DEZHAN HEALTHCARE(000813) Zheng Quan Shi Bao Wang·2025-04-29 08:55Core Viewpoint - The company is in a transformation phase but is increasing R&D investment, with several innovative drugs making progress, which provides assurance for future revenue growth [1][2]. Financial Performance - In 2024, the company achieved revenue of 466 million yuan, with a net loss attributable to shareholders of 20.41 million yuan, resulting in a basic earnings per share of -0.0095 yuan [1]. - For Q1 2025, the company reported revenue of 89.28 million yuan and a net loss attributable to shareholders of 22.11 million yuan [1]. - The gross profit margin improved to 64.13% in 2024, an increase of 5.39 percentage points from the previous year, primarily due to significant reductions in labor and manufacturing costs [1]. - As of the end of 2024, total assets were 5.319 billion yuan, with total liabilities of 154 million yuan, mostly interest-free; equity attributable to shareholders was 5.158 billion yuan, and the debt-to-asset ratio remained low at 2.91% [1]. R&D Investment - The company increased R&D investment to 78.20 million yuan in 2024, a year-on-year growth of 53.05%, with R&D expenses accounting for 16.76% of revenue, up 6.50 percentage points from the previous year [1]. - In 2024, the company was granted 11 invention patents and filed 43 patent applications, indicating strong R&D activity [1]. Innovative Drug Projects - The WYY innovative drug project has completed laboratory research and is progressing in pharmacology and toxicology, with expectations to obtain clinical trial permits in both China and the U.S. by the end of 2025 [3]. - The company has initiated production line construction for the semaglutide project and completed pilot tests for recombinant human collagen [3]. - Progress has been made in CBD-related projects, including preclinical studies for a new drug for pulmonary arterial hypertension and the establishment of a pharmaceutical-grade CBD raw material workshop [3]. Other Key Projects - The company’s associate, Dongfang Lue Biotechnology, is advancing the VGX-3100 project, which is in Phase III clinical trials for treating cervical precancerous lesions caused by HPV [4]. - Other key projects are ongoing, including the ZT project, which is optimizing lead compounds, and a flavonoid compound project for pancreatic cancer [4]. Future Strategy - In 2025, the company plans to leverage industry policy benefits, strengthen existing product lines, enhance innovation capabilities, and promote the industrialization of research outcomes [5]. - The company aims to establish a new ecosystem in the pharmaceutical and health industry, focusing on a "pharmaceutical + medical + health" business model [5].