Core Insights - Jinling Pharmaceutical (000919) reported a total revenue of 3.281 billion yuan for 2024, representing a year-on-year increase of 2.74%, while the net profit attributable to shareholders was only 40.41 million yuan, a decline of 61.95% [1][2] Financial Performance - The company's core products, such as the injection of Maizuo Ning and Su Li Fei (ferrous succinate), did not effectively support revenue growth, with pharmaceutical production and sales achieving 1.493 billion yuan, down 3.93% year-on-year [2] - Jinling Pharmaceutical's net profit has been declining for three consecutive years, with figures of 121 million yuan, 105 million yuan, and 99.65 million yuan from 2021 to 2023 [3] Assets and Liabilities - As of December 31, 2024, Jinling Pharmaceutical's total assets were 6.089 billion yuan, an increase of 10.86% year-on-year, with cash holdings of 1.771 billion yuan, accounts receivable of 439 million yuan, and inventory of 272 million yuan [2] - The total liabilities stood at 1.24 billion yuan, up 14.79% year-on-year, including accounts payable of 557 million yuan and prepayments of 1.26 million yuan [2] R&D and Strategic Initiatives - In response to performance pressures, Jinling Pharmaceutical increased its R&D expenditure to 111 million yuan, a rise of 39.86%, indicating a focus on innovation to enhance product competitiveness [4] - The number of R&D personnel grew from 131 in 2023 to 153 in 2024, representing a 16.79% increase, with R&D staff now making up 3.16% of the total workforce [4] - The company is also expanding its healthcare and wellness sector, having completed the acquisition of a 51% stake in Nanjing Meishan Hospital to enhance its market presence [4] Future Growth Plans - Jinling Pharmaceutical plans to raise 750 million yuan, with 600 million yuan allocated to the Hefei Jinling Tianyi Smart Elderly Care Project, which aims to provide intelligent elderly care and rehabilitation services [5] - The company is exploring new revenue growth points amid declining profits and has not yet responded to inquiries regarding its strategy to reverse the trend of falling net profits [5]