康缘药业2024年财报：面对波动 韧性筑底

Core Insights - The core viewpoint of the news is that despite a decline in short-term performance, the company is laying a solid foundation for long-term growth through innovation and market expansion strategies [2][4]. Financial Performance - In 2024, the company achieved operating revenue of 3.898 billion yuan, a year-on-year decrease of 19.86% [2]. - The net profit attributable to shareholders was 392 million yuan, down 15.58% year-on-year [2]. - The non-recurring net profit was 363 million yuan, with a decline of 27.29% [2]. Product Performance - Injection products, the main revenue source, generated approximately 1.341 billion yuan in 2024, a decrease of 38.33% year-on-year [3]. - Sales of the core product, Re Du Ning injection, fell by 30.98%, while Ginkgo Biloba Terpene Lactone injection saw a decline of 47.86% [3]. - Oral liquid products achieved revenue of 875 million yuan, a growth of 1.28% year-on-year, with the core product Jin Zhen oral liquid increasing sales by 8.3% [3]. - Gel products experienced a significant revenue increase of 82.48%, driven by the sales growth of muscle and joint pain gel [4]. Market Strategy - The company is focusing on expanding its presence in the outpatient market, utilizing a multi-channel approach that includes OTC, grassroots medical services, and e-commerce [4]. - The company plans to strengthen its product matrix and enhance compliance systems to ensure long-term stable growth [4]. R&D Investment - The company invested 654 million yuan in R&D in 2024, accounting for 16.79% of total revenue, maintaining a leading position in the industry [6]. - Cumulatively, from 2020 to 2024, R&D expenses reached 2.911 billion yuan, with a consistent increase in R&D expense ratio [6]. - The company has established a comprehensive innovation system that integrates traditional Chinese medicine research with modern technology [7]. New Product Development - During the reporting period, the company received approval for one new traditional Chinese medicine and submitted applications for several others [7]. - The company completed the acquisition of 100% of Zhongxin Medicine, enhancing its biopharmaceutical pipeline and creating synergies with existing businesses [8]. Digital Transformation - The company is recognized as a national pilot for smart manufacturing, implementing digital technologies across its operations [9]. - Future strategies include leveraging innovation and digitalization to enhance product quality and operational efficiency [9].