WALVAX(SZ:300142)2025-04-11 11:40Financial Performance - In 2024, the company achieved a net profit attributable to shareholders of approximately ¥142.16 million, a decrease of 66.10% year-on-year[4]. - The company's operating revenue for 2024 was CNY 2,821,441,302.71, a decrease of 31.41% compared to CNY 4,113,772,327.17 in 2023[23]. - Net profit attributable to shareholders for 2024 was CNY 142,160,410.01, down 66.10% from CNY 419,390,211.20 in 2023[23]. - The net profit after deducting non-recurring gains and losses was CNY 108,396,074.77, representing an 81.10% decline from CNY 573,585,030.87 in 2023[23]. - The total assets at the end of 2024 were CNY 14,724,311,909.25, a decrease of 5.55% from CNY 15,588,869,273.40 at the end of 2023[23]. - The basic earnings per share for 2024 were CNY 0.0889, down 66.08% from CNY 0.2621 in 2023[23]. - The company reported a net cash flow from operating activities of CNY 1,036,524,527.50, which is an 8.58% decrease from CNY 1,133,768,797.73 in 2023[23]. - The company recognized a government subsidy of CNY 36,166,396.37 in 2024, down from CNY 96,239,713.99 in 2023[29]. - The fair value loss on financial assets was CNY -98,339,100.00 in 2024, compared to CNY -234,750,100.00 in 2023[29]. - The company’s weighted average return on equity for 2024 was 1.51%, down from 4.54% in 2023[23]. Business Operations - The company's overseas business generated revenue of approximately ¥570 million, representing a year-on-year growth of about 2.98%[5]. - The compound annual growth rate (CAGR) of the overseas business over the past three years reached 105%, becoming a significant support for the company's operating performance[6]. - The company operates in the pharmaceutical and biological products industry, which is a key strategic emerging industry supported by national policies[6]. - The company has implemented asset impairment testing and recognized related impairment losses due to declines in the stock price of Cayman San Nuo Pharmaceutical Co., Ltd. and other financial asset valuation changes[4]. - The company plans to distribute a cash dividend of ¥0.10 per 10 shares (tax included) to all shareholders, with no bonus shares issued[7]. - The company maintains a strong core competitiveness and good sustainability in its main business operations, with no significant risks to ongoing operations[6]. - The company is focused on innovation through self-development and mergers, aiming to launch new products that will drive future growth[6]. - The company emphasizes the importance of risk awareness regarding future plans and performance forecasts, clarifying that these do not constitute commitments to investors[6]. Vaccine Development and Market Position - The company achieved a sales revenue of 2,542.11 million yuan from its self-developed vaccines, accounting for 90.10% of the total annual revenue[50]. - The 13-valent pneumococcal conjugate vaccine continues to maintain the number one market share in China since 2021, with steady increases in domestic market coverage and vaccination rates[47]. - The company has successfully developed and launched 8 self-developed vaccine products, including the 13-valent pneumococcal conjugate vaccine and the bivalent HPV vaccine, with a total of 14 specifications[47]. - The company’s bivalent HPV vaccine actively supports the national "Accelerating the Elimination of Cervical Cancer Action Plan (2023-2030)" and participates in government procurement projects to enhance accessibility[48]. - The company’s new mRNA vaccine for the Omicron variant (XBB.1.5) received emergency use approval in December 2023, with ongoing efforts to register for market approval[48]. - The company has exported its vaccine products to 22 countries and regions, maintaining a leading position in export volume among Chinese vaccine companies (excluding COVID-19 vaccines)[46]. - The company has established a mature and stable bacterial vaccine technology platform and a recombinant protein vaccine technology platform, while gradually building mRNA and recombinant adenovirus vaccine technology platforms[47]. - The company’s self-developed vaccines have achieved significant sales growth despite increasing competition in the global vaccine industry[50]. - The company’s core management team has been optimized to enhance organizational vitality and support strategic transformation and long-term growth[48]. Research and Development - The company’s R&D investment accounted for 24.82% of its operating revenue in 2024, reflecting a strong commitment to innovative vaccine development[51]. - The ACYW135 meningococcal polysaccharide conjugate vaccine is currently in Phase III clinical trials, with major clinical work completed and the research report being drafted[52]. - The new mRNA vaccine targeting the Omicron variant (RQ3033) has met all preset goals in its Phase III immunogenicity bridging clinical trial, demonstrating good efficacy and safety[53]. - The company has implemented a comprehensive procurement management system to ensure quality, cost-effectiveness, and timely delivery of materials[63]. - The company follows strict compliance in domestic and international sales, utilizing third-party partners for market promotion and customer engagement[64][65]. Governance and Compliance - The company has established a comprehensive internal control system to ensure effective risk management and compliance with regulations[184]. - There were no significant internal control deficiencies reported during the period, indicating robust governance practices[187]. - The company has not implemented any employee stock ownership plans or other incentive measures during the reporting period[183]. - The cash dividend distribution is aligned with the company's articles of association and adequately protects the rights of minority shareholders[182]. - The company has a clear decision-making mechanism in place for its cash dividend policy, ensuring transparency and accountability[180]. - The company emphasizes quality in its research and development processes, adhering to high standards and regulatory requirements[185]. Environmental Compliance - The company has obtained various environmental approvals for its projects, including the mRNA COVID-19 vaccine industrialization project approved in August 2021 and passed environmental acceptance in November 2022[192]. - The wastewater treatment facility has a daily processing capacity of 1600m³, utilizing activated sludge methods to meet the "Biological Engineering Pharmaceutical Water Pollutant Discharge Standards" (GB 21907-2008)[195]. - The company has a pollutant discharge license valid until July 7, 2027, for Yuxi Watson, with a total discharge limit of 990 tons for chemical oxygen demand[193]. - The company reported no exceedance of pollutant discharge limits for chemical oxygen demand, ammonia nitrogen, and pH levels[194]. - The company has implemented a gas boiler replacement project, transitioning from coal to gas, which received environmental approval in October 2018 and passed acceptance in February 2019[191]. Market Expansion and Future Outlook - The company is actively pursuing international collaborations with global health organizations, enhancing its capabilities for conducting multi-center clinical trials globally[72]. - The company aims to expand its industrial base in major cities like Beijing, Guangzhou, and Chengdu, supporting its long-term growth strategy[72]. - The company is leveraging its existing capabilities to explore opportunities in synthetic biology and biomanufacturing, aiming to establish a second growth curve[68]. - The company is focusing on the development of new products and technologies, with a structured pipeline for ongoing projects[126]. - Future outlook includes plans for market expansion and potential mergers and acquisitions to enhance growth[126].