HISOAR(SZ:002099) Xi Niu Cai Jing·2025-05-06 06:37Core Insights - Haisheng Pharmaceutical reported a revenue of 1.938 billion yuan for 2024, a year-on-year decline of 10.75% [1] - The company recorded a net loss attributable to shareholders of 330 million yuan, narrowing by 21.38% year-on-year [1] - The basic earnings per share stood at -0.21 yuan [1] Financial Performance - The decline in performance was primarily due to multiple factors impacting the pharmaceutical and dye industries, with intense market competition leading to price pressures [4] - Total assets at the end of 2024 were 7.456 billion yuan, down 0.85% year-on-year, while total liabilities increased by 21.2% to 2.324 billion yuan, resulting in a debt-to-asset ratio of 31.2% [4] - The net cash flow from operating activities was 175 million yuan, a decrease of 27.31% year-on-year, mainly due to increased asset impairment losses and depreciation [4] - Cash flow from financing activities saw a significant decline of 96.51%, while cash flow from investing activities worsened from -128 million yuan to -527 million yuan [4] Business Segments - The pharmaceutical segment generated revenue of 1.368 billion yuan, down 11.77% year-on-year, accounting for 70.59% of total revenue [4] - The dye segment reported revenue of 551 million yuan, a decline of 8.80%, representing 28.47% of total revenue [4] - Key products in the dye segment, such as Reactive Brilliant Blue KN-R, maintained a high market share with double-digit sales growth [4] Research and Development - R&D expenditure for 2024 was 129 million yuan, constituting 6.68% of total revenue [5] - The company is focusing on the development of specialty APIs, generics, and innovative drugs, with new projects like a peptide platform and expansion into ophthalmic, psychiatric, and cardiovascular applications [5]