Core Viewpoint - Changchun High-tech's reliance on its subsidiary, Jinsai Pharmaceutical, raises concerns about governance issues amid rapid expansion, particularly regarding recruitment practices and potential favoritism [1][2]. Group 1: Company Overview - Jinsai Pharmaceutical, established in 1996, is a core subsidiary of Changchun High-tech, known for launching China's first recombinant human growth hormone, significantly reducing reliance on imports [1]. - The company has maintained a market share exceeding 80% in the growth hormone sector, with its main products contributing nearly 90% of its revenue in 2023 [1][2]. Group 2: Financial Performance - In 2023, Changchun High-tech reported revenue of 14.566 billion yuan, with Jinsai contributing 11.084 billion yuan, accounting for 76% of total revenue [2]. - Jinsai's net profit for 2023 was 4.514 billion yuan, representing 99.6% of the group's total profit, highlighting the company's heavy dependence on Jinsai's performance [2]. - Jinsai's revenue in 2024 decreased by 3.73% to 10.671 billion yuan, with net profit dropping by 40.67% to 2.678 billion yuan, indicating significant challenges ahead [2]. Group 3: Recent Developments - In Q1 2025, Jinsai achieved revenue of 2.617 billion yuan, a year-on-year increase of 5.94%, driven by improved market penetration of long-acting growth hormones [2][3]. - Despite revenue growth, net profit attributable to the parent company fell by 38.31% to 535 million yuan due to increased sales expenses and ongoing investments in R&D for new products [2][3]. - Jinsai is focusing on product structure optimization, with long-acting growth hormone sales increasing to 35% of total revenue, and a 60% growth in nutritional product sales [3]. Group 4: Strategic Initiatives - Jinsai is actively pursuing business diversification and international expansion, with overseas sales revenue increasing by 454% in 2024 [3]. - The company aims to strengthen its internal management and operational efficiency to better compete in the increasingly crowded growth hormone market [3].
金赛药业被曝“关系户”乱象、招聘体验差...长春高新回应