Haisco(SZ:002653) Chang Jiang Shang Bao·2025-04-13 23:58Core Viewpoint - The company, Haishike, has shown positive operating performance with a focus on building an innovative drug "super industrial chain" and has reported significant growth in revenue and net profit for 2024 [1][3]. Financial Performance - In 2024, Haishike achieved revenue of 3.721 billion yuan, a year-on-year increase of 10.92%, and a net profit of 395 million yuan, up 34% from the previous year [1][3]. - The company plans to distribute a cash dividend of 1.35 yuan per 10 shares (tax included), totaling approximately 151 million yuan [4]. Business Transformation - Originally established as a specialty generic drug company, Haishike has transformed into an innovative pharmaceutical enterprise focusing on areas such as anesthesia, pain relief, diabetes, and oncology [1][3]. - The company has over 40 products that are the first or exclusive generics in China, with key products including the innovative drug, remifentanil injection, and dolasetron mesylate injection [1]. Research and Development - Haishike has consistently increased its R&D investment, with expenditures of 709 million yuan, 815 million yuan, 958 million yuan, 875 million yuan, and 1 billion yuan from 2020 to 2024, totaling 4.358 billion yuan [1][6]. - In 2024, R&D investment reached 1 billion yuan, accounting for 26.90% of total revenue, an increase of 0.81 percentage points year-on-year [6]. Product Pipeline - The company has a diverse pipeline with 51 projects under development, including 26 innovative drugs, and has 14 commercialized products and clinical-stage new drugs [6]. - Newly approved innovative drugs, such as the pain relief capsule and the long-acting DPP-4 inhibitor, have significant market potential despite initial sales being in the millions [3][6]. Market Strategy - Haishike is enhancing its marketing team and accelerating market expansion through integrated channels to improve brand penetration [3]. - The company has also announced a plan to raise up to 1.365 billion yuan through a private placement to fund new drug development and supplement working capital [7].