Financial Performance - The total revenue for the year 2024 was approximately RMB 13,758.9 million, showing a slight increase of 0.1% compared to 2023[3] - The profit attributable to the company's owners for 2024 was RMB 2,659.7 million, reflecting a decrease of 1.5% year-on-year[3] - The basic earnings per share for 2024 were RMB 146.39, down 1.5% from the previous year[3] - The gross profit for 2024 was RMB 6,082,391 thousand, down from RMB 6,334,837 thousand in 2023, indicating a decrease of about 3.98%[14] - The company achieved a net profit of RMB 2,657,821 thousand for 2024, compared to RMB 2,700,845 thousand in 2023, reflecting a decline of approximately 1.6%[14] - The company’s net profit attributable to shareholders for 2024 was RMB 2,659,704,000, a slight decrease from RMB 2,701,350,000 in 2023, representing a decline of about 1.5%[46] - The company reported a pre-tax profit of RMB 3,288,898 thousand for the fiscal year ending December 31, 2024, compared to RMB 3,344,148 thousand in 2023, reflecting a decrease of about 1.66%[35] - The total tax expenses for 2024 amounted to RMB 631,077,000, compared to RMB 643,303,000 in 2023, reflecting a decrease of approximately 1.9%[41] Dividends and Shareholder Returns - The company declared a total annual dividend of RMB 56.0 per share, an increase of 7.7% compared to the previous year, with a payout ratio of 38.3%[5] - The company declared a total dividend of RMB 726,733,000 for the year ending December 31, 2024, slightly lower than RMB 726,811,000 in 2023[44] Research and Development - The company has 8 Class 1 new drug projects in clinical stages, including several high-value products, and is actively advancing its R&D efforts[6] - The company has entered into an exclusive licensing agreement with Novo Nordisk for the self-developed product UBT251, marking a significant milestone in its R&D progress[12] - R&D expenses for the year amounted to RMB 890,757 thousand, up from RMB 757,248 thousand in 2023, indicating an increase of approximately 17.6%[38] - The company invested approximately RMB 985,500,000 in drug research and development, with R&D expenses increasing by 21.9% year-on-year[68] - The company has established a comprehensive R&D system, including multiple platforms for biological, chemical, and innovative drug research, as well as clinical studies and external collaborations[68] - The company has initiated several key clinical trials for new drugs, including TUL01101 and UBT251, with significant milestones achieved in 2024[69] Market Expansion and Strategic Initiatives - The company has signed a strategic cooperation agreement with New Zealand Riverland Foods Ltd. to enter the high-end pet food market in China[9] - The company has obtained 6 overseas registration approvals for its animal health products and aims to expand its market presence in Southeast Asia, Latin America, the Middle East, and Africa[9] - The company achieved record overseas revenue in its intermediates and raw materials business, enhancing its global brand recognition[10] - The company plans to enhance its core industry advantages and strengthen vertical integration while optimizing its diversified business layout and resource allocation to accelerate international market expansion[12] - The company aims to maintain its leading position in the industry amidst ongoing healthcare reforms and demographic changes in China, which are expected to drive market growth[12] Financial Position and Assets - The total assets as of December 31, 2024, amounted to RMB 17,060,503 thousand, an increase from RMB 14,390,448 thousand in 2023, showing a growth of about 18.6%[15] - The company’s cash and cash equivalents rose to RMB 6,329,841 thousand in 2024, up from RMB 4,261,989 thousand in 2023, marking an increase of approximately 48.5%[15] - The company’s total equity increased to RMB 14,435,240 thousand in 2024 from RMB 12,747,618 thousand in 2023, reflecting a growth of about 13.2%[17] - The company’s total assets increased to approximately RMB 25,833,100,000, compared to RMB 21,017,200,000 in 2023, while total liabilities rose to RMB 11,397,800,000 from RMB 8,269,600,000[74] Operational Efficiency - The company reported a decrease in selling and distribution expenses to RMB 1,402,483 thousand in 2024 from RMB 1,593,799 thousand in 2023, a reduction of approximately 11.97%[14] - The company’s financial costs decreased to RMB 34,958 thousand in 2024 from RMB 66,896 thousand in 2023, a reduction of approximately 47.8%[40] - The company’s employee costs, including director remuneration, rose to RMB 1,827,993,000 in 2024 from RMB 1,648,745,000 in 2023, an increase of about 10.9%[44] - The inventory cost recognized in expenses for 2024 was RMB 7,692,205,000, compared to RMB 7,361,854,000 in 2023, representing an increase of approximately 4.5%[44] Corporate Governance and Compliance - The group has adopted revised Hong Kong Financial Reporting Standards effective from January 1, 2024, which include HKFRS 16 regarding lease liabilities and HKAS 1 for classifying liabilities as current or non-current[20] - The group has retrospectively applied new accounting policies for classifying liabilities as current or non-current, with no significant impact on the consolidated financial statements[23] - The company has adopted and complied with the corporate governance code as per the Stock Exchange Listing Rules, with a commitment to high standards of corporate governance[81] - There is currently no Chief Executive Officer, and the company plans to appoint one at an appropriate time[82] - The audit committee, consisting of three independent non-executive directors, reviewed the consolidated financial statements for the year ending December 31, 2024[84] Legal Matters - The company is involved in a lawsuit to recover approximately RMB 340,000,000 in unpaid receivables from Chengdu Evergrande, with a court ruling on December 18, 2024, ordering payment of approximately RMB 136,300,000[78]
联邦制药(03933) - 2024 - 年度业绩