JIANGSU GDK(SH:688670) Zheng Quan Zhi Xing·2025-06-05 09:15Core Viewpoint - Jiangsu Jindike Biotechnology Co., Ltd. reported a significant decline in revenue and net profit for 2024, primarily due to external market factors and internal operational issues, particularly in the sales of its quadrivalent influenza vaccine [2][4][10]. Revenue and Profit Summary - The company's total revenue for 2024 was 80.80 million yuan, a year-on-year decrease of 39.96%, while the net profit attributable to shareholders was -93.50 million yuan, an increase in loss of 31.71% [2][4]. - The fourth quarter accounted for 52% of the total annual revenue, a significant increase from 10% in the previous year [2][10]. Sales Volume and Market Dynamics - The sales volume of the quadrivalent influenza vaccine was 2.86 million doses, down from 2.86 million, 1.38 million, and 1.17 million doses in previous periods [2][4]. - The decline in sales was attributed to a decrease in market demand due to lower vaccination rates and a price reduction in the influenza vaccine, with prices adjusted from 128 yuan to 88 yuan per dose [4][5]. Competitive Position and Market Share - The company’s competitive position in the quadrivalent influenza vaccine market has not significantly deteriorated, as the overall industry faced similar challenges [6][10]. - The company remains a key player in the domestic market, being the first to obtain clinical trial approval and the second to achieve batch release and market sales for its quadrivalent influenza vaccine [6][10]. Customer Concentration and Sales Distribution - The concentration of sales among the top five customers decreased in 2024, with total sales amounting to 6.13 million yuan, representing 7.58% of total revenue, down from 16.45% in 2023 [11][12]. - The sales distribution by region showed a decline in both sales volume and revenue, despite an increase in transportation costs, which rose to 8.27 million yuan, a 12.35% increase year-on-year [13][14]. Production and Regulatory Challenges - The production of the influenza vaccine faced delays, with the first batch obtaining batch release certification only in September 2024, impacting sales negatively [5][10]. - The company has implemented measures to improve production efficiency and is preparing for the 2025 sales season, with an estimated 500,000 doses expected to be ready for market by mid-2025 [15][16].