Joincare(600380) 长江商报·2025-04-11 02:16Core Viewpoint - The company Health元 (600380.SH) continues to face operational pressure due to a complex external environment, with both revenue and net profit declining for the second consecutive year in 2024 [1][6]. Financial Performance - In 2024, Health元 reported revenue of 15.619 billion and a net profit attributable to shareholders of 1.387 billion, representing a year-on-year decline of 6.17% and 3.90% respectively [4][6]. - The company has experienced a rare occurrence of consecutive declines in revenue and net profit, with the last similar instance occurring in 2023 [6][7]. - Quarterly revenue for 2024 showed a consistent decline across all four quarters, with figures of 4.340 billion, 3.895 billion, 3.664 billion, and 3.721 billion, reflecting year-on-year decreases of 4.81%, 6.39%, 6.80%, and 6.87% respectively [7][8]. Research and Development - Despite increasing focus on innovative drug development, Health元's R&D investment has been decreasing, with 2024 R&D spending at 1.532 billion, down 318 million from 2021 [2][11]. - The proportion of R&D investment relative to revenue has also declined, from 11.63% in 2021 to 9.81% in 2024 [11]. - The company has reduced its R&D personnel by 70 in 2024, with the total number of R&D staff at 1,670, accounting for 11.63% of total employees [10][11]. Dividend Policy - Health元's dividend distribution remains low, with a proposed cash dividend of 366 million for 2024, resulting in a dividend payout ratio of 26.39% [2][12]. - The company has maintained a dividend payout ratio below 30% for five consecutive years [3][13]. Cost Management - Health元 has managed to reduce sales and management expenses, totaling a decrease of 755.6 million in 2024 compared to 2023 [8][9]. - Despite the reduction in expenses, the company's net profit continued to decline, indicating challenges in reversing the downward trend in operational performance [9]. Cash Position - As of the end of 2024, Health元 reported cash and cash equivalents of 14.852 billion, with interest-bearing liabilities of 5.276 billion, indicating a strong liquidity position [15].