生长激素红利不再？长春高新营利十年首降

Core Insights - Changchun High-tech's 2024 annual report shows a decline in both revenue and net profit for the first time in a decade, with revenue at 13.466 billion yuan, down 7.55%, and net profit at 2.583 billion yuan, down 43.01% [1] - The company heavily relies on its subsidiary, Jinsai Pharmaceutical, which accounted for 79.24% of total revenue in 2024, but also experienced a revenue decline of 3.73% [2][3] - The introduction of centralized procurement for growth hormone products has significantly impacted Jinsai Pharmaceutical's profitability, leading to a net profit decline of 40.67% [2][3] Revenue and Profit Performance - Changchun High-tech's total revenue for 2024 was 13.466 billion yuan, a decrease of 7.55% year-on-year, while net profit fell to 2.583 billion yuan, a drop of 43.01% [1] - Jinsai Pharmaceutical's revenue was 10.671 billion yuan, down 3.73%, with a net profit of 2.678 billion yuan, down 40.67% [2] - Baike Biological's revenue decreased by 32.64% to 1.229 billion yuan, with net profit down 53.67% to 232 million yuan [5] Market Challenges - Jinsai Pharmaceutical faces increased competition and pricing pressures due to the entry of new players in the long-acting water injection market [4] - The decline in sales of the shingles vaccine has significantly affected Baike Biological's performance, with its shingles vaccine revenue dropping 71.54% [5][6] - The overall market for vaccines is shrinking due to declining birth rates and increased competition, posing risks to product pricing and sales [6] Cost Structure and Expenses - Sales expenses for Changchun High-tech increased by 11.81% to 4.439 billion yuan, while management expenses rose by 25.59% to 1.202 billion yuan [6] - The increase in expenses is attributed to the expansion of the sales team and adjustments in management structures within Jinsai Pharmaceutical [6] R&D and Future Outlook - Changchun High-tech is attempting to diversify its product offerings, with R&D expenses rising to 2.690 billion yuan, an increase of 11.20%, representing 19.97% of total revenue [7] - The company has several products in clinical stages, including new indications for growth hormone and other innovative drugs [8] - Despite the challenges, the company aims to reduce its reliance on growth hormone and explore new business opportunities in various therapeutic areas [7]