CSPC Innovation profits plummet despite revenue dip

CSPC Pharmaceutical Group Limited (HKEX: 1093) announced the financial performance of its subsidiary, CSPC Innovation Pharmaceutical Co., Ltd., for the year ended December 31, 2024. While revenue decreased by 21.98% to RMB 1,980.75 million compared to RMB 2,538.71 million in 2023, net profit attributable to shareholders plummeted by 87.63% to RMB 53.73 million. The decline is attributed to the launch of new products by Megalith Biopharma and increased overseas caffeine inventory. The company's total assets stand at RMB 6,022.12 million, reflecting a decrease from the beginning of 2024. Basic earnings per share also experienced a sharp decline. Shareholders are advised to exercise caution and note that the reported figures are consolidated financial information for CSPC Innovation, not CSPC Pharmaceutical Group itself.