Chongqing Zhifei Biological Products Co (300122) Q4 2024 earnings summary

Executive summary

• Revenue and net profit declined sharply in 2024 due to industry policy changes, reduced vaccination willingness, and shifting market demand, with core financial indicators trending downward year-over-year.

• The company responded by intensifying R&D, accelerating product launches, optimizing marketing, and strengthening risk management to lay a foundation for long-term growth.

• Maintained a focus on innovation, market expansion, and talent development as key drivers for future resilience and competitiveness.

Financial highlights

• 2024 revenue: ¥26.07 billion, down 50.74% year-over-year; net profit attributable to shareholders: ¥2.02 billion, down 74.99%.

• Operating cash flow: -¥4.41 billion, a significant reversal from ¥8.99 billion in 2023.

• Basic and diluted EPS: ¥0.8427, down 74.94% year-over-year.

• Gross margin for self-developed products: 80.06%; for agency products: 24.98%.

• Total assets at year-end: ¥49.91 billion; net assets: ¥30.83 billion.

Outlook and guidance

• The company expects the vaccine industry to benefit from rising health awareness and policy support, but short-term challenges from economic cycles and vaccine hesitancy remain.

• Plans to accelerate R&D, expand product pipelines, strengthen market presence, and invest in talent to drive high-quality, sustainable growth.