TAIJI GROUP(SH:600129) Xin Lang Cai Jing·2025-04-29 02:24Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, with a slight improvement in Q1 2025, indicating ongoing challenges but potential recovery signs [1][2]. Financial Performance - In 2024, the company achieved revenue of 12.386 billion yuan, a year-on-year decrease of 20.72%, and a net profit attributable to shareholders of 27 million yuan, down 96.76% [1]. - For Q4 2024, revenue was 1.952 billion yuan, a decline of 43.25%, with a net loss of 518 million yuan [1]. - In Q1 2025, revenue was 2.828 billion yuan, down 32.79%, with a net profit of 75 million yuan, a decrease of 69.80% [1]. Business Segment Performance - In Q1 2025, the pharmaceutical industrial segment generated revenue of 1.467 billion yuan, a year-on-year decline of 45.52% but a quarter-on-quarter increase of 72.57 [2]. - Revenue from the nervous system drugs increased by 14.52% year-on-year to 180 million yuan, driven by increased sales of Meifikan [2]. - The pharmaceutical commercial segment reported revenue of 1.618 billion yuan, down 15.31% year-on-year [2]. Research and Development - The company accelerated R&D project progress in 2024, with 61 projects underway, including 19 traditional Chinese medicine projects and 18 chemical drug projects [3]. - Seven products in ten specifications passed consistency evaluation, and the company obtained production approval for oxycodone sustained-release tablets [3]. Marketing and Brand Strategy - The company innovated its brand promotion strategies, targeting younger demographics through cross-industry collaborations and media partnerships [4]. - It established a comprehensive media promotion matrix, enhancing brand image and influence through collaborations with authoritative media [4]. Investment Outlook - The company forecasts revenue growth rates of 8.7%, 9.6%, and 9.4% for 2025-2027, with net profit growth rates of 1917.9%, 24.3%, and 23.8% respectively [4].