Financial Performance - The company recorded a total revenue of RMB 2,679.67 million for the year ended December 31, 2024, representing an increase of RMB 44.76 million or 1.70% compared to the previous year[2]. - The net profit attributable to shareholders was approximately RMB 420.45 million, while the net profit excluding non-recurring items was RMB 379.10 million, remaining relatively stable compared to the previous year[2]. - The gross profit for the year was RMB 1,868.79 million, with a gross margin of approximately 69.9%[5]. - The group's profit before tax for 2024 reached RMB 810,788,000, an increase from RMB 781,162,000 in 2023, reflecting a growth of approximately 3.2%[38]. - The total tax expense for 2024 was RMB 89,902,000, a decrease from RMB 95,991,000 in 2023, indicating a reduction of about 6.5%[42]. - The overall gross profit margin for the group was 69.74%, a slight decrease of 0.60 percentage points from 70.34% in 2023[115]. - Profit attributable to ordinary equity holders was approximately RMB 420.45 million, an increase of about RMB 4.33 million or 1.04% compared to 2023[120]. Research and Development - Research and development expenses amounted to approximately RMB 238.93 million, an increase of RMB 18.83 million or 8.56%, accounting for 8.92% of total revenue (2023: 8.35%) [2]. - Research and development costs increased to RMB 238,929,000 in 2024 from RMB 220,098,000 in 2023, representing an increase of about 8.6%[38]. - The company plans to focus on four rapidly developing treatment areas: medical aesthetics, wound care, ophthalmology, and orthopedics, enhancing R&D and service capabilities[107]. Dividends and Share Repurchase - The board proposed a final dividend of RMB 0.60 per share (2023: RMB 1.00 per share) for the year ended December 31, 2024[2]. - The proposed final dividend for 2024 is RMB 0.60 per share, down from RMB 1.00 per share in 2023, with total proposed dividends amounting to RMB 138,023,000[43]. - The company repurchased a total of 2,492,100 H-shares during the year, with a cumulative total of 10,446,700 H-shares repurchased since March 2020[12]. - The company completed the first round of A-share repurchase from August 2023 to August 2024, acquiring a total of 2,015,674 A-shares[13]. - A second round of A-share repurchase is planned from November to December 2024, with an expected total of 492,746 A-shares to be repurchased[13]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB 6,255.50 million, a slight decrease from RMB 6,389.55 million in 2023[9]. - The company’s cash and bank balances stood at RMB 2,629.31 million, down from RMB 2,739.99 million in the previous year[8]. - Total current assets were approximately RMB 3,658.27 million, a decrease of about RMB 91.87 million or 2.45% compared to 2023[121]. - Total current liabilities increased to approximately RMB 865.89 million, an increase of about RMB 149.94 million or 20.94% compared to 2023[123]. - The total liabilities amounted to approximately RMB 1,204.35 million, with a debt-to-asset ratio of 16.91%, an increase of 1.60 percentage points from 15.31% in 2023[128]. Revenue Breakdown - Revenue from mainland China was RMB 2,245,880 thousand in 2024, up from RMB 2,181,814 thousand in 2023, indicating a growth of about 2.9%[31]. - Medical beauty and wound care products generated RMB 1,189,225 thousand in revenue for 2024, up from RMB 1,052,801 thousand in 2023, marking an increase of about 12.9%[35]. - The revenue breakdown for 2024 shows that hyaluronic acid products contributed RMB 737.86 million (62.05% of total revenue), hEGF products contributed RMB 188.37 million (15.84%), and RF and laser equipment contributed RMB 262.99 million (22.11%)[75]. - The company's ophthalmic products generated revenue of RMB 853.42 million in the reporting period, a decrease of RMB 71.23 million or 7.70% compared to the previous year[84]. Market Position and Strategy - The market share of the hEGF product "Kanghesu" was 26.91% in 2023, maintaining its position as the second-largest in the domestic market[72]. - The company plans to continue expanding its product lines and enhancing service quality to increase market share amid ongoing reforms in the healthcare sector[67]. - The company is actively developing high-end artificial lens products with innovative processing techniques, including multifocal and extended depth of focus lenses[90]. - The company has secured exclusive distribution rights for high-end corneal reshaping lenses in mainland China, enhancing its product matrix and market responsiveness[93]. Regulatory and Compliance - The financial statements are prepared in accordance with International Financial Reporting Standards, with all values presented in Renminbi (RMB) rounded to the nearest thousand[18]. - The company has adopted revised accounting standards for the first time in this fiscal year, with no significant impact on its financial position or performance[21]. - The group plans to apply new and amended IFRS standards when they become effective[23].
昊海生物科技(06826) - 2024 - 年度业绩