Financial Performance - The company's revenue for the year ending December 31, 2024, was RMB 3,723.78 million, a decrease of 40.84% compared to the previous year[3]. - EBITDA for the same period was RMB 1,070.42 million, down 61.01% year-over-year[3]. - Profit attributable to equity holders was RMB 482.71 million, a decline of 75.78% from RMB 1,992.62 million in the previous year[3]. - The basic and diluted earnings per share for the year ending December 31, 2024, were RMB 0.55[3]. - Total revenue for 2024 reached RMB 3,723,783,000, compared to RMB 6,294,585,000 in 2023, indicating a decrease of approximately 40%[8]. - Gross profit for 2024 was RMB 2,794,058,000, down from RMB 4,985,764,000 in 2023, reflecting a decline of about 44%[8]. - Operating profit for 2024 was RMB 674,469,000, significantly lower than RMB 2,354,198,000 in 2023, representing a decrease of around 71%[8]. - Net profit attributable to the parent company for 2024 was RMB 482,712,000, compared to RMB 1,992,624,000 in 2023, a drop of approximately 76%[8]. - Basic earnings per share for 2024 were RMB 0.55, down from RMB 2.26 in 2023, indicating a decline of about 76%[8]. Revenue Growth and Product Development - The company launched five self-developed insulin products, generating revenue of RMB 136.53 million, a significant increase of 101.14% year-over-year[4]. - The new drug line represented by Emtricitabine achieved revenue of RMB 89.49 million, marking a substantial growth of 120.06% compared to the previous year[5]. - The company has made significant breakthroughs in new drug development, solidifying its competitive advantage in the hepatitis C treatment market[5]. - The company is focusing on market expansion and brand building through various sales strategies, including increased advertising investment[4]. - The company has ongoing research and development projects that have been capitalized, contributing to the overall development expenses[35]. Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 7,395,812,000, compared to RMB 6,691,273,000 in 2023, showing an increase of approximately 10%[9]. - Current assets totaled RMB 5,033,403,000 in 2024, up from RMB 6,053,056,000 in 2023, reflecting a decrease of about 17%[9]. - Cash and cash equivalents were RMB 1,403,777,000 in 2024, compared to RMB 1,674,413,000 in 2023, indicating a decline of approximately 16%[9]. - The total liabilities increased from 4,332,220 thousand RMB in 2023 to 2,840,531 thousand RMB in 2024, which is a decrease of approximately 34.4%[10]. - The total assets decreased from 9,588,684 thousand RMB in 2023 to 8,412,109 thousand RMB in 2024, representing a decline of approximately 12.2%[10]. Research and Development - The company reported a significant increase in research and development expenses, totaling RMB 493,443,000 in 2024, compared to RMB 192,287,000 in 2023, an increase of about 157%[8]. - Research and development expenses totaled RMB 687.23 million, accounting for 18.46% of revenue, an increase of 103.77% year-over-year[74]. Market Strategy and Competitive Position - The company is focusing on precision medicine and personalized treatment as core innovation directions in response to evolving healthcare needs[43]. - The group has strengthened its market position with its core product, Kewai (Oseltamivir Phosphate), maintaining a leading position in the domestic antiviral market and enhancing brand recognition through targeted marketing strategies[48]. - The group is actively expanding its sales channels to grassroots medical institutions, aiming to enhance Kewai's market share and brand influence among pediatricians and parents[49]. - The company is leveraging national centralized procurement policies to provide high-quality diabetes treatment medications at competitive prices[53]. Financial Management and Governance - The company has not declared or paid dividends for the years ending December 31, 2023, and December 31, 2024[41]. - The company confirms compliance with corporate governance standards as per the listing rules throughout the reporting period[100]. - The audit committee has reviewed the company's annual performance announcement and financial statements prepared in accordance with international financial reporting standards[104]. Mergers and Acquisitions - The company is in the process of merging with Guangdong Dongyang Pharmaceutical, which will result in the company being delisted from the stock exchange and its assets being absorbed by Guangdong Dongyang Pharmaceutical[106]. - The merger agreement was established on May 10, 2024, pending the fulfillment of certain conditions[106]. - The company will issue H shares to Guangdong Dongyang Pharmaceutical as part of the merger process, which will be listed on the main board of the stock exchange[107]. Customer Concentration and Revenue Sources - The company had four customers contributing over 10% of total revenue, generating approximately RMB 1,894,720,000 in 2024, down from RMB 3,533,998,000 in 2023, indicating a decrease of about 46.3%[19]. - The company has a diversified customer base, with significant revenue contributions from a few key clients, highlighting the importance of customer concentration risk[19].
东阳光长江药业(01558) - 2024 - 年度业绩