Hepalink(002399) 每日经济新闻·2025-04-07 15:56Core Viewpoint - The company has reported a turnaround in profitability, achieving a net profit of 647 million RMB in 2024, compared to a loss of 783 million RMB in the previous year, primarily driven by the recovery in CDMO business demand and improved management efficiency [2] Group 1: Financial Performance - The company achieved operating revenue of 5.281 billion RMB in 2024, a year-on-year decrease of 3.03% [2] - The CDMO business generated revenue of 1.034 billion RMB with a gross margin of 35.83%, reflecting a year-on-year increase of 13.8 percentage points [2] - Non-recurring gains included approximately 267 million RMB from the disposal of equity in Junshengtai and 202 million RMB from changes in fair value of financial products [2] Group 2: Business Operations - The company’s heparin API business is produced and sold locally in the U.S. by a wholly-owned subsidiary, thus not affected by U.S. tariffs [1][6] - The heparin product sales in the European market remain strong, with the company maintaining a top two market share [6] - The company has expanded its market presence in non-European and non-American regions, achieving significant sales growth in countries like Thailand, New Zealand, and Argentina [6] Group 3: Market Challenges - The heparin raw material business saw a revenue decline of 18.23% year-on-year, despite a 10.82% increase in sales volume, due to intense market competition leading to lower prices [4] - The overall revenue from the heparin industry chain decreased by 5.40% year-on-year, with the formulation segment achieving a slight revenue increase of 0.24% [4] - The company faces challenges in maintaining gross margins due to significant price reductions in the Chinese market driven by centralized procurement [5]