Guilin Sanjin(SZ:002275)2025-06-27 10:10Financial Performance - In 2024, the company achieved total revenue of 2,193.99 million yuan, a growth of 1.03% compared to 2023's 2,171.60 million yuan [1] - The total profit reached 643.94 million yuan, marking a 24.24% increase from 518.28 million yuan in the previous year [1] - Net profit attributable to shareholders was 521.53 million yuan, up 23.79% from 421.30 million yuan year-on-year [1] - In Q1 2025, the net profit after deducting non-recurring gains and losses was 97.67 million yuan, an 11.61% increase from 87.52 million yuan in Q1 2024 [1] Inventory Management - The company has upgraded its inventory management system, utilizing a BI intelligent analysis system and a professional data analysis team [1] - A "finished product inventory standard model" has been established to balance market demand dynamics and cost control [1] - The overall inventory level has significantly improved, maintaining a healthy inventory cycle of 1.5 to 2 months, which supports operational quality and cost optimization [1] Biopharmaceutical Development - Biopharmaceuticals are a key component of the company's dual-wing strategy, facing a challenging market with long R&D cycles and high investment risks [2] - The company is experiencing increased competition and a diverse customer base, leading to some idle capacity in the CDMO supply side [2] - Current revenue from biopharmaceuticals is limited, with ongoing R&D investments and a focus on optimizing cost structures to minimize losses [2] - The company is prioritizing projects with promising clinical data, such as the BC006 injection project, which is nearing completion of Phase I clinical trials [2] Sales Strategy - The company is strategically seeking acquisition opportunities that align with its development goals and can enhance corporate value [2] - Sales expenses are being managed strictly, with a focus on targeted investments in second and third-tier products [2] - The overall sales expense ratio is expected to remain stable, aligning with sales revenue [2]