Financial Performance - The company achieved a significant milestone with annual revenue surpassing 1 billion RMB, marking its first profitable year[11]. - The company's revenue for 2024 reached RMB 1,098,329 thousand, a 41% increase from RMB 780,629 thousand in 2023[23]. - The net profit for 2024 was RMB 34,757 thousand, compared to a net loss of RMB 37,757 thousand in 2023, marking a turnaround[23]. - The company achieved an adjusted net profit of RMB 31,437 thousand in 2024, compared to an adjusted net loss of RMB 8,162 thousand in 2023[22]. - Adjusted EBITDA for 2024 was RMB 106,734 thousand, significantly up from RMB 40,041 thousand in 2023[22]. - The company's product sales revenue for 2024 reached RMB 877,410 thousand, an increase of RMB 247,203 thousand from RMB 630,207 thousand in 2023, primarily driven by steady growth in the core product Puxinting® sales[24]. - CDMO/CMO business revenue for 2024 was RMB 207,133 thousand, up RMB 66,235 thousand from RMB 140,898 thousand in 2023, due to continuous expansion in the CDMO/CMO sector[24]. - The company’s operating cash flow has been positive for three consecutive years, reaching RMB 116,403 thousand in 2024[55]. - The company turned a profit with a net profit of RMB 34,757 thousand for the year, marking a significant turnaround[57]. Research and Development - The company is focusing on the rapidly growing antibody-drug conjugate (ADC) market, which has seen increased global development and approval of ADC drugs[11]. - The newly launched BDKcellTM cell line construction technology platform can achieve a maximum expression level of 12g/L, significantly improving overall process efficiency[14]. - The DisacLinkTM glycoengineering technology platform has garnered significant attention from both domestic and international clients, accelerating the development and commercialization of innovative conjugated drugs[14]. - The company is actively pursuing strategic collaborations to build a biopharmaceutical R&D service platform, enhancing ADC drug development and CDMO services[14]. - The revenue and number of ADC projects in the company's pipeline are steadily increasing, with multiple pre-BLA projects progressing in an orderly manner[14]. - The company added 58 new projects in the year, including 48 ADC projects, bringing the total to 153 projects[57]. - The company has accumulated 8 pre-BLA (pre-Biologics License Application) projects, with 2 new additions in the year[69]. - The company has successfully completed multiple ADC and XDC projects, demonstrating strong delivery capabilities in late-stage clinical and commercialization projects, laying a solid foundation for long-term business development[78]. Market Strategy and Expansion - The company aims to deepen its international market presence and enhance cooperation with top global pharmaceutical companies[16]. - The company plans to continue investing in technological innovation and strengthen collaboration with research institutions[16]. - The company plans to complete its first overseas country approval and initiate commercialization by 2025[54]. - Future strategies include accelerating overseas market expansion and enhancing service quality to improve international operational levels and global market share[97]. - The ADC drug market is projected to grow from USD 10 billion in 2023 to USD 66.2 billion by 2030, with a compound annual growth rate of 30.3%[58]. Operational Excellence - The company has equipped four international-class commercial production lines to ensure high-standard production for client projects and improve production flexibility[13]. - The company has a unique integrated industrial platform with commercial production experience, positioning it as a leader in the CDMO sector[68]. - The company has received positive feedback from multinational pharmaceutical companies during audits, indicating high recognition of its quality system[69]. - The company established a comprehensive quality management system that meets the standards of China, the US, and the EU, ensuring compliance with regulatory requirements[70]. - The company has successfully passed 38 GMP audits in 2024, including 7 official GMP audits, demonstrating its commitment to quality management[70]. Governance and Management - The company appointed three independent non-executive directors, enhancing its governance structure[107]. - The new COO, Dr. Zhang Jian, has nearly 20 years of experience in the biopharmaceutical industry, focusing on production operations and supply chain management[110]. - The company’s new CTO, Ms. Yin Li, has over 30 years of experience in the chemical and biopharmaceutical sectors, overseeing ADC research and international business expansion[111]. - The company’s VP of Quality, Mr. Li Hongyang, brings extensive experience in quality management from multinational pharmaceutical companies[112]. - The company’s VP of Financial and Investor Relations, Ms. Xiao Bin, has a strong background in financial management and investor relations from previous roles in multinational firms[114]. - The board consists of a balanced mix of executive and non-executive directors, ensuring strong independence and effective decision-making[125]. - The company has established a strict written guideline for employees regarding securities trading, ensuring compliance with insider trading policies[124]. - The board has adopted a diversity policy, emphasizing the importance of board member diversity for maintaining competitive advantage[164]. Risk Management - The company is focused on risk management and has implemented measures to identify and manage overall business risks[123]. - The company confirmed their responsibility for the effectiveness of the risk management and internal control systems, which aim to manage significant risks rather than eliminate them[178]. - The company established a risk governance framework to identify, assess, resolve, monitor, and communicate key risks, including strategic, financial, operational, and compliance risks[178]. - The audit and related party transaction review committee assists the board in overseeing the design, implementation, and monitoring of risk management and internal control systems[182]. Corporate Social Responsibility - The company is committed to fulfilling social responsibilities by providing high-quality medicines to meet patient needs[16]. - The company aims to provide satisfactory and sustainable returns to its investors and shareholders while balancing the interests of stakeholders including employees, customers, and suppliers[123]. - The company is committed to becoming a trusted partner in the global biopharmaceutical field, contributing more to human health[97].
东曜药业-B(01875) - 2024 - 年度财报