Financial Performance - Revenue for the year ended December 31, 2024, decreased by RMB 81.7 million or 1.3% to RMB 6,061.4 million compared to the previous year[15] - EBITDA increased by RMB 114.2 million or 5.5% to RMB 2,191.7 million for the year ended December 31, 2024[15] - Gross profit decreased by RMB 160.0 million or 3.8% to RMB 4,044.2 million, with a gross margin of 66.7%[15] - Profit before tax increased by RMB 139.1 million or 19.9% to RMB 839.2 million for the year ended December 31, 2024[15] - Net profit attributable to shareholders was RMB 471.9 million, a decrease of RMB 60.7 million compared to the previous year[15] - The group achieved a total revenue of approximately RMB 60.614 billion for the year ended December 31, 2024, a slight decrease of 1.3% year-on-year[16] - Product sales revenue reached approximately RMB 56.895 billion, representing a year-on-year increase of 1.1% and a quarter-on-quarter growth of 6.4% in the second half of 2024[16] - EBITDA for 2024 was approximately RMB 21.917 billion, reflecting a year-on-year growth of 5.5%[16] - Net profit for the year was approximately RMB 6.450 billion, marking a significant year-on-year increase of 20%[16] Research and Development - The company holds 275 patents in China and 580 patents overseas, with additional patents pending[7] - The R&D team consists of 649 employees, including 58 PhDs and 318 Master's degree holders[7] - The company has 23 products in various stages of development in China, including 12 oncology products and 5 CNS products[7] - LY01610 (liposomal irinotecan injection) has shown superior efficacy and safety in clinical trials for small cell lung cancer compared to standard treatments, with the first patient enrolled in Phase 3 trials in March 2024[47] - The company continues to invest in strategic therapeutic areas, including oncology, central nervous system, cardiovascular, and metabolic diseases[45] Product Approvals and Market Position - The group received approvals for 6 new drugs in 2024, including ERZOFRI for schizophrenia and the only new molecular entity approved by the FDA for treating recurrent small cell lung cancer in 28 years[17] - The group has established 8 production bases globally and maintains high standards in drug delivery technologies, including microspheres and liposomes[22] - New products accounted for 21% of total product sales revenue in 2024, with new product sales revenue growing by 30.2% year-on-year[18] - In the CNS field, product sales revenue increased by 15% year-on-year in 2024[18] - 博優諾 has received approval for multiple indications including mCRC, advanced metastatic or recurrent non-small cell lung cancer, and others, with all indications included in the national medical insurance catalog[27] - 百拓維 is the only long-acting microsphere formulation of goserelin globally, with prostate cancer indications included in the 2023 national medical insurance catalog and breast cancer indications to be added in 2024[28] - 贊必佳 has been included in the priority review process and received approval for treating metastatic SCLC in adults, with global approvals in 17 countries[29] - 希美納 is the only approved sodium glysine compound in China for cancer radiotherapy, enhancing treatment efficacy and reducing overall costs[30] - 米美欣, approved in June 2024, is an oral formulation for severe pain management, utilizing abuse-deterrent technology to prevent misuse[31] - 若欣林, the first domestically developed antidepressant in China, was approved in November 2022 and included in the 2024 national medical insurance catalog[33] - 瑞可妥 is the only injectable risperidone microsphere in China, improving medication adherence for schizophrenia patients, and was included in the updated national medical insurance catalog in December 2023[35] - Erzofri, approved in July 2024, is the first long-acting injectable developed by a Chinese company for schizophrenia treatment in the U.S.[36] - 美比瑞 received approval in June 2024 for the treatment of acute and maintenance phases of schizophrenia[37] - Jin You Ping (Injectable Rotigotine Sustained-Release Microspheres) received approval from the National Medical Products Administration of China in June 2024 for the treatment of Parkinson's disease, being the world's first long-acting sustained-release microsphere formulation for this condition[38] Financial Position and Debt Management - Total assets increased to RMB 29,612.2 million as of December 31, 2024, compared to RMB 25,490.7 million the previous year[13] - The company's interest-bearing loans and borrowings increased to approximately RMB 8,294.4 million from RMB 7,486.1 million as of December 31, 2023[96] - The company's debt-to-equity ratio decreased from 55.3% as of December 31, 2023, to 52.7% as of December 31, 2024, primarily due to a reduction in interest-bearing loans and borrowings[97] - The net proceeds from the issuance of the 2022 convertible bonds amounted to approximately HKD 1,371.15 million, equivalent to a net conversion price of approximately HKD 3.45 per share[102] - The net proceeds from the issuance of the 2023 convertible bonds were approximately USD 176.74 million, equivalent to HKD 1,382.76 million, with a net conversion price of approximately HKD 4.79 per share[108] - The company plans to use approximately HKD 1,106.21 million from the 2023 convertible bonds for the repayment of debts due within 12 months[109] - The company aims to minimize foreign exchange risks through netting strategies, given its operations primarily in China[98] Corporate Governance and Management - The company was incorporated in Bermuda as an exempted company on July 2, 2003, and its shares were listed on the main board of the Stock Exchange on July 9, 2014[141] - The senior management team includes the Chief Financial Officer, who has been with the company since March 1997[139] - The company has established risk management procedures to mitigate financial risks related to interest rates, foreign exchange, credit, and liquidity[155] - The company has a structured investment framework that includes detailed analysis and regular updates to the board regarding investment progress[153] - The board has a remuneration committee to review the remuneration policy and structure for all directors and senior management[179] - The company confirms the independence of all independent non-executive directors as per listing rules[172] Shareholder Information - The company reported a total of 1,261,196,703 shares held by Liu Dianbo, representing approximately 33.53% ownership[183] - Major shareholders include Green Leaf Pharmaceutical Investment Limited, holding approximately 33.53% of shares, and Hillhouse Fund V, LP, holding 14.68%[191] - Liu Dianbo holds 70% of the equity in Nelumbo Investments Limited, which owns 70% of Green Leaf Life Sciences Group Limited[186] - Liu Dianbo has committed not to engage in any competing business related to the development and sale of innovative drugs post-listing[197] Environmental and Social Responsibility - The company is committed to environmental sustainability and has implemented various green measures in its operations, adhering to applicable environmental laws and regulations[157] - The company has implemented green office measures to promote recycling and waste reduction, aligning with its commitment to environmental sustainability[157]
绿叶制药(02186) - 2024 - 年度财报