China Securities Intelligent Financial News Junshi Biosciences (688180) disclosed its 2024 annual report on March 28. In 2024, the company will achieve a total operating income of 1.948 billion yuan, a year-on-year increase of 29.67%; The net profit loss attributable to the parent company was 1.281 billion yuan, compared with a loss of 2.283 billion yuan in the same period last year, the non-net profit loss was 1.29 billion yuan, compared with a loss of 2.298 billion yuan in the same period last year, the net cash flow from operating activities was -1.434 billion yuan, compared with -2.005 billion yuan in the same period last year, and the basic earnings per share of Junshi Biosciences was -1.3 yuan, and the weighted average return on equity was -19.71% during the reporting period.

Based on the closing price on March 27, Junshi Biosciences currently has a price-to-earnings ratio (TTM) of about -22.95 times, a price-to-book ratio (LF) of about 5.02 times, and a price-to-sales ratio (TTM) of about 15.09 times.

According to the data, the company's weighted average return on equity in 2024 will be -19.71%, an increase of 7.61 percentage points from the same period last year. The company's return on invested capital in 2024 will be -15.1%, an increase of 10.32 percentage points from the same period last year.

As of 2024, the company's net cash flow from operating activities was -1.434 billion yuan, an increase of 571 million yuan year-on-year, net cash flow from financing activities was 1.023 billion yuan, an increase of 311 million yuan year-on-year, and net cash flow from investment activities was -893 million yuan, compared with -933 million yuan in the same period last year.

In terms of major changes in assets, as of the end of 2024, the company's monetary funds decreased by 33.95% from the end of the previous year, accounting for 10.19 percentage points of the company's total assets, the total number of projects under construction increased by 40.23% from the end of the previous year, accounting for 5.55 percentage points of the company's total assets, and the total trading financial assets accounted for 3.99% of the company's total assets, which was 0 at the end of the previous year. Other receivables (including interest and dividends) decreased by 90.26% from the end of the previous year, accounting for 2.96 percentage points of the company's total assets.

In terms of major changes in liabilities, as of the end of 2024, the company's long-term borrowings increased by 65.55% from the end of the previous year, accounting for 7.82 percentage points of the company's total assets, short-term borrowings increased by 49.88% from the end of the previous year, accounting for 2.3 percentage points of the company's total assets, contract liabilities decreased by 94.42% from the end of the previous year, accounting for 1.21 percentage points of the company's total assets, and notes payable and accounts payable decreased by 11.05% from the end of the previous year. The proportion of the company's total assets decreased by 0.78 percentage points.

From the perspective of inventory changes, as of the end of 2024, the book value of the company's inventory was 584 million yuan, accounting for 9.97% of net assets, an increase of 46.4181 million yuan from the end of the previous year. Among them, the provision for inventory decline was 153 million yuan, and the provision ratio was 20.77%.

For the whole year of 2024, the company's R&D investment will be 1.275 billion yuan, a year-on-year decrease of 34.18%; R&D investment accounted for 65.45% of operating income, down 63.5 percentage points from the same period last year.

In 2024, the company has a current ratio of 1.72 and a quick ratio of 1.48.

ACCORDING TO THE ANNUAL REPORT, AMONG THE TOP TEN CIRCULATING SHAREHOLDERS OF THE COMPANY AT THE END OF 2024, HKSCC NOMINEES LIMITED HOLDS THE LARGEST SHAREHOLDING, ACCOUNTING FOR 22.247%. In terms of specific shareholding ratios, Shanghai Tanying Investment Partnership (Limited Partnership), ChinaAMC SSE Science and Technology Innovation Board 50 Component Exchange-traded Open-ended Index Securities Investment Fund, E Fund SSE Science and Technology Innovation Board 50 Component Exchange-traded Open-ended Index Securities Investment Fund, Hong Kong Securities Clearing Co., Ltd., and Feng Hui's shareholding has declined.

Proofreading: Sun Ping

Indicator Annotation:

P/E ratio = total market capitalization / net profit. When the company loses money, the P/E ratio is negative, and it is not practical to use the P/E ratio for valuation, and the P/B ratio or P/B ratio is often used as a reference.

Price-to-book ratio = total market capitalization / net assets. The price-to-book ratio valuation method is mostly used for companies with large fluctuations in earnings and relatively stable net assets.

Price-to-sales ratio = total market capitalization / operating income. The price-to-sales ratio method is often used for growing companies that are losing money or making small profits.

The price-to-earnings ratio and price-to-sales ratio in this article are calculated using the TTM method, that is, the data for the 12 months up to the latest financial report (including forecast). The price-to-book ratio is calculated using the LF method, that is, based on the latest financial report data. The quantile calculation range of the three is from the company's listing to the latest announcement date.

When the P/E ratio and price-to-book ratio are negative, the current quantile is not displayed, which will cause the line chart to be interrupted.

(Article source: China Securities Journal, China Securities Network).