龙津药业(002750) - 2023 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2023 was ¥86,622,523.39, a decrease of 29.56% compared to ¥122,965,512.11 in 2022[20]. - The net profit attributable to shareholders for 2023 was -¥70,941,451.11, representing a decline of 26.42% from -¥56,116,510.96 in 2022[20]. - The cash flow from operating activities for 2023 was -¥39,260,741.79, a significant decrease of 171.83% compared to -¥14,443,094.88 in 2022[20]. - The basic and diluted earnings per share for 2023 were both -¥0.1771, down 26.41% from -¥0.1401 in 2022[20]. - Total assets at the end of 2023 were ¥631,634,251.67, a decrease of 15.47% from ¥747,205,227.88 at the end of 2022[20]. - The total operating revenue for 2023 was ¥86,622,523.39, a decrease of 29.56% compared to ¥122,965,512.11 in 2022[54]. - The pharmaceutical manufacturing sector generated ¥74,492,475.31, accounting for 86.00% of total revenue, with a year-on-year decline of 35.57%[54]. - The company's gross profit margin for the pharmaceutical manufacturing sector was 63.19%, down 19.36% from the previous year[55]. - The sales volume of the pharmaceutical manufacturing sector decreased by 30.62% to 539.66 million bottles, while production volume dropped by 92.33% to 110.13 million bottles[57]. Business Strategy and Operations - The company has established a full industry chain layout for its core products, including the injection of Ligusticum Chuanxiong and injection of Fibrinolytic Enzyme, which have continuously entered the national medical insurance catalog[42]. - The company has invested in subsidiaries focused on innovative drug research and development, high-end chemical generic drugs, industrial hemp cultivation, and health and daily chemical products[39]. - The company has optimized its sales channels and strengthened promotion efforts in provinces with previously weak coverage to improve market penetration[90]. - The company has established a comprehensive marketing system, covering all 31 provinces in China, to support product access and sales, adapting strategies to mitigate risks from centralized procurement policies[49]. - The company is actively seeking suitable investment targets in the pharmaceutical and health sectors to achieve rapid and healthy development through R&D, cooperation, and mergers and acquisitions[91]. Research and Development - The company has invested 20% of its sales revenue in R&D, with over 20% of its workforce dedicated to research, supporting strategic upgrades and sustainable development[45]. - The company has achieved production approval for several cardiovascular generic drugs, enhancing its competitive position in the market[65]. - The company has invested in nearly 20 related raw material and formulation patents for its core product, Ligusticum Chuanxiong, and continues to allocate resources for post-marketing clinical research and secondary development[42]. - The company is investing heavily in R&D, allocating 100 million yuan for the development of new technologies in the biopharmaceutical sector[115]. - The company is investing heavily in R&D, with a budget increase of 15% to enhance product innovation[161]. Market Challenges - The company has faced challenges due to ongoing healthcare reforms and cost control measures in the pharmaceutical industry, impacting its operational performance[31]. - The company is facing significant revenue pressure due to the ongoing price reductions from centralized procurement affecting its core product, the injection of Ligusticum chuanxiong[90]. - The company's core product, the injection of Ligusticum Chuanxiong, experienced a price drop of 67% due to centralized procurement, leading to a continued downward trend in performance[43]. - The company faces risks related to the decline in unit price and sales volume of its core products amid uncertainties in contract orders and actual usage in medical institutions[200]. Corporate Governance and Compliance - The financial report is guaranteed to be true, accurate, and complete by the company's management team, including the responsible person and accounting head[3]. - The company maintains a strict compliance with information disclosure regulations, ensuring timely, fair, and accurate information for investors[107]. - The company has established a complete and independent business structure, ensuring no reliance on the controlling shareholder for operations[108]. - The company has a fully independent financial institution, with its own accounting system and decision-making processes, free from interference by the controlling shareholder[109]. - The company has not faced any regulatory penalties in the past three years, ensuring compliance with securities regulations[125]. Environmental and Social Responsibility - The company has a commitment to environmental and social responsibility, as outlined in its annual report[5]. - Longjin Pharmaceutical actively participates in social responsibility initiatives, including educational funding and community support projects[154]. - The company supports rural revitalization by improving the income of local farmers through contracts and technical guidance in its industrial hemp business[155]. Future Outlook - The company provided guidance for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion yuan[115]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 300 million yuan earmarked for potential targets[115]. - The company has provided a future outlook with a revenue guidance of 1.5 billion yuan for the next fiscal year, indicating a growth target of 25%[125]. - The company plans to invest more resources in the health sector, leveraging its technology advantages in plant-based and peptide drugs[53]. Shareholder Relations - The company reported a plan not to distribute cash dividends, issue bonus shares, or increase capital from reserves[6]. - The board has approved a dividend payout of 0.5 yuan per share, reflecting a commitment to returning value to shareholders[115]. - The company has committed to maintaining a dividend payout ratio of 30% of net profits, ensuring shareholder returns[161].