康缘药业2024年业绩承压背后：两大核心品种销量下滑、新并表亏损子公司

Core Viewpoint - In 2024, Kangyuan Pharmaceutical (600557) reported a decline in both revenue and net profit, primarily due to the underperformance of its core products, namely Rendu Ning Injection and Ginkgo Biloba Terpene Lactone Injection [1][5][8] Financial Performance - The company's revenue for 2024 was approximately 3.90 billion yuan, a year-on-year decrease of 19.86% [2][5] - The net profit attributable to shareholders was about 391.86 million yuan, down 15.58% from the previous year [2][5] - Quarterly revenue and net profit showed a downward trend throughout 2024, with Q4 revenue declining by 42.38% and net profit by 69.71% year-on-year [5][6] Product Performance - The main revenue source, injections, generated approximately 1.34 billion yuan in 2024, a decrease of 38.33% year-on-year, largely due to falling sales of Rendu Ning Injection and Ginkgo Biloba Terpene Lactone Injection [8][9] - Rendu Ning Injection's production decreased by 10.24%, with sales down 30.98%, leading to a significant increase in inventory [8][9] - Ginkgo Biloba Terpene Lactone Injection saw a production drop of 33.9% and a sales decline of 47.86% [8][9] Strategic Initiatives - In response to declining sales, the company is expanding its product lineup with new offerings such as Jinzhen Oral Liquid and Xingbei Cough Granules [1][9] - The company completed the acquisition of Jiangsu Zhongxin Pharmaceutical Co., Ltd. in 2024, although this acquisition has not yet turned profitable and is expected to impact short-term performance [1][10][11] Industry Context - The pharmaceutical manufacturing industry is facing external pressures such as healthcare payment reforms, drug price governance, and centralized procurement, leading to a decline in profit margins [6][9] - The company plans to forgo cash dividends for 2024, instead opting for a share buyback strategy, which is viewed as a form of returning value to shareholders [6][10]