Core Viewpoint - Zhejiang Anglikang Pharmaceutical Co., Ltd. held an online performance briefing to address investor inquiries regarding product sales, financial status, market positioning, and R&D progress [1] Financial Data - In 2024, the company reported a consolidated inventory balance of 504 million and accounts receivable of 189 million [2] - Sales expenses for 2024 decreased by 38.03% compared to 2023 [2] - The revenue from animal health technology in 2024 was 2.9622 million, with export revenue accounting for 25.85% of total revenue, primarily to Southeast Asia, India, Europe, and North America [2] - R&D investment for 2024 was 231 million, with the innovative drug ALK-N001 representing a small portion of total R&D expenditure [2] - The net profit attributable to the parent company for 2024 was 80.3345 million, with a decline attributed to increased R&D costs and the impact of national procurement policies on the sales of certain products [2] Market and Development Plans - The company has engaged agents to sell its products on platforms like JD and Alibaba, with no plans for direct flagship stores [3] - Revenue in Q1 2025 saw a year-on-year decline, primarily due to high sales and price bases from Q1 2024 and decreased hospital demand for antibiotics [3] - There are no clear plans for a public listing of subsidiary Keri Bio, but the company will disclose information if such plans are initiated [3] - The company’s specialty intermediate business includes plant-derived cholesterol and its derivatives, with sales orders fluctuating based on customer demand [3] - Products won through centralized procurement began shipping in April, and sales of sacubitril/valsartan started at the end of 2024, with future sales influenced by various factors [3] - The management addressed shareholder count disclosure, clarifying that the interactive platform is not a recognized disclosure medium, and emphasized that stock prices are influenced by operational performance, macroeconomic conditions, and investor perceptions [3]

Group 1: Financial Performance - The company's net profit for 2024 was 8,033.45 million, showing a decline due to increased R&D expenses [5] - The overall revenue decreased by 5% in the previous year, with the gross margin of the formulation segment dropping from 63% to 49% [5] - The sales expenses increased by 22% in 2024, but the company reported a 38.03% decrease compared to 2023 [2] Group 2: Product and Market Insights - The company’s main formulation products include cephalosporins and benazepril hydrochloride tablets [2] - The inventory balance for 2024 was 327 million, with a turnover period of 5.04 days [2] - The company’s export revenue accounted for 25.85% of total revenue, with major markets including Southeast Asia, India, Europe, and North America [6] Group 3: R&D and Innovation - The R&D investment for 2024 was 231 million, with a focus on innovative drug development [5] - The company does not have any ongoing PD-1 monoclonal antibody projects [6] - The gross margin for the specialty intermediate products is reported at 72% [3] Group 4: Corporate Governance and Market Perception - The company emphasizes the importance of market transparency and investor relations [5] - There is a concern regarding the company's stock price, which has reached a historical low, influenced by various market factors [6] - The management is committed to enhancing company value and shareholder returns through effective governance [5]