今日晚间，长春高新披露半年报，H1公司实现营业收入为66.39亿元，同比增长7.63%；归属于上市公司股东的净利润为17.2亿元，同比下降20.4%。In the first half of the year, Changchun High-tech Industries had a year-on-year increase in revenue, but its net income declined by nearly 20%. The decline in net income from subsidiary Jin Sai Pharma is an important factor. In fact, Changchun High-tech Industries has not relaxed its continuous investment in the heavyweight product of growth hormone. With the revenue from the shingles vaccine, subsidiary Baikel Biotech also achieved a certain level of growth in both revenue and net income.
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Caixin reported on August 15th (by reporter He Fan), is the growth hormone no longer profitable? As a core subsidiary of Changchun High-tech Industries (000661.SZ), Jin Sai Pharma's net income declined by nearly 20%, becoming a major factor dragging down the performance of Changchun High-tech Industries. In fact, in the past two years, Jin Sai Pharma's net profit growth has shown signs of slowing down. Nevertheless, Changchun High-tech Industries has not relaxed its continuous investment in the heavyweight product of growth hormone. Meanwhile, with the shingles vaccine, Baikel Biotech, another subsidiary of Changchun High-tech Industries (688276. SH), achieved a certain level of growth in both revenue and net income.
Changchun High-tech Industries released its semi-annual report tonight, achieving revenue of 6.639 billion yuan in H1, a year-on-year increase of 7.63%; net income attributable to shareholders of listed companies was 1.72 billion yuan, a year-on-year decrease of 20.4%.
Specifically, Changchun High-tech Industries' subsidiaries have different performances, with Jin Sai Pharma achieving revenue of 5.152 billion yuan, an increase of 0.25% over the same period last year, and a net profit attributable to the parent company of 1.769 billion yuan, a decrease of 19.49% over the same period last year. Baikel Biotech achieved revenue of 0.618 billion yuan, a year-on-year increase of 10.50%; the net profit attributable to the parent company was 0.138 billion yuan, a year-on-year increase of 23.54%; Huakang Pharma achieved revenue of 0.391 billion yuan, a year-on-year increase of 10.37%; the net profit attributable to the parent company was 0.024 billion yuan, a year-on-year increase of 26.42%; High-tech Real Estate achieved revenue of 0.456 billion yuan, a year-on-year increase of 372.45%; and the net profit attributable to the parent company was 0.033 billion yuan, a year-on-year increase of 533.17%.
For a long time, Jin Sai Pharma relied on its absolute leadership in the growth hormone product field to become a core subsidiary of Changchun High-tech Industries, bringing considerable revenue to the parent company. In the first half of this year, Jin Sai Pharma contributed 77.60% of Changchun High-tech Industries' revenue. However, the decline in profits of Jin Sai Pharma has also become an important factor leading to the decline in net income of Changchun High-tech Industries in H1.
From the previous data, the net profit growth rate of Jin Sai Pharma is slowing down. The financial report shows that Jin Sai Pharma achieved a net profit of 4.514 billion yuan in 2023, a year-on-year increase of 7.04%, and a net profit of 4.217 billion yuan in 2022, a year-on-year increase of 14.48%.
Nevertheless, Changchun High-tech Industries is still continuously investing in the growth hormone field. From the company's research and development pipeline, the clinical trials for pegylated recombinant human growth hormone injection for various indications such as idiopathic short stature (ISS), small for gestational age baby (SGA), and adult growth hormone deficiency are currently underway. Compared with the same period last year, the R&D investment of Changchun High-tech Industries in H1 has increased by 10.18%.
On the other hand, Baikel Biotech's herpes zoster vaccine broke the monopoly of imported vaccines on the domestic market for shingles prevention products, becoming a new growth point for the company. The 2023 financial report shows that the company's shingles vaccine achieved revenue of 0.883 billion yuan, accounting for 48.36% of total revenue, with a high gross profit margin of 97.50%.
However, it is worth noting that after experiencing rapid revenue growth, Baikel Biotech's revenue and net income declined in Q2 this year, with a year-on-year decline of 8.44% and 17.16%, respectively. Whether Baikel Biotech can rely on the shingles vaccine to maintain strong performance in the future remains to be seen.
