生长激素红利消退 长春高新失速

Core Viewpoint - Changchun High-tech's performance has significantly declined in 2024, marking the first annual net profit drop in nearly 11 years, primarily due to intensified competition in the growth hormone market and increased R&D and sales expenses [1][3][5]. Financial Performance - In 2024, Changchun High-tech reported revenue of approximately 13.466 billion yuan, a year-on-year decrease of 7.55%, and a net profit of about 2.583 billion yuan, down 43.01% [3][6]. - For Q1 2025, the company continued to experience declines, with revenue of around 2.997 billion yuan, a decrease of 5.66%, and a net profit of approximately 473 million yuan, down 44.95% [3][6]. Key Subsidiary Performance - Changchun Jinsai Pharmaceutical, a major revenue source, saw its revenue drop to 10.671 billion yuan in 2024, a decline of 3.73%, and net profit fell to 2.678 billion yuan, down 40.67% [6][5]. - Another subsidiary, Baike Biological, also reported a decline in 2024, with revenue of 1.229 billion yuan, down 32.64%, and net profit of 232 million yuan, down 53.67% [7]. R&D and Sales Expenses - In 2024, R&D expenses reached 2.69 billion yuan, an increase of 11.2%, accounting for 19.97% of revenue, while sales expenses rose to 4.439 billion yuan, up 11.81% [8]. - The increase in R&D and sales expenses is attributed to accelerated new product development and enhanced sales team recruitment [8]. Market Competition - The growth hormone market has become increasingly competitive, with multiple companies entering the field, impacting Changchun Jinsai's market share [5][6]. - The company has acknowledged the need for continuous R&D investment to maintain product competitiveness amid rising competition [1][5]. R&D Personnel Changes - As of the end of 2024, the number of R&D personnel decreased to 1,264, with a notable increase in the number of PhD holders, which rose by 31.82% [9].