天宇股份2024年年报解读：经营活动现金流大增104%，销售费用上涨52%

Core Viewpoint - Zhejiang Tianyu Pharmaceutical Co., Ltd. reported a solid performance in its 2024 annual report, with significant growth in net profit and improved cash flow, despite facing challenges in traditional business segments [1][2][3]. Financial Performance - The company achieved operating revenue of 2.63 billion yuan, a year-on-year increase of 4.10% from 2.53 billion yuan in 2023 [2]. - Net profit attributable to shareholders was 55.94 million yuan, up 104.45% from 27.36 million yuan in 2023 [3]. - The net cash flow from operating activities was 344.64 million yuan, a substantial increase of 884.97% compared to the previous year's -43.90 million yuan [5]. Business Segment Analysis - Revenue from generic drug raw materials and intermediates was 1.99 billion yuan, accounting for 75.80% of total revenue but down 0.53% year-on-year [2]. - CDMO raw materials and intermediates revenue was 365.80 million yuan, representing 13.90% of total revenue, down 9.83% [2]. - Formulation business revenue surged by 142.56% to 254.76 million yuan, indicating a strong growth area for the company [2]. Cost and Expense Management - Sales expenses increased significantly to 148.93 million yuan, a rise of 52.30% from 97.79 million yuan in 2023, primarily due to the expansion of the formulation business [4]. - Management expenses grew by 7.08% to 353.51 million yuan, while financial expenses decreased by 69.98% to 10.91 million yuan due to increased exchange gains and interest income [4]. - R&D expenses slightly decreased by 2.02% to 238.90 million yuan, maintaining a focus on innovation with R&D investment accounting for 9.99% of revenue [4]. Cash Flow and Investment Activities - The net cash flow from operating activities showed stability with cash inflows of 2.41 billion yuan, up 0.84%, and cash outflows of 2.06 billion yuan, down 15.16% [5]. - Investment cash inflows decreased by 82.42% to 2.88 million yuan, while outflows reduced by 40.77% to 220.18 million yuan, reflecting a cautious approach to investments [5]. - Financing activities generated a net cash flow of 22.85 million yuan, indicating stable fundraising efforts [5].