Jiangsu (SH:688426)2025-04-24 15:40Financial Performance - The company reported a net loss attributable to shareholders of 157,209,230.42 CNY for the year 2024, with a parent company net loss of 56,822,070.60 CNY[7]. - Due to the negative net profit, the company will not distribute cash dividends, issue bonus shares, or increase capital from reserves for the 2024 fiscal year[7]. - The company's operating revenue decreased by 26.54% year-on-year, amounting to ¥125,875,306.10 in 2024 compared to ¥171,341,280.85 in 2023[25]. - The net profit attributable to shareholders decreased by 86.25%, resulting in a loss of ¥157,209,230.42 in 2024, compared to a loss of ¥84,409,484.04 in 2023[25]. - The basic earnings per share dropped by 88.00%, from -¥0.75 in 2023 to -¥1.41 in 2024[26]. - The total profit for the period was -164.70 million RMB, down 77.13% year-on-year, while the net profit attributable to the parent company was -157.21 million RMB, a decline of 86.25%[37]. - The company's cash flow from operating activities showed a significant decline, with a net cash outflow of ¥113,262,071.44 in 2024, compared to a cash outflow of ¥11,723,178.23 in 2023, representing a decrease of 866.14%[25]. - The company's net profit margin was negatively impacted, with retained earnings decreasing by 111.67% to approximately -16.43 million RMB due to increased fixed expenditures[188]. Research and Development - The company is investing heavily in R&D, with an allocation of RMB 100 million for the development of new technologies and products in the next year[19]. - Research and development expenses accounted for 78.84% of operating revenue in 2024, an increase from 51.51% in 2023[27]. - The R&D team grew to 230 members, an increase of 11.65% year-on-year, with 75.65% holding a master's degree or higher[40]. - The company has developed 176 types of molecular detection raw enzymes, including Taq polymerase and reverse transcriptase, achieving performance levels that meet or exceed imported products[53]. - The company has launched new products, including the Helicobacter pylori nucleic acid detection kit, which received regulatory approval in April 2024[39]. - The company has developed a series of efficient and stable enzyme products, ensuring high-quality raw materials for molecular detection[88]. - The company has successfully registered three types of diagnostic kits for Helicobacter pylori resistance testing, meeting the needs of medical treatment and research institutions[146]. - The company has invested a total of 469.15 million RMB in R&D, with 98.32 million RMB in the current period and 234.97 million RMB in the previous period[149]. Market Expansion and Strategy - The company aims to expand its market presence through new product development and strategic partnerships[15]. - Jiangsu Cowin Biotech plans to enter two new international markets by the end of the next fiscal year, aiming to increase its global footprint[19]. - The company is actively seeking collaborations with other biotech firms to leverage synergies[15]. - The company is focusing on expanding its product offerings in the field of in vitro diagnostics[15]. - The company has established an overseas sales team and has registered multiple products in Europe and the United States[165]. - The company plans to expand its overseas sales proportion, which may expose it to risks from international market fluctuations[159]. Operational Efficiency - The company has set a target to reduce operational costs by 15% over the next two years through efficiency improvements[19]. - The company has optimized the composition of nucleic acid preservation reagents, ensuring performance through self-developed core reagent components[56]. - The production department utilizes automated equipment and a K/3 production management system to enhance efficiency and reduce costs[84]. - The company has established a comprehensive risk management process during the R&D phase, ensuring project feasibility and safety assessments[81]. Regulatory Compliance and Governance - The company has received a standard unqualified audit report from Da Hua Certified Public Accountants[6]. - The board of directors has confirmed that all members attended the board meeting, ensuring governance compliance[6]. - There are no violations of decision-making procedures regarding external guarantees[11]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[9]. Product Development and Innovation - The company has developed a nucleic acid preservation card that allows for room temperature storage and transport of samples without refrigeration, significantly reducing costs[126]. - The company has developed over 70 types of nucleic acid preservation reagents, with 15 of them registered or filed as medical devices, making it one of the most comprehensive providers of nucleic acid preservation products in China[59]. - The company has established a fluorescence quantitative PCR technology platform widely used for diagnosing infectious diseases, genetic disorders, and tumors[130]. - The company has developed a series of PCR and RT-PCR reagents that can be stored at room temperature for up to 12 months, significantly reducing transportation and storage costs compared to traditional cold chain methods[132]. Customer Engagement and Marketing - The company is focusing on enhancing customer relationships through a CRM system, improving customer satisfaction and loyalty[45]. - The marketing strategy includes a multi-channel approach, utilizing online and offline methods to expand market reach and customer base[42]. - The company emphasizes a customer-centric approach, enhancing employee training to improve customer satisfaction and implementing a comprehensive pre-sale, in-sale, and after-sale service system[48]. Industry Trends and Market Outlook - The global molecular detection market size increased from $16.8 billion in 2019 to $28.3 billion in 2023, with a compound annual growth rate (CAGR) of 13.9% from 2019 to 2023[98]. - The molecular diagnostics industry is expected to grow significantly due to increasing healthcare demands driven by an aging population and enhanced health management awareness[120]. - The molecular detection market in China grew from RMB 15.4 billion in 2019 to RMB 33.3 billion in 2023, with a compound annual growth rate (CAGR) of 21.3% from 2019 to 2023[102].