Group 1: Financial Performance - In 2024, the company's revenue was CNY 445,864,331.31, a decrease of 32.75% compared to the previous year [2][3] - The net profit attributable to shareholders was CNY 91,547,379.78, down 48.02% year-on-year [2][3] Group 2: Research and Development - In 2024, the company invested CNY 32,937,088.26 in R&D and reported one Chinese invention patent [2] - The company has obtained several drug registration certificates, including for ibuprofen sustained-release capsules and tolvaptan injection [3] Group 3: Future Plans - The company aims to reduce production costs and enhance market competitiveness through technological upgrades [3] - A new R&D center in Wuhan has been established to accelerate the development of a CDMO one-stop service platform [3] Group 4: Shareholder Engagement - The company currently has no plans for share buybacks but will disclose any future plans in accordance with regulations [2] - The company actively engages with investors through online platforms for Q&A sessions [2]

Group 1: Industry Outlook - The healthcare expenditure per capita in China for 2024 is projected to be CNY 2,547, accounting for 9.0% of total consumption, reflecting a 3.54% increase from CNY 2,460 in 2023, indicating steady growth in the pharmaceutical market [3]. Group 2: R&D Progress - The company has made significant advancements in its R&D projects, including the approval of the raw material drug Acetate Abiraterone and the successful completion of consistency evaluations for Torasemide tablets [3][4]. - Several products, including Ibuprofen sustained-release capsules and Arginine Ibuprofen raw materials, have received drug registration certificates, while others are in various stages of evaluation and approval [3]. Group 3: Impact of Tariff Policies - The average sales revenue from products exported to the U.S. over the past three years constitutes approximately 1% of total sales, suggesting that recent U.S. tariff policies have a limited direct impact on the company [4]. Group 4: Future Growth Drivers - The company plans to enhance performance through an integrated strategy for raw material and formulation, increased R&D investment, and improved efficiency in product development [4]. - The newly established Wuhan R&D center will support the creation of a comprehensive CDMO service platform, driving future growth [4]. - Cost reduction initiatives, including process optimization and lean production activities, are expected to enhance market competitiveness and production capacity [4]. Group 5: Financial Performance - The company has publicly disclosed its 2024 annual report and Q1 2025 report, with specific performance details available in related announcements [4]. - The company's sales expense ratio is positioned below the industry average, primarily allocated to sales personnel salaries, exhibition costs, travel expenses, and promotional activities [4].

Core Insights - The core viewpoint of the news is that Hendi Pharmaceutical experienced significant declines in revenue and profit in 2024, primarily due to reduced sales of its core product, ibuprofen raw materials, and low international market prices [2][4] Financial Performance - In 2024, Hendi Pharmaceutical achieved operating revenue of 445 million yuan, a year-on-year decrease of 32.75% [2] - The net profit attributable to shareholders was 91.54 million yuan, down 48.02% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 72.95 million yuan, a decline of 57.14% year-on-year [2] - Basic earnings per share were 0.32 yuan [2] Revenue Breakdown - The decline in operating revenue was mainly due to a decrease in sales volume of ibuprofen raw materials and low international market prices [4] - The raw materials segment generated revenue of 356 million yuan, accounting for 79.88% of total revenue [4] - The formulation segment contributed 85 million yuan, representing 19.11% of total revenue [4] Product Performance - Revenue from non-steroidal anti-inflammatory drugs (ibuprofen) was 317 million yuan, down 40.69% year-on-year, making up 71.15% of total revenue [4] - The cardiovascular segment saw revenue of 63.49 million yuan, a slight increase of 1.10% year-on-year, with stable performance from products like Torasemide tablets [4] R&D and Future Plans - R&D investment in 2024 was 32.94 million yuan, a decrease of 37.59% year-on-year, with the R&D expense ratio dropping to 7.39% [4] - The company added one new Chinese invention patent and several products entered the technical review stage [4] - The high-end pharmaceutical formulation internationalization project has been postponed to 2026, focusing on the coordinated development of raw materials and formulations [4]