迈克生物2024年年报解读：营收净利双降，多项风险待解

Core Insights - The company reported a significant decline in both revenue and net profit for the year 2024, indicating substantial challenges faced during the period [1][2][3] Financial Performance - Revenue for 2024 was 2.549 billion yuan, down 11.98% from 2.896 billion yuan in the previous year, with the core in vitro diagnostic products segment also experiencing a similar decline [2] - Net profit attributable to shareholders was 127 million yuan, a sharp decrease of 59.44% compared to 313 million yuan in the previous year, primarily due to reduced revenue and a goodwill impairment loss of 94 million yuan [3] - The net profit excluding non-recurring items was 138 million yuan, down 56.20% from 316 million yuan, indicating challenges in the core business profitability [4] - Basic earnings per share fell to 0.2091 yuan, a decrease of 59.29% from 0.5136 yuan, reflecting a decline in shareholder returns [5] Expense Analysis - Sales expenses slightly decreased to 647 million yuan, a minor reduction of 0.86%, suggesting inefficiencies in marketing expenditures [6] - Management expenses decreased by 10.37% to 165 million yuan, indicating effective internal cost control measures [7] - Financial expenses were reduced by 29.50% to 16.43 million yuan, reflecting improved debt management [8] Cash Flow Analysis - Net cash flow from operating activities decreased by 29.70% to 634 million yuan, indicating potential issues in sales collections [11] - Net cash outflow from investing activities increased by 34.67% to -677 million yuan, primarily due to increased investments in the IVD Tianfu Industrial Park [12] - Net cash outflow from financing activities increased by 17.00% to -127 million yuan, highlighting pressures from dividend distributions [13] R&D and Innovation - R&D expenses remained stable at 323 million yuan, reflecting the company's commitment to innovation [10] - R&D investment for 2024 was 419 million yuan, accounting for 21.91% of self-owned product revenue, indicating a focus on product development [14] - The number of R&D personnel increased from 1,172 to 1,221, enhancing the company's innovation capabilities [15]