CDBIO(688739)2025-04-23 11:35Financial Performance - The company achieved a net profit attributable to shareholders of 342,821,554.27 CNY for the year 2024, with a parent company net profit of 432,647,540.64 CNY[6]. - The proposed cash dividend is 8.00 CNY per 10 shares (including tax), totaling 329,308,280.80 CNY, which represents 96.06% of the net profit attributable to shareholders for 2024[6]. - Net profit attributable to shareholders for 2024 is ¥342,821,554.27, reflecting a decline of 26.42% from the previous year[53]. - Operating revenue for 2024 is ¥1,676,241,143.62, down 4.22% from 2023[52]. - The net cash flow from operating activities for 2024 is ¥500,959,426.36, a decrease of 26.00% compared to 2023[53]. - Basic earnings per share for 2024 is ¥0.83, representing a decline of 25.89% from 2023[53]. - The decline in operating revenue was primarily due to a slight decrease in the domestic rabies vaccine market and intensified market competition, although sales of the inactivated Japanese encephalitis vaccine and international rabies vaccines increased year-on-year[62]. - Total assets for 2024 are reported at ¥10,051,587,266.31, a decrease of 0.30% compared to 2023[52]. - Total assets at the end of the reporting period were 10,051.59 million yuan, with total liabilities of 489.12 million yuan, resulting in a debt-to-asset ratio of 4.87%[62]. Market Position and Competition - The company maintains a leading position in the domestic human rabies vaccine market since 2008, with its rabies vaccine administered via intramuscular injection[12]. - The company is the only provider of human inactivated Japanese encephalitis vaccine in the domestic market, which is crucial for preventing the disease that has a mortality rate of up to 30%[14]. - The company has maintained a leading market share in human rabies vaccines for 17 consecutive years, achieving a batch issuance of 282 in 2024, totaling 629 million doses sold globally[37][38]. - The domestic human rabies vaccine market is expected to face increasing competition as 12 companies received batch approvals in 2024, highlighting the need for strategic responses[37]. - Major players like Merck, GSK, Sanofi, and Pfizer hold over 80% of the global human vaccine market share, indicating a highly concentrated competitive landscape[22]. Research and Development - The company has a robust pipeline of vaccine products under development, including a variety of vaccines such as quadrivalent and trivalent influenza vaccines, and a 15-valent HPV vaccine[12]. - The R&D team consists of over 200 professionals, focusing on both independent and collaborative vaccine development, with centers located in Beijing, Shenyang, and Benxi[17]. - Research and development expenditure as a percentage of operating revenue increased to 29.49% in 2024, up 5.58 percentage points from 2023[53]. - The company’s product pipeline includes advanced vaccines such as the 15-valent HPV vaccine (Phase II) and the 13-valent pneumonia conjugate vaccine (Phase I), indicating a strong focus on innovation[34]. - The vaccine industry is characterized by high technical intensity, high capital investment, and long development cycles, with an average R&D timeline of 8-20 years[23]. Production and Operations - The production model is based on "sales-driven production," aligning production plans with annual sales targets and market demand[18]. - The company operates three production bases located in Shenyang and Benxi, focusing on various vaccines including rabies and encephalitis vaccines, with ongoing construction for a new base aimed at producing innovative HPV vaccines[19]. - The company has obtained necessary production licenses and GMP certifications for its vaccine products, ensuring compliance with safety and quality standards[18]. - The company employs a centralized procurement model for raw materials, ensuring quality through comprehensive evaluations before approval for purchase[16]. Market Trends and Opportunities - The global human vaccine market is projected to grow from $46 billion in 2021 to $83.1 billion by 2025, with a compound annual growth rate (CAGR) of 17.3%[22]. - The global vaccine market is experiencing rapid growth due to factors such as an aging population, increased public health awareness, and technological innovation[22]. - The market for non-immunization planning vaccines is showing significant growth potential, with current vaccination rates in China lagging behind developed countries by 3-5 times[32]. - The domestic vaccine market is projected to grow as public awareness of vaccination increases and new innovative vaccines are introduced, supported by rising disposable income[43]. - The government has introduced policies to support the biopharmaceutical industry, indicating a strong focus on vaccine development and market expansion[46]. Strategic Focus - The company is focused on developing multi-valent vaccines, which are becoming a key development direction in the industry due to their convenience and compliance advantages[22]. - The company is actively preparing for the upcoming consolidation phase in the vaccine industry, which is anticipated to occur over the next five years[33]. - The company aims to increase its market share in the domestic vaccine market by leveraging competitive advantages such as pricing and production capacity[45]. - The company is positioned to benefit from the increasing demand for domestic vaccines, with a focus on quality and safety standards that meet or exceed international benchmarks[42][44]. - The company is positioned to benefit from the accelerated domestic replacement process and the development of new adjuvant technologies, enhancing its competitive edge against imported products[32]. Sales and Distribution - The domestic sales team consists of over 400 professional sales personnel, utilizing a direct sales model to cover more than 2,000 disease control centers across China[20]. - The company exports products to over 30 countries, including Thailand, Egypt, and India, through a distribution model involving international distributors[19].