Cosunter(SZ:300436) Jin Rong Jie·2025-04-18 05:52Core Viewpoint - Guangshentang (300436) reported a total revenue of 441 million yuan for 2024, reflecting a year-on-year growth of 4.43%, while the net profit attributable to shareholders was -156 million yuan, a significant narrowing of 55.16% compared to the previous year, indicating improved operational quality despite ongoing losses [1][4]. Revenue and Profitability - The company achieved a total revenue of 441 million yuan in 2024, marking a 4.43% increase year-on-year [4]. - The net profit attributable to shareholders was -156 million yuan, showing a substantial reduction of 55.16% year-on-year, although losses persist [4]. - The fourth quarter revenue was 115 million yuan, a decline of 19.5% year-on-year, indicating significant quarterly revenue fluctuations [4]. Impact of Policies and Costs - The ongoing impact of centralized procurement policies has significantly affected profit margins, particularly for hepatitis B products [4]. - Increased intangible assets due to prior construction projects and drug approvals have led to higher depreciation and amortization expenses, further compressing profit margins [4]. Research and Development - Guangshentang has made notable progress in both generic and innovative drug sectors, with five nucleoside analogs for hepatitis B included in the 2024 National Basic Medical Insurance Drug List [5]. - The company’s R&D investment for 2024 was 44.8861 million yuan, a decrease of 85.72% year-on-year, with R&D expenditure accounting for 10.17% of total revenue, down 64.16 percentage points from the previous year [6]. Strategic Partnerships and Shareholder Structure - In November 2024, Guangshentang's controlling shareholder signed a share transfer agreement with a health industry investment fund, enhancing the company's competitiveness in the traditional Chinese medicine sector [7]. - The introduction of strategic investors has optimized the shareholder structure, although total assets and net assets attributable to shareholders decreased by 10.9% and 30.3% respectively compared to the previous year [7].