千金药业2024年净利润下滑28% 研发及药材成本导致毛利承压

Core Insights - The company reported a revenue of 3.63 billion yuan in 2024, a decrease of 4.44% year-on-year [4] - The net profit attributable to shareholders was 230.76 million yuan, down 27.98% compared to the previous year [4] - The company is actively reducing low-margin wholesale and retail drug businesses, which, along with increased R&D investment and rising raw material costs, has pressured profit margins [2] Financial Performance - Revenue for 2024 was 36.30 billion yuan, a decline of 4.44% year-on-year [4] - Net profit attributable to shareholders was 2.31 billion yuan, a decrease of 27.98% [4] - The net profit after deducting non-recurring items was 2.19 billion yuan, down 27.92% [4] - Basic earnings per share were 0.55 yuan [4] Asset and Cash Flow - Cash and cash equivalents decreased from 1.998 billion yuan to 1.344 billion yuan, primarily due to increased long-term deposits [3] - Short-term borrowings decreased by 79% to 12 million yuan, with long-term borrowings eliminated [3] - Net assets at the end of the period reached 2.462 billion yuan, a year-on-year increase of 3.04% [3] Business Segmentation - Revenue from drug production was 1.002 billion yuan, an increase of 4.2% year-on-year [3] - Revenue from traditional Chinese medicine slices decreased by 16.55% to 56 million yuan [3] - Revenue from drug wholesale and retail was 149 million yuan, down 12.39% [3] - Notable product performance included a 32% decline in entertainment products, a 13.3% increase in sanitary napkins, and a 30% increase in other products [3] R&D Investment - R&D expenditure for 2024 was 235 million yuan, accounting for 6.46% of revenue [3] - The company is advancing several products, including the registration of classic formulas and submissions for generic drugs [3]