KEXING BIOPHARM CO.(SH:688136)2025-04-10 13:45Financial Performance - The company achieved operating revenue of CNY 1,406,925,448.30 in 2024, representing a year-on-year increase of 11.75% compared to CNY 1,259,035,602.11 in 2023[23]. - The net profit attributable to shareholders of the listed company turned from a loss of CNY 190,290,325.13 in 2023 to a profit of CNY 31,480,893.13 in 2024[23]. - The net cash flow from operating activities increased to CNY 106,669,736.41 in 2024, compared to a negative cash flow of CNY -87,135,344.61 in 2023[23]. - The basic earnings per share improved to CNY 0.16 in 2024, up from a loss of CNY -0.96 in 2023[24]. - The company's total assets increased by 4.33% to CNY 3,162,234,528.16 at the end of 2024, compared to CNY 3,031,093,090.30 at the end of 2023[23]. - The company's total revenue for the year reached 1,406.93 million RMB, representing a year-on-year growth of 11.75%[36]. - The net profit attributable to shareholders was 31.48 million RMB, with a net profit of 35.25 million RMB after excluding non-recurring gains and losses, marking a positive turnaround from losses[36]. - The gross margin for pharmaceutical products was 68.84%, a decrease of 2.01 percentage points compared to the previous year[93]. - Domestic sales revenue was CNY 1,179.03 million, with a gross margin of 72.94%, reflecting a decrease of 1.16 percentage points[93]. - Export sales revenue increased by 61.96% year-on-year to CNY 224.37 million, with a gross margin of 50.54%[93]. Research and Development - Research and development expenses accounted for 14.14% of operating revenue in 2024, a decrease of 13.25 percentage points from 27.39% in 2023[24]. - The total R&D investment for the year is approximately ¥198.93 million, a decrease of 42.31% compared to the previous year, with the proportion of R&D investment to operating income dropping by 13.25 percentage points to 14.14%[68]. - The company has established a comprehensive biopharmaceutical R&D system, focusing on unmet clinical needs in oncology, immunology, and degenerative diseases[125]. - The company is currently conducting multiple R&D projects, including a modified version of interferon α1b and a pegylated granulocyte-stimulating factor, both in Phase III clinical trials[126]. - The company has a comprehensive and controllable R&D system, covering drug discovery, preclinical research, clinical research, and industrialization, with five major technology platforms[53]. - The company has multiple innovative drug projects focused on key disease areas, with several projects currently in the process development stage[73]. Market Expansion and Sales - The company has established a strong market position, with "Sairuo Jin®" maintaining the top market share in domestic short-acting interferon and "Yipuding" ranking second in erythropoietin market share[49]. - The company has achieved a leading market share in several segments, including ranking first in the domestic market for its short-acting interferon product[40]. - The company has established a marketing network covering approximately 8,000 hospitals in China and has achieved market access in over 70 countries, including the EU and Brazil[76]. - The company has made substantial progress in its internationalization strategy, with successful market entries in the EU and other emerging markets[37]. - The company is advancing the registration and listing process for over 120 applications in more than 60 countries to expand overseas market growth points[146]. - The company is focused on maintaining and increasing market share for existing products through refined management and diversified sales channels[149]. Corporate Governance - The board of directors consists of 7 members, including 3 independent directors and 3 female directors, ensuring diverse representation[157]. - The company has established a robust governance structure with clear responsibilities among the shareholders, board, supervisors, and management[157]. - The supervisory board comprises 3 members, including 1 employee representative, effectively overseeing the company's operations and financial status[158]. - The company actively engages with investors through various channels, including performance briefings and analyst meetings, to ensure transparent communication[159]. - The company has implemented a comprehensive information disclosure system, ensuring timely and accurate reporting to all shareholders[158]. - The company has established specialized committees, including the audit committee, nomination committee, remuneration and assessment committee, and strategic committee[177]. Risk Management - The company has outlined potential risks in its operations, which are detailed in the report[5]. - The company faces risks related to the loss of core technical personnel, which could impact operational stability, and is implementing measures to protect its commercial secrets and core technologies[82]. - The company relies on overseas suppliers for key raw materials, which poses a risk of supply disruptions or price increases due to global economic uncertainties[83]. - The company anticipates future operational funding needs for fixed assets, R&D, and sales, which may expose it to liquidity risks if macroeconomic or industry conditions change adversely[85]. Strategic Initiatives - The company plans to distribute a cash dividend of RMB 0.8 per 10 shares, totaling approximately RMB 15.82 million, which represents 50.26% of the net profit attributable to shareholders for the fiscal year 2024[7]. - The company is implementing a second employee stock incentive plan in 2024, aiming to boost overseas sales revenue and enhance employee motivation[46]. - The company is committed to enhancing its R&D capabilities, with ongoing clinical projects for various innovative drugs and a focus on AI tools to accelerate drug development processes[150][152]. - The company is focusing on improving quality and efficiency as part of its strategic action plan for 2024[175]. - The company plans to issue stock to specific targets, reflecting ongoing capital raising efforts[175]. - The company is considering strategic acquisitions to enhance its market position, with a budget of $100 million earmarked for potential deals[164].