Guanhao Biotech(SZ:300238) Sou Hu Cai Jing·2025-04-23 06:16Core Insights - The financial performance of Guanhao Biological in 2024 shows a decline in both revenue and profit, raising concerns about its future growth potential [1][4][6] Financial Performance - Total revenue for 2024 was 377 million yuan, a decrease of 6.60% from 404 million yuan in 2023 [1][4] - Net profit attributable to shareholders fell to 27.42 million yuan, down 11.57% from 31 million yuan in 2023 [1][4] - Non-recurring net profit dropped significantly by 35.48% to 19.71 million yuan [1][4] - Despite a rolling quarter-on-quarter growth in revenue, net profit, and non-recurring net profit of 1.10%, 56.04%, and 55.29% respectively, the overall performance remains concerning [4] R&D Investment - R&D expenditure in 2024 was 42.31 million yuan, a reduction of 14.31% compared to the previous year [4][5] - The proportion of R&D investment to total revenue decreased by 1.01 percentage points to 11.21% [4][6] - The reduction in R&D spending raises doubts about the company's future innovation capabilities, which are critical for a biotech firm [4][5] Business Segments - The company continues to advance projects in its three core business segments: biomaterials, pharmaceuticals, and cell technology, with notable progress in regenerative medicine materials and stem cell technology [5] - However, the cut in R&D funding casts a shadow over the future development of these projects [5] Asset Structure and Financial Pressure - The asset structure of Guanhao Biological changed significantly, with fixed assets increasing by 97.3%, while construction in progress decreased by 96.56% [6] - Long-term borrowings surged by 532.54%, indicating increased financial pressure amid declining revenues and profits [6] - The company generated 43.59 million yuan in cash flow from financing activities, but faced a net cash outflow of 84.99 million yuan from investing activities, highlighting substantial capital expenditure pressures [6]