Financial Performance - The company reported a revenue of RMB 2,679.67 million for 2024, an increase of RMB 44.76 million, representing a growth of 1.70% compared to the previous year[10]. - Net profit attributable to shareholders was approximately RMB 420.45 million, remaining stable compared to the previous year[10]. - Gross profit for 2024 was RMB 1,868.79 million, with a gross margin of 69.7%[9]. - The company’s net profit margin was 15.6%, slightly down from 15.7% in the previous year[9]. - The company’s basic earnings per share for 2024 was RMB 1.80, compared to RMB 1.75 in 2023[9]. - The overall revenue for the company in the reporting period was approximately RMB 2,679.67 million, an increase of RMB 44.76 million or 1.70% from RMB 2,634.91 million in 2023[59]. - The company's gross profit margin for the reporting period was 69.74%, a slight decrease of 0.60 percentage points from 70.34% in 2023[61]. - Other income and gains for the reporting period amounted to approximately RMB 149.76 million, an increase of about RMB 15.47 million or 11.52% compared to RMB 134.29 million in 2023, primarily due to the recognition of performance compensation from minority shareholders of a subsidiary[62]. Research and Development - Research and development expenses amounted to RMB 238.93 million, an increase of RMB 18.83 million, reflecting a growth of about 8.56% and accounting for 8.92% of total revenue[11]. - R&D expenses for the reporting period were approximately RMB 238.93 million, an increase of about RMB 18.83 million or 8.56% from RMB 220.10 million in 2023, reflecting the company's ongoing investment in expanding its ophthalmology and medical aesthetics product lines[63]. - The company is actively developing advanced artificial lens products, including hydrophobic and hydrophilic extended depth of focus lenses, with clinical trials expected to begin in July 2024[39]. - The company is advancing its research on hydrophilic aspheric multifocal intraocular lenses, with clinical trials completed and registration expected in early 2025[42]. Product Development and Market Expansion - The company successfully launched the globally first organic cross-linked hyaluronic acid product "Hai Mei Yue Bai" in July 2024, and sodium hyaluronate eye drops were approved in March 2024[11]. - The company is expanding its product lines in aesthetic medicine and ophthalmology, with several key projects in clinical trials, including high oxygen permeability scleral lenses[11]. - The group’s hyaluronic acid product line achieved revenue of RMB 737.86 million in 2024, an increase of RMB 138.45 million, representing a growth rate of 23.10% compared to the previous year[28]. - The total revenue from medical beauty and wound care products reached RMB 1,189.22 million, up RMB 136.42 million, with a growth rate of approximately 12.96%[22]. - The company plans to expand the application of hEGF products into various medical fields, including pediatrics and oncology, beyond traditional uses[28]. - The company plans to focus on four rapidly developing treatment areas: medical beauty, wound care, ophthalmology, and orthopedics, emphasizing research and innovation[54]. Market Trends and Competitive Position - The market for non-surgical beauty treatments in China is expected to grow by about 10% in 2024, with a projected compound annual growth rate of 10-15% over the next four years[26]. - The Chinese medical beauty market size grew from RMB 99.3 billion in 2017 to RMB 189.2 billion in 2021, with a compound annual growth rate of 17.5%[24]. - The penetration rate of medical beauty treatments in China is significantly lower than in Brazil, the US, and South Korea, indicating potential for future market growth[24]. - The company achieved a market share increase in the orthopedic sector, rising from 46.54% in 2022 to 50.44% in 2023, solidifying its position as the leading manufacturer of viscoelastic supplements for joint injections in China[46]. Financial Management and Shareholder Returns - The company distributed a total of RMB 166,956,729.00 as final dividends and increased share capital by 66,782,692 shares by the end of July 2024[13]. - For the first half of 2024, the company distributed interim dividends totaling RMB 92,902,248.40[13]. - The board proposed a final dividend of RMB 0.6 per share (before tax) for the year ending December 31, 2024, totaling RMB 138,023,048.4 (before tax) based on the total issued shares of 233,193,695, after accounting for treasury shares[89]. - The company has adopted a dividend policy that emphasizes a balance between reasonable returns to investors and sustainable development[97]. - The company aims for a minimum cash dividend proportion of 80% for mature stages without significant capital expenditure[98]. Regulatory and Compliance - The company emphasizes the importance of environmental protection and has established and continuously improved its environmental management systems, ensuring compliance with pollution discharge standards[85]. - The company has not encountered any significant violations of environmental laws and regulations during the reporting period[85]. - The company has complied with all applicable provisions of the corporate governance code under the Hong Kong Listing Rules during the reporting period[186]. - There are no significant legal proceedings or arbitrations involving the company during the reporting period[187]. Employee and Management Structure - The company had approximately 2,156 employees as of December 31, 2024, with total employee compensation amounting to approximately RMB 692.94 million, an increase of about RMB 62.86 million from the previous year[70]. - The company’s employee compensation policy aims to enhance governance structure and motivate core teams to improve competitiveness[145]. - Non-executive directors receive fixed remuneration based on their background, experience, and responsibilities, with no additional director remuneration for executive directors[144]. Share Repurchase and Capital Management - The company repurchased 1,418,934 A-shares, accounting for 0.61% of total shares, with a total transaction amount of approximately RMB 106.27 million[13]. - A total of 2,492,100 H-shares were repurchased during the year, with a total expenditure of HKD 75,709,045.00[120]. - The board believes that the share repurchase enhances investor confidence and aligns the interests of shareholders, the company, and employees[121]. Governance and Stakeholder Engagement - The company maintains good relationships with stakeholders, including customers, shareholders, government agencies, employees, suppliers, and the community, to achieve medium- and long-term goals[86]. - The company has established a governance structure consisting of the general meeting of shareholders, the board of directors, the supervisory board, and the management team[195].
昊海生物科技(06826) - 2024 - 年度财报