康华生物2024年年报解读：营收净利双降，研发投入与现金流引关注

Core Viewpoint - Chengdu Kanghua Biological Products Co., Ltd. reported a decline in revenue and net profit for 2024, with significant changes in R&D expenses and cash flow from financing activities, indicating potential challenges in market competition and financial management [1][2][3][4][5][6][7]. Financial Performance Summary - Revenue for 2024 was 1,431,876,597.94 yuan, a decrease of 9.23% from 2023's 1,577,395,401.05 yuan [2]. - The bioproducts segment generated 1,325,731,889.52 yuan, accounting for 92.59% of total revenue, but saw a decline of 15.93% year-on-year [2]. - Other business revenue increased significantly by 22,494.27%, reaching 106,144,708.42 yuan, though its impact on overall revenue was limited due to its smaller base [2]. - Revenue from the East China region fell by 15.12% to 552,092,855.84 yuan, while the Central China region saw a 21.03% decline to 228,075,736.74 yuan [2]. - Overseas revenue grew significantly by 4,657.11% to 106,240,500.00 yuan, but still represents a small portion of total revenue [2]. Profitability Challenges - Net profit attributable to shareholders was 398,651,923.09 yuan, down 21.71% from 509,215,964.75 yuan in 2023 [3]. - The net profit excluding non-recurring items decreased by 15.75% to 457,495,046.29 yuan [3]. - Basic earnings per share fell by 20.47% to 3.0279 yuan, while diluted earnings per share also declined [3]. Expense Analysis - Sales expenses increased by 10.68% to 547,123,711.92 yuan, driven by higher market investment to maintain market position [4]. - Management expenses rose by 4.16% to 111,272,410.38 yuan, primarily due to increased personnel costs [4]. - Financial expenses decreased by 7.64% to -8,554,233.90 yuan, benefiting from increased bank exchange gains [4]. - R&D expenses significantly dropped by 47.81% to 132,051,132.76 yuan, which may impact future product innovation and competitiveness [4][5]. Cash Flow and Financing Activities - Net cash flow from operating activities was stable at 572,241,897.48 yuan, slightly down by 0.30% from 573,983,333.81 yuan in 2023 [6]. - Cash flow from investing activities was -341,866,850.58 yuan, a significant increase in outflow compared to -163,389,350.19 yuan in the previous year [6][7]. - Cash flow from financing activities saw a drastic decline of 6528.79% to -471,794,952.39 yuan, primarily due to increased dividend distributions and share repurchases [7].