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 the year was RMB 2,659.7 million, reflecting a decrease of 1.5% year-on-year[4]. - The basic earnings per share for the year were RMB 146.39, down 1.5% from the previous year[3]. - Gross profit decreased to RMB 6,082,391 thousand in 2024 from RMB 6,334,837 thousand in 2023, reflecting a decline of about 3.98%[13]. - The company reported a net profit of RMB 2,657,821 thousand for 2024, down from RMB 2,700,845 thousand in 2023, indicating a decrease of approximately 1.6%[13]. - The revenue breakdown for 2024 includes RMB 2,658,691 thousand from intermediate products, RMB 6,372,683 thousand from active pharmaceutical ingredients, and RMB 4,727,563 thousand from formulation products[30]. - The segment profit before R&D expenses for 2024 was RMB 4,009,219 thousand, compared to RMB 4,112,034 thousand in 2023, indicating a decrease of about 2.5%[30][32]. - R&D expenses for 2024 totaled RMB 890,757 thousand, an increase from RMB 757,248 thousand in 2023, reflecting a rise of approximately 17.6%[34]. - The company reported a pre-tax profit of RMB 3,288,898 thousand for 2024, compared to RMB 3,344,148 thousand in 2023, showing a decrease of about 1.65%[32]. - The total other income for 2024 was RMB 356,929 thousand, significantly higher than RMB 212,475 thousand in 2023, representing an increase of about 67.9%[33]. - The company’s external customer revenue from the Chinese market was RMB 11,115,585 thousand in 2024, slightly down from RMB 11,124,265 thousand in 2023, a decrease of about 0.08%[32]. - The company’s net profit attributable to shareholders was RMB 2,659,700,000, a decrease of 1.5% year-on-year, with earnings per share at RMB 146.39[62]. - The company’s formulation product segment saw a significant profit decline of 47.0%, primarily due to price reductions from national drug procurement policies[62]. Dividends and Shareholder Returns - The company declared a total annual dividend of RMB 56.0 per share, representing a 7.7% increase compared to the previous year[3]. - The total dividend declared for 2024 was RMB 726,733,000, consistent with the previous year's total of RMB 726,811,000, indicating stability in dividend distribution[39]. Assets and Liabilities - The total assets increased to RMB 17,060,503 thousand in 2024 from RMB 14,390,448 thousand in 2023, marking a growth of about 18.6%[14]. - Non-current assets rose to RMB 9,762,356 thousand in 2024, compared to RMB 7,229,979 thousand in 2023, an increase of approximately 35%[14]. - The company’s total assets rose to approximately RMB 25,833,100,000 from RMB 21,017,200,000 in 2023, while total liabilities increased to RMB 11,397,800,000 from RMB 8,269,600,000[65]. - The company’s accounts payable for trade and supplier financing arrangements amounted to RMB 2,088,785,000, a decrease from RMB 2,238,152,000 in 2023[13]. Investments and Expenditures - The company invested approximately RMB 2,858,081,000 in property, plant, and equipment in 2024, significantly higher than RMB 1,143,439,000 in 2023, representing an increase of about 150%[41]. - The company has committed to capital expenditures of RMB 2,147,126,000 for property, plant, and equipment that have been contracted but not yet provided for in the financial statements[45]. - The company recorded a depreciation expense of RMB 579,883,000 for property, plant, and equipment in 2024, compared to RMB 536,303,000 in 2023, reflecting an increase of about 8.1%[39]. Research and Development - The company has 8 Class 1 new drug projects in clinical stages, including several high-value products[5]. - The company is actively pursuing new drug projects for overseas licensing to provide comprehensive treatment options globally[5]. - The company has established a comprehensive R&D system, including multiple platforms for biological, chemical, and innovative drug development[59]. - The company invested approximately RMB 985,500,000 in drug research and development, with R&D expenses increasing by 21.9% year-on-year[59]. - The company has 45 new human drug products in development, including 22 Class 1 new drugs focusing on endocrine, metabolism, autoimmune, ophthalmology, and anti-infection fields[59]. Market Expansion and Partnerships - The company has secured 6 overseas registrations for its animal health products and is expanding its international market presence[8]. - Strategic partnerships have been formed with various domestic and international partners to enhance the company's global footprint[8]. - The company achieved record overseas revenue in its intermediates and raw materials business, enhancing its international brand recognition[9]. Corporate Governance and Management - The company has adopted and complied with the corporate governance code as per the Stock Exchange Listing Rules, with some deviations noted[72]. - There is currently no Chief Executive Officer, and the company plans to appoint one at an appropriate time[73]. - The audit committee, consisting of three independent non-executive directors, reviewed the consolidated financial statements for the year ending December 31, 2024[75]. - The board of directors includes six executive directors and three independent non-executive directors as of the announcement date[77]. Compliance and Accounting Standards - The group has adopted revised Hong Kong Financial Reporting Standards effective from January 1, 2024, including HKFRS 16 regarding lease liabilities and HKAS 1 for classifying liabilities as current or non-current[17]. - The adoption of these amendments did not have a significant impact on the consolidated financial statements[22]. - The group has not early adopted any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective[23]. Legal Matters - The group is involved in a lawsuit to recover approximately RMB 340,000,000 in unpaid receivables, with a court ruling on December 28, 2024, ordering Chengdu Evergrande to pay approximately RMB 136,300,000[69].
联邦制药(03933) - 2024 - 年度业绩