eDiagnosis(SZ:002932) Mei Ri Jing Ji Xin Wen·2025-04-25 10:23Core Viewpoint - Mingde Biological reported a significant decline in revenue and net profit for 2024, raising concerns about its financial stability and potential delisting risk due to underperformance [1][2]. Financial Performance - In 2024, Mingde Biological achieved operating revenue of 350 million yuan, a year-on-year decrease of 53.3%, and a net profit attributable to shareholders of 74.52 million yuan, down 0.54% year-on-year [2]. - The company recorded a net loss of 140 million yuan after deducting non-recurring items, marking the second consecutive year of losses [2][3]. - As of the end of 2024, the company had distributable profits exceeding its total market value, calculated at 4.24 billion yuan based on the closing price on April 24 [1][5]. Dividend Policy - Despite the financial downturn, Mingde Biological announced a high dividend plan, proposing a cash dividend of 12 yuan per 10 shares (including tax), amounting to 263 million yuan, resulting in a dividend yield of nearly 7% based on the closing price on April 24 [1][5]. - The company has a history of high dividends, having distributed 20 yuan, 30 yuan, and 37 yuan per 10 shares in the years 2020 to 2022, respectively [4][5]. Challenges and Future Outlook - The decline in revenue and net profit is attributed to four main factors: decreased procurement prices, difficulties in customer payments, impairment of inventory and fixed assets, and high depreciation costs due to expanded production capacity [2][3]. - As of the end of 2024, the company had accounts receivable of 764 million yuan and inventory and fixed assets totaling over 1.4 billion yuan, indicating potential liquidity issues [3]. - To ensure revenue exceeds 300 million yuan in 2025, the company plans to develop new products, expand into overseas markets, and explore new business areas while focusing on innovative products that do not participate in centralized procurement [3].