[年报]健康元(600380):健康元药业集团股份有限公司2024年年度报告（英文）
原标题:健康元:健康元药业集团股份有限公司2024年年度报告（英文） I. The Board of Directors (the “Board”), the Board of Supervisors and directors, supervisors and senior management of the Company hereby warrant the truthfulness, accuracy and completeness of the contents of this annual report (the “Report”), and that there are no false representations, misleading statements or material omissions contained in the Report, and severally and jointly accept legal responsibility. II. All directors of the Company attended the Board meeting. III. Grant Thornton issued a standard unqualified audit report for the Company. IV. Mr. Zhu Baoguo (朱保国), the person-in-charge of the Company, and Mr. Qiu Qingfeng (邱庆丰), the person-in-charge of accounting work, and Ms. Guo Chenlu (郭琛璐), the person-in-charge of the accounting department (the head of the accounting department) declare that they hereby warrant the truthfulness, accuracy and completeness of the financial statements contained in the Report. V. Profit distribution plan or plan for conversion of capital reserve to share capital approved by the Board resolution during the Reporting Period Based on the audit conducted by Grant Thornton, as of 31 December 2024, the undistributed profit in the parent company statement of the Company amounted to RMB2,635.7051 million. Pursuant to the resolution of the Company's Board of Directors, the Company plans to distribute cash dividends for the fiscal year 2024, based on the total number of shares for dividend distribution, which is defined by the total shares of Company on the equity registration date designated by the annual profit distribution plan. The Company plans to distribute cash dividend of RMB2.00 (tax inclusive) for every 10 shares to all shareholders of the Company, and the remaining undistributed profits will be carried forward to the following year. VI. Risk declaration for the forward-looking statements √Applicable □N/A The Report contains forward-looking statements which involve the future plans, development strategies, etc. of the Company, yet do not constitute substantive undertakings of the Company to investors. Investors should exercise caution prior to making investment decisions. VII. Whether there is non-operating use of funds by the controlling shareholder and their related parties No VIII. Whether there is a violation of the prescribed decision-making procedures to provide external guarantees No IX. Whether more than half of directors cannot warrant the truthfulness, accuracy and No X. Significant risk warnings There is no exceptionally significant risk that will have a material impact on the production and operation of the Company during the Reporting Period. In this Report, the Company has elaborated on the risks and countermeasures that the Company may face in the course of production and operation, including industry policy risk, market risk, risk of safety and environmental protection, risk in price and supply of raw materials and R&D risk. For more information, please refer to “Potential risks” part in Chapter 3 Management Discussion and Analysis. XI. Others □Applicable √N/A Table of Contents Important Notice ............................................................................................................................. 1 Chairman's Statement .................................................................................................................... 4 Financial Highlights ........................................................................................................................ 7 Chapter 1 Definitions ...................................................................................................................... 9 Chapter 2 Company Profile and Major Financial Indicators ................................................... 11 Chapter 3 Management Discussion and Analysis ...................................................................... 16 Chapter 4 Corporate Governance ............................................................................................... 72 Chapter 5 Environmental and Corporate Social Responsibility .............................................. 97 Chapter 6 Major Events ............................................................................................................. 125 Chapter 7 Changes in Equity and Shareholders ...................................................................... 145 Chapter 8 Information on Preferred Shares ............................................................................ 152 Chapter 9 Information on Bonds ............................................................................................... 153 Chapter 10 Financial Statements ............................................................................................... 154
Chairman's Statement Dear Shareholders, Partners, and Colleagues, The year 2024 marked a period of profound transformation for China’s pharmaceutical industry. As volume-based procurement (VBP) policies continued to deepen, persistent price pressure on generic drugs accelerated industry consolidation. At the same time, Chinese innovative pharmaceutical companies, supported by robust clinical data and differentiated innovations, demonstrated the quality and strength of domestic innovation through a series of licensing deals with multinational pharmaceutical companies throughout the year. In this pivotal shift “from generics to innovation,” we have grown even more resolute in our strategic focus on optimizing the R&D system and strengthening our core pipeline of innovative drugs. In the face of a complex and evolving market environment, Joincare demonstrated remarkable operational resilience. In 2024, the Company achieved total revenues of RMB15.619 billion, a net profit attributable to shareholders of the listed company of RMB1.387 billion, and a net profit attributable to shareholders of the listed company after deducting the extraordinary gains or loss of RMB1.319 billion. Net cash flow from operating activities reached RMB3.636 billion, providing robust financial support for our innovation-driven transformation. Of particular note, over the past two years, Joincare—together with our subsidiary Livzon Group—have launched more than 20 innovative drug projects across key therapeutic areas including respiratory, anti-infectives, and gastroenterology. Among these, nine projects have advanced to stages of Phase II clinical trials or beyond. These achievements not only validate the forward-looking nature of our strategy but also highlight the exceptional execution capabilities of our team. On behalf of the Board of Directors, I would like to extend my deepest gratitude to all our shareholders, partners, and employees for your continued trust and unwavering support. We sincerely hope that you will remain steadfast in your commitment to Joincare as we move forward with our long-term strategic journey. (I) Focusing on Respiratory Innovation, Seizing National Strategic Opportunities Amid growing global public health challenges, China is accelerating the implementation of its “Healthy China 2030” initiative. Respiratory disease prevention and treatment has become a national public health priority. During this year’s Two Sessions, the Government Work Report explicitly called for strengthening early screening for COPD. In September 2024, the National Health Commission officially included COPD management in the National Basic Public Health Service Program. As early as 2013, Joincare had already made a forward-looking commitment to the respiratory field. Today, we have built a comprehensive inhalation formulation technology platform covering all major dosage forms, with core indications including asthma and COPD. Looking ahead, Joincare will continue to focus on the respiratory field, guided by clinical value, and remain fully dedicated to delivering innovative, high-quality therapies to respiratory patients in China and around the world. (II) Innovation-Driven Growth: Breakthroughs Across the Respiratory Pipeline In recent years, Joincare has made remarkable progress in the development of innovative respiratory drugs. Guided by a clear strategic roadmap, the Company has rapidly advanced its innovation pipeline in the respiratory field. Among these, Pixavir Marboxil, an innovative antiviral drug for influenza, has demonstrated the endpoints. The results confirmed its superiority over placebo in reducing the median time to relief of all influenza symptoms. The drug also showed distinct advantages, including faster symptom relief for influenza B, significant benefits in adolescent patients, and a convenient single-dose oral regimen. In August 2024, the domestic drug registration application (NDA) for Pixavir Marboxil was formally accepted by the National Medical Products Administration (NMPA). In terms of new pipeline additions, the first quarter of 2024 saw the launch of several promising candidates: an anti-TSLP monoclonal antibody (for moderate-to-severe asthma/COPD), a long acting anti IL-4R monoclonal antibody (for moderate-to-severe asthma/COPD), and an oral PREP inhibitor (for COPD). TSLP is a globally recognized target in COPD treatment, with studies showing its potential to significantly reduce acute exacerbations in moderate-to-severe patients. The oral PREP inhibitor, meanwhile, is expected to fill a gap in the Chinese market, potentially becoming the country’s first oral innovative drug for COPD. Backed by strong investment and decisive execution, Joincare now holds a pipeline of more than ten innovative respiratory drugs. Several programs are progressing rapidly through clinical stages, with many ranking among the most advanced in China. (III) AI Empowerment Across the Value Chain: Redefining Efficiency in the Pharmaceutical Industry In 2024, artificial intelligence (AI) entered an unprecedented phase of global advancement. With breakthrough developments in technology and rapid integration into real-world applications, AI is reshaping global economic dynamics and transforming everyday life. Joincare has closely followed these technological trends, and as early as the beginning of 2024, began accelerating the application of AI across all key business functions—achieving notable progress in the Company’s intelligent and digital transformation. In the field of innovative drug development, Joincare has adopted world-leading AI models to enhance efficiency in key stages such as target identification, molecular design, and compound screening. These efforts have significantly shortened the R&D cycle and accelerated the path to market for new drugs. Most recently, the Company completed the deployment of the full-scale DeepSeek-R1 671B model, becoming one of the first pharmaceutical enterprises in China to apply a trillion-parameter-level AI model to its core operations. We firmly believe that as AI technology continues to evolve at a rapid pace, it will play an increasingly critical role in every stage of the pharmaceutical value chain—from drug discovery and development to manufacturing and commercialization. Looking ahead, the global pharmaceutical industry is undergoing a historic transformation. On one hand, the deep integration of AI and life sciences is reshaping the paradigm of drug development, opening up limitless possibilities for breakthrough therapies. On the other hand, Chinese innovative pharmaceutical companies, supported by solid clinical data and differentiated innovation capabilities, are rapidly moving to the forefront of the global stage. As a pioneer in innovative respiratory therapies in China, Joincare has secured a favorable position in this wave of change. Over the past several years, we have refined world-class manufacturing technologies for inhalation products and built an innovative pipeline that covers the full lifecycle of respiratory diseases. This is our core strength—and a key advantage that sets us apart in global competition. We remain committed to our vision of “Diligently make high-quality and innovative drugs”, continuing to deepen our focus in the respiratory field and accelerating the development of globally competitive innovative drugs. We believe that with the successive launch of blockbuster products respiratory disease patients in China and around the world. At the same time, we will harness the power of AI to continuously improve R&D efficiency, building a modern, intelligent, and digitally driven pharmaceutical enterprise. Joincare is proud to contribute to the high-quality development of China’s pharmaceutical industry—and we are moving steadily toward our goal of becoming the leading force in innovative respiratory therapies in China. As we stand at a new historical juncture, we are keenly aware of the honor of our mission and the gravity of our responsibility. Let us unite with shared purpose and unwavering determination to usher in a brighter, more brilliant future for Joincare! Chairman: Zhu Baoguo 7 April 2025 Financial Highlights Financial Highlights Chapter 1 Definitions I. Definitions In this Report, unless the context otherwise requires, the following expressions shall have the following meanings:
Chapter 2 Company Profile and Major Financial Indicators I. Company profile
II. Contact persons and contact information
III. Introduction of the Company's basic information
IV. Information disclosure and place for inspection
V. Company stock profile
VI. Other relevant information
offering of new stocks or convertible corporate bonds by a listed company, the period of continuous supervision and guidance shall be the remaining time of the current year of the listing of securities and the following one full accounting year. As the Company issued shares to the public by allotment on 24 October 2018, the period of continuous supervision should start from the completion of this issuance and end on 31 December 2019. Furthermore, according to “Article 13 of the Guidelines of Shanghai Stock Exchange for Self-Regulation Rules for Listed Companies No. 11 - Continuous Supervision”, the sponsor shall continue to perform the obligations of continuous supervision if the funds raised have not been fully utilized upon the expiration of the continuous supervision period. During the Reporting Period, funds raised in this issuance have not yet been fully utilized, so the sponsor, Minsheng Securities, shall continue to perform its continuous supervision obligations in respect of the deposit and utilization of the funds raised. VII. Major accounting data and financial indicators in the last three years (1) Major accounting data Unit: Yuan Currency: RMB
(2) Major financial indicators
Statement on major accounting data and ?nancial indicators within three years before the End of the Reporting Period □Applicable √N/A VIII. Differences in accounting data under domestic and foreign accounting standards (1) Differences in net profit and net assets attributable to shareholders of the listed company disclosed in the financial statements according to international financial reporting standards (IFRS) and Chinese accounting standards (Chinese GAAP) □ Applicable √ N/A (2) Differences in net profit and net assets attributable to shareholders of the listed company disclosed in the financial statements according to foreign accounting standards and Chinese accounting standards □ Applicable √ N/A (3) Explanations on differences under domestic and foreign accounting standards: □ Applicable √ N/A IX. Major financial indicators in 2024 by quarter
Statement on differences between quarterly data and the data disclosed in previous periodic reports □Applicable √N/A X. Items and amounts of extraordinary gains and losses √Applicable □N/A
For the items not listed in the “Explanatory Announcement No.1 for Public Company Information Disclosures-Extraordinary Gains or Losses” that the company identifies as non-recurring gains and losses, especially those with significant amounts, as well as the extraordinary gain or loss items as illustrated in the “ Explanatory Announcement No.1 for Public Company Information Disclosures-Extraordinary Gains or Losses” which has been defined as its recurring gain or loss items, the reasons for such classification should be explained. □ Applicable √ N/A √ Applicable □ N/A
XII. Others □ Applicable √ N/A Chapter 3 Management Discussion and Analysis I. Discussion and analysis of business operation In 2024, the pharmaceutical industry operated amid a complex and rapidly changing external environment. Global economic growth showed signs of slowing, while the domestic pharmaceutical sector faced numerous challenges, including the normalization of volume-based procurement, accelerated reimbursement negotiations for innovative drugs, and the restructuring of global supply chains. At the same time, the continuous emergence of new technologies such as AI-driven drug discovery, the robust growth of innovative drugs, the rising healthcare demands driven by an aging population, and the ongoing optimization of industry-related policies have created broad opportunities and room for the company's sustained high-quality development. Amid this macro environment, we move forward steadily, staying focused on our innovative drug development strategy, increasing investment in R&D, and planning for long-term growth. (1) Strategic Deepening of a Full-Formulation Respiratory Portfolio Respiratory diseases, as a major global public health challenge, continue to pose a growing burden due to their high prevalence, aging populations, and environmental pollution. Among them, chronic obstructive pulmonary disease (COPD) and asthma have become key focuses for disease prevention and control due to low diagnosis rates and poor disease control. COPD, with its “four highs” characteristics—high prevalence, high disability rate, high mortality rate, and high disease burden— combined with the need for long-term disease management, has created a stable treatment market. Asthma, characterized by recurrent attacks, continues to impact patients' quality of life, with both children and adult populations exhibiting significant treatment needs. Against this backdrop, Joincare has taken a forward-looking approach to the respiratory segment, leveraging its domestically leading inhalation drug R&D platform and product pipeline matrix to establish a top-tier position in China’s chronic respiratory disease drug market. In 2024, the National Health Commission included COPD in its Basic Public Health Services Program, a policy dividend expected to accelerate disease screening and increase penetration of standardized treatment. With its diversified product portfolio, Joincare is well positioned to benefit from the policy-driven market expansion, continuing to strengthen its strategic advantage in the field of respiratory disease treatment and injecting long-term growth momentum into the company's performance. Building upon this strategic foundation, Joincare continues to accelerate the development of its innovative respiratory drug pipeline, guided by unmet clinical needs. As of the end of the reporting period, the Company’s respiratory portfolio includes over ten Class 1 innovative drug candidates, with several core assets achieving milestone breakthroughs. Notably, Pixavir Marboxil, a novel anti-influenza drug, has rapidly completed Phase III clinical trials. The results demonstrate its excellent therapeutic efficacy, significantly shortening the duration of illness for influenza patients. In addition, Pixavir Marboxil exhibits three key clinical features: faster symptom relief in influenza B, quicker improvement in adolescent patients, and prolonged viral suppression with a single-dose regimen. The Company submitted its NDA application in August 2024. In terms of frontier targets, both the TSLP monoclonal antibody and the anti-IL-4R monoclonal antibody have entered Phase II clinical trials. Among them, the TSLP antibody has shown particularly strong efficacy in patients with moderate-to-severe COPD and elevated eosinophil levels. Backed by its first-mover advantage, Joincare is leading among domestic pharmaceutical companies in development progress for this indication. At the same time, the Company continues to pursue global-first innovation (First-in-Class). A globally pioneering oral PREP inhibitor for COPD obtained clinical trial approval and promptly entered Phase I trials in January 2025. Currently, the Company’s innovative respiratory pipeline spans inhalation, oral, and injectable dosage forms. This not only reinforces Joincare’s competitive position but also drives a comprehensive transformation in respiratory disease treatment through differentiated innovation. (2) AI Empowers Pharmaceutical Innovation and Reshapes Industry Competition Driven by AI as a New Productivity Engine, Joincare is Reshaping the Full Lifecycle of Pharmaceutical Innovation and Operations Joincare is leveraging AI-powered productivity to comprehensively reshape lifecycle management across the pharmaceutical industry. Through deep AI integration, the Company has achieved full-chain digital transformation across four key areas: R&D innovation, production and quality control, precision marketing, and functional management—continuously reinforcing its industry-leading competitive edge. In R&D innovation, the Company utilizes world-class AI models such as DeepSeek to engage in critical stages including disease target identification, drug discovery and design, pharmaceutical research, clinical trials, and post-marketing surveillance. During the reporting period, Joincare achieved a series of significant milestones. In particular, at the early stages of drug development, AI was used for activity prediction, toxicity assessment, and formulation screening—greatly optimizing the R&D pathway, reducing development cycles, and improving both efficiency and success rates. In production and quality control, the Company built an intelligent operations hub on the Lark platform, integrating data flows across procurement, warehousing, production, and quality inspection. This system has enhanced process stability and ensured full compliance with both national and international quality standards throughout the entire manufacturing process. In precision marketing, the Company’s commercial team employs an AI-driven customer profiling system to conduct in-depth data mining and analysis, enabling accurate targeting of high-potential markets. In parallel, AI is used to elevate the level of digital marketing, facilitating seamless connections between physicians, patients, hospitals, and the Company to create a closed-loop engagement ecosystem. In functional management, Joincare has established a cross-departmental collaboration mechanism that enables real-time data sharing and intelligent decision-making. This significantly improves workforce efficiency and provides strong support for the Company’s efficient operations. (3) Intelligent Manufacturing as a Growth Engine, with Globalization Strategy Advancing in Depth In 2024, Joincare Group continued to implement its strategic principles of “innovation-driven development, quality-first operations, and green growth,” comprehensively upgrading its production and operational systems. These efforts resulted in significant improvements in both economic and social benefits. Across its manufacturing bases, the Group has continuously optimized production processes through equipment upgrades, technological innovations, and the extensive application of automation. These initiatives have effectively reduced manual operations and significantly improved production accuracy and capacity. As of 2024, the Company has established 18 manufacturing bases across China. Among them, Joincare Haibin has become one of the world’s leading production hubs for inhalation formulations. （未完）  |