CCHT(SZ:000661) Xin Lang Zheng Quan·2025-04-23 02:34Core Viewpoint - Changchun High-tech's financial performance has significantly declined, with a 7.55% drop in revenue and a 43.01% plunge in net profit for 2024, marking the company's darkest period in its 28-year history [1][2]. Financial Performance - In 2024, Changchun High-tech reported a total revenue of 13.466 billion yuan, down 7.55% year-on-year, and a net profit of 2.583 billion yuan, down 43.01% year-on-year [2]. - The first quarter of 2025 continued the downward trend, with revenue decreasing by 5.66% and net profit falling by 44.95% [2]. Subsidiary Performance - Key subsidiaries include Jinsai Pharmaceutical, Baike Biological, Huakang Pharmaceutical, and Gaoxin Real Estate, with Jinsai Pharmaceutical and Baike Biological being the main revenue contributors [4]. - Jinsai Pharmaceutical generated revenue of 10.671 billion yuan in 2024, a decrease of 3.73%, and a net profit of 2.678 billion yuan, down 40.67% [4]. - Baike Biological's revenue was 1.229 billion yuan, down 32.64%, with a net profit of 232 million yuan, down 53.67% [4]. Market Dynamics - The decline in performance is primarily attributed to the significant drop in profits from Jinsai Pharmaceutical, which accounted for 99.60% of Changchun High-tech's net profit in 2023 [5]. - Jinsai Pharmaceutical's core products include various growth hormone products, with approximately 90% of Changchun High-tech's total revenue coming from this subsidiary [5]. Competitive Landscape - Jinsai Pharmaceutical held an 84.2% market share in the growth hormone industry in 2023, but competition has intensified due to the impact of centralized procurement [6]. - The introduction of centralized procurement for short-acting water injections in 2024 is expected to further affect the company's performance [7]. Vaccine Performance - Baike Biological's shingles vaccine initially showed strong growth, with a revenue increase of 70.30% in 2023, but faced a significant decline in 2024, with revenue dropping by 32.64% [8]. - The shingles vaccine revenue fell to 251 million yuan in 2024, a decrease of 71.54%, with sales volume down by 69.8% [8].