调研纪要：蒙娜丽莎在2024年面对贸易环境变化、房地产调整等多重挑战，采取了一系列应对措施。贸 易壁垒导致建陶行业出口量、额、价齐跌，企业转向新兴市场；公司营业收入下降，销售量同比下降 16.34%，销售结构变化影响价格；营业成本下降20.72%，主要由直接材料和燃料动力成本下降引起； 降本增效措施效果显现，但未来空间有限；公司经营活动现金流良好，将继续通过现金分红回报投资 者；对部分房地产客户应收账款进行信用减值损失单项计提，将持续关注并评估；展望2025年，行业面 临需求减弱等挑战，但城镇化推进、存量房改造等带来新机遇。 机构简介： 深圳正圆投资2015年成立于深圳前海自贸区，并于当年获得私募证券投资基金牌照。正圆拥有专业的投 研团队，丰富的投资经验，完善的风险管理制度。 立足于中国经济结构转型升级，服务于中国实体经 济发展。依赖团队专业的投研能力，致力于成为社会资本与优质产业之间的纽带，通过将客户资产配置 于符合发展趋势的优质公司，实现客户资产的保值增值。 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构成投资建议。 根据市场公开信息及4月2 ...

Core Insights - The company, Changchun High-tech (000661), has experienced a significant decline in stock price, dropping over 80% since its peak in 2021, with recent trading approaching a limit down [1][13] - The company reported its first decline in both revenue and net profit in nearly 20 years, with 2024 revenue at 13.466 billion yuan, down 7.55%, and net profit at 2.583 billion yuan, down 43.01% [2][4] - The first quarter of 2024 also showed a decline in revenue and net profit, continuing the trend of dual decreases [4] Financial Performance - In 2024, the company’s quarterly revenue showed fluctuations: Q1 at 3.977 billion yuan, Q2 at 3.461 billion yuan, Q3 at 3.749 billion yuan, and Q4 at 3.078 billion yuan, with Q4 experiencing a loss [2][4] - The core subsidiary, Jinsai Pharmaceutical, reported a revenue decrease of 3.73% to 10.671 billion yuan and a net profit decrease of 40.67% to 2.678 billion yuan [4][6] - Other subsidiaries, except Huakang Pharmaceutical, also reported declines in both revenue and net profit [5] Cash Flow and Debt - The operating cash flow net amount for 2024 was 3.104 billion yuan, a decrease of 2 billion yuan, or 39.18% [8] - The company increased its debt, with short-term loans rising to 242 million yuan and long-term loans increasing by 10.52% to 1.229 billion yuan [8] Executive Compensation - The new CEO, Jin Lei, received a salary of 15.516 million yuan in 2024, with several other executives also receiving salary increases [11][12] - The increase in executive compensation amidst declining profits has raised eyebrows among investors [13] Dividend Distribution - The company announced a cash dividend of 1.047 billion yuan for 2024, with a payout ratio of 40.55%, marking the first time it exceeded 40% [10]

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].

Core Viewpoint - Changchun High-tech announced a cash distribution plan for 2024, proposing a dividend of 26 yuan per 10 shares (including tax), totaling approximately 1.047 billion yuan, which represents 40.55% of the net profit and a dividend yield of 2.40% based on the average trading price for 2024 [1][2]. Financial Performance - The company reported a revenue of 13.466 billion yuan for the year, a year-on-year decrease of 7.55% - Net profit was 2.583 billion yuan, down 43.01% year-on-year - Basic earnings per share were 6.42 yuan, with a weighted average return on equity of 11.66% [2]. Historical Dividend Distribution - The company has distributed dividends 15 times since its listing, with the latest proposal being 10 shares for 26 yuan, compared to previous distributions of 10 shares for 45 yuan in 2023 and 10 shares for 10 yuan in 2022 [1][2]. Market Activity - Over the past five days, there has been a net outflow of 213 million yuan in principal funds [3]. - The latest margin financing balance for the stock is 1.755 billion yuan, with an increase of 89.45 million yuan over the past five days, reflecting a growth rate of 5.37% [4]. Industry Comparison - In the pharmaceutical and biotechnology sector, 153 companies have announced their 2024 distribution plans, with WuXi AppTec leading with a total cash distribution of 7.692 billion yuan, followed by Yunnan Baiyao and Hengrui Medicine with distributions of 2.114 billion yuan and 1.275 billion yuan, respectively [4][5].

Market Overview - On April 18, 2025, A-shares showed mixed performance with the Shanghai Composite Index closing at 3276.73 points, down 0.11%, and a trading volume of 380.31 billion yuan [2] - The Shenzhen Component Index closed at 9781.65 points, up 0.23%, with a trading volume of 534.34 billion yuan [2] - Hong Kong stocks rebounded strongly on April 17, 2025, with the Hang Seng Index rising 1.61% to 21395.14 points and a total trading volume of 192.41 billion HKD [2] - The Dow Jones Industrial Average fell 1.33% to 39142.23 points, while the S&P 500 Index rose 0.13% to 5282.70 points on the same day [2] Regulatory News - The Shanghai Stock Exchange issued a regulatory letter urging Shandong Xinchao Energy Co., Ltd. to comply with information disclosure obligations related to competitive tender offers [2] - The letter highlights that Yitai B shares have made a partial offer to the company's shareholders, constituting a competitive offer, and emphasizes the need for proper disclosure to protect investors [2] Industry Developments - The 2025 China Internet Entrepreneurs Forum was held in Beijing, emphasizing the need for the internet industry to take on higher historical missions and enhance corporate responsibility [3][4] - The forum called for breakthroughs in original, frontier, and disruptive technologies, urging companies to focus on quality, efficiency, and core competitiveness [4] Government Initiatives - A State Council meeting on April 18, 2025, discussed measures to stabilize employment and promote high-quality economic development amid a challenging external environment [5] - The meeting emphasized the importance of supporting foreign trade and investment, enhancing public services for employment, and stabilizing the stock market and real estate sector [5]

敬请投资者注意，受复活节假期影响，港股、欧洲股市和澳大利亚股市本周一休市。 特朗普列举8项非关税"作弊"手段，点名日本和欧盟，手段包括1.汇率操纵，2.增值税作为关税和出口补 贴，3.低于成本倾销，4.出口补贴和其他政府补贴，5.农业保护性标准（如欧盟禁止转基因玉米），6.防 护技术标准（如日本保龄球试验），7.假冒、盗版和知识产权盗窃（年损失超过1万亿美元），8.转运避 税。 中航信托宣布由建信信托、国投泰康信托来进行日常托管。虽然还没有正式官宣暴雷，但这个上百亿规 模的央企信托已经实质上雷了，之前多款面向社会投资者的信托产品已经停止兑付。中航信托之所以暴 雷，是因为之前重仓投资了房地产，恒大、融创、红星美凯龙的坑他们都踩了。另外有媒体报道，他们 在暴雷前曾经给内部员工进行提前兑付。目前，中航信托还有超过500亿的产品没有兑付。 A股方面，沪指上周累计涨1.19%、深成指跌0.54%、创业板指跌0.64%。市场持续缩量，周五创去 年"924"行情爆发以来新低。银行、房地产、综合、煤炭等板块逆市上涨，国防军工、农林牧渔、计算 机等板块跌幅居前。 港股方面，恒指上周累计涨2.3%，国指涨1.23%，恒生科技指数 ...