以岭药业24年度关键财务指标持续改善 25Q1盈利逐步提升

Core Viewpoint - In 2024, Yiling Pharmaceutical (002603) faced competitive pressure in the pharmaceutical industry and adhered to a strategy focused on "standardization, professionalism, health, sustainability, and leapfrogging," aiming for brand success, scale formation, goal achievement, and profit creation [1] Financial Performance - In 2024, Yiling Pharmaceutical reported revenue of 6.513 billion yuan, a year-on-year decrease of 36.88%, and a net profit attributable to shareholders of -0.725 billion yuan, down 153.57% [2] - The decline in performance was attributed to the expiration of certain respiratory products, leading to reduced sales and inventory impairment losses, alongside rising raw material costs and sustained high R&D investments [2] - Despite the net loss, operating cash flow significantly improved, reaching 0.611 billion yuan, a year-on-year increase of 293%, with Q4 cash flow alone at 0.288 billion yuan, up over 26 times [2] - Accounts receivable decreased significantly, with a reduction of 1.176 billion yuan, a drop of 50%, and total liabilities decreased to 3.117 billion yuan, down 24.24 billion yuan or 43.75%, resulting in a debt-to-asset ratio decline of nearly 10 percentage points to 23.4% [2] R&D Investment - Yiling Pharmaceutical maintained a strong focus on R&D, with expenses reaching 0.908 billion yuan in 2024, accounting for 13.94% of revenue, reinforcing its leadership in traditional Chinese medicine innovation [3] - The company developed 17 innovative traditional Chinese medicines targeting eight major clinical disease systems, achieving industry leadership in cardiovascular and respiratory disease treatments [3] - New drug approvals included a treatment for allergic rhinitis and a new drug for gallbladder inflammation, with several patented traditional medicines included in the new medical insurance directory [3] Market Expansion and Strategic Initiatives - Yiling Pharmaceutical has registered products in over 50 countries and regions, actively entering the biopharmaceutical and health sectors, with recent approval for a breast cancer treatment [4] - Continuous R&D investment is expected to enhance product offerings and market share, while the transformation of technological innovations will improve product structure and competitiveness [4] - The company’s strategic focus on R&D and market trends positions it for greater growth in the pharmaceutical market [4] 2025 Outlook - In Q1 2025, Yiling Pharmaceutical reported revenue of 2.358 billion yuan and a net profit of 0.326 billion yuan, reflecting a year-on-year increase of 7.25% [5] - The company’s operating cash flow reached 0.34 billion yuan, nearly doubling year-on-year, with gross margin increasing by 2.34 percentage points to 53.82% [5] - The company aims to enhance its innovation capabilities, accelerate drug development, and implement a brand strategy while optimizing operational management and cost control [6]