Financial Performance - Revenue for the year ended December 31, 2024, reached HKD 1,399,969, representing a 32.9% increase from HKD 1,053,034 in 2023[2] - Gross profit increased by 36.6% to HKD 753,355, up from HKD 551,311 in the previous year[2] - Profit attributable to owners of the company surged by 457.5% to HKD 93,099, compared to HKD 16,698 in 2023[2] - Basic and diluted earnings per share rose by 456.7% to HKD 15.81, up from HKD 2.84 in the prior year[2] - Operating profit for the year was HKD 113,142, significantly up from HKD 43,553 in 2023[4] - The total comprehensive income for the year was HKD 124,663,000, compared to HKD 127,582,000 in the previous year, a slight decrease of about 2%[8] - The company reported a profit of HKD 93,099,000 for the year, which is a recovery from a loss in the previous period[8] - The group recorded revenue of HKD 1,399,969,000 for the fiscal year ending December 31, 2024, a significant increase of 32.9% compared to HKD 1,053,034,000 in the previous year[33] - Gross profit reached HKD 753,355,000, up 36.6% from HKD 551,311,000 last year, with a gross margin improvement from 52.4% to 53.8%[36] - The group achieved a net profit attributable to shareholders of HKD 93,099,000 for 2024, a substantial improvement from HKD 16,698,000 in 2023[39] Dividends - The board proposed a final dividend of HKD 0.025 per share, an increase from HKD 0.01 in 2023[2] - The company declared an interim dividend of HKD 0.020 per share, totaling HKD 11,777,000, compared to HKD 0.008 per share and HKD 4,711,000 in the previous year[26] - The company plans to propose a final dividend of HKD 0.025 per share, totaling HKD 14,721,000, compared to HKD 5,888,000 in the previous year[27] - The board of directors proposed a final dividend of HKD 0.025 per share for the year 2023, an increase from HKD 0.010 per share in the previous year[55] - The final dividend will be distributed on June 16, 2025, pending shareholder approval at the annual general meeting[59] Assets and Liabilities - Non-current assets decreased to HKD 1,833,281 from HKD 2,234,040 in 2023[6] - Current liabilities increased to HKD 771,254 from HKD 648,818 in the previous year[6] - Total equity attributable to the company's owners decreased from HKD 2,038,955,000 in 2023 to HKD 1,651,799,000 in 2024, a decline of approximately 19%[7] - Total equity decreased from HKD 1,960,598,000 in 2023 to HKD 1,548,906,000 in 2024, representing a decline of about 21%[8] - The total assets of the group for 2024 were HKD 2,617,866,000, a decrease from HKD 2,890,667,000 in 2023[19] - The total liabilities for 2024 increased to HKD 1,068,960,000 from HKD 930,069,000 in 2023[19] Research and Development - Research and development expenses increased to HKD 83,829,000 in 2024 from HKD 96,804,000 in 2023, indicating a focus on innovation[14] - The group invested a total of HKD 193,085,000 in research and development, representing 13.8% of annual revenue, down from 20.9% in the previous year[37] - The company is currently developing multiple assets in key therapeutic areas including cardiovascular health, women's health, pediatrics, rare diseases, dermatology, and obstetrics, with several projects in late-stage development[42] Market and Sales Performance - Over 90% of the group's revenue in 2024 was derived from operations in the People's Republic of China[18] - The sales of newly introduced products increased significantly, with sales of "布累迪寧®" rising by 24.5% to HKD 133,800,000 and "芮舒延®" soaring by 143.4% to HKD 20,700,000[34] - The group’s proprietary products showed strong performance, with sales of "立騰菁®" increasing by 130.4% to HKD 192,700,000[34] Operational Challenges and Strategies - The company is facing significant challenges due to the inclusion of products in the national medical insurance plan, leading to profit declines and increased operational costs[53] - The company is implementing strict cost control measures to enhance operational efficiency in response to profit pressure from drug procurement policies[54] - The company continues to focus on innovation and optimizing its product portfolio to overcome challenges and ensure long-term growth[35] Corporate Governance - The annual general meeting is scheduled for May 22, 2025, to discuss shareholder matters[56] - The company will suspend share transfer registration from May 19, 2025, to May 22, 2025, to determine eligible shareholders for the annual general meeting[57] - The independent auditor has reviewed the preliminary performance announcement, confirming consistency with the audited financial statements[65] - The company will publish its annual report for the year ending December 31, 2024, on its website and the designated exchange website[66] - The board of directors includes Chairperson Li Xiaofang and Executive Director Li Yeni[67] - The company has independent non-executive directors including Chen Youzheng, Jiang Qihua, and Zhan Huaqiang[67] - The meeting was held on March 27, 2025, indicating ongoing corporate governance and transparency efforts[67]
李氏大药厂(00950) - 2024 - 年度业绩