Financial Performance - In 2024, the company achieved a total sales revenue of approximately RMB 5.266 billion, a decrease of 9.6% year-on-year; in HKD, the revenue was about HKD 5.773 billion, down 10.7% year-on-year, with a gross profit margin of 50.4%, a decline of 5.6 percentage points [3]. - The net profit for 2024 was approximately HKD 1.061 billion, representing a year-on-year decrease of 19.5% [3]. - The company's revenue for the year ended December 31, 2024, was HKD 5,773,251, a decrease of approximately 10.7% compared to HKD 6,463,009 in 2023 [20]. - Gross profit for 2024 was HKD 2,908,262, down from HKD 3,619,639 in 2023, indicating a decline of about 19.6% [20]. - The operating profit decreased to HKD 1,343,500 in 2024 from HKD 1,638,901 in 2023, reflecting a reduction of approximately 17.9% [20]. - The total comprehensive income for the year 2024 was HKD 877,973, down from HKD 1,202,341 in 2023, indicating a decline of approximately 27% [21]. - Basic earnings per share for 2024 were HKD 0.3582, compared to HKD 0.4441 in 2023, reflecting a decrease of about 19.4% [21]. - The company's profit before tax for 2024 was HKD 1,281,603,000, a decrease of 19.1% from HKD 1,583,569,000 in 2023 [44]. - The actual tax expense for 2024 was HKD 205,995,000, down 19.0% from HKD 254,281,000 in 2023 [44]. - Profit attributable to equity holders decreased by 19.5% to HKD 1,061,150,000 for the year ending December 31, 2024, with a net profit margin dropping from 20.4% to 18.4% [68]. Dividend and Shareholder Returns - The company declared a final dividend of HKD 0.095 per share, with a total annual dividend of HKD 0.175 per share, an increase of 2.9% year-on-year [4]. - The company proposed a final dividend of HKD 0.095 per share for 2024, down from HKD 0.100 per share in 2023 [51]. - The total dividend declared for 2024 was HKD 517,844,000, slightly up from HKD 504,807,000 in 2023 [51]. - The company has adopted a dividend policy to consider paying two dividends annually, with an interim dividend of HKD 0.08 per share declared for the year ending December 31, 2024, compared to HKD 0.07 per share in 2023 [85]. Market and Product Development - The company completed 44 generic names and 56 specifications for market access approvals in 2024, with 13 generic names and 14 specifications approved in over 30 provinces [6]. - The company actively expanded its market presence through strategic partnerships and product innovation in the pharmaceutical packaging materials sector, enhancing market penetration and coverage [9]. - The company achieved an export volume of approximately 118 million bottles (bags) in 2024, representing an 11% year-on-year growth, with export sales amounting to approximately HKD 178 million, a 9% increase year-on-year [10]. - The company has submitted 131 product approval applications, including 76 for new liquid and solid formulations and 27 for raw materials, with several products being the first of their kind in the domestic market [12]. - The company has successfully passed consistency evaluations for 117 varieties and 156 specifications, enhancing its product structure and market accessibility [14]. - The company is actively developing innovative drugs, with its self-developed Class I new drug SYN045 currently undergoing Phase I clinical trials [12]. Research and Development - Research and development costs for 2024 were HKD 466,925,000, slightly decreased from HKD 471,076,000 in 2023 [40]. - The company has applied for 88 patents and was granted 51 patents in 2024, with a total of 552 patent applications and 340 granted patents to date [14]. - The company has made significant progress in the development of complex formulations, establishing technology platforms for sustained release and lipid-based formulations [13]. - Research and development costs were approximately HKD 265,969,000, a decrease of 8.2% from HKD 289,748,000 in 2023, due to savings in raw materials and other direct R&D costs [64]. Financial Position and Assets - Non-current assets increased to HKD 7,542,759 thousand in 2024 from HKD 6,842,219 thousand in 2023, representing a growth of approximately 10.3% [22]. - Current liabilities decreased significantly from HKD 2,521,440 thousand in 2023 to HKD 1,820,950 thousand in 2024, a reduction of about 27.8% [22]. - Total assets less current liabilities rose to HKD 10,782,730 thousand in 2024, up from HKD 9,444,896 thousand in 2023, indicating an increase of approximately 14.2% [22]. - Non-current liabilities increased to HKD 3,247,080 thousand in 2024, compared to HKD 2,176,204 thousand in 2023, reflecting a growth of around 49.3% [23]. - The company's total equity reached HKD 7,535,650 thousand in 2024, up from HKD 7,268,692 thousand in 2023, marking an increase of approximately 3.7% [23]. - The company's cash and cash equivalents decreased from HKD 1,615,208 thousand in 2023 to HKD 1,257,702 thousand in 2024, a decline of about 22.1% [22]. - Inventory levels increased slightly from HKD 1,086,282 thousand in 2023 to HKD 1,109,462 thousand in 2024, representing a growth of approximately 2.1% [22]. - Trade receivables rose to HKD 2,226,355 thousand in 2024 from HKD 2,177,050 thousand in 2023, an increase of about 2.3% [22]. Corporate Governance and ESG - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules, except for the separation of the roles of Chairman and CEO, which are held by the same individual, Mr. Qu Jiguang [82]. - The company emphasizes the importance of environmental sustainability and social responsibility, integrating ESG considerations into daily operations [83]. - The company acknowledges the increasing focus of investors and stakeholders on ESG matters and aims to operate responsibly and sustainably [83]. Operational Efficiency - Sales and distribution costs significantly reduced by 25.4% to HKD 1,143,425,000, reflecting improved efficiency in sales channels and increased sales through centralized procurement [62]. - The company incurred a financial cost of HKD 126,881,000 in 2024, slightly higher than HKD 125,413,000 in 2023 [39]. - The net financial costs for the year ending December 31, 2024, increased by 2.8% to HKD 88,390,000 compared to HKD 85,942,000 in 2023 [66]. Future Outlook - The company aims to achieve a sales volume target of 2.15 billion infusion products by 2025, representing a growth of about 6% compared to 2024 [16]. - The group plans to strengthen its clinical business team and focus on the market development of several key products, including Azithromycin tablets and others, to enhance market presence [16]. - The company targets a revenue growth rate of 20% for its raw material drug segment by 2025, focusing on high-value specialty products [17]. - The group aims to obtain 98 various national approvals by 2025, including 33 for liquid formulations and 26 for solid formulations [18].
石四药集团(02005) - 2024 - 年度业绩