for GLP-1 peptides with domestic clients, indicating a strong market demand[4]. Other Financial Metrics - Interest income increased by 59.89% to approximately RMB 167.38 million, attributed to higher returns from fixed deposits[7]. - The company reported a decrease in investment income, which fell to ¥27.60 million from ¥108.55 million, a decline of 74.6% year-over-year[18]. - The company experienced a foreign exchange loss of ¥1.81 million in Q3 2024, contrasting with a gain of ¥9.86 million in Q3 2023[19]. - The company did not undergo an audit for the Q3 report[22]. - The report was released by the board of directors on October 29, 2024[22].

Financial Performance - Total revenue for the first half of 2024 was RMB 2,655.05 million, a decrease of 42.23% compared to RMB 4,595.71 million in the same period of 2023[12]. - Gross profit for the first half of 2024 was RMB 1,094.70 million, down 54.89% from RMB 2,426.69 million year-on-year[12]. - Net profit attributable to shareholders for the first half of 2024 was RMB 499.13 million, a decline of 70.40% compared to RMB 1,686.37 million in the previous year[12]. - The company reported a gross margin of 41.23% for the first half of 2024, which is a decrease of 11.57 percentage points from 52.80% in the same period last year[12]. - The adjusted net profit attributable to shareholders was RMB 432.72 million, reflecting a 73.56% decrease from RMB 1,636.43 million year-on-year[12]. - The company's revenue for the reporting period was RMB 1,282.25 million, a decrease of 58.59% year-on-year, but a 10.29% increase when excluding the impact of large orders[17]. - Revenue from small and medium-sized companies in the first half of 2024 was RMB 1,372.80 million, down 8.44% year-on-year, with over 1,100 active global customers served[17]. - Overseas business revenue for the company was RMB 1,965.94 million, a decrease of 48.72% year-on-year, but a 3.45% increase when excluding large orders[17]. - Revenue from U.S. customers was RMB 1,741.52 million, showing a significant year-on-year growth of 24.78% when excluding large orders[18]. - The company confirmed revenue from 310 clinical stage projects, generating RMB 787.69 million, a decrease of 7.82% year-on-year[40]. - The company reported total comprehensive income of RMB 498,891 thousand for the six months ended June 30, 2024, compared to RMB 1,693,831 thousand in 2023, reflecting a decrease of 70.6%[166]. Revenue Breakdown - Revenue from small molecule CDMO services was RMB 2,153.42 million, showing a slight increase of 1.09% year-on-year after excluding large orders[14]. - Revenue from emerging business segments was RMB 499.62 million, down 5.30% year-on-year due to a lack of recovery in domestic biopharmaceutical financing[14]. - Revenue from commercialized CDMO solutions was RMB 1,365.73 million, a decline of 57.44% year-on-year, but a growth of 7.06% after excluding large orders[39]. - Revenue from clinical and preclinical CDMO solutions was RMB 787,694,000, a decrease of 7.8% from RMB 854,544,000 in the previous year[186]. - Revenue from commercial stage CDMO solutions was RMB 1,365,725,000, down 57.5% from RMB 3,209,311,000 in the same period last year[186]. - Revenue from emerging businesses was RMB 499,615,000, a slight decrease of 5.3% from RMB 527,592,000 in the previous year[186]. Operational Highlights - The company added 114 new customers during the reporting period, highlighting its operational strength and solid global customer base[14]. - The company aims to further expand its scale despite the termination of large orders, indicating a commitment to growth[14]. - The company is focusing on expanding its customer base and enhancing service depth, particularly in the U.S., Europe, and China markets[24]. - The company anticipates 28 projects to reach the verification batch stage in the second half of 2024, providing strong support for long-term growth[23]. - The company has established partnerships with 16 out of the top 20 global pharmaceutical companies, with 8 of these relationships lasting over 10 years, indicating strong customer loyalty and retention[77]. Research and Development - The company invested RMB 328.69 million in R&D during the first half of 2024, an increase of 1.61% year-on-year, representing 12.38% of total revenue[38]. - Research and development expenses for the period were RMB 328,688 thousand, slightly up from RMB 323,471 thousand in 2023, indicating a focus on innovation despite overall revenue decline[165]. - The company has introduced a tailored talent strategy for each major business segment, hiring 60 senior talents in the first half of 2024, including 33 PhDs[35]. - The company is committed to continuous innovation and has developed internationally recognized patented technologies that are now applied in commercial manufacturing[81]. - The company aims to increase R&D investment to strengthen its research platform and promote smart manufacturing technologies[90]. Financial Position - Cash and bank balances decreased by RMB 1,431.06 million or 20.13% compared to June 30, 2023, primarily due to share repurchases[56]. - The company had no bank borrowings as of June 30, 2024, compared to RMB 12.23 million as of December 31, 2023[56]. - As of June 30, 2024, the company's current assets include inventory of RMB 997,959 thousand, an increase of 5.57% from RMB 945,347 thousand as of December 31, 2023, primarily due to fluctuations from continuous order deliveries[57]. - Trade receivables decreased by 26.23% to RMB 1,483,415 thousand from RMB 2,010,989 thousand, mainly due to the collection of accounts receivable[57]. - The company's total liabilities to total assets ratio increased to 12.76% as of June 30, 2024, from 11.42% as of December 31, 2023[66]. Corporate Governance - The company has complied with the corporate governance code and has not identified any violations by employees during the reporting period[153]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[155]. - The board believes that having the same person serve as both Chairman and CEO will enhance the effective execution of strategic initiatives and improve communication between management and the board[154]. - The company has not faced any investigations or administrative penalties from the China Securities Regulatory Commission during the reporting period[156]. - The company will continue to review and assess the effectiveness of its corporate governance framework[154]. Future Outlook - The company aims to enhance its CDMO services by incorporating advanced drug categories, including peptides, oligonucleotides, and mRNA[76]. - The company is committed to becoming a reliable partner in the global pharmaceutical industry, providing comprehensive CDMO services throughout the drug development lifecycle[76]. - The company plans to enhance its talent acquisition and retention strategies to ensure consistent high-quality service delivery, including tailored training programs and competitive compensation[86]. - The company is currently assessing the impact of the second pillar income tax legislation on its future financial performance, indicating a proactive approach to regulatory changes[190]. - The company plans to utilize the raised funds for various projects, with specific timelines for completion ranging from 2025 to 2026[136][137][138][139].

Financial Performance - For the six months ended June 30, 2024, total revenue was RMB 2,655.05 million, a decrease of 42.23% compared to RMB 4,595.71 million in the same period last year[6]. - Gross profit for the same period was RMB 1,094.70 million, down 54.89% from RMB 2,426.69 million, resulting in a gross margin of 41.23%, a decline of 11.57 percentage points[6]. - Net profit attributable to shareholders was RMB 499.13 million, a significant drop of 70.40% from RMB 1,686.37 million, with a net profit margin of 18.80%, down 17.89 percentage points[6]. - The company reported an adjusted net profit of RMB 432.72 million, down 73.56% year-on-year, with an adjusted net profit margin of 16.30%, a decrease of 19.31 percentage points[6]. - In the first half of 2024, the net profit decreased by 70.72% to RMB 492.42 million from RMB 1,681.99 million in the same period of 2023[69]. - Basic and diluted earnings per share fell from RMB 4.65 to RMB 1.40, reflecting the decline in net profit[70]. - The total comprehensive income for the period was RMB 498,891 thousand, down 70.7% from RMB 1,693,831 thousand in 2023[181]. Revenue Breakdown - Revenue from small molecule CDMO services was RMB 2,153.42 million, showing a slight increase of 1.09% after excluding large orders[9]. - Revenue from multinational pharmaceutical companies decreased by 58.59% to RMB 1,282.25 million, but increased by 10.29% when excluding the impact of large orders[12]. - Revenue from U.S. clients was RMB 1,741.52 million, reflecting a significant increase of 24.78% after excluding large orders[14]. - Emerging business revenue for the reporting period was RMB 499.62 million, a decrease of 5.30%, with a gross margin of 20.23%, down 13.14 percentage points year-over-year[25]. - Revenue from commercial CDMO solutions was RMB 1,365.73 million, down 57.44% year-on-year, but grew 7.06% when excluding large orders[54]. - Revenue from domestic (China) operations decreased by 9.28% to RMB 687.09 million, while overseas revenue fell by 48.72% to RMB 1,965.94 million[56]. Operational Highlights - The company added 114 new clients during the reporting period, highlighting its operational strength and solid global customer base[9]. - The company has successfully completed 43 small molecule commercialization projects, generating revenue of RMB 1,365.72 million and achieving a gross margin of 49.31%[17]. - The company is focusing on potential blockbuster projects in clinical phase III, including targets like GLP-1 and KRAS, with 28 projects expected to reach the verification batch stage in the second half of 2024[21]. - The company completed 80 formulation CDMO projects during the reporting period, with 150 ongoing projects, including 36 overseas projects[29]. - The company has successfully implemented multiple formulation technologies, including oral delivery for peptides and solid dispersion technology, enhancing bioavailability and expanding international market reach[30]. Research and Development - The company invested RMB 328.69 million in R&D in the first half of 2024, an increase of 1.61% year-on-year, accounting for 12.38% of total revenue[52]. - The company is expanding its peptide commercialization capacity to meet the demand for solid-phase peptide synthesis at the hundred-kilogram level[43]. - The company plans to continue increasing R&D investment to strengthen its research platform capabilities and promote smart manufacturing technologies[110]. - The company has submitted 13 new patents and received 21 new authorized patents, reflecting strong capabilities in independent innovation and IP protection[33]. Market Strategy - The company aims to strengthen its CDMO products and services, expanding into advanced drug categories such as peptides, oligonucleotides, and mRNA solutions[95]. - The company is actively expanding its global customer base by deepening relationships with existing clients and targeting small to medium-sized innovative drug companies[102]. - The company is diversifying into new drug categories and service types, including large molecules, drug formulation services, and clinical research services, to create new growth pathways[103]. - The company is seeking investments to enrich its service offerings and expand its overseas presence, with a focus on strategic overseas capacity expansion[104]. Financial Position - The total assets as of June 30, 2024, were RMB 18,858.65 million, a decrease of 4.60% from RMB 19,767.16 million at the end of 2023[6]. - The company's total equity decreased to RMB 16,453,042 thousand from RMB 17,509,979 thousand at the end of 2023[184]. - Cash and bank balances decreased by RMB 1,431.06 million or 20.13% to RMB 5,670.94 million as of June 30, 2024, primarily due to share repurchases[71]. - The company reported a long-term equity investment loss of RMB 5.46 million, up from a loss of RMB 3.03 million in the first half of 2023[76]. - The company's debt-to-asset ratio was 12.76%, up from 11.42% on December 31, 2023[84]. Corporate Governance - The company has adhered to the corporate governance code and has not identified any violations by employees during the reporting period[170]. - The roles of Chairman and CEO are held by Dr. Hao Hong, ensuring effective execution of strategic initiatives and communication between management and the board[171]. - The audit committee has reviewed the unaudited interim results for the six months ending June 30, 2024, ensuring compliance with relevant accounting standards and regulations[177]. - Ernst & Young has conducted a review of the interim financial information, but no audit opinion has been issued as per the applicable standards[178]. Shareholder Engagement - The company has two active A-share incentive plans, with a total of 4,539,080 restricted A-shares granted to participants[120]. - The A-share incentive plans aim to attract and retain talent, aligning the interests of shareholders, the company, and operators for sustainable development[115]. - The company has repurchased a total of 12,300,701 A-shares, accounting for 3.5976% of the total A-share capital, with a total expenditure of RMB 999,644,601.56[139]. - The company plans to use up to 60% of repurchased A-shares for employee stock ownership or incentive plans, and at least 40% for capital reduction[137].