CR Sanjiu(000999)2025-03-17 10:52Financial Performance - In 2024, the company achieved a revenue of CNY 27.617 billion, an increase of 11.63% year-on-year [4] - Net profit attributable to shareholders reached CNY 3.368 billion, up 18.05% from the previous year [4] - Operating cash flow was CNY 4.402 billion, reflecting a 5.02% increase year-on-year [4] - The overall gross margin for 2024 was 51.86%, a decrease of 1.39 percentage points [5] Business Segments - CHC health consumer products generated revenue of CNY 12.482 billion, a growth of 14.13%, accounting for 45.20% of total revenue [4] - Prescription drug revenue was CNY 6.006 billion, increasing by 15.04% [4] - Traditional Chinese medicine (Kunming Pharmaceutical) revenue was CNY 5.213 billion, showing a slight decline of 0.34% [4] Research and Development - R&D investment for 2024 was CNY 0.953 billion, focusing on oncology, orthopedics, dermatology, respiratory, and anti-infection treatments [5] - The company received multiple drug registration certificates, including for 999 Oseltamivir and 999 Sodium Hyaluronate Eye Drops [5] Strategic Initiatives - The company is actively pursuing mergers and acquisitions, including the acquisition of a 28% stake in Tianjin Tasly Pharmaceutical [9] - The integration with Kunming Pharmaceutical is progressing as planned, with a focus on brand positioning and market differentiation [9] Market Outlook - The company anticipates continued double-digit revenue growth in 2025, despite a challenging market environment [10] - The prescription drug sector is expected to stabilize, with a focus on enhancing clinical value and innovation [20] Shareholder Returns - The proposed dividend for 2024 is CNY 3.2 per 10 shares, with a total cash dividend amounting to CNY 1.695 billion, representing 50.34% of the net profit [10] - The company aims to maintain a stable dividend payout ratio, currently at 50% [31] Environmental and Social Responsibility - The company is committed to green development, with six national-level green factories and initiatives to achieve near-zero carbon emissions [6] - Participation in projects that promote ecological planting of traditional Chinese medicine has been recognized with awards [6]