Financial Performance - Everest Medicines achieved a revenue of RMB 706.7 million for the year 2024, exceeding the target of RMB 700 million[11]. - Revenue increased significantly by RMB 580.7 million or 461% to RMB 706.7 million for the year ending December 31, 2024, compared to RMB 125.9 million for the year ended December 31, 2023, driven by strong sales growth of Yijia® and successful launch of Naifukang® in mainland China[23]. - As of December 31, 2024, the net loss narrowed to RMB 685.0 million from RMB 792.5 million in the previous year, attributed to strong product sales and improved operational efficiency[21]. - The company recorded a net loss of RMB 1,041.4 million for the year ended December 31, 2024, compared to RMB 844.5 million for the year ended December 31, 2023[77]. - The adjusted loss for the year narrowed from RMB 713.6 million for the year ended December 31, 2023, to RMB 537.6 million for the year ending December 31, 2024, primarily due to the exclusion of one-time and non-recurring losses related to intangible asset impairment and non-cash expenses[22]. Product Development and Approvals - The innovative drug, NaimuKang®, was successfully included in the 2024 National Reimbursement Drug List, enhancing affordability for approximately 5 million patients with IgA nephropathy in China[10]. - In May 2024, NaimuKang® was approved for market launch in mainland China, marking a significant breakthrough in the treatment of IgA nephropathy[11]. - NaimuKang® also received new drug approvals in Singapore, Hong Kong, Taiwan, and South Korea in 2024, indicating substantial progress in the company's strategic layout in the Asian market[11]. - The clinical trial for EVER001, a covalent reversible BTK inhibitor, has shown positive results in treating primary membranous nephropathy, with approximately 2 million patients in China and 80,000 in Europe[14][16]. - Nefecon® received approval from the Hong Kong Department of Health for treating adult patients with primary IgA nephropathy at risk of disease progression, marking the fourth region to approve the drug after Macau, mainland China, and Singapore[27]. Market Strategy and Positioning - The company continues to deepen its dual-driven growth strategy, focusing on strengthening its commercialization operations and advancing its global product pipeline[11]. - The company is well-positioned in the nephrology treatment sector, further solidifying its leadership status in the market[11]. - The company plans to leverage the unique position of Naimu Kang® as the only IgA nephropathy treatment in the national medical insurance catalog, expecting significant sales growth and improved patient adherence[15]. - The company aims to enhance its global influence in biopharmaceuticals through strategic collaborations for EVER001, which has orphan drug status in the US and EU, indicating higher pricing potential[16]. - The company is actively exploring market expansion into other Asian regions, including Taiwan and South Korea, to benefit more IgA nephropathy patients[66]. Operational Efficiency - Everest Medicines' operational efficiency was highlighted by its ability to exceed revenue targets, demonstrating the effectiveness of its dual-driven strategy[11]. - Total operating expenses (including general and administrative, R&D, and distribution and selling expenses) as a percentage of revenue decreased by 561.8 percentage points, indicating improved operational efficiency[23]. - Operating expenses as a percentage of sales decreased by 561.8 basis points, indicating improved operational efficiency[76]. - Research and development expenses for the year ending December 31, 2024, were RMB 528.0 million, slightly down from RMB 540.1 million for the year ended December 31, 2023, reflecting continued strategic investment in various product lines[23]. Clinical Trials and Research - The mRNA product pipeline includes the personalized tumor vaccine EVM16, which is set to begin clinical trials in August 2024, with the first patient treated in March 2025[15][17]. - The company plans to announce the one-year follow-up data for the Phase 1b/2a clinical trial in 2025[33]. - The clinical trial data for EVER001 capsules showed that 81.8% of patients in the low-dose group achieved clinical remission after 36 weeks of treatment[32]. - EVER001 demonstrated good overall safety and tolerability, with no clinically significant adverse events observed that are typically associated with irreversible BTK inhibitors[32]. - The Phase III clinical study of Etrasimod for ulcerative colitis showed significant clinical and statistical improvements, with treatment differences in clinical remission rates reaching 20.4%[39]. Financial Position and Cash Flow - Cash and cash equivalents, along with bank deposits, totaled RMB 1,603.3 million as of December 31, 2024[21]. - The net cash generated from investing activities for the year ended December 31, 2024, was RMB 974.4 million, primarily due to net cash inflow from the sale of bank deposits of RMB 1,178.5 million[100]. - The company faced foreign exchange risk due to certain borrowings and trade payables denominated in non-functional currencies, but had no significant foreign currency risk apart from foreign currency-denominated borrowings as of December 31, 2024[111]. - The current ratio was 2.54, down from 7.63 as of December 31, 2023, indicating a decrease in liquidity[104]. - The company had no pledged assets as of December 31, 2024, as the previously pledged land for the Jiaxing manufacturing facility has been released[109]. Employee and Governance - As of December 31, 2024, the total number of employees in the group is 665, an increase from 432 in 2023, with 98.6% of sales coming from the largest customer[128][133]. - The total compensation cost for the group for the year ending December 31, 2024, is RMB 586.6 million, up from RMB 474.9 million in 2023[131]. - The group has no significant disputes with customers or suppliers as of December 31, 2024[134]. - The company has established service contracts with all executive directors for an initial period of three years, automatically renewing every three years thereafter[153]. - The company has no management contracts for the majority of its business operations as of December 31, 2024[158].
云顶新耀(01952) - 2024 - 年度业绩