Financial Performance - The company achieved a revenue of RMB 1,098,329 thousand for the fiscal year ending December 31, 2024, representing a 41% year-over-year growth[5]. - Product sales revenue reached RMB 877,410 thousand, a 39% increase, primarily driven by steady growth in the core product, Puxinting® (Bevacizumab Injection)[5]. - CDMO/CMO business revenue was RMB 207,133 thousand, reflecting a 47% year-over-year growth, indicating strong operational cash flow with RMB 116,403 thousand net cash from operating activities for 2024[5]. - The company turned a profit for the first time, achieving a net profit of RMB 34,757 thousand for the fiscal year[5]. - The total comprehensive income for 2024 was RMB 36,956,000, compared to a total comprehensive loss of RMB 36,020,000 in 2023[18]. - The company reported a net profit attributable to equity holders of RMB 36,956 thousand for the year ended December 31, 2024, compared to a loss of RMB 36,020 thousand in 2023, indicating a significant turnaround in performance[19]. - Basic and diluted earnings per share for the year were RMB 0.06, compared to a loss of RMB 0.05 per share in the previous year[19]. - The net profit for 2024 was RMB 34,757 thousand, a turnaround from a net loss of RMB 37,757 thousand in 2023[70]. Project Development and Innovation - A total of 58 new projects were added during the year, including 48 ADC projects, bringing the cumulative total to 153 projects[6]. - The company secured 2 pre-BLA projects during the year, with a total of 8 projects in hand, showcasing its strong commercialization capabilities[6]. - The newly launched BDKcellTM technology platform has achieved a maximum expression level of 12g/L, significantly enhancing the efficiency of the overall process[12]. - The ADC project revenue and quantity have steadily increased, contributing to the company's ongoing stable development[12]. - The company has successfully completed multiple ADC projects for clients, ensuring timely delivery and receiving high recognition from customers[104]. - The company has established a leading domestic production line for biopharmaceutical commercialization, with antibody production capacity exceeding 10,000 liters, ensuring continuous supply of commercialized products[84]. - The company has provided over 100 projects in antibody, protein, ADC, and XDC development services, meeting registration requirements in China, the US, and the EU[84]. Financial Position and Assets - Total assets increased to RMB 1,508,772 thousand in 2024, up from RMB 1,426,101 thousand in 2023, reflecting a growth of approximately 5.8%[21]. - Total liabilities rose to RMB 779,117 thousand in 2024, compared to RMB 739,415 thousand in 2023, representing an increase of about 5.4%[23]. - The company's cash and cash equivalents increased to RMB 381,256 thousand in 2024 from RMB 351,600 thousand in 2023, showing a growth of approximately 8.4%[21]. - Trade and other receivables increased significantly to RMB 157,278 thousand in 2024, up from RMB 88,152 thousand in 2023, marking an increase of about 78.4%[21]. - The company’s total equity improved to RMB 729,655 thousand in 2024, compared to RMB 686,686 thousand in 2023, reflecting an increase of approximately 6.3%[21]. - Non-current assets totaled RMB 765,495 thousand in 2024, up from RMB 732,926 thousand in 2023, indicating a growth of about 4.4%[21]. Research and Development - Research and development expenses decreased to RMB 79,313 thousand in 2024 from RMB 103,890 thousand in 2023, indicating a reduction of approximately 23.8%[18]. - The company plans to continue its focus on research and development in anti-tumor drugs and expand its contract development and manufacturing organization (CDMO) services[25]. - The company has invested approximately RMB 180 million in the construction of a global R&D service center, with total expenditures related to this project amounting to RMB 43,489 thousand as of December 31, 2024[75]. - The company has streamlined its R&D pipeline, leading to a continuous reduction in new drug R&D expenses and effectively improving cash flow, achieving a milestone of turning losses into profits[110]. Market and Strategic Initiatives - The company aims to deepen its international market presence and enhance its operational capabilities by collaborating with leading global pharmaceutical companies[15]. - The company is positioned to benefit from favorable policies that support the transfer of overseas production drugs to domestic production, enhancing its opportunities in the global supply chain[82]. - The company aims to enhance its brand presence in the biopharmaceutical CDMO sector through various industry collaborations and exchanges in 2024, focusing on precise customer targeting and resource integration[119]. - The company aims to enhance international competitiveness by accelerating overseas market expansion and strengthening strategic cooperation with leading international pharmaceutical companies[132]. Corporate Governance and Compliance - The company has adopted the principles and provisions of the corporate governance code as a foundation for its corporate governance practices, ensuring high standards to protect shareholder rights[141]. - The company has confirmed compliance with the standard code for securities transactions by directors for the fiscal year ending December 31, 2024[142]. - The company’s financial statements for the fiscal year ending December 31, 2024, have been audited and received an unqualified opinion from the auditor[154]. Events and Recognition - Dongyao Pharmaceutical participated in the inaugural Future XDC New Drug Conference in April 2024, where it was recognized as a "Pioneer Enterprise in ADC/Nucleic Acid New Infrastructure"[120]. - The company showcased its innovative achievements in ADCs at the CBA-China annual meeting in June 2024, reinforcing its strategic positioning in the global biopharmaceutical industry[123]. - Dongyao Pharmaceutical held an ADC & XDC drug development and innovation technology exchange meeting in November 2024, promoting the GL-DisacLink® technology and enhancing collaboration with Sugar Ridge Biotech[125].
东曜药业-B(01875) - 2024 - 年度业绩