Financial Performance - The company reported a revenue of RMB 3,778,043,000 for the fiscal year ending December 31, 2024, representing a decrease of 16.4% year-on-year[3]. - The annual profit was RMB 840,052,000, a decline of 13.4% compared to the previous year[3]. - In 2024, the overall sales revenue decreased by approximately 16.4% to RMB 3,778,043,000, while net profit fell by 13.4% to RMB 840,052,000[11]. - The gross profit margin was 75.0%, slightly down from 75.1% in the previous year[3]. - The gross profit for the same period was RMB 2,831,749, down 16.6% from RMB 3,394,119 in 2023[61]. - Basic earnings per share decreased to RMB 1.11 from RMB 1.28, reflecting a drop of 13.3%[61]. - The profit attributable to the company's owners for 2024 was RMB 840,052,000, a decrease of approximately 13.4% compared to 2023[55]. - The effective tax rate for the group increased to 26.7% in 2024 from 21.8% in 2023, primarily due to increased withholding tax from profit distributions[54]. Dividend Information - The company declared a first interim dividend of RMB 0.36 per share, with a total dividend payout of RMB 0.47 per share for the fiscal year, resulting in a payout ratio of 42.3%[4]. - The board declared an interim dividend of RMB 0.36 per share, representing a 13.0% decrease compared to the previous year[12]. - The company declared a first interim dividend of RMB 0.43 per share for 2024, totaling RMB 324,822,000, compared to RMB 0.36 per share for 2025, totaling RMB 271,944,000[82]. Sales Performance - The total sales of essential medicines listed in the national essential drug catalog decreased by 22.7% to RMB 1,348,062,000, accounting for 35.7% of total sales[18]. - Injection products experienced a significant sales decline of 29.0%, with the sales of Qingkailing injection dropping by 40.8% to RMB 504,029,000[14]. - Oral products accounted for 66.4% of total sales, but overall sales decreased by 8.1% compared to the previous year[15]. - The sales of soft capsule products fell by 14.9%, primarily due to high base effects from the previous year[16]. - The sales of granule products decreased by 2.9%, with significant declines in pediatric cough granules and cold relief granules[17]. - The sales of traditional Chinese medicine granules fell by 9.3% to RMB 1,090,116,000, accounting for 28.9% of the group's total sales in 2024[22]. - The sales of cardiovascular injection prescription drugs decreased by 23.8% to RMB 627,280,000, accounting for 16.6% of total sales, with only the sales of Shenmai injection increasing by 10.6% to RMB 207,751,000[28]. - The sales of respiratory prescription drugs for the group amounted to RMB 745,758,000, a decrease of 32.3%, accounting for 19.7% of total sales[26]. Research and Development - The company is actively adjusting its product structure and increasing R&D for high-efficiency, low-cost, and quality drugs in response to healthcare cost control policies[6]. - The group invested 2.7% of total sales revenue in R&D, focusing on modern traditional Chinese medicine for chronic diseases[35]. - The company reported a decrease in research and development costs to RMB 100,522 from RMB 110,462, a reduction of 9.0%[61]. - The group is advancing clinical trials for innovative drugs, with two products, "Sai-Luo-Tong capsules" and "JC capsules," completing phase III trials and expected to submit for production approval by the end of the year[33]. - The group aims to develop innovative traditional Chinese medicines targeting cardiovascular diseases, pediatric diseases, and gynecological diseases, leveraging its strengths in these areas[35]. Market Strategy and Expansion - The company aims to enhance management and operational efficiency while adapting to market changes and seizing opportunities from national procurement policies for traditional Chinese medicine[9]. - The company plans to continue focusing on innovation, quality, and collaboration to drive the transformation and high-quality development of the traditional Chinese medicine industry[10]. - The group plans to expand its market development efforts, increasing the number of provinces targeted from 4 to 10 by 2025[24]. - The company's market expansion efforts are supported by favorable national policies aimed at promoting traditional Chinese medicine innovation and development[41]. - The group has developed into one of the largest producers of traditional Chinese medicine granules in the country, ranking among the top five publicly listed companies in this sector[23]. Financial Position - As of December 31, 2024, the group's cash and structured deposits amounted to approximately RMB 6,140,153,000, an increase from RMB 5,888,776,000 in 2023[56]. - Trade receivables rose to RMB 908,115, a significant increase of 19.8% from RMB 758,205 in 2023[62]. - Non-current assets totaled RMB 1,443,007, slightly up from RMB 1,419,263 in 2023[62]. - The company reported trade payables of RMB 367,046,000 in 2024, a decrease from RMB 484,791,000 in 2023[85]. - The aging analysis of trade receivables showed that RMB 853,487,000 was within six months, down from RMB 1,041,352,000 in 2023[84]. Compliance and Governance - The company maintained compliance with the corporate governance code, with a clear division of responsibilities between the chairman and the president[92]. - The audit committee reviewed the audited financial performance for the year ended December 31, 2024[94]. - Deloitte has verified the figures in the preliminary announcement against the audited consolidated financial statements approved by the board on March 28, 2025, but did not provide any assurance or verification conclusion on the preliminary announcement[95].
神威药业(02877) - 2024 - 年度业绩