WALVAX(SZ:300142) Sou Hu Cai Jing·2025-05-07 08:59Core Points - Watson Bio reported a significant decline in financial performance for 2024, with total revenue of 2.82 billion yuan, a decrease of 31.41% year-on-year, and a net profit of 142.16 million yuan, down 66.10% from the previous year [1][2] Financial Performance - Total revenue for 2024 was 2,821,441,302.71 yuan, compared to 4,113,772,327.17 yuan in 2023, marking a 31.41% decrease [2] - Net profit attributable to shareholders was 142,160,410.01 yuan, down from 419,390,211.20 yuan in 2023, a decline of 66.10% [2] - Net profit after deducting non-recurring gains and losses was 108,396,074.77 yuan, a decrease of 81.10% from 573,585,030.87 yuan in 2023 [2] - Operating cash flow for 2024 was 1,036,524,527.50 yuan, down 8.58% from 1,133,768,797.73 yuan in 2023 [2] - Basic earnings per share were 0.0889 yuan, a decrease of 66.08% from 0.2621 yuan in 2023 [2] - Total assets at the end of 2024 were 14,724,311,909.25 yuan, down 5.55% from 15,588,869,273.40 yuan at the end of 2023 [2] Operational Challenges - The decline in net profit was attributed to reduced domestic sales revenue due to changes in population structure and increased market competition, as well as a decrease in the bidding price of the bivalent HPV vaccine [1][2] - Sales in the self-paid market for the HPV vaccine were under pressure due to reduced willingness for self-paid vaccinations and the expansion of the nine-valent HPV vaccine age range [1][2] Research and Development - R&D expenses for 2024 were 597 million yuan, a decrease of 23.17% year-on-year [3][4] - The number of R&D personnel decreased to 172, down 20.37% from 216 in 2023, representing 8.90% of total employees [3][4] Leadership and Compensation - The chairman of Watson Bio, Li Yunchun, has extensive experience in the vaccine industry and has held various leadership roles [5] - Li Yunchun's compensation for 2024 was 2.842 million yuan, a decrease of 34.44% compared to 4.328 million yuan in 2023 [6][7]