NKY(SZ:300109) Xin Lang Cai Jing·2025-04-19 00:29Core Viewpoint - New Kaineng's net profit for 2024 is expected to decline by approximately 30% due to decreased gross margins in PVP series products, with the medical services segment shrinking to less than 10% of total revenue [1][2][3] Financial Performance - In 2024, the company achieved operating revenue of 1.606 billion yuan, a year-on-year increase of 1.45%, while net profit attributable to shareholders was 350 million yuan, a decrease of 29.07% [1] - The net profit excluding non-recurring gains and losses was 361 million yuan, down 25.76% year-on-year [1] - For Q1 2025, the company reported revenue of 325 million yuan, a year-on-year decrease of 17.69%, and a net profit of 80 million yuan, down 33.75% [1] Product Performance - The gross margin for the fine chemical business in 2024 was 47.80%, a decline of 11.82 percentage points year-on-year [1] - The gross margins for specific products in the PVP series were as follows: PVPK30 at 38.04% (down 15.65 percentage points), PVP-I at 31.88% (down 7.8 percentage points), Eurozi series at 63.37% (down 12.22 percentage points), and PVP series at 53.16% (down 10.01 percentage points) [1] Cash Flow and Sales - The company's operating cash flow for the previous year was approximately 256 million yuan, a decrease of 47.56% year-on-year, primarily due to reduced cash received from sales [2] - Sales revenue from the PVP series products was 748 million yuan, with a year-on-year increase of 31%, while the top-selling product PVPK30 generated revenue of 492 million yuan, a decrease of 10.77% [2] Medical Services Segment - The medical services segment has seen a significant decline in revenue contribution, dropping from 53.18% in 2019 to 9.63% in 2024 [2] - Corresponding gross profit from the medical services segment also decreased from 61.84% in 2019 to 7.99% in 2024 [2] Impairment and Acquisitions - In 2024, the company recognized goodwill impairment of 45 million yuan, with approximately 23 million yuan and 22 million yuan allocated to subsidiaries Sanji Biological and Jingneng Biological, respectively [2] - The company previously acquired three firms in the medical services sector for a total of 543 million yuan, with significant premium rates at the time of acquisition [2]