APELOA(000739)2025-03-11 13:30Financial Performance - In 2024, the company achieved a revenue of CNY 12.022 billion, a year-on-year increase of 4.77% [3] - Net profit for the same period was CNY 1.031 billion, a decrease of 2.29% compared to the previous year [3] - The raw material drug segment generated revenue of CNY 8.651 billion, up 8.32% year-on-year, with a gross profit of CNY 1.295 billion [3] - The CDMO segment's revenue was CNY 1.884 billion, down 6.05%, with a gross profit of CNY 0.773 billion [3] - The pharmaceutical segment reported revenue of CNY 1.256 billion, a slight increase of 0.51%, with a gross profit of CNY 0.764 billion [3] R&D and Project Development - R&D investment for 2024 was CNY 641 million, a 2.66% increase year-on-year [4] - The company quoted 1,601 projects in the CDMO segment, a 77% increase, with 996 ongoing projects, up 35% [4] - There are 116 API projects, with 22 already in production and 15 in the verification stage [4] Shareholder Returns - The total amount for share repurchase and cash dividends in 2024 was CNY 6.126 billion, representing 59.41% of the net profit attributable to shareholders [6] - The company has already distributed CNY 2.259 billion in dividends prior to the annual report [7] Market Strategy and Outlook - The company plans to increase the number of API DMF filings by 30-50 over the next three years to support stable growth in the API business [5] - The pharmaceutical strategy focuses on multiple products and channels, with 25 formulation projects initiated annually [5] - The company aims to enhance its CDMO capabilities and expects to reach 3,000 operational projects in 2-3 years [8] Cost and Expense Management - Employee compensation expenses increased by CNY 80 million in 2024, and fixed asset depreciation rose by CNY 120 million, impacting gross profit by approximately CNY 200 million [7] - Sales expense ratio is expected to increase with business scale expansion, while R&D expenses are projected to grow by around 10% [14] Industry Challenges and Responses - The company anticipates continued pressure on raw material prices in early 2025, with a potential recovery in the latter half of the year [11] - The competitive landscape for generic drugs is expected to intensify, but the company is focusing on differentiated products to mitigate risks [13]