XJZY(SZ:002332)2025-05-16 01:48Financial Performance - In 2024, the company achieved a revenue of CNY 4.0 billion, a year-on-year decline of 2.98%. The net profit attributable to shareholders was CNY 397 million, down 29.46% year-on-year [3] - In Q1 2025, the company reported a revenue of CNY 1.01 billion, a decrease of 2.86% year-on-year, with a net profit of CNY 144 million, down 4.7% year-on-year [3] - The formulation business generated CNY 2.42 billion in revenue in 2024, a growth of 6.0%, while the raw material business revenue was CNY 1.55 billion, down 13.4% [3] Product Performance - In Q1 2025, the sales revenue of the formulation segment was CNY 535 million, a decline of 6.6% [4] - Key product sales by therapeutic area included: - Gynecology and family planning: CNY 100 million, down 20% - Anesthesia and muscle relaxants: CNY 36 million, up 20% - Respiratory products: CNY 210 million, up 16% - Dermatology products: CNY 55 million, up 8% - Generic drugs: CNY 116 million, down 28% [4] R&D and Innovation - The company has established a comprehensive R&D system, increasing R&D investment from CNY 80 million in 2015 to CNY 265 million in 2024, with a R&D intensity rising from 3.5% to 6.6% [6][7] - New drug applications include: - Omalizumab sodium: submitted for approval in September 2024 - Improved new drug CZ1S: entered Phase III clinical trials in February 2025 [5] - The company is focusing on high-barrier complex formulations and has multiple key R&D projects in this area [5] Market Strategy - The company is implementing a "five-in-one" strategy for internationalization, focusing on macroeconomic conditions, market demand, entry barriers, competitive landscape, and its own advantages [11] - The company anticipates growth in foreign sales despite price fluctuations, aiming to expand market share and sales of new products [12] - The sales strategy is divided into three phases: stabilize, expand, and innovate, with a focus on maintaining market presence and exploring new fields [13] Future Outlook - The company plans to enhance its product lines in the steroid hormone sector, emphasizing long-term value creation and sustainable development [9][10] - The respiratory product, Mometasone nasal spray, is expected to be a significant revenue source, with continued growth anticipated in the coming years [8] - The company aims to strengthen its supply chain by extending upstream to optimize costs and enhance market competitiveness [17]