双成药业(002693) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 was approximately ¥174.21 million, a decrease of 26.16% compared to ¥235.93 million in 2023[21]. - The net profit attributable to shareholders for 2024 was a loss of approximately ¥78.30 million, representing a 54.32% increase in losses compared to a loss of ¥50.74 million in 2023[21]. - The net cash flow from operating activities for 2024 was negative ¥40.83 million, a decline of 450.76% compared to positive cash flow of ¥11.64 million in 2023[21]. - The total assets at the end of 2024 were approximately ¥783.87 million, a decrease of 2.41% from ¥803.25 million at the end of 2023[21]. - The net assets attributable to shareholders decreased by 16.56% to approximately ¥393.41 million at the end of 2024, down from ¥471.49 million at the end of 2023[21]. - The basic and diluted earnings per share for 2024 were both negative ¥0.19, a decline of 58.33% compared to negative ¥0.12 in 2023[21]. - The weighted average return on net assets for 2024 was negative 18.10%, a decrease of 7.86% from negative 10.24% in 2023[21]. - The company reported a significant increase in losses from non-recurring gains and losses, with a net profit of negative ¥71.71 million in 2024 compared to negative ¥24.14 million in 2023, marking a 197.05% increase in losses[21]. Revenue Breakdown - The company's total revenue for the first quarter was ¥42,761,740.63, while the fourth quarter revenue was ¥47,246,306.92, indicating fluctuations throughout the year[25]. - The net profit attributable to shareholders for the fourth quarter was -¥40,467,047.98, showing a significant loss compared to the first quarter's loss of -¥8,742,676.77[25]. - The net cash flow from operating activities was negative in three out of four quarters, with the highest cash flow of ¥3,797,914.60 occurring in the third quarter[25]. - The industrial segment generated CNY 129.21 million, representing 74.17% of total revenue, but saw a 40.89% decline compared to the previous year[53]. - The service sector revenue increased by 159.49% year-on-year, reaching CNY 45.00 million[53]. - The peptide product line accounted for 47.42% of total revenue, totaling CNY 82.61 million, down 27.00% from the previous year[53]. - The company reported a significant increase in contract research revenue, which rose by 223.05% to CNY 40.29 million[53]. Research and Development - Research and development investment for 2024 was CNY 39.97 million, accounting for 22.95% of operating revenue[46]. - The company is actively engaged in expanding its product pipeline and enhancing its research capabilities in response to evolving industry regulations and market demands[30]. - The company has advanced its research and development in polypeptide products, focusing on high market potential and complex synthesis[39]. - The company is currently developing multiple new products (SC-C139, SC-C116, SC-C140, SC-C143, SCH-009) aimed at enhancing its product line and core competitiveness[64]. - The company plans to accelerate R&D efforts, particularly in peptide APIs and formulations, while enhancing the sales team to boost product sales post-consistency evaluation[88]. Market and Industry Trends - The pharmaceutical manufacturing industry in China saw a revenue of ¥2,529.85 billion in 2024, with a profit total of ¥34.207 billion, reflecting a 1.1% decline from the previous year[29]. - The domestic pharmaceutical industry is experiencing a shift towards community hospitals and pharmacies, indicating a changing market landscape[84]. - The market for synthetic peptide drugs is expected to grow due to increasing demand driven by rising income levels and health awareness among residents[85]. - The company faces challenges from intensified competition in the peptide drug sector, including price reductions from centralized procurement policies[86]. Risk Factors - The company faces various risks including industry policy changes, drug price reductions, and financial risks, which may impact future operations[5]. - The company faces talent retention risks, particularly in high-level technical roles for new drug development, and is implementing diverse incentive mechanisms to attract and retain talent[97]. - Financial risks are highlighted due to increasing export business and potential foreign exchange fluctuations, with strategies in place to mitigate these risks through enhanced product value and financial management practices[97]. - The company is concerned about international trade environment risks that could affect resource availability and customer retention, potentially impacting production and costs[99]. Governance and Compliance - The company held two shareholder meetings during the reporting period, ensuring compliance with legal and regulatory requirements[104]. - The board of directors convened seven times, demonstrating diligence in governance and decision-making processes[106]. - The company has established a performance evaluation system for directors and senior management, ensuring transparency and accountability[106]. - The independent directors actively participated in decision-making and provided independent opinions on major issues[106]. - The company has established a robust financial accounting system, ensuring independent financial decision-making[111]. Environmental Initiatives - Environmental protection investments totaled approximately CNY 3.23 million, with upgrades to wastewater treatment systems and online monitoring systems implemented[48]. - The company achieved a 15% reduction in natural gas consumption after low-nitrogen transformation of two boilers, with nitrogen oxide emissions below 50 mg/Nm³[161]. - The company has implemented a dual A/O process for wastewater treatment to enhance pollutant treatment efficiency in 2024[160]. - The company has established an emergency response plan for environmental incidents, revised in May 2024, and conducted emergency drills[160]. Shareholder Commitments - The company has committed to fulfilling its obligations as a controlling shareholder and to ensure that related parties do not engage in transactions that infringe on the rights of other shareholders[166]. - The commitments are intended to prevent any conflicts of interest and ensure fair treatment of all shareholders[166]. - The company will ensure that any unavoidable related party transactions will comply with national laws and regulations, as well as the company's articles of association[168]. - The company will prioritize the acquisition of assets or equity related to competing businesses under equal conditions if such competition arises[168]. Dividend Policy - The company plans to distribute dividends in cash or a combination of cash and stock, prioritizing cash dividends[170]. - The company aims to maintain a cash dividend policy with a cumulative cash distribution of no less than 30% of the average distributable profit over the past three years[170]. - Cash dividends will be distributed annually, with conditions including positive distributable profits and sufficient cash flow[170].