长春高新（000661）技术产业(集团)股份有限公司(以下简称"长春高新")近日发布2024年年报，公司实 现营业收入134.66亿元，较上年同期降低7.55%；实现归属于上市公司股东的净利润25.83亿元，较上年 同期降低43.01%。这是近十年来，长春高新营收和净利润首次均出现同比下滑。 长春高新主营业务为生物制药及中成药的研发、生产和销售，辅以房地产开发等业务，并形成了长春金 赛药业有限责任公司(以下简称"金赛药业")、长春百克生物科技股份公司(以下简称"百克生物")、吉林 华康药业股份有限公司(以下简称"华康药业")、长春高新房地产开发有限责任公司(以下简称"高新地 产")"四驾马车"的发展格局。2024年，这四大子公司中，有3家业绩均出现下滑。 "现金奶牛"金赛药业净利润下滑超40% 从收入结构来看，长春高新仍高度依赖子公司金赛药业的生长激素。2024年，金赛药业实现收入106.71 亿元，较上年同期降低3.73%，占长春高新总营收的比例达79.24%；实现归属于母公司所有者的净利润 26.78亿元，较上年同期降低40.67%。 金赛药业是全球少数拥有粉针剂、水针剂、长效水针剂三代生长激素产品的企业 ...

华夏时报（www.chinatimes.net.cn）记者 杨燕 北京报道 过去两年内，受生长激素行业集采和监管等消息影响，长春高新多次出现暴跌现象，股价已从2021年高点497.54 元/股跌至发稿前的85.24元/股，跌幅逾80%。 对于当下长春高新的投资者来说，得到一份营收、净利润增速同比下滑的"成绩单"，实在是一件意料之外，情理 之中的事情。 这是长春高新近20年来首次出现营收、净利润增速双双下滑，即使是在过去几年集采的重压下也未曾如此"狼 狈"。财报显示，长春高新过去一年实现营业收入及净利润分别为134.66亿元和25.83亿元，相比去年同期分别下降 了7.55%和43.01%。 一家营收过百亿元的公司，净利润降幅超过40%意味着公司利润的大大缩水。更值得注意的是，随着年报而来的 一季报同样延续了颓势，2025年长春高新营收及净利润再度双降，其中净利润同比降幅达44.95%。 "增长神话"破灭，"多元化"道路前途未卜 如果说年报的净利润跌四成是个坏消息的话，那么一季报的净利润同样下跌超40%可能意味着"坏消息"将延续成 为长春高新的常态了。 长春高新主营业务分为生物制品、疫苗、中成药和房地产四大板块 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 117.54 CNY per share [4][9]. Core Views - The company is currently undergoing an innovation transformation, which has led to short-term performance pressure. The revenue for 2024 decreased by 7.55% year-on-year to 13.466 billion CNY, and the net profit dropped by 43.01% to 2.583 billion CNY [2][3]. - The company has significantly increased its R&D investment, reaching 2.690 billion CNY in 2024, an increase of 11.20% year-on-year, which now accounts for 19.97% of its revenue [2][3]. - Several key innovative drug candidates are entering the commercialization phase, including applications for IL-1β monoclonal antibody and other products, indicating a positive outlook for future revenue growth [3]. Financial Summary - For 2024, the company reported a revenue of 13.466 billion CNY and a net profit of 2.583 billion CNY, with a projected revenue of 13.835 billion CNY and net profit of 2.821 billion CNY for 2025 [11]. - The earnings per share (EPS) for 2025 is estimated at 6.92 CNY, with a price-to-earnings (PE) ratio of 12.3 times [4][11]. - The company’s total market capitalization is approximately 34.79 billion CNY, with a circulating market capitalization of about 34.08 billion CNY [4].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 106.80 RMB [7][8]. Core Views - The company is in a period of innovation and transformation, expecting to see significant growth in the long term despite short-term revenue and profit declines [1][2]. - The revenue for 2024 is projected to be 13.466 billion RMB, a decrease of 7.6% year-on-year, with a net profit of 2.583 billion RMB, down 43.0% year-on-year [1]. - The company is expected to face challenges in 2025, with a projected net profit decline due to increased sales and management expenses during the transition period [1][5]. Summary by Sections Financial Performance - The company reported a revenue of 29.97 million RMB and a net profit of 4.73 million RMB in Q1 2025, reflecting a year-on-year decline of 5.7% and 45.0% respectively [1]. - For 2025, the expected earnings per share (EPS) is 5.34 RMB, with a projected net profit of 2.180 billion RMB, a decrease of 15.61% year-on-year [5][12]. Revenue Drivers - The growth in revenue is anticipated from the sales of long-acting growth hormones and the gradual release of non-growth hormone products [1][2]. - The overseas market is expected to show significant growth, with a projected increase of 454% year-on-year in 2024 [2]. Cost Structure - The company is experiencing rising sales, management, and R&D expenses due to its innovation transformation, which is expected to continue impacting profitability in the near term [1][12]. - The projected sales expenses for 2025 are estimated at 5.016 billion RMB, reflecting a 13.0% increase year-on-year [13]. Market Position - The company is focusing on expanding its product pipeline, particularly in children's nutrition and other therapeutic areas, which are expected to drive long-term growth [2][3]. - The company is also advancing its vaccine pipeline, with several products in various stages of development [3].

Summary of Changchun High-tech Conference Call Company Overview - **Company**: Changchun High-tech - **Key Subsidiaries**: Jinsai Pharmaceutical, Baike Biological, Huakang Pharmaceutical Financial Performance - **2024 Revenue**: 135 billion CNY, a 41% year-on-year decline - **Net Profit**: Decreased to less than 26 billion CNY, a 43% decline - **Jinsai Pharmaceutical**: Revenue of 106 billion CNY, net profit of 26.78 billion CNY, down 41% year-on-year - **Baike Biological**: Revenue of 12 billion CNY, net profit of 2.32 billion CNY, down 54% year-on-year - **Huakang Pharmaceutical**: Revenue of 7.62 billion CNY, net profit of 52 million CNY, up 39% year-on-year - **Real Estate Sector**: Revenue of 7.5 billion CNY, profit of 150 million CNY Research and Development - **R&D Investment**: 2.7 billion CNY in 2024, an 11% increase year-on-year - **Capitalized R&D**: 2.167 billion CNY, a 26% increase year-on-year - **Pipeline**: 24 products across 28 indications, with 9 innovative drugs entering clinical trials - **New Products**: Liquid follicle-stimulating hormone and progesterone launched, with 2025 approval expected for Liraglutide and Long-acting FSH Market Dynamics - **Long-acting Growth Hormone**: Market competition intensifying, with strategies to increase long-acting product share and improve hospital access - **Sales Structure**: Long-acting formulations increased to 32%, while powder and water formulations accounted for 11-12% and 56%, respectively Strategic Decisions - **Termination of Stock Incentive Plan**: Accelerated recognition of 55 million CNY in expenses - **US Market Project**: Termination of a complex clinical project, resulting in a full impairment of 133 million CNY Non-Growth Hormone Business - **Revenue**: Approximately 1 billion CNY from non-growth hormone products - **Key Products**: Ovulation induction revenue close to 400 million CNY, nutrition products around 290 million CNY, with a growth rate of nearly 60% - **Future Goals**: Different targets set for various lines, aiming for breakeven by year-end Future Outlook - **2025 Q1 Performance**: Jinsai Pharmaceutical grew by 6%, but profits declined due to increased R&D and sales personnel - **Pain Management Product**: Fuxing Xipai monoclonal antibody shows promising clinical data, with significant pain reduction and lower recurrence rates for gout - **PD-1 Agonist Development**: Progressing in four indications, with plans for clinical trials Additional Insights - **Employee Incentives**: Despite halting stock incentives, the company is considering share buybacks and other compensation methods to attract talent - **Real Estate Strategy**: Focus on inventory digestion and light asset transformation to mitigate risks and improve cash flow Conclusion - Changchun High-tech is navigating a challenging market environment with strategic adjustments in R&D, product offerings, and market positioning to maintain competitiveness and drive future growth.

Core Viewpoint - Changchun High-tech is undergoing a strategic transformation from a "single blockbuster" to "diversified innovation," which has led to short-term performance fluctuations but is expected to yield long-term benefits through increased innovation and product diversification [1][2]. Financial Performance - In 2024, Changchun High-tech reported operating revenue of 13.466 billion yuan, a year-on-year decrease of 7.55% - The net profit attributable to shareholders was 2.583 billion yuan, down 43.01% year-on-year - The net profit after deducting non-recurring gains and losses was 2.830 billion yuan, a decline of 37.32% year-on-year [1]. R&D Investment - The company increased its R&D investment to 2.690 billion yuan in 2024, an increase of 11.20% compared to the previous year, with R&D expenses accounting for 19.97% of operating revenue - R&D expenses reached 2.167 billion yuan, up 25.75% year-on-year [1]. Product Diversification - Changchun High-tech has developed a diverse product line with 24 key products covering 28 indications, including 9 Class 1 innovative drugs - The company aims to reduce reliance on single products through diversified layouts, which are already showing initial results [2]. AI Integration - The company has established an AI-enabled system covering the entire drug lifecycle, utilizing its self-developed AI platform GenMOL to enhance drug discovery and development efficiency - The AI-powered research assistant GenAIR has significantly improved drug R&D efficiency by integrating large language models with extensive literature databases [2][3]. Shareholder Returns - The profit distribution plan for 2024 includes a cash dividend of 26 yuan per 10 shares, totaling 1.047 billion yuan, which, combined with previous buybacks, represents 56.81% of the net profit - Since its listing, the company has distributed a total of 3.747 billion yuan in cash dividends and repurchased shares worth 1.220 billion yuan, amounting to 4.967 billion yuan, which is 159.25% of the total cash raised excluding mergers and private placements [4]. International Expansion - Changchun High-tech is actively exploring international licensing cooperation for its innovative products and seeking partnerships with large international pharmaceutical companies - In 2024, overseas sales revenue for its subsidiary, Jinsai Pharmaceutical, saw a remarkable growth of 454%, with emerging markets like Algeria becoming significant growth drivers [5].

Core Viewpoint - Changchun High-tech's performance has significantly declined in 2024, marking the first annual net profit drop in nearly 11 years, primarily due to intensified competition in the growth hormone market and increased R&D and sales expenses [1][3][5]. Financial Performance - In 2024, Changchun High-tech reported revenue of approximately 13.466 billion yuan, a year-on-year decrease of 7.55%, and a net profit of about 2.583 billion yuan, down 43.01% [3][6]. - For Q1 2025, the company continued to experience declines, with revenue of around 2.997 billion yuan, a decrease of 5.66%, and a net profit of approximately 473 million yuan, down 44.95% [3][6]. Key Subsidiary Performance - Changchun Jinsai Pharmaceutical, a major revenue source, saw its revenue drop to 10.671 billion yuan in 2024, a decline of 3.73%, and net profit fell to 2.678 billion yuan, down 40.67% [6][5]. - Another subsidiary, Baike Biological, also reported a decline in 2024, with revenue of 1.229 billion yuan, down 32.64%, and net profit of 232 million yuan, down 53.67% [7]. R&D and Sales Expenses - In 2024, R&D expenses reached 2.69 billion yuan, an increase of 11.2%, accounting for 19.97% of revenue, while sales expenses rose to 4.439 billion yuan, up 11.81% [8]. - The increase in R&D and sales expenses is attributed to accelerated new product development and enhanced sales team recruitment [8]. Market Competition - The growth hormone market has become increasingly competitive, with multiple companies entering the field, impacting Changchun Jinsai's market share [5][6]. - The company has acknowledged the need for continuous R&D investment to maintain product competitiveness amid rising competition [1][5]. R&D Personnel Changes - As of the end of 2024, the number of R&D personnel decreased to 1,264, with a notable increase in the number of PhD holders, which rose by 31.82% [9].

Core Viewpoint - Changchun High-tech's growth in the growth hormone market is facing significant challenges, leading to a notable decline in both revenue and net profit in recent reports [1][3]. Financial Performance - In 2024, the company reported operating revenue of approximately 13.47 billion yuan, a decrease of 7.55% compared to 2023 [2][3]. - The net profit attributable to shareholders was about 2.58 billion yuan, down 43.01% year-on-year [2][3]. - The net profit after deducting non-recurring gains and losses was approximately 2.83 billion yuan, a decline of 37.32% [2][3]. - For Q1 2025, the company achieved revenue of about 2.99 billion yuan, a decrease of 5.66%, and a net profit of approximately 473 million yuan, down 44.95% [3]. Key Subsidiary Performance - The main subsidiary, Jinsai Pharmaceutical, reported a revenue of 10.67 billion yuan in 2024, a decrease of 3.73%, and a net profit of 2.68 billion yuan, down 40.67% [5]. - Another subsidiary, Baike Biological, also experienced a decline, with revenue of 1.23 billion yuan, down 32.64%, and a net profit of 232 million yuan, down 53.67% [6]. R&D and Sales Expenses - R&D expenses reached 2.69 billion yuan in 2024, an increase of 11.2%, accounting for 19.97% of operating revenue [8]. - Sales expenses rose to 4.44 billion yuan, a year-on-year increase of 11.81% [8]. - Management expenses also increased to 1.20 billion yuan, up 25.59% compared to the previous year [8]. Market Competition - The growth hormone market is becoming increasingly competitive, impacting the performance of leading companies like Jinsai Pharmaceutical [5][6]. - The company is facing pressure from both short-acting and long-acting growth hormone products, with new entrants intensifying competition [5][6]. Strategic Focus - The company aims to enhance innovation and project investment, improve market development and brand building, and focus on cost control to ensure stable and sustainable growth [10].

Financial Performance - In 2024, the company achieved a revenue of CNY 13.466 billion and a net profit of CNY 2.583 billion attributable to shareholders [2] - JinSai Pharmaceutical contributed CNY 10.671 billion in revenue and CNY 2.678 billion in net profit [2] - R&D investment reached CNY 2.690 billion, an increase of 11.20% year-on-year, accounting for 19.97% of revenue [2] - Sales expenses increased to CNY 4.439 billion, a year-on-year growth of 11.81% [2] Q1 2025 Performance - In Q1 2025, the company reported a revenue of CNY 2.997 billion and a net profit of CNY 0.473 billion [3] - JinSai Pharmaceutical generated CNY 2.617 billion in revenue and CNY 0.535 billion in net profit [3] Product Sales and Market Strategy - Long-acting growth hormone revenue constituted approximately 32% of growth hormone product sales in 2024, increasing to 35% in Q1 2025 [5] - Nutritional products saw a revenue increase of nearly 60% in 2024 [5] - The company is focusing on enhancing market promotion and compliance in its sales strategy [10] R&D and Innovation - The company has 9 innovative drugs in clinical stages, including treatments for various conditions such as rheumatoid arthritis and ovarian cancer [6] - The international sales of JinSai Pharmaceutical saw a remarkable growth of 454% year-on-year, with emerging markets like Algeria becoming significant growth points [3] Management and Operational Adjustments - Management expenses rose to CNY 1.202 billion, a 25.59% increase due to structural adjustments in JinSai Pharmaceutical [3] - The company terminated its stock incentive plan, resulting in a one-time expense of CNY 0.055 billion [3] - A total of CNY 1.33 billion in capitalized development expenses was written off due to project termination [3] Future Outlook - The company aims to enhance its internationalization strategy and increase participation in major academic conferences to boost market recognition of its innovative products [9] - Plans to optimize the real estate business and explore new operational models are underway to improve financial efficiency [12]

Core Viewpoint - Changchun High-tech's 2024 annual report highlights a significant increase in R&D investment, reflecting the company's strategic shift towards diversified innovation and long-term growth [1][4]. Group 1: R&D Investment - In 2024, the company's R&D investment reached 2.69 billion yuan, an increase of 11.20% year-on-year, with R&D expenses amounting to 2.17 billion yuan, up 25.75% [1]. - R&D investment accounted for 19.97% of the company's operating revenue, indicating a strong commitment to innovation [1]. Group 2: Strategic Transformation - The company aims to break away from reliance on a single product and is focusing on a diversified innovation strategy to enhance its product pipeline [1]. - Changchun High-tech is actively seeking to enrich its innovation pipeline and accelerate the commercialization of its research outcomes [1]. Group 3: Product Development - Changchun High-tech has made significant breakthroughs in the development of innovative products, including new treatments in the reproductive health sector and long-acting growth hormones for specific conditions [3]. - The company has 24 key products with 28 indications currently in clinical stages, including 9 first-class innovative drugs, which could provide a solid foundation for high-quality growth [3]. Group 4: Subsidiary Focus - Jinsai Pharmaceutical, a core subsidiary of Changchun High-tech, is focusing on innovation and diversification to mitigate the impact of market fluctuations from single product reliance [2]. - Jinsai Pharmaceutical is expanding its strategic focus from children's growth to comprehensive management of children's health and women's health, developing a diverse product matrix across various therapeutic areas [2]. Group 5: Future Outlook - The company plans to enhance its R&D investment while ensuring stable performance, aiming for a comprehensive pipeline layout and global expansion [4]. - There is a focus on upgrading existing product technologies and optimizing processes to meet market demands with new products [4].