HWPC(SH:688799) Zheng Quan Shi Bao Wang·2025-03-09 10:56Core Viewpoint - Warner Pharmaceutical is enhancing its industrial layout by investing in a new green and intelligent production base for high-end raw materials and intermediates, with a total investment not exceeding 500 million yuan [1]. Group 1: Investment Project - The project aims to build a production base with an annual capacity of 3,000 tons for high-end raw materials and intermediates, located in Changsha, Hunan Province [1]. - The funding for the project will primarily come from the company's own and self-raised funds, with a construction period estimated to be between 1 to 3 years [1]. - The project will include the construction of production workshops, equipment purchases, and installation [1]. Group 2: Company Background and R&D - Warner Pharmaceutical has established a comprehensive R&D system from new product initiation to commercialization, focusing on chemical raw materials, chemical drug formulations, and traditional Chinese medicine [2]. - The company has developed a high-end pharmaceutical industrialization platform with an integrated raw material and formulation advantage, and is also working on innovative traditional Chinese medicine [2]. - Recently, the company received approval for the listing application of potassium bismuth citrate, indicating compliance with national drug review standards [3]. Group 3: Financial Performance - For the fiscal year 2024, Warner Pharmaceutical reported a revenue of 1.413 billion yuan, a year-on-year decrease of 1.38%, and a net profit attributable to shareholders of 172 million yuan, down 18.43% [4]. - The decline in revenue is attributed to a decrease in market sales prices of main formulation products, while the drop in net profit is due to significantly increased R&D expenses [4]. - In Q4 2024, the company achieved a revenue of 344 million yuan, a year-on-year decrease of 8.86%, with a notable decline in respiratory product sales [5].