生长激素失速，“东北药茅”长春高新遭遇业绩滑铁卢

Core Viewpoint - Changchun High-tech's growth in the growth hormone market is facing significant challenges, leading to a notable decline in both revenue and net profit in recent reports [1][3]. Financial Performance - In 2024, the company reported operating revenue of approximately 13.47 billion yuan, a decrease of 7.55% compared to 2023 [2][3]. - The net profit attributable to shareholders was about 2.58 billion yuan, down 43.01% year-on-year [2][3]. - The net profit after deducting non-recurring gains and losses was approximately 2.83 billion yuan, a decline of 37.32% [2][3]. - For Q1 2025, the company achieved revenue of about 2.99 billion yuan, a decrease of 5.66%, and a net profit of approximately 473 million yuan, down 44.95% [3]. Key Subsidiary Performance - The main subsidiary, Jinsai Pharmaceutical, reported a revenue of 10.67 billion yuan in 2024, a decrease of 3.73%, and a net profit of 2.68 billion yuan, down 40.67% [5]. - Another subsidiary, Baike Biological, also experienced a decline, with revenue of 1.23 billion yuan, down 32.64%, and a net profit of 232 million yuan, down 53.67% [6]. R&D and Sales Expenses - R&D expenses reached 2.69 billion yuan in 2024, an increase of 11.2%, accounting for 19.97% of operating revenue [8]. - Sales expenses rose to 4.44 billion yuan, a year-on-year increase of 11.81% [8]. - Management expenses also increased to 1.20 billion yuan, up 25.59% compared to the previous year [8]. Market Competition - The growth hormone market is becoming increasingly competitive, impacting the performance of leading companies like Jinsai Pharmaceutical [5][6]. - The company is facing pressure from both short-acting and long-acting growth hormone products, with new entrants intensifying competition [5][6]. Strategic Focus - The company aims to enhance innovation and project investment, improve market development and brand building, and focus on cost control to ensure stable and sustainable growth [10].