Financial Performance - The total revenue for the year ended December 31, 2024, was approximately RMB 881,157,000, an increase of 4.7% from RMB 841,545,000 in the previous year[18]. - Profit attributable to owners of the Company increased to RMB 184,250,000 from RMB 148,207,000, representing a growth of 24.3%[18]. - Basic earnings per share rose to RMB 32.89 cents, up from RMB 26.45 cents, marking an increase of 24.5%[18]. - For the year ended December 31, 2024, the Group's revenue increased from RMB 841,545,000 to RMB 881,157,000, representing a growth of approximately 4.7%[38]. - The profit attributable to owners of the Company for the year increased from RMB 148,207,000 to RMB 184,250,000, reflecting a growth of about 24.3%[38]. - Basic earnings per share rose from RMB 26.45 cents last year to RMB 32.89 cents, an increase of approximately 24.4%[38]. - The Group recorded a revenue of approximately RMB 881,157,000 for the year ended December 31, 2024, an increase of 4.4% from RMB 841,545,000 in the previous year[65]. - Profit before income tax for 2024 was RMB 207,160,000, up from RMB 198,314,000 in 2023, indicating a growth of 4.4%[138]. - The profit attributable to owners of the Company for the year was RMB 184,250,000, compared to RMB 148,207,000 in 2023, reflecting a significant increase of 24.3%[138]. Market Strategy and Operations - The Company focused on maintaining market share for its leading product, Hai Kun Shen Xi Jiao Nang, while exploring new markets[20]. - The management emphasized enhancing sales through academic collaborations and participation in national nephrology conferences to stabilize clinical sales[20]. - The Company successfully navigated challenges such as market downturns and policy adjustments, achieving the goals set at the beginning of the year[19]. - Strong leadership and timely decisions from management were highlighted as key factors in the Company's performance[19]. - The Company aims to leverage its competitive advantages for new achievements in the coming years[19]. - The focus on drug quality and market sales orientation was emphasized as a strategy for future development[19]. - The Company emphasized sales and distribution to ensure steady growth of dominant products, particularly in injectable varieties[66]. Research and Development - The Company reported 22 drugs passing the consistency evaluation, with 10 drugs receiving drug registration approvals and 3 new drugs signed during the year[23]. - The Company strengthened its new drug research and development efforts, collaborating with multiple domestic pharmaceutical universities and institutions[23]. - The Group invested approximately RMB 37,324,000 in research and development projects during the year[57]. - The Company deployed a microscopic inspection system in its R&D and testing center, laying the groundwork for the development of traditional Chinese medicine varieties[64]. - New extraction equipment was added in the Traditional Chinese Medicine Extraction Workshop II, expanding production capacity and range[58]. - Thioctic Acid Injection, Furosemide Injection, Urapidil Hydrochloride Injection, and Levocarnitine API obtained registration approvals and have been put into commercial production, enriching the Company's product portfolio[59]. Financial Management and Investments - The expected annualized rate of return for wealth management products subscribed during the year was around 2%–2.5%, compared to 2.5%–3.25% in 2023[39]. - The Company held Wealth Management Products totaling approximately RMB93,265,000, with unrealized gains on fair value change amounting to approximately RMB3,265,000[43][44][45][50]. - The expected annualized return rates for the Wealth Management Products ranged from 2.00% to 2.5%, with the total initial investments being RMB90,000,000[44]. - The Group's investment in time deposits as of December 31, 2024, amounted to approximately RMB1,258,656,000, an increase from RMB937,003,000 in 2023[50]. - The subscriptions of Wealth Management Products were aimed at maximizing the utilization of surplus cash while maintaining high liquidity and low risk, with no losses experienced on these products as of December 31, 2024[47][51]. - The management has shifted investment strategies towards time deposits due to a decrease in principal guaranteed Wealth Management Products and an increase in long-term time deposit returns[48][51]. - A Risk Management Committee has been established to enhance the assessment and management of investments in Wealth Management Products and time deposits[49][52]. - The gain realized from Wealth Management Products for the year ended December 31, 2024, was approximately RMB3,265,000, compared to RMB608,000 in 2023[50][52]. - The Company will continue to seek opportunities to invest idle cash in appropriate Wealth Management Products to enhance overall earnings in the long run[47][51]. - The total unrealized gains on fair value change from Wealth Management Products represented approximately 0.79% to 1.66% of the Group's total assets as of December 31, 2024[44]. - The management considers the subscriptions to Wealth Management Products to be fair and reasonable, benefiting the Group and its shareholders[47][51]. Corporate Governance and Structure - The Company does not recommend the payment of a final dividend for the year[126]. - The Group's principal activity remains the manufacture and distribution of Chinese medicines and pharmaceutical products in the PRC[123]. - There were no changes in the nature of the Group's principal activities during the year[123]. - The Group's revenue is entirely generated from sales in the PRC, with all identifiable assets located in the PRC[124]. - As of December 31, 2024, the company's distributable reserves amounted to approximately RMB 1,404,720,000, an increase from RMB 1,244,158,000 in 2023[148]. - The group sold about 9.92% of its goods to its five largest customers in the year, up from 5.5% in 2023, with the largest customer accounting for 2.99% of total sales[149]. - Purchases from the five largest suppliers accounted for approximately 31.6% of total purchases, an increase from 28% in 2023, with the largest supplier representing 9.54% of total purchases[149]. - The group had no future plans for material investments or significant changes in capital assets of subsidiaries and affiliated companies as of December 31, 2024[142]. - The group's operations were primarily financed by shareholders' equity, with a treasury policy of placing cash in interest-bearing deposits[145]. - The group did not employ any financial instruments for hedging purposes due to minimal foreign exchange exposure[158]. - There were no capital commitments or material contingent liabilities as of December 31, 2024[159][160]. - The directors and supervisors of the company have service contracts or letters of appointment for a term of three years[168]. - The group did not purchase, sell, or redeem any of its listed securities during the year[170]. - No directors had a significant beneficial interest in any contracts of significance to the business of the group during the year[169]. - The Company has no provisions for pre-emptive rights under its articles of association or PRC laws[190]. - The Audit Committee reviewed the financial reporting procedures and internal control systems of the Group[193]. - The Company did not grant any rights to acquire shares to directors, supervisors, or chief executives during the year[181]. - The summary of the Group's results and assets for the last five financial years is available on page 124 of the annual report[195]. - The Company has no competing interests from its directors or significant shareholders[189]. Employee and Corporate Culture - The company has a total of 745 employees, with remuneration based on market conditions and individual performance[82]. - The company is committed to enhancing corporate culture and employee welfare to boost morale and teamwork[31]. - The company is committed to maintaining high environmental and social standards to ensure sustainable development[86].
吉林长龙药业(08049) - 2024 - 年度财报