Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately RMB 5,804.66 million, a decrease of 25.40% compared to RMB 7,781.44 million for the year ended December 31, 2023[5]. - Net profit attributable to shareholders of the parent company was approximately RMB 948.95 million, a decline of 58.17% from RMB 2,268.81 million in the previous year[6]. - The company achieved a net profit of RMB 238.62 million in the fourth quarter, a quarter-on-quarter increase of 12.99%[10]. - Adjusted net profit attributable to shareholders was RMB 803.07 million, a decrease of 65.12% compared to 2023[49]. - The proposed dividend for 2024 is RMB 11.00 per 10 shares, down from RMB 18.00 per 10 shares in 2023, indicating a reduction of 38.9%[148]. - The total proposed final dividend amount for 2024 is approximately RMB 390,367,340, a decrease of 39.2% from RMB 641,939,094 in 2023[148]. - Basic and diluted earnings per share for the year were RMB 2.69, compared to RMB 6.26 in 2023, reflecting a decline of 57.0%[152]. Revenue Breakdown - Revenue from small molecule CDMO services was RMB 4,570.73 million, with a year-on-year growth of 9.23% after excluding large orders[10]. - The company's overseas business revenue for the reporting period was RMB 4,284.75 million, a decrease of 32.46% year-on-year, primarily due to the conclusion of large orders[13]. - Revenue from U.S. clients amounted to RMB 3,370.91 million, with an 18.41% year-on-year increase when excluding large orders. The European market saw a significant revenue increase of 101.33% year-on-year[13]. - Emerging business revenue was RMB 1,226.37 million, reflecting a year-on-year increase of 4.80%, with a gross margin of 21.18% for the year[21]. - Domestic revenue reached RMB 1,519.91 million, an increase of 5.75% compared to 2023[49]. - Revenue from clinical stage projects was RMB 1,766.78 million, reflecting a year-on-year increase of 17.97%[51]. Cost and Profitability - The gross profit margin for the reporting period was approximately 41.03%, down 9.86 percentage points from 50.89% in the same period last year[6]. - The gross margin for domestic operations in China was 19.90%, down 2.60 percentage points, while the gross margin for overseas operations was 48.52%, down 8.81 percentage points[61]. - The company's total gross margin for 2024 is 41.06%, a decrease of 9.86 percentage points compared to 2023, primarily due to the conclusion of large orders[55]. - Revenue from the main business decreased by 25.44% in 2024, while the cost of main business decreased by 10.46%[55]. Research and Development - R&D expenditure for the year ending December 31, 2024, was RMB 614.49 million, accounting for 10.59% of total revenue, with plans for continued proportional investment in R&D[32]. - Research and development expenses for 2024 were RMB 614,490,000, a decrease of 13.2% from RMB 707,863,000 in 2023[152]. - The company has published 47 research papers in leading international journals, with 14 papers having an impact factor exceeding 10, showcasing its commitment to technological innovation[31]. - The company is committed to increasing R&D investment to establish a robust R&D platform that promotes cross-departmental collaboration in process, engineering, and equipment[101]. Operational Developments - The company expanded its customer base by adding over 200 new CDMO business clients in 2024[12]. - The company completed nearly 200 projects in the formulation CDMO business, with a year-on-year increase of approximately 30% in backlog orders[23]. - The company has established multiple R&D centers and production facilities in China, the USA, and the UK, with the addition of its first European production and R&D base by December 31, 2024[33]. - The company has successfully developed several internationally recognized patented technologies, which have been applied in commercial manufacturing[91]. Corporate Governance - The roles of Chairman and CEO are held by the same individual, Dr. Hao Hong, which the board believes does not compromise the balance of power and authority within the company[106]. - The board will continue to review the effectiveness of the corporate governance structure to assess the necessity of separating the roles of Chairman and CEO[107]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[104]. Share Repurchase and Capital Management - The company has successfully repurchased a total of 12,300,701 A-shares, accounting for 3.6161% of the total A-share capital, with a total payment of RMB 999,644,601.56[111]. - The company is conducting a share repurchase plan approved by shareholders on February 29, 2024, using its own funds for employee stock ownership and capital reduction[110]. - The company completed the cancellation of 7,122,703 shares, representing 1.94% of the total share capital[150]. Future Outlook and Strategy - The company plans to continue investing in new technology development and business cultivation despite the challenges faced in the emerging business sector[11]. - The company aims to deepen relationships with major clients and diversify its customer base across various regional markets, focusing on both existing and new clients[20]. - The company is actively seeking investments to enrich its service offerings and expand its overseas presence, focusing on commercial production of APIs for multinational companies[95]. - The company aims to enhance its market leadership in the small molecule CDMO sector by leveraging its strong reputation, advanced R&D platforms, and high-quality customer service[88].
凯莱英(06821) - 2024 - 年度业绩