KELUN PHARMA(002422) 证券之星·2025-04-24 23:08Revenue and Profit - The total operating revenue for the year reached 21.812 billion yuan, a year-on-year increase of 1.67% [2] - The net profit attributable to shareholders was 2.936 billion yuan, up 19.53% year-on-year, while the net profit after deducting non-recurring items was 2.902 billion yuan, an increase of 22.66% [2] - In the fourth quarter, operating revenue was 5.024 billion yuan, a decrease of 12.03% year-on-year, and the net profit attributable to shareholders was 465 million yuan, down 5.65% year-on-year, indicating quarterly fluctuations [2] Profitability - The gross profit margin was 51.69%, a decrease of 1.41 percentage points compared to the same period last year, while the net profit margin increased by 24.94% to 15.41% [3] - The ratio of selling, administrative, and financial expenses to revenue was 22.31%, a decrease of 17.82% year-on-year, reflecting optimization in expense control [3] Cash Flow and Debt - The company's cash and cash equivalents amounted to 3.974 billion yuan, a decrease of 15.01% year-on-year [4] - Accounts receivable stood at 4.795 billion yuan, an increase of 2.40% year-on-year, with a notable ratio of accounts receivable to profit at 163.32% [4] - Interest-bearing debt was 3.67 billion yuan, significantly reduced by 46.77% year-on-year, indicating an optimized financing structure [4] Main Business Composition - Revenue from non-infusion products was 10.3 billion yuan, accounting for 47.22% of total revenue, with a gross profit margin of 43.91% [5] - Revenue from infusion products was 8.912 billion yuan, making up 40.86% of total revenue, with a gross profit margin of 60.16% [5] - Revenue from R&D projects was 1.895 billion yuan, representing 8.69% of total revenue, with a gross profit margin of 65.50% [5] - International business revenue reached 2.886 billion yuan, a year-on-year increase of 11.49%, indicating growth potential in overseas markets [5] R&D and Innovation - The company invested significantly in R&D, with 34 generic and improved new drugs approved for production and 50 applications submitted [6] - Progress in innovative drug development is on track, with multiple products entering clinical research stages [6] - The company holds 2,860 valid patent applications, with 1,997 already authorized, and has two innovative drugs, Lukanosatuzumab and Tagolisumab, approved for market [6]