Shanghai Henlius Biotech (2696) H2 2024 earnings summary

Executive summary

• Revenue reached RMB 5.72B in 2024, up 6.1% year-over-year, with net profit of RMB 820M, a 50% increase and net profit margin of 14.3%.

• Product sales were driven by HANSIZHUANG and HANQUYOU, with major international approvals and commercial launches in the US, EU, and other regions.

• Operating cash flow was RMB 1.24B, up 18.5% year-over-year, reflecting sustainable growth.

• Strategic partnerships and licensing deals accelerated global commercialisation and pipeline expansion.

• No final dividend was recommended or paid for 2024.

Financial highlights

• Gross profit reached RMB 4.18B, up 6.8% year-over-year.

• R&D expenses were RMB 1.04B, down 7.5% year-over-year in one report, but another source notes R&D expenses rose to RMB 1.84B, up RMB 406.9M, reflecting pipeline investment.

• Cash and bank balances at year-end were RMB 773M, down 21.7% from prior year.

• Net profit for 2024 was RMB 820.5M, up from RMB 546M in 2023.

• BD and other income was RMB 791M, down 6% year-over-year.

Outlook and guidance

• Plans to continue global expansion with further product launches and regulatory submissions in new markets.

• Ongoing clinical trials and pipeline development targeting oncology and autoimmune diseases, leveraging AI and digital transformation.

• Focus on commercialization efficiency, product differentiation, and international out-licensing to drive future growth.

• Songjiang Second Plant Phase I to be completed in 2025, boosting global supply capacity.