药明康德(02359) - 2024 - 年度业绩

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of RMB 39,241.4 million, a decrease of 2.7% compared to RMB 40,340.8 million in 2023[2]. - The net profit attributable to the parent company was RMB 9,352.6 million, down 12.5% from RMB 10,690.2 million in the previous year[2]. - Gross profit for the reporting period was RMB 16,016.1 million, a decrease of 2.2% year-on-year, with a gross margin of 40.8%[17]. - The adjusted net profit attributable to the parent company for the year ended December 31, 2024, was RMB 9,352.6 million, a decrease of 12.5% from RMB 10,690.2 million in 2023[41]. - The adjusted gross profit for the year ended December 31, 2024, was RMB 16,326.3 million, down 3.6% from RMB 16,937.8 million in 2023, with a gross margin of 41.6% compared to 42.0% in the previous year[41]. - The company reported a total comprehensive income of RMB 9,654,674 thousand for the year, down from RMB 10,884,792 thousand in the previous year[139]. - Basic earnings per share for the year was RMB 3.88, compared to RMB 3.83 for the previous year, indicating a marginal increase[137]. Customer and Market Insights - The company had approximately 6,000 active customers by the end of 2024, with 5,500 in continuing operations and 1,000 new customers added during the year[7]. - Revenue from the top 20 global pharmaceutical companies amounted to RMB 16.64 billion, with a year-on-year growth of 24.1% excluding COVID-19 commercialization projects[7]. - Revenue from U.S. customers was RMB 25.02 billion, a 7.7% increase excluding COVID-19 commercialization projects, while revenue from European customers grew by 14.4% to RMB 5.23 billion[7]. - The company has approximately 6,000 active clients as of the end of 2024, covering all of the top 20 global pharmaceutical companies[67]. Business Segments Performance - The company’s revenue from its chemistry business was RMB 29,052.4 million, a slight decrease of 0.4% from RMB 29,171.5 million in 2023[10]. - The testing business achieved revenue of RMB 56.7 billion, with TIDES business revenue reaching RMB 58.0 billion, a year-on-year increase of 70.1%[13]. - Clinical CRO and SMO business revenue was RMB 18.1 billion, a year-on-year increase of 2.8%, with SMO business growing by 15.4%[13]. - WuXi Biology generated revenue of RMB 25.4 billion, remaining stable year-on-year, with expectations for a 10%-15% growth in 2025[14]. Cash Flow and Investments - For the fiscal year ending December 31, 2024, the net cash generated from operating activities was RMB 11,986.8 million, a decrease of 5.2% compared to RMB 12,641.2 million for the fiscal year ending December 31, 2023[29]. - The net cash used in investing activities for the fiscal year ending December 31, 2024, was RMB (5,098.0) million, a decrease of 25.2% from RMB (6,817.0) million in the previous year, primarily due to timing differences in capital expenditures[29]. - The company made additional investments of RMB 12.2 million in joint ventures and associates during the reporting period to enhance synergies and expand its customer base[48]. - New investments outside of joint ventures and associates totaled RMB 372.1 million, with significant changes in the fair value of investments reported[50]. Dividends and Shareholder Returns - The company plans to distribute a final dividend of RMB 9.8169 per 10 shares, totaling RMB 2,835,113,437.82[3]. - A special dividend of RMB 3.5000 per 10 shares is proposed for 2025, amounting to RMB 1,010,797,403.70[4]. - The proposed cash dividend for 2024 is RMB 9.8169 per 10 shares, compared to RMB 9.8974 per 10 shares in 2023, indicating a slight decrease in the dividend payout[173]. Financial Position and Liabilities - As of December 31, 2024, total liabilities amounted to RMB 21,240.2 million, an increase from RMB 18,151.9 million as of December 31, 2023, with a debt-to-asset ratio of 26.4% compared to 24.6% in the previous year[32]. - The company reported a significant reduction in current bank borrowings, which decreased by 65.6% to RMB 1,278.6 million in 2024 from RMB 3,721.6 million in 2023[45]. - The total amount of liabilities related to derivative financial instruments decreased by 59.7% to RMB 202.0 million in 2024 from RMB 501.9 million in 2023[45]. Strategic Initiatives and Future Outlook - The company aims to enhance its capabilities and scale globally to empower pharmaceutical innovation[63]. - The company is focused on attracting and retaining top talent by reforming its reward and incentive systems, providing real promotion opportunities, and offering competitive compensation packages[97]. - The company will continue to invest heavily in new drug development technologies, focusing on various new molecular types such as peptides, oligonucleotides, PROTACs, and conjugated drugs[95]. - The overall revenue forecast for 2025 is projected to be between RMB 415 billion and RMB 430 billion[14]. Risks and Challenges - The company faces risks from a potential decline in demand for pharmaceutical R&D services, which could negatively impact its business if industry growth slows or outsourcing ratios decrease[101]. - The company is exposed to regulatory risks due to the highly regulated nature of the pharmaceutical R&D services industry, requiring timely adjustments to its business strategies[102]. - The company acknowledges the increasing competition in the global pharmaceutical R&D services market, which may weaken its competitive advantages if not addressed[104].