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直击圣湘生物年报:董事长戴立忠如何应对利润分化与研发高投入挑战?

Core Viewpoint - The company reported significant revenue growth but faced a divergence in profit structure, highlighting challenges in its diagnostic instrument business and reliance on non-recurring income [1][3]. Financial Performance - The company achieved a revenue of 1.458 billion yuan in 2024, a year-on-year increase of 44.78% [2][7]. - The net profit attributable to shareholders decreased by 24.23% to 275.6 million yuan, while the net profit excluding non-recurring items surged by 182.25% to 202.2 million yuan [2][3]. - The operating cash flow increased significantly by 530.34% to 274.4 million yuan [7]. Business Segments - The diagnostic reagent segment saw a revenue of 1.274 billion yuan, growing by 62.69% and accounting for 87.39% of total revenue [3][5]. - The diagnostic instrument segment's revenue fell by 43.82% to 83.3 million yuan, with a gross margin of -18.23%, indicating a loss of 0.18 yuan for every yuan of sales [4][5]. Cost and Investment - The company faced cost pressures from rising raw material prices and increased R&D investments, which grew by 41.48% to 277.7 million yuan [4][7]. - The R&D expenditure represented 24.79% of total revenue, exceeding the annual net profit, reflecting a strategic focus on technology development [8]. Strategic Challenges - The management is attempting to innovate its business model by bundling reagents, instruments, and services, but the effectiveness of this strategy has yet to be realized [6]. - The company is navigating complex strategic decisions, balancing R&D investments with shareholder returns and managing the integration risks from recent acquisitions [8].