Financial Performance - For the year ended December 31, 2024, the company's revenue was RMB 2,967,235,000, an increase of approximately 14.6% compared to RMB 2,590,115,000 for the year ended December 31, 2023[4] - The profit attributable to equity shareholders for the year ended December 31, 2024, was RMB 910,458,000, reflecting a growth of about 16.1% from RMB 784,534,000 in the previous year[4] - Basic and diluted earnings per share for the year ended December 31, 2024, were approximately RMB 1.11 and RMB 1.09, respectively, representing increases of about 12.1% and 11.2% compared to RMB 0.99 and RMB 0.98 in 2023[4] - Total comprehensive income for the year ended December 31, 2024, was RMB 917,551,000, compared to RMB 786,315,000 in 2023[6] - The gross profit for the year ended December 31, 2024, was RMB 2,242,102,000, compared to RMB 1,921,678,000 in 2023, indicating a significant increase[5] - The operating profit for the year ended December 31, 2024, was RMB 1,045,060,000, up from RMB 884,967,000 in the previous year[5] - The group reported a net profit before tax of RMB 1,020,106,000 in 2024, up from RMB 863,703,000 in 2023, marking a growth of 18.1%[20] - The group’s financing costs increased to RMB 24,888,000 in 2024 from RMB 21,264,000 in 2023, reflecting a rise of 17.3%[20] - The company reported a total tax expense of RMB 102,732,000 for 2024, compared to RMB 77,149,000 in 2023, reflecting a 33.1% increase[33] Revenue Breakdown - Revenue from nephrology drugs for the year ended December 31, 2024, was RMB 1,996,274,000, up from RMB 1,741,298,000 in 2023, showing strong growth in this segment[12] - Revenue from Customer A in 2024 reached RMB 817,775,000, an increase of 14.6% from RMB 714,038,000 in 2023[14] - Revenue from Customer B in 2024 was RMB 373,734,000, up 26% from RMB 296,666,000 in 2023[14] - The nephrology division generated sales revenue of approximately RMB 1.99 billion, with a year-on-year growth of about 14.5%[69] - The leading product, Uremic Clear Granules, maintained steady growth with sales revenue of approximately RMB 1.88 billion, reflecting a year-on-year increase of about 13.9%[69] - The imaging division's sales revenue reached approximately RMB 170 million, marking a year-on-year growth of 9.0%[69] - The women's and children's division achieved sales revenue of RMB 360 million, a significant year-on-year increase of approximately 23.3%[70] - The Yulin Pharmaceutical division reported sales revenue of approximately RMB 440 million, with a year-on-year growth of about 12.1%[70] Dividends - The company proposed a final dividend of HKD 0.3 per share for the year ended December 31, 2024[4] - The interim dividend declared and paid per ordinary share was HKD 0.3, an increase from HKD 0.15 in 2023, totaling RMB 229,827,000 for 2024 compared to RMB 109,068,000 in 2023[37] - The proposed final dividend per ordinary share remained at HKD 0.3, resulting in a total of RMB 235,302,000 for 2024, compared to RMB 221,122,000 in 2023[37] - The total dividends payable to equity shareholders for the year amounted to RMB 465,129,000, up from RMB 330,190,000 in 2023, reflecting a significant increase[37] Assets and Liabilities - The company's total assets as of December 31, 2024, were RMB 4,551,313,000, an increase from RMB 4,278,080,000 in 2023[7] - The net asset value increased to RMB 4,393,052,000 as of December 31, 2024, compared to RMB 3,918,712,000 in the previous year[8] - Reportable segment assets increased to RMB 5,851,628,000 in 2024, compared to RMB 5,488,737,000 in 2023, reflecting a growth of 6.6%[20] - Reportable segment liabilities decreased to RMB 1,385,354,000 in 2024 from RMB 1,482,510,000 in 2023, a reduction of 6.6%[20] - The total lease liabilities as of December 31, 2024, were RMB 13,829,000, up from RMB 8,116,000 in 2023[64] Employee and Operational Costs - Employee costs rose to RMB 593,172,000 in 2024, up 22.7% from RMB 483,508,000 in 2023[4] - The group's distribution costs in 2024 were RMB 981,576,000, an increase of approximately 15.2% from RMB 852,206,000 in 2023, primarily due to increased market investment for OTC brand building[83] - The company’s inventory costs rose to RMB 733,040,000 in 2024, an increase of 9.7% from RMB 668,437,000 in 2023[28] Research and Development - The company completed several significant R&D milestones, including the approval of Gadopentetate Dimeglumine Injection and the submission of a listing application for Octafluoropropane Lipid Microspheres[71] - The company has established collaborations for new drug research, including a partnership with WuXi AppTec for the innovative nephrology drug SK-08, which has received clinical trial approval[72] - The company aims to increase R&D investment and promote technological innovation to ensure product and service leadership[77] Cash Flow and Financing - The net cash generated from operating activities in 2024 was RMB 1,086,987,000, an increase of approximately 32.7% compared to RMB 818,973,000 in 2023[92] - As of December 31, 2024, the group's cash and bank balances were RMB 3,865,682,000, an increase of approximately 7.9% from RMB 3,583,204,000 in 2023[93] - The total financing cash flow changes for the year included a net decrease of RMB 285,533,000 in bank loans[62] Compliance and Governance - The management continuously monitors operational, financial, and compliance risks, adapting policies in response to national pharmaceutical industry developments[108] - There were no significant legal or regulatory violations related to the group's operations for the year ending December 31, 2024[110] Future Outlook - The average sales growth rate for the five-year financial forecast is projected at 8.3%, with a 2023 estimate of 11.2%[47] - The company is focusing on enhancing its brand presence through advertising on mainstream channels and social media, aiming for sustainable growth in its retail business[70] - The company is advancing its Xinjiang production base phase II project, expected to commence production in Q2 2025, enhancing overall production capacity[74]
康臣药业(01681) - 2024 - 年度业绩