营收连续两年下降，复星医药2024年研发费用同比减少16%

Core Viewpoint - Fosun Pharma has reported a slight decline in revenue for 2024, but a significant increase in net profit, indicating a mixed financial performance amidst ongoing challenges in the market [3][4]. Financial Performance - The company achieved a revenue of 41.07 billion yuan in 2024, a decrease of 0.8% compared to 2023 [4][8]. - Net profit attributable to shareholders was 2.77 billion yuan, reflecting a year-on-year growth of 16.08% [4][8]. - The net profit after excluding non-recurring items was 2.31 billion yuan, up 15.10% from the previous year [4][8]. - Operating cash flow increased by 31.13% to 4.48 billion yuan [4][8]. Revenue Breakdown - In 2024, the pharmaceutical segment generated 28.92 billion yuan, down 4.29% year-on-year [6][7]. - Medical devices and diagnostics reported revenue of 4.32 billion yuan, a decrease of 1.53% [6][7]. - Healthcare services saw a revenue increase of 14.61%, totaling 7.65 billion yuan [6][7]. - Revenue from the mainland China market was 29.77 billion yuan, down 4.06%, while international markets contributed 11.30 billion yuan, up 8.93% [6][7]. Asset and Liability Management - Total assets reached 1174.61 billion yuan, a 3.52% increase from the beginning of the year [9]. - Total liabilities amounted to 575.27 billion yuan, reflecting a 1.18% increase [9]. - The debt-to-asset ratio stood at 48.98%, a decrease of 1.13 percentage points year-on-year [9]. Shareholder and Market Response - The company announced a cash dividend of 3.2 yuan per share, with a payout ratio of 72% [9]. - The stock price fell to 24.55 yuan per share following the annual report release, resulting in a market capitalization of 65.58 billion yuan, which is over 70% lower than its peak in 2021 [10]. External Financing and Guarantees - Fosun Pharma has a high level of external guarantees, totaling 236.98 billion yuan, which is 51.87% of the net assets as of the end of 2023 [10]. - The company has been actively selling financial assets to recover funds, with approximately 3 billion yuan raised through asset sales last year [9].