BCHT(SH:688276) Bei Ke Cai Jing·2025-04-21 10:07Core Insights - The core issue for the company is the significant decline in sales of the shingles vaccine, which has led to a substantial drop in overall performance for 2024 and Q1 2025 [1][2][3] Financial Performance - In 2024, the company's revenue and net profit attributable to shareholders were 1.229 billion yuan and 232 million yuan, representing declines of 32.64% and 53.67% respectively [1] - For Q1 2025, revenue and net profit attributable to shareholders were 162 million yuan and 1.0643 million yuan, with declines of 39.96% and 98.24% respectively [1] Vaccine Sales Analysis - The shingles vaccine generated revenue of 251 million yuan in 2024, a significant drop of 71.54% year-on-year, with a gross margin of 96.08% [2] - Production of the shingles vaccine was 898,600 doses, but only 200,400 doses were sold, leading to a 79.97% increase in inventory [2] - The decline in sales is attributed to low public awareness of the disease and vaccine, resulting in decreased market demand [2] Market Challenges - The company faces challenges from declining birth rates, price adjustments of similar products, and increased competition from new market entrants [3] - Despite slight revenue increases from chickenpox and nasal flu vaccines, the overall market capacity is shrinking due to lower birth rates [3] Strategic Initiatives - The company aims to expand its adult vaccine market and is investing in R&D for new products, including Alzheimer's therapeutic vaccines and other vaccines [3] - In 2024, R&D investment was 156 million yuan, accounting for 12.7% of revenue [3] Market Potential - The domestic shingles vaccine market is currently characterized by limited competition, with only GSK's Shingrix and the company's shingles vaccine approved for sale [4][5] - The market penetration for shingles vaccines among individuals over 50 is low, indicating significant growth potential as public awareness increases [6][7]