2850万年薪CEO砍74%研发费控成本！基石药业公布CS2009产品新成果亟待破局

Core Viewpoint - The company is facing significant financial challenges despite advancements in drug development, particularly with its innovative product CS2009, which shows promising clinical results but is accompanied by declining revenues and increasing debt levels [3][4][12]. Financial Performance - The company's revenue for 2024 was 407 million RMB, marking a decline of 12.21% compared to 2023, which had already seen a decrease of 3.64% [8][9]. - The net profit attributable to shareholders was -91 million RMB, an improvement from the -367 million RMB loss in 2023, but the company has not achieved positive annual profits since its listing in 2019 [8][10]. - The operating cash flow showed a net outflow of 343 million RMB, with a cash flow ratio of only 0.27, indicating potential cash flow issues [12][14]. Research and Development - R&D expenditure for 2024 was 135 million RMB, a significant reduction of 74.49% from 528 million RMB in 2023, raising concerns about the company's long-term innovation capabilities [5][10]. - The innovative drug CS2009 demonstrated a "triple synergistic effect" in preclinical studies, significantly enhancing its therapeutic potential [4]. Management and Compensation - The CEO, Yang Jianxin, saw his compensation decrease by over 50% to approximately 28.5 million RMB, while other executives did not reach the million RMB mark [6][5]. - The company has reduced its workforce significantly, from 611 employees in 2021 to only 135 in 2024, which has improved revenue per employee but raised concerns about the loss of key talent [18]. Capital Structure and Liquidity - The company's debt-to-asset ratio reached a record high of 73.89%, indicating increasing financial leverage and potential solvency risks [14][15]. - Cash reserves dropped from 997 million RMB to 388 million RMB, suggesting that the company could only sustain operations for about one more year at the current burn rate [12][14]. Revenue Composition - Despite overall revenue decline, licensing fee income surged to 204 million RMB, a 113.14% increase, now accounting for over 50% of total revenue [16][17]. - However, drug sales revenue fell to 175 million RMB, a decrease of 48%, highlighting the need for stable growth in this area to achieve profitability [17].