CCHT(000661) 证券日报·2025-04-21 16:40Core Viewpoint - Changchun High-tech is undergoing a strategic transformation from a "single blockbuster" to "diversified innovation," which has led to short-term performance fluctuations but is expected to yield long-term benefits through increased innovation and product diversification [1][2]. Financial Performance - In 2024, Changchun High-tech reported operating revenue of 13.466 billion yuan, a year-on-year decrease of 7.55% - The net profit attributable to shareholders was 2.583 billion yuan, down 43.01% year-on-year - The net profit after deducting non-recurring gains and losses was 2.830 billion yuan, a decline of 37.32% year-on-year [1]. R&D Investment - The company increased its R&D investment to 2.690 billion yuan in 2024, an increase of 11.20% compared to the previous year, with R&D expenses accounting for 19.97% of operating revenue - R&D expenses reached 2.167 billion yuan, up 25.75% year-on-year [1]. Product Diversification - Changchun High-tech has developed a diverse product line with 24 key products covering 28 indications, including 9 Class 1 innovative drugs - The company aims to reduce reliance on single products through diversified layouts, which are already showing initial results [2]. AI Integration - The company has established an AI-enabled system covering the entire drug lifecycle, utilizing its self-developed AI platform GenMOL to enhance drug discovery and development efficiency - The AI-powered research assistant GenAIR has significantly improved drug R&D efficiency by integrating large language models with extensive literature databases [2][3]. Shareholder Returns - The profit distribution plan for 2024 includes a cash dividend of 26 yuan per 10 shares, totaling 1.047 billion yuan, which, combined with previous buybacks, represents 56.81% of the net profit - Since its listing, the company has distributed a total of 3.747 billion yuan in cash dividends and repurchased shares worth 1.220 billion yuan, amounting to 4.967 billion yuan, which is 159.25% of the total cash raised excluding mergers and private placements [4]. International Expansion - Changchun High-tech is actively exploring international licensing cooperation for its innovative products and seeking partnerships with large international pharmaceutical companies - In 2024, overseas sales revenue for its subsidiary, Jinsai Pharmaceutical, saw a remarkable growth of 454%, with emerging markets like Algeria becoming significant growth drivers [5].