HISUN(SH:600267) Huan Qiu Wang·2025-04-02 08:39Core Viewpoint - Zhejiang Haizheng Pharmaceutical Co., Ltd. reported a record high net profit of 601 million yuan for the fiscal year 2024, driven by effective promotion of formulation products and growth in the pharmaceutical raw materials business [3][4]. Financial Performance - The company achieved an operating income of 9.787 billion yuan, with a net profit attributable to shareholders of 601 million yuan, marking a turnaround from previous losses [3]. - The non-recurring net profit was 423 million yuan, also reflecting a significant improvement [3]. - The company plans to distribute a cash dividend of 2.10 yuan per 10 shares and has repurchased shares worth approximately 96.4589 million yuan, totaling 342 million yuan, which is 56.87% of the net profit [3]. Strategic Adjustments - Haizheng Pharmaceutical adopted a "sales first, profit returned" strategy, leading to improved operational efficiency and a reduction in sales expense ratio, accounts receivable, and inventory [4]. - The net cash flow from operating activities increased by 40.72% to 2.115 billion yuan, and the debt-to-asset ratio decreased by 12% to 46.29% [4]. Business Segments - The pharmaceutical formulation business saw a revenue increase of 6.8% to 5.22 billion yuan, solidifying its position in key therapeutic areas [4]. - The raw materials business revenue grew by 18% to 1.23 billion yuan, while the animal health segment expanded with several new drug launches [4]. Innovation and Development - The company is actively exploring new business areas such as health, medical aesthetics, and CXO, with plans for regenerative medical formulations expected to enter clinical registration by 2026 [5]. - Haizheng Pharmaceutical has made significant progress in e-commerce, with substantial growth in key products and pet business sales [5]. - The company has restructured its R&D resources, resulting in enhanced research efficiency and the establishment of advanced R&D platforms, with 10 drug registration approvals and 62 patent applications in the year [5]. Future Outlook - The company anticipates that 2025 will be a pivotal year for significant development and aims to strengthen its core business while exploring new growth areas [6].