Core Insights - The company reported a total revenue of 883 million yuan in 2024, representing a year-on-year growth of 5.16%, a significant slowdown compared to 19.12% in 2023 [1][4] - The net profit attributable to shareholders decreased by 26.07% to 119 million yuan, while the non-recurring net profit fell by 26.45% to 101 million yuan, indicating substantial pressure on profitability [1][4] - The performance decline is closely linked to the subsidiary Qufu Tianli, which faced revenue and profit drops due to drug procurement policies and recorded a goodwill impairment of 39.13 million yuan, impacting overall results [4] Revenue and Profit Analysis - The revenue growth rate of 5.16% in 2024 is a marked decrease from the previous year's 19.12% [4] - The net profit and non-recurring net profit both saw declines exceeding 26%, highlighting a significant drop in the company's profitability [4] - Excluding the impact of goodwill impairment, the adjusted net profit would be approximately 159 million yuan, a slight decrease of 1.85%, while the adjusted non-recurring net profit would be around 140 million yuan, reflecting a 2% increase [4] R&D and Market Expansion - In 2024, the company made progress in R&D and market expansion, adding one national invention patent, bringing the total to 27 [5] - The company developed three new products, enhancing its product line and market competitiveness, with a total of 50 products now registered with CDE [5] - The company achieved notable success in foreign trade, surpassing 200 million yuan in exports, while domestic trade maintained growth despite challenges [5] Production Management and Capital Operations - The company continued to optimize production management, implementing excellence performance management and enhancing lean production practices [6] - The company received the 10th Huainan Mayor Quality Award and a second prize in the Huainan Quality Innovation Skills Competition, reflecting its strong performance in production management [6] - Capital operations included the successful launch of the "New Pharmaceutical Excipient Series Production Base Phase I Project," with production capacity utilization exceeding expectations [6] - A new R&D and production base project in Hefei is set to begin construction in Q1 2025, expected to be completed by the end of 2026, aimed at high-end pharmaceutical excipient innovation [6]