CSBIO(SZ:300255)2025-04-28 14:50Financial Performance - The company's revenue and net profit have significantly decreased due to the sharp decline in sales prices of heparin preparations, influenced by centralized drug procurement policies [3]. - The sales volume and prices of heparin raw materials have dropped substantially year-on-year, leading to a notable decline in both operating income and net profit [3]. - The company's operating revenue for 2024 was ¥1,030,810,532.63, a decrease of 26.92% compared to ¥1,410,439,649.66 in 2023 [17]. - The net profit attributable to shareholders for 2024 was -¥249,477,725.95, showing an improvement of 79.88% from -¥1,240,210,952.88 in 2023 [17]. - The net cash flow from operating activities increased by 66.69% to ¥56,218,170.07 in 2024, compared to ¥33,725,979.31 in 2023 [17]. - The total assets at the end of 2024 were ¥4,522,760,540.58, a decrease of 1.60% from ¥4,596,453,987.15 at the end of 2023 [17]. - The company's basic earnings per share improved to -¥0.27 in 2024 from -¥1.35 in 2023, reflecting an 80.00% increase [17]. - The weighted average return on equity for 2024 was -14.79%, an improvement of 36.13% from -50.92% in 2023 [17]. Risks and Challenges - The report highlights potential risks including policy and industry risks, intensified market competition, and risks associated with new product development [4]. - The competitive landscape for heparin raw materials is described as fierce, contributing to the price drop [3]. - The company has not provided specific forward-looking commitments, urging investors to maintain adequate risk awareness [3]. - The company faces risks related to government policies and industry regulations that could impact market competition and operational costs [96]. - The company faces risks related to centralized procurement of heparin injections, which could lead to a decline in market share if it fails to win bids [97]. Product Development and Innovation - The company is actively developing a new innovative drug, GLP-1 long-acting injection Aibennate, which has received acceptance for its marketing authorization application from NMPA [31]. - The company has successfully developed multiple proprietary heparin technologies and maintains a leading market share in low molecular weight heparin products [28]. - The company is also developing two new anti-tumor drugs, CSCJC3456 and CSCJC4523, with ongoing clinical trials [43][44]. - The company aims to expand its product line to include more polysaccharide and polypeptide products, as well as anti-tumor drugs in the coming years [36]. - The company is accelerating the clinical progress of innovative drugs, including Abenatide and anti-tumor drugs, to meet unmet clinical needs in diabetes and oncology [94]. Governance and Management - The company has established a comprehensive governance structure and internal control mechanisms to enhance decision-making and supervision [112]. - The company emphasizes strict compliance with laws and regulations regarding shareholder meetings, ensuring equal rights for all shareholders [114]. - The company maintains independent operations from its controlling shareholder, with no instances of fund occupation or guarantees provided to the controlling shareholder [115]. - The management team includes a diverse group of individuals with varying ages and backgrounds, contributing to a well-rounded leadership [126]. - The company is focused on maintaining its governance standards and ensuring compliance with regulatory requirements [125]. Environmental Compliance - The company is subject to various environmental protection laws and regulations, including the Environmental Protection Law of the People's Republic of China [163]. - 常山生化药业（江苏）有限公司严格遵守多项环境保护法律法规，确保生产过程符合国家及行业标准 [2]. - The company has implemented a hazardous waste management system and plan, complying with relevant regulations [192]. - The company treated and discharged a total of 63,238.432 tons of wastewater in 2024, with no exceedance of discharge standards [176]. - The company invested approximately 6 million RMB in environmental governance and protection in 2024, and paid an environmental protection tax of 67.63 RMB [188]. Shareholder Relations - The company has established a stable dividend policy to provide reasonable returns to shareholders [196]. - The company adheres to strict information disclosure practices, ensuring timely, accurate, and complete communication with investors [196]. - The company actively engages with investors through various communication channels to enhance transparency and credibility [196]. - The company is committed to fulfilling its social responsibilities while creating value for shareholders [196].