Core Viewpoint - The financial performance of Jianfan Biological shows a strong growth in 2024, but a significant decline in Q1 2025 raises concerns about the sustainability of its pricing strategy and reliance on a single product line [1][2]. Financial Performance - In 2024, Jianfan Biological achieved a revenue of 2.677 billion yuan, a year-on-year increase of 39.27%, and a net profit of 820 million yuan, up 87.91% [1]. - The first quarter of 2025 saw a revenue drop to 548 million yuan, a decline of 26.40%, and a net profit decrease to 189 million yuan, down 33.71% [1]. Product and Market Dynamics - The blood purification market shows strong demand, with Jianfan's blood perfusion devices generating 2.504 billion yuan in sales in 2024, a 59.58% increase, accounting for 93.6% of total revenue [3]. - The company has initiated a price reduction strategy, lowering the price of its main product by 26%, which led to a significant increase in sales volume [3][4]. Business Structure and Risks - Jianfan Biological's heavy reliance on blood perfusion devices poses risks, as changes in policy, technology, or market demand could impact operations [4]. - The company is transitioning from a single-product dependency to a diversified product portfolio, including differentiated products in the nephrology field and new growth areas in hepatology and critical care [5]. International Expansion - Jianfan has made strides in international markets, obtaining product approvals in 98 countries, with overseas revenue reaching 59.36 million yuan, representing only 2.2% of total revenue [6]. - The company faces challenges in overcoming technical recognition differences and certification barriers in foreign markets [6]. Competitive Landscape - The potential inclusion of blood perfusion products in centralized procurement could pressure prices, although the company believes that quality and technological leadership will be considered in future procurement policies [7]. - The competitive environment is intensifying, with over 14 domestic companies and international giants entering the blood perfusion market, challenging Jianfan's market share [7]. Future Outlook - For 2025, Jianfan plans to focus on deepening its presence in the domestic blood purification market while expanding internationally, particularly in liver disease and critical care markets [8]. - The company aims to explore new applications for blood perfusion technology in sub-health areas and seek quality acquisition targets through capital market tools [8].

报名：首届全球眼科大会 | 参会须知 报名：首届全球骨科大会 | 议程更新 报名：首届全球心血管大会 | 奖项申报 合作伙伴征集：2025全球手术机器人大会 2025年4月16日， 健帆生物 发布了2024年年报。 # 财报数据 健帆生物2024年实现营业 收入26.77亿元 ，同比 增长39.27% 。归属于上市公司股东的净利润为8.20亿元，同比 增长87.91% 。扣除非经常性损益的净利润为 7.79亿元，同比 增长90.46% 。 业务核心驱动力 分红政策 公司2024年度权益分配预案为每10股派发现金红利8元（含税），合计派发现金红利6.19亿元，占净利润的比例为 75.53% 。 每股收益 ：基本每股收益为1.05元，同比 增长90.91% 。 经营活动现金流 ：经营活动产生的现金流量净额为10.51亿元，同比增长14.64%。 资产总额 ：截至2024年末，公司资产总额为53.83亿元，较上年末下降2.88%。 产品销售增长 ：公司血液灌流器及吸附器产品销售收入达到25.04亿元，同比增长59.58%，是推动营收增长的主要因素。 市场拓展与新产品推广 ：公司在肾病、肝病和危重症领域持续巩固市场领 ...