Yao Ming Kangde (02359) announced annual results, parent company holders should account for profit of 9.353 billion yuan in continuous operation, adding about 1,000 new customers throughout the year

According to Zhitong Finance App, Yao Ming Kangde (02359) announced annual results for the year ended December 31, 2024. The group obtained revenue of 39.241 billion yuan (RMB, same below); gross profit of 16.016 billion yuan; profit attributable to parent company holders of 9.353 billion yuan; basic profit per share of 3.24 yuan; proposed to distribute a final cash dividend of 9.8169 yuan per 10 shares and a special dividend of 3.5 yuan for every 10 shares.

According to the announcement, the company provides integrated, end-to-end new drug development and production services for the global pharmaceutical and life science industry, and has operating bases in Asia, Europe, North America, etc. Through its unique “CRDMO” business model, the company continuously lowers the R&D threshold, helps customers improve R&D efficiency, and brings more breakthrough treatment plans to patients. The scope of services covers fields such as chemical drug development and production, biological research, pre-clinical testing and clinical trial research.

At the end of 2024, the company had an overall active customer base of about 6,000. Among them, the continuous operation business had about 5,500 active customers by the end of the year, and the continuous operation business added about 1,000 new customers throughout the year. The demand for the company's services from customers around the world continued to grow. By the end of 2024, the company had ongoing business orders of 49.31 billion yuan, an increase of 47.0% over the previous year.

During the reporting period, revenue from the top 20 global pharmaceutical companies reached 16.64 billion yuan, and commercialization projects excluding COVID-19 increased 24.1% year over year.

Revenue from US customers was 25.02 billion yuan, excluding COVID-19 commercialization projects; revenue from European customers was 5.23 billion yuan, up 14.4% year on year; revenue from Chinese customers was 7.07 billion yuan, down 3.5% year on year; revenue from customers from other regions was 1.93 billion yuan, down 11.4% year on year.

The company expects revenue from continuing operations to return to double-digit growth in 2025, with a year-on-year increase of 10% to 15%, and the company's overall revenue to reach 41.5-43 billion yuan. The company will continue to focus on the core business of CRDMO and continuously improve production and operation efficiency with the gradual introduction of new production capacity.