Ausun Pharm(SH:603229)2025-04-29 09:00Financial Performance - The company's operating revenue for 2024 was CNY 795,288,308.90, a decrease of 2.63% compared to 2023 [22]. - Net profit attributable to shareholders for 2024 was CNY 206,791,017.22, down 18.55% from the previous year [22]. - The basic earnings per share for 2024 was CNY 0.25, reflecting a decline of 19.35% compared to 2023 [23]. - The weighted average return on equity decreased to 9.40% in 2024, down 3.33 percentage points from 2023 [23]. - The net cash flow from operating activities for 2024 was CNY 177,925,777.36, a decrease of 19.80% from 2023 [22]. - Total assets at the end of 2024 were CNY 2,982,390,050.39, an increase of 1.04% compared to the end of 2023 [22]. - The net assets attributable to shareholders increased by 6.08% to CNY 2,271,891,202.71 at the end of 2024 [22]. - The company reported a net profit of CNY 112,480,834.45 in the first quarter of 2024, with a significant drop in the fourth quarter resulting in a loss of CNY 22,194,656.44 [26]. - Non-recurring gains and losses totaled CNY 27,910,357.77 for 2024, compared to CNY 10,685,665.36 in 2023 [28]. - The company achieved operating revenue of 795.29 million yuan, a year-on-year decrease of 2.63% [33]. - The net profit attributable to shareholders was 206.79 million yuan, down 18.55% year-on-year [33]. Research and Development - R&D investment reached 100.42 million yuan, accounting for 12.63% of operating revenue, with a year-on-year increase of 28.65% [33]. - The company has established a research and development team of 495 members, including various educational backgrounds, to enhance innovation capabilities [36]. - The company’s R&D investment for the reporting period was CNY 100.42 million, accounting for 12.63% of operating revenue, representing a year-on-year increase of 28.65% [94]. - The number of R&D personnel is 495, making up 40.61% of the total workforce [75]. - The company plans to increase R&D investment, with projected expenditures of CNY 78.06 million and CNY 100.42 million for 2023 and 2024, respectively, representing 9.56% and 12.63% of revenue [116]. - The company is committed to developing innovative drugs with independent intellectual property rights, transitioning from generic to innovative pharmaceuticals [113]. - The company plans to increase investment in the development of synthetic biology technology, peptide drugs, RNA, oligonucleotides, and mid-molecule drugs [89]. Market and Industry Trends - The global pharmaceutical market is projected to grow from approximately $1.6 trillion in 2023 to about $2.2 trillion by 2028, with a compound annual growth rate of 6.6% [38]. - The market for expiring patented drugs is estimated to grow from $51 billion in 2023 to $99 billion by 2028, providing significant opportunities for generic drug companies [38]. - The aging population in China is a key driver for the pharmaceutical market, with the population aged 65 and above expected to grow from 140 million in 2014 to 220 million by 2024, representing approximately 15.64% of the total population [40]. - China's total healthcare expenditure increased from 3.5 trillion yuan in 2014 to 9.1 trillion yuan in 2023, indicating a significant growth in healthcare spending [40]. - The global CRO market size grew from $53.91 billion in 2018 to $82.11 billion in 2023, with a compound annual growth rate (CAGR) of 8.8%, and is projected to reach $106.45 billion by 2026 [41]. - The global CDMO market reached $146.29 billion in 2023 and is expected to grow to approximately $295.95 billion by 2033, with a CAGR of 7.3% from 2024 to 2033 [42]. Corporate Governance - The company has confirmed that all board members attended the board meeting, ensuring governance compliance [4]. - The company has appointed Tianjian Accounting Firm as its auditor, with specific auditors named for the reporting period [21]. - The board of directors and supervisory board have adhered to legal requirements and company regulations in their operations and decision-making processes [120]. - The company has maintained independence from its controlling shareholder in terms of business, personnel, assets, and financial matters [120]. - The company has established an investor relations management system to enhance communication with investors and address their inquiries effectively [122]. - The company has established specialized committees, including an audit committee, nomination committee, remuneration and assessment committee, and strategic committee [137]. Environmental Responsibility - The company has invested RMB 23,579,500 in environmental protection during the reporting period [159]. - The company has established a wastewater treatment system with a capacity of 1,050 tons per day and an organic waste gas RTO incineration device with a capacity of 38,000 cubic meters per hour [161]. - The company has implemented an environmental self-monitoring plan, with all monitored pollutants meeting discharge standards [164]. - The company has a complete environmental risk emergency mechanism and has filed an emergency response plan for sudden environmental pollution events [163]. - There were no administrative penalties related to environmental issues during the reporting period [165]. Shareholder Information - The company plans to distribute a cash dividend of RMB 1 per 10 shares to all shareholders, totaling approximately RMB 82.83 million (including tax) based on the current total share capital of 830,297,145 shares, after accounting for the repurchased shares [6]. - The total number of shares increased from 593,069,389 to 830,297,145 after a capital reserve conversion and cash dividend distribution [193]. - The largest shareholder, Zheng Zhiguo, holds 420,433,703 shares, representing 50.64% of the total shares [198]. - The top five customers accounted for 56.34% and 56.08% of total revenue in 2023 and 2024, indicating a high customer concentration risk [117]. - The company’s total number of ordinary shareholders increased from 30,806 to 42,377 during the reporting period [196]. Strategic Initiatives - The company is focusing on expanding its overseas sales teams, particularly in Europe, Japan, the United States, and South Korea, to strengthen market presence [33]. - The company emphasizes a strategy of integrating intermediates, specialty APIs, and formulations to enhance competitiveness and ensure sustainable development [37]. - The company aims to accelerate the transition from raw materials to formulation development and promote internationalization of formulations [89]. - The company plans to leverage the expiration of numerous innovative drug patents in the coming years to enhance its market position [109]. - The company is committed to increasing R&D investment and improving processes to ensure technological and cost leadership [110].