Dongcheng Biochem(002675)2025-03-05 05:48Financial Performance - In 2024, the company achieved revenue of CNY 2.868 billion, a year-on-year decrease of 12.42% due to a significant drop in the sales price of heparin sodium products, despite an increase in sales volume [2] - The net profit attributable to shareholders was CNY 180 million, down 12% year-on-year, impacted by declining sales prices, increased R&D investment, and rising financial expenses [2] - The nuclear medicine business generated revenue of CNY 1.012 billion, a slight decrease of 0.52%, with key product 18F-FDG revenue at CNY 421 million, up 0.25% [2] R&D Progress - The company made significant breakthroughs in multiple innovative drugs, with 4 IND applications approved domestically and internationally, and 1 Fast Track certification [4] - The company increased its R&D personnel by nearly 100 in 2024 to support ongoing projects, focusing on clinical operations and preclinical experiments [8] - A total of CNY 680 million was raised in primary market financing in 2024, reflecting strong capital recognition of the company and its projects [4] Nuclear Medicine Development - The company is collaborating with well-known entities to build a specialized isotope reactor project in Jiangxi [5] - By the end of 2024, the company had operationalized 30 nuclear medicine production centers, covering 93.5% of the domestic nuclear medicine demand [6] - The company is exploring new therapeutic nuclear drugs, including those targeting prostate cancer and Alzheimer's disease, with ongoing clinical trials [10][17] Market Outlook - The future nuclear medicine market is expected to grow as foreign nuclear drugs enter the domestic market, increasing market recognition [11] - The treatment drug 177Lu-LNC1004 has completed Phase I clinical trials and shows promise for various solid tumors, with a broad market potential [12] - The company is actively pursuing international business development opportunities for its differentiated products [19] Financial Guidance and Challenges - The company did not provide specific revenue and net profit guidance for 2024, citing disclosure principles [27] - The slow growth of 18F-FDG sales is attributed to limited customer growth and the product not being included in medical insurance, relying mainly on out-of-pocket payments [27] - The company is addressing increased tariffs on exports to the U.S. by adjusting pricing strategies in collaboration with clients [26]