嘉应制药(002198) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 was ¥376,167,156.57, a decrease of 29.46% compared to ¥533,233,202.29 in 2023[19] - The net profit attributable to shareholders for 2024 was ¥20,611,599.55, down 39.94% from ¥34,320,234.64 in 2023[19] - The net profit after deducting non-recurring gains and losses was ¥14,552,294.96, a decline of 52.82% from ¥30,845,270.89 in 2023[19] - The net cash flow from operating activities was ¥60,848,965.10, which is a 38.20% decrease from ¥98,453,750.09 in 2023[19] - Basic earnings per share for 2024 were ¥0.0406, down 39.94% from ¥0.0676 in 2023[19] - Total assets at the end of 2024 were ¥838,820,451.71, a slight decrease of 1.03% from ¥847,563,113.21 at the end of 2023[19] - The net assets attributable to shareholders at the end of 2024 were ¥758,220,755.10, down 0.62% from ¥762,984,647.95 at the end of 2023[19] - The weighted average return on equity for 2024 was 2.71%, down from 4.60% in 2023[19] Dividend and Shareholder Returns - The company plans not to distribute cash dividends or issue bonus shares[5] - The company has established a cash dividend policy that requires at least 10% of the distributable profit to be allocated as cash dividends annually[186] - The company will not distribute cash dividends or issue bonus shares this year, opting to retain profits for future funding needs[188] - The employee stock ownership plan includes 64 core employees holding a total of 13,500,000 shares, representing 2.66% of the company's total equity[190] Market and Product Development - The company is focused on enhancing the quality of traditional Chinese medicine and promoting high-quality industry development through technological innovation[34] - The company has a total of over 70 approved drug products across 5 dosage forms, focusing on areas such as throat, cold, orthopedics, rheumatology, gynecology, liver and gallbladder, tonics, and gastrointestinal medicine[41] - The company launched new products including the solid essence ginseng pill and the large packaging of the strong waist and kidney pill, with the former exceeding sales expectations in the first quarter[59] - The company is focusing on the development of the Jiegusuan product line to enhance market share and innovation[82] - The company aims to optimize its product structure and enhance quality control, focusing on product innovation and clinical value to improve market value[40] Research and Development - The company is committed to increasing research and development investment, with a focus on innovative projects such as the development of bone-setting products and gynecological treatments[48] - R&D investment amounted to ¥6,757,234.58 in 2024, down 33.09% from ¥10,098,497.62 in 2023[84] - The company's R&D personnel decreased from 42 in 2023 to 30 in 2024, a reduction of 28.57%[84] - The company is increasing R&D investment, aiming to enhance the proportion of R&D expenses and promote the secondary development of "Gujin Canrong Wan"[116] Governance and Compliance - The company has established a comprehensive governance framework, including a clear division of responsibilities among the shareholders' meeting, board of directors, and management team[124] - The company operates independently without a controlling shareholder, maintaining complete separation in business, personnel, assets, and financial aspects[129] - The company has established a comprehensive investor relations management system to facilitate effective communication with investors[128] - The company emphasizes the protection of minority shareholders' rights through equitable treatment in shareholder meetings[128] - The company has no direct or indirect interference from major shareholders in its operational decisions[129] Operational Efficiency and Cost Control - The company has implemented cost control measures and improved production efficiency through automation upgrades, significantly reducing production costs[55] - The company operates under a sales-driven production model, where production plans are based on annual sales forecasts and market conditions, ensuring compliance with GMP standards[45] - The company is focusing on optimizing production management and expanding capacity through the construction of new production lines and modern smart production equipment[108] Strategic Acquisitions and Partnerships - The company completed the acquisition of a 7% stake by Yangtianhe, becoming the second-largest shareholder, which is expected to enhance resource allocation and collaboration[63] - The company's main sales strategy involves establishing partnerships with medical institutions and participating in centralized procurement processes across various provinces[46] Internal Control and Audit - The internal control audit report indicates that the company maintained effective financial reporting internal controls as of December 31, 2024[196] - The internal control audit report was disclosed on April 26, 2025, with a clean opinion that included an emphasis of matter[196] - The company has implemented corrective measures to address internal control issues, including appointing a new board secretary and enhancing internal control management[191] Employee Management and Compensation - The total compensation for directors, supervisors, and senior management in 2024 amounted to 2.6015 million yuan[162] - The company has established a personnel management system as the basis for determining the compensation of senior management[161] - The company's salary policy includes a structure of basic salary, position salary, performance salary, allowances/subsidies, and benefits, closely linked to company performance and individual work performance[178] Future Outlook - The company has provided a revenue guidance for the next fiscal year, projecting an increase of 8% to 10%[143] - New product launches are expected to contribute an additional 1.5 billion in revenue over the next two years[141] - The company aims to improve operational efficiency by 15% through new automation technologies[142] - The company is actively seeking opportunities for market expansion and potential acquisitions to strengthen its competitive position[145]