Financial Performance - Revenue decreased by RMB 81.7 million or 1.3% to RMB 6,061.4 million for the year ended December 31, 2024[2] - EBITDA increased by RMB 114.2 million or 5.5% to RMB 2,191.7 million for the year ended December 31, 2024[2] - Gross profit decreased by RMB 160.0 million or 3.8% to RMB 4,044.2 million, with a gross margin of 66.7%[2] - Profit before tax increased by RMB 139.1 million or 19.9% to RMB 839.2 million for the year ended December 31, 2024[2] - Net profit attributable to shareholders decreased by RMB 60.7 million to RMB 471.9 million for the year ended December 31, 2024[2] - Earnings per share decreased to RMB 12.54 from RMB 14.29 for the year ended December 31, 2024[2] - Total comprehensive income for the year increased to RMB 657.1 million from RMB 569.6 million[4] - Other comprehensive income included a foreign exchange gain of RMB 43.9 million for the year ended December 31, 2024[4] Assets and Liabilities - Total non-current assets decreased from RMB 16,304,093 thousand in 2023 to RMB 14,787,433 thousand in 2024, a decline of approximately 9.3%[5] - Current assets decreased from RMB 13,308,107 thousand in 2023 to RMB 10,703,282 thousand in 2024, representing a decrease of about 19.2%[5] - Total liabilities increased from RMB 10,769,142 thousand in 2023 to RMB 11,962,221 thousand in 2024, an increase of approximately 11.0%[6] - Net assets increased from RMB 18,843,058 thousand in 2023 to RMB 17,352,908 thousand in 2024, a decrease of about 7.9%[6] - The company's total equity rose from RMB 13,528,494 thousand in 2023 to RMB 15,753,670 thousand in 2024, an increase of approximately 16.4%[6] - The company's cash and cash equivalents decreased significantly from RMB 3,238,973 thousand in 2023 to RMB 62,000 thousand in 2024, a drop of about 98.1%[5] Revenue Breakdown - Total revenue for the year ending December 31, 2024, reached RMB 6,061,441 thousand, a slight decrease from RMB 6,143,078 thousand in 2023, representing a decline of approximately 1.3%[19] - The cardiovascular segment generated revenue of RMB 2,084,631 thousand in 2024, down from RMB 2,122,380 thousand in 2023, reflecting a decrease of about 1.8%[19] - The oncology drug sales amounted to RMB 1,766,617 thousand in 2024, compared to RMB 1,917,536 thousand in 2023, indicating a decline of approximately 7.9%[19] - Research and development service revenue totaled RMB 77,000 thousand in 2024, slightly down from RMB 81,550 thousand in 2023, a decrease of about 5.5%[19] Expenses and Costs - The total administrative expenses for 2024 were RMB 581,962 thousand, a decrease from RMB 643,967 thousand in 2023, reflecting a reduction of about 9.6%[19] - The company’s financial costs decreased to RMB 561,785 thousand in 2024 from RMB 675,454 thousand in 2023, representing a reduction of approximately 16.8%[19] - The total tax expense for the year was RMB 161,023 thousand in 2024, down from RMB 194,211 thousand in 2023, a decrease of approximately 17%[36] Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[149] - The company has complied with all applicable corporate governance code provisions as of December 31, 2024[150] - The audit committee reviewed and approved the annual performance and consolidated financial statements for the reporting period[153] - The annual general meeting of shareholders is scheduled for May 28, 2025, with a suspension of share transfer registration from May 23 to May 28, 2025[148] Research and Development - The company has established R&D centers in China, the USA, and Europe, with over 20 domestic and more than 10 international products in development[57] - The R&D team consists of 649 employees, including 58 PhDs and 318 Master's degree holders, as of December 31, 2024[79] - The company is investing in four strategic therapeutic areas: oncology, central nervous system, cardiovascular, and metabolism, with 23 products in various stages of development in China[80] Product Approvals and Market Position - The product "Liposomal Paclitaxel" has been included in the 2024 National Medical Insurance Drug List, effective January 1, 2025[62] - "Beyound" (Bevacizumab Injection) has received approval for multiple cancer treatments and is under review for market authorization in Brazil[63] - The company has launched Rykindo, a long-acting injectable formulation for schizophrenia, which is the only marketed injectable risperidone microsphere in China as of December 31, 2024[71] - The flagship antipsychotic drug, Erzofri, has a projected market sales of $3.125 billion in the U.S. for 2024, highlighting significant market potential with limited competition[119] Strategic Partnerships and Collaborations - The group entered into a partnership with Health元 for the exclusive rights to develop and commercialize BA2101 in mainland China for respiratory diseases[110] - The group has formed a strategic partnership with Myung In Pharm for the exclusive sales rights of the Mindo transdermal patch in South Korea[110] - The company has strong partnerships with over 50 global partners, expanding its market reach across 80 countries and regions[108] Future Outlook - The group anticipates that the launch of five new oncology products will generate over RMB 1 billion in annual revenue increase and has long-term market potential exceeding RMB 5 billion[117] - The company aims to deepen its domestic and international market presence while actively seeking third-party collaboration opportunities for sustainable growth[123] - The overall gross margin is expected to gradually improve with the introduction of high-priced new products, while management efficiency will be enhanced to reduce unnecessary expenses[126]
绿叶制药(02186) - 2024 - 年度业绩