Core Insights - The company, Changchun High-tech (000661), has experienced a significant decline in stock price, dropping over 80% since its peak in 2021, with recent trading approaching a limit down [1][13] - The company reported its first decline in both revenue and net profit in nearly 20 years, with 2024 revenue at 13.466 billion yuan, down 7.55%, and net profit at 2.583 billion yuan, down 43.01% [2][4] - The first quarter of 2024 also showed a decline in revenue and net profit, continuing the trend of dual decreases [4] Financial Performance - In 2024, the company’s quarterly revenue showed fluctuations: Q1 at 3.977 billion yuan, Q2 at 3.461 billion yuan, Q3 at 3.749 billion yuan, and Q4 at 3.078 billion yuan, with Q4 experiencing a loss [2][4] - The core subsidiary, Jinsai Pharmaceutical, reported a revenue decrease of 3.73% to 10.671 billion yuan and a net profit decrease of 40.67% to 2.678 billion yuan [4][6] - Other subsidiaries, except Huakang Pharmaceutical, also reported declines in both revenue and net profit [5] Cash Flow and Debt - The operating cash flow net amount for 2024 was 3.104 billion yuan, a decrease of 2 billion yuan, or 39.18% [8] - The company increased its debt, with short-term loans rising to 242 million yuan and long-term loans increasing by 10.52% to 1.229 billion yuan [8] Executive Compensation - The new CEO, Jin Lei, received a salary of 15.516 million yuan in 2024, with several other executives also receiving salary increases [11][12] - The increase in executive compensation amidst declining profits has raised eyebrows among investors [13] Dividend Distribution - The company announced a cash dividend of 1.047 billion yuan for 2024, with a payout ratio of 40.55%, marking the first time it exceeded 40% [10]