Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 782.5 million, a 48.3% increase from RMB 527.8 million in 2023[4] - Gross profit for the same period was RMB 559.9 million, up 45.4% from RMB 385.0 million in the previous year, with a gross margin of 71.6%[4] - The company achieved a net profit of RMB 100.3 million, a significant turnaround from a loss of RMB 78.7 million in 2023, representing a 227.3% increase[4] - The company’s non-IFRS adjusted net profit reached RMB 124.0 million, reflecting a substantial increase of 1,663.0% from RMB 7.0 million in the previous year[4] - The company reported a profit before tax of RMB 100,256,000 for the year ended December 31, 2024, compared to a loss of RMB 78,734,000 in 2023[46] - The net profit attributable to equity holders for 2024 was RMB 100.3 million, compared to a loss of RMB 78.7 million in 2023[51] - The basic earnings per share for 2024 was RMB 0.3101, a significant improvement from a loss of RMB 0.24 per share in 2023[51] - The company recorded a net loss of RMB 43.6 million for the reporting period, compared to a net loss of RMB 15.8 million for the year ended December 31, 2023, primarily due to fair value changes of investments[148] Revenue Breakdown - Revenue from neurovascular intervention products accounted for 67.7% of total revenue, with a 38.4% increase in sales compared to 2023, driven by key products like the Silver Snake intracranial support catheter[5] - Revenue from peripheral vascular intervention products surged by 74.5%, attributed to expanded market access and increased hospital penetration[6] - The geographical revenue breakdown shows that revenue from China was RMB 759,899,000, a 48.1% increase from RMB 513,482,000 in 2023[39] - Revenue from neurovascular intervention devices reached RMB 528,511,000, up 38.6% from RMB 381,799,000 in 2023[33] - Revenue from peripheral vascular intervention devices increased by 74.8% to RMB 252,419,000 from RMB 144,653,000 in 2023[33] Product Development and Launches - The company launched 47 products in the Chinese market, establishing a distribution network covering over 3,000 hospitals and clinical use of over 800,000 medical devices[8] - The company introduced several key products in 2024, including the ZYLOX Penguin venous stent system and the ZYLOX Unicorn vascular suturing device[17] - The company launched 40 medical device products in the Chinese market since early 2021, averaging five new products every six months[14] - The company has a comprehensive product portfolio with 66 products and candidates strategically positioned, of which 47 are commercially available in China[83] - The company has successfully launched several innovative products to meet unmet clinical needs, including the CRD thrombectomy stent and ZYLOX Penguin venous stent system[173] Research and Development - R&D expenses decreased by 10.6% to RMB 233.2 million in 2024, compared to RMB 261.0 million in 2023, due to more products entering the market[18] - Research and development expenses decreased by 10.6% from RMB 261.0 million for the year ended December 31, 2023, to RMB 233.2 million for the year ended December 31, 2024, primarily due to a reduction in employee benefits expenses[140] - The company anticipates additional six neurovascular intervention products to be approved by the National Medical Products Administration by the end of 2027[89] - The company is actively promoting the BADDASS thrombectomy technique, which stands for Balloon guide with large bore Distal access catheter with Dual Aspiration with Stent-retriever as Standard approach[91] Operational Efficiency - Sales and distribution expenses as a percentage of total revenue decreased from 31.0% in 2023 to 22.3% in 2024[18] - Administrative expenses decreased from RMB 114.1 million in 2023 to RMB 91.0 million in 2024, indicating improved operational efficiency[82] - The company continues to focus on enhancing operational efficiency while driving organic revenue growth[70] - The company aims to enhance operational efficiency and profitability in response to industry dynamics, including volume-based procurement and diagnosis-related group payment standards[174] International Business - International business revenue reached RMB 22.6 million, a 58.2% increase from the previous year, primarily from Europe and Asia[12] - The company is committed to long-term international growth by allocating resources to R&D, regulatory affairs, and production, and establishing logistics facilities in Europe[13] - The company is actively participating in international academic conferences to enhance brand recognition and showcase its quality products[12] - The company's international business generated revenue of RMB 226 million in 2024, representing a 58.2% increase compared to the same period in 2023, primarily from Europe and Asia[76] Financial Position - The company’s cash and cash equivalents decreased to RMB 418.1 million in 2024 from RMB 1,086.6 million in 2023[21] - The total assets increased to RMB 3,452.6 million in 2024 from RMB 3,375.7 million in 2023[22] - The company’s total equity increased to RMB 3,101.0 million in 2024 from RMB 3,047.4 million in 2023[22] - The total available financial resources decreased from RMB 2,577.1 million as of December 31, 2023, to RMB 2,509.6 million as of December 31, 2024, with cash and cash equivalents dropping by 61.5%[155] - The company's borrowings amounted to RMB 87.0 million, an increase from RMB 50.0 million as of December 31, 2023[158] Market Trends and Future Outlook - The company is expanding its product offerings in the peripheral vascular intervention market with new drug-coated balloon catheters expected to be launched in the coming years[86] - The company anticipates that the auxiliary embolization stent will be launched by 2025, with positive feedback from clinical trials[99] - The company has eight products that have received CE marking in the European Economic Area[83] - The company has five products approved in the UAE region, with multiple products also approved in countries including Germany and the UK[83] Corporate Governance - The company has adopted corporate governance practices in accordance with the Corporate Governance Code, ensuring compliance with applicable rules and principles[180] - The audit committee, consisting of three independent non-executive directors, has reviewed the annual financial performance for the year ending December 31, 2024, confirming compliance with relevant accounting standards[184] - The auditor, PwC, has confirmed that the figures in the announcement align with the audited consolidated financial statements for the year ending December 31, 2024[185]
归创通桥-B(02190) - 2024 - 年度业绩