新华制药(000756) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 reached RMB 8,466,309,803.08, representing a 4.51% increase compared to RMB 8,100,844,707.33 in 2023[13]. - The total profit for 2024 was RMB 533,653,423.32, a slight increase of 0.18% from RMB 532,685,725.02 in the previous year[13]. - Net profit for 2024 decreased by 3.83% to RMB 486,714,573.88, down from RMB 506,107,025.01 in 2023[13]. - The income tax expense for 2024 increased significantly by 76.60% to RMB 46,938,849.44, compared to RMB 26,578,700.01 in 2023[13]. - The basic earnings per share for 2024 was RMB 0.69, a decrease of 6.76% from RMB 0.74 in 2023[13]. - The fully diluted earnings per share for 2024 is projected to be RMB 0.6814[14]. - The company's revenue for the year ended December 31, 2024, was RMB 8,466,310 thousand, an increase of 4.51% compared to 2023[126]. - The net profit attributable to shareholders for the same period was RMB 470,024 thousand, a decrease of 5.33% year-over-year, with basic earnings per share of RMB 0.69[126]. Assets and Liabilities - The company's total assets increased by 8.85% to RMB 9,019,601,567.53 at the end of 2024, compared to RMB 8,286,166,330.90 at the end of 2023[13]. - The net assets attributable to shareholders of the listed company rose by 9.63% to RMB 4,991,588,524.78, up from RMB 4,553,103,869.56 in 2023[13]. - The debt-to-asset ratio stands at 42.15%, calculated as total liabilities divided by total assets multiplied by 100%[182]. - The total capital debt ratio is 33.32%, and the net capital debt ratio is 8.38%, with total debt defined as total borrowings and net debt as total borrowings minus cash and cash equivalents[183]. - The company has sufficient bank credit lines available to meet liquidity needs, with total borrowings amounting to RMB 1,663,214,000 as of December 31, 2024[179]. Shareholder Information - The total number of shareholders increased from 76,496 at the end of 2024 to 78,450 by February 28, 2025[23]. - The total shares outstanding increased from 674.68 million to 682.41 million due to the stock option plan[21]. - The company plans to distribute a year-end dividend of RMB 0.25 per share to all shareholders based on a total share capital of 689,776,535 shares[8]. - The top ten shareholders held a total of 38.63 million restricted shares, accounting for 5.66% of the total share capital[23]. - The company’s basic earnings per share decreased from RMB 0.6971 to RMB 0.6891 after the share changes in 2024[21]. Employee and Management Information - The company has 7,296 employees as of December 31, 2024, with a total salary expenditure of RMB 743,487 million for the year[52]. - The largest group of employees is production personnel, totaling 4,060, followed by sales personnel at 946[53]. - The total shareholding of the vice president, Wei Changsheng, grew from 133,200 shares in 2023 to 242,000 shares in 2024, indicating an increase of about 82%[46]. - The company has maintained no changes in directors, supervisors, or senior management during the reporting period[50]. - Total remuneration for directors, supervisors, and senior management for 2024 is RMB 1,542.10 million[49]. Research and Development - The company obtained 36 drug approvals during the year, including 22 new formulation product approvals and 5 new raw material drug approvals, achieving a historical high[128]. - The company applied for 109 patents and received 57 authorized patents, marking a record achievement[128]. - The company achieved a total of 27 new product production approvals in 2024, including 22 formulation new products and 5 active pharmaceutical ingredients[158]. - The number of R&D personnel decreased by 2.47% to 828, with a notable increase of 32.52% in the number of master's degree holders[160]. Corporate Governance - The board of directors confirmed compliance with the corporate governance code for the year ending December 31, 2024[75]. - The board consists of 4 independent non-executive directors, including one with financial management expertise[77]. - The company has established an independent financial accounting system and management policies[61]. - The company has implemented a performance evaluation and incentive mechanism for senior management, focusing on work performance and adherence to board resolutions[65]. - The company emphasizes the importance of compliance with laws and regulations, ensuring the legality and safety of operations[68]. Market and Sales Performance - Revenue from the pharmaceutical formulation segment increased by 11.91% to RMB 4,072,208,527.22, while the chemical raw materials segment saw a decline of 12.31% to RMB 2,735,954,202.75[146]. - The sales volume of capsules surged by 33.51% to 82,935 thousand units, with production also increasing by 32.01%[149]. - The company is focusing on enhancing its marketing strategies and expanding its international market presence for its formulation products[135]. - The company achieved export revenue of USD 295,916 thousand in 2024, with measures in place to mitigate foreign exchange risk[183]. Internal Controls and Risk Management - The company has established internal controls that effectively cover 100% of the total assets and total revenue in the consolidated financial statements[71]. - The internal control self-assessment report indicates that there are no significant deficiencies in internal controls, achieving the company's internal control objectives[70]. - The company has established a fair pricing mechanism for related party transactions, ensuring no harm to minority shareholders[64]. - The company has implemented a stock option incentive plan, which was first granted on January 15, 2024, following the completion of the plan adopted in 2021[98].