Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the fiscal year, representing a 25% year-over-year growth[18]. - The company achieved operating revenue of CNY 315.46 million in 2024, representing a year-on-year growth of 28.65%[26]. - Net profit attributable to shareholders reached CNY 85.16 million, a 62.25% increase compared to the previous year[27]. - Basic earnings per share increased by 62.29% to CNY 0.2324, while diluted earnings per share also rose by the same percentage[25]. - The company reported a net cash inflow from operating activities of CNY 66.01 million, up 52.22% year-on-year[27]. - The company's total assets at the end of 2024 were CNY 1.18 billion, reflecting a 7.29% increase from the previous year[26]. - The gross margin improved to 45%, up from 40% in the previous year, due to cost optimization strategies[18]. - The net profit attributable to the parent company was 85.16 million yuan, a year-on-year increase of 62.25%, with a net profit margin significantly improved due to operational leverage[37]. Research and Development - The company is investing in R&D, allocating 10% of its revenue towards developing advanced separation technologies[16]. - Research and development expenses accounted for 13.59% of operating revenue, a decrease of 4.44 percentage points from the previous year[25]. - The R&D team has over 20 years of experience, developing advanced techniques in key areas such as microsphere synthesis and functional biomolecule synthesis, which are crucial for maintaining a competitive edge against international rivals[82]. - The company has introduced 34 new patent applications in 2024, including 28 invention patents, and has a total of 75 effective authorized patents, of which 24 are invention patents[52]. - The company has developed unique core technologies in chromatography medium preparation, which are critical for maintaining its competitive edge in the market[182]. Market Expansion and Strategy - Market expansion plans include entering the Southeast Asian market, targeting a 10% market share within the next two years[18]. - The company is exploring potential acquisitions to enhance its product portfolio, with a focus on companies specializing in biopharmaceuticals[18]. - The company has established partnerships with three major pharmaceutical firms to co-develop new therapeutic solutions[18]. - The company is actively promoting the replacement of imported materials with domestic alternatives[200]. - The company has established strategic partnerships with leading pharmaceutical companies such as Roche, Eli Lilly, and Pfizer, enhancing its innovation capabilities in drug discovery and scientific research[178]. Production and Operational Efficiency - The company maintained a 100% production plan achievement rate and order delivery rate at its Yangzhou factory during the reporting period[43]. - The Yangzhou production base commenced operations in 2021, with an annual capacity of 24,760 liters and a single batch capacity of 500 liters, making it one of the few companies in the domestic chromatography medium industry with large-scale production capabilities[63]. - The company plans to expand its production capacity to a total of 224,760 liters per year after the completion of the second phase of the Yangzhou project, further enhancing its production capabilities[179]. - The company has a large-scale production base in Yangzhou covering 41,405 square meters, with a biopharmaceutical chromatography medium capacity of 24,760 liters, ensuring stable supply for downstream drug production[179]. Risk Management - There are no significant risks that materially affect the company's operations during the reporting period[3]. - The company has disclosed potential risks in the management discussion and analysis section of the report[3]. - The company is facing risks related to potential talent loss in its high-level technical team, which is essential for ongoing innovation and development[184]. - The company faces a potential asset impairment loss of up to 8.71 million yuan and 12.15 million yuan in 2025 and 2026, respectively, if it fails to secure additional orders[190]. - The company is exposed to risks from policy changes in the pharmaceutical industry, which could slow down demand for its chromatography products[193]. Product Development and Innovation - New product launches included a novel chromatography medium that is expected to enhance purification efficiency by 15%[16]. - The company has developed a new seed swelling polymerization technology that simplifies the production process, increases efficiency, and reduces solvent and additive usage, leading to lower production costs compared to traditional methods[141]. - The company has created a core-shell chromatography medium that combines multiple separation mechanisms, breaking the long-standing market monopoly[174]. - The company has developed multiple downstream purification platform technologies across various segments, including antibodies and recombinant proteins, enabling faster adaptation for new project processes[157]. - The company has developed a unique rSPA protein sequence for affinity chromatography media, enhancing alkaline resistance and dynamic capacity[175]. Customer and Market Engagement - The company employs a direct sales model complemented by distribution for domestic sales, utilizing industry exhibitions, customer visits, and internet marketing to secure orders and maintain long-term partnerships with major pharmaceutical companies[64]. - The company has established a comprehensive sales management system, including strict regulations on contract signing, settlement methods, credit policies, and return policies[67]. - The company’s overseas business revenue accounted for 23.02% of total revenue, highlighting its global market presence[185]. - The accounts receivable balance at the end of the reporting period was 96.90 million yuan, representing 30.72% of total revenue, with a collection rate of 57.13% as of March 31, 2025[189]. Industry Trends and Market Outlook - The chromatography medium market in China is projected to reach 13.6 billion CNY in 2024, with an expected growth to 20.3 billion CNY by 2026, reflecting a compound annual growth rate (CAGR) of 22.17% from 2024 to 2026[101]. - The global chromatography medium market is expected to reach 7.5 billion USD in 2024 and grow to 9 billion USD by 2026, with a CAGR of 9.54%[102]. - The demand for chromatography products is increasing due to the rising clinical needs and the rapid development of innovative biopharmaceuticals[118]. - The domestic biopharmaceutical industry is enhancing its R&D capabilities, leading to higher demands for purification processes and creating new business opportunities for chromatography media[134]. - The global biopharmaceutical market grew from $220.2 billion in 2016 to $297.9 billion in 2020, with a CAGR of 7.85%[112].
赛分科技(688758) - 2024 Q4 - 年度财报