Financial Performance - The company reported total revenue of RMB 1,369.2 million for the year ending December 31, 2024, representing a 6.4% increase compared to RMB 1,287.4 million in 2023[4] - Net profit attributable to the company's owners was RMB 138.6 million, an increase of RMB 18.8 million from RMB 119.8 million in 2023[4] - The basic earnings per share increased to RMB 0.68 from RMB 0.60 in 2023[4] - In 2024, the company achieved a net profit of RMB 138.6 million, representing a year-on-year growth of 15.7%, with a gross margin of 79.00% (up 2.05%) and a net margin of 10.12% (up 0.82%) [10] - Sales revenue from products increased from RMB 1,218.5 million in 2023 to RMB 1,299.0 million in 2024, reflecting a growth of 6.6%[19] - Gross profit rose by 9.2% from RMB 990.7 million in 2023 to RMB 1,081.7 million in 2024, with a gross margin increase from 77.0% to 79.0%[22] - Other income and gains increased by 171.4% from RMB 6.9 million in 2023 to RMB 18.7 million in 2024, primarily due to an increase in government subsidies[24] - Administrative expenses increased from RMB 59.9 million for the year ended December 31, 2023, to RMB 88.4 million for the year ended December 31, 2024, primarily due to a rise in professional consulting fees related to listing expenses by RMB 20.3 million[27] - R&D costs decreased from RMB 127.8 million for the year ended December 31, 2023, to RMB 108.9 million for the year ended December 31, 2024, mainly due to a reduction in labor costs by RMB 13.5 million as JY29-2 entered Phase III clinical trials[28] - Financial costs decreased from RMB 9.4 million for the year ended December 31, 2023, to RMB 7.1 million for the year ended December 31, 2024, attributed to a reduction in bank loan interest by RMB 2.3 million[30] - Income tax expenses increased from RMB 15.2 million for the year ended December 31, 2023, to RMB 30.0 million for the year ended December 31, 2024, mainly due to an increase in taxable income[31] - The company's net asset value increased significantly to RMB 1,518,011,000 in 2024 from RMB 897,892,000 in 2023, representing an increase of 68.9%[55] Product Development and Pipeline - Revenue from biopharmaceutical products reached RMB 1,077.3 million, accounting for over 78% of total revenue, with orthopedic product revenue growing over 19% year-on-year[6] - The company has established a product portfolio across four major therapeutic areas: orthopedics, metabolism, oncology, and hematology, focusing on innovative drug development and gene engineering technology [9] - The product JY29-2, a treatment for diabetes, is expected to be the first domestically approved product in its category, with an NDA submission anticipated in 2025 [12] - In the oncology and hematology sector, the company plans to accelerate clinical research for JY43-2, a subcutaneous injection product, and JY56, enhancing its product offerings in this area [13] - The company aims to complete the registration tests and animal studies for JY23 (a bone repair material) in 2025, followed by initiating clinical trials in China [11] - The innovative drug JY54 (long-acting insulin analog) is set to submit an IND application in 2025 [12] - The company plans to submit an NDA for JY29-2 (Jiyoutai) in the first half of 2026, following the completion of Phase I clinical trials[16] - The IND application for JY54, a new obesity treatment, is expected to be submitted in Q4 2025[16] - The company has a diverse product pipeline with nine marketed products and nine in development, covering key therapeutic areas [14] Market Expansion and Strategy - The company achieved a market coverage of 32.5% among targeted medical institutions in China by the end of 2024[6] - The company is expanding its market coverage in county-level hospitals, significantly increasing penetration rates[7] - The company signed exclusive licensing agreements for overseas markets, including a partnership with Kexing Bio for exclusive rights in major Latin American countries[8] - The company is preparing to jointly submit a Biologics License Application (BLA) to the US FDA for pegfilgrastim in collaboration with Nanjing Jianyou Biopharmaceutical[8] - The company plans to strengthen its market presence both domestically and internationally, with a focus on quality assurance and regulatory compliance [13] Corporate Governance and Compliance - The company has established an audit committee to oversee financial reporting and internal control systems, consisting of three independent non-executive directors[48] - The company has complied with all corporate governance code provisions since the listing date until December 31, 2024[44] - The company has adopted a code of conduct for directors and employees regarding insider trading, ensuring compliance with the listing rules[45] - The company has not encountered any violations of the standards set forth in the code of conduct by its employees during the reporting period[45] - The company operates under the corporate governance code as per the listing rules[97] Shareholder Information - The board proposed a final cash dividend of RMB 0.56 per share, totaling approximately RMB 13,742,332.8, which represents about 10% of the consolidated net profit attributable to shareholders for the fiscal year 2024[41] - The proposed final dividend payment is expected to be made around July 30, 2025, subject to approval at the annual general meeting[41] - The annual general meeting for shareholders is scheduled for June 11, 2025[50] - The company has a total issued share capital of 245,398,800 shares as of the date of the dividend proposal[41] Financial Position and Assets - As of December 31, 2024, the company held cash and cash equivalents of RMB 537.6 million, up from RMB 93.2 million as of December 31, 2023[32] - The company's total liabilities to total assets ratio improved to 21.1% as of December 31, 2024, compared to 31.3% as of December 31, 2023[32] - Current assets increased to RMB 1,409,974 thousand in 2024, compared to RMB 839,738 thousand in 2023, representing a growth of 67.8%[54] - Total non-current assets decreased to RMB 467,958 thousand from RMB 513,048 thousand, a decline of approximately 8.76%[54] - Non-current liabilities totaled RMB 63,326,000 as of December 31, 2024, compared to RMB 62,288,000 in 2023, reflecting a slight increase of 1.67%[55] - The company reported a lease liability of RMB 937,000 in 2023, which was eliminated in 2024[55] - Deferred tax liabilities decreased from RMB 19,561,000 in 2023 to RMB 16,501,000 in 2024, a reduction of 15.6%[55] - The total intangible assets increased from RMB 91,347 thousand in 2023 to RMB 157,816 thousand in 2024, a growth of 72.5%[87] Company Background and Structure - The company was established on December 31, 1993, and transitioned to a joint-stock company on December 5, 2023[95] - The company’s A-shares are listed on the Shenzhen Stock Exchange under the stock code 000963.SZ[94] - The company plans to list its H-shares on the Hong Kong Stock Exchange on November 28, 2024[96] - The company focuses on the research, development, production, and commercialization of biopharmaceuticals[57] - The company holds exclusive rights for the global development and commercialization of its pipeline products[16] - The company has only one reportable operating segment, indicating a streamlined operational focus[66]
九源基因(02566) - 2024 - 年度业绩