HISUN(SH:600267) 2 1 Shi Ji Jing Ji Bao Dao·2025-03-31 11:55Core Viewpoint - Haizheng Pharmaceutical reported a revenue of 9.787 billion yuan for 2024, with a net profit of 601 million yuan, marking a return to profitability compared to the previous year [1][3] Financial Performance - The company's total revenue decreased by 5.65% year-on-year, primarily due to a decline in the pharmaceutical distribution segment [2] - The pharmaceutical manufacturing segment generated 6.045 billion yuan, an increase of 3.63 billion yuan year-on-year, while the pharmaceutical distribution segment saw a revenue of 3.51 billion yuan, down 9.32% [2] - Excluding the pharmaceutical distribution business, Haizheng's revenue would have been 7.1 billion yuan, reflecting an 8% year-on-year growth [2] - The net profit attributable to shareholders was 601 million yuan, with a non-GAAP net profit of 423 million yuan, an increase of 523 million yuan year-on-year [3] Business Segments - The pharmaceutical formulation segment achieved a revenue of 4.411 billion yuan, up 1.71 billion yuan year-on-year, while the raw material drug segment generated 1.229 billion yuan, an increase of 1.85 billion yuan [2][3] - Haizheng Pharmaceutical is actively expanding into emerging markets such as health care, medical aesthetics, and CXO services [2][3] Market Position and Strategy - The company ranks 26th among Chinese pharmaceutical companies according to IQVIA, with notable positions in key therapeutic areas: 4th in lipid-lowering, 9th in anti-infection, and 2nd in hormones [2] - Haizheng is focusing on international market expansion, exporting raw material products to over 70 countries and regions, with more than 400 overseas clients, including top global pharmaceutical companies [4][5] Research and Development - The company has initiated a 170 million yuan synthetic biology flexible production line project and has over ten products in the pipeline for orthopedic calcium supplementation, liver protection, and medical aesthetics [3][5] - R&D expenses for 2024 are projected at 358 million yuan, a decrease of 34 million yuan year-on-year, but total R&D investment increased to 416 million yuan [5] - Haizheng has established a new drug research center in Shanghai and is developing advanced R&D platforms in areas such as small nucleic acids and complex formulations [5] Compliance and Regulatory Environment - The pharmaceutical industry is facing increasing regulatory scrutiny, with plans to complete a comprehensive compliance system upgrade by 2025 [6]