Baiai Pharma Releases 2024 Annual Report: Cash Dividend Exceeds RMB 4 Billion with a Dividend Yield Near 4%

On the evening of April 23, Baheal Medical (301015.SZ), a pharmaceutical industrialization platform, released its 2024 annual report. In 2024, Baheal Medical reported revenue of RMB 8.094 billion; adjusted for the "Two-Invoice System" business, revenue amounted to RMB 8.572 billion. The net profit attributable to shareholders of the listed company was RMB 692 million, while the net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 656 million, representing a year-on-year increase of 3.37%. The company continued to focus on its branded business, which generated revenue of RMB 5.559 billion, a year-on-year increase of 9.17%; adjusted for the "Two-Invoice System" business, this segment’s revenue reached RMB 6.037 billion, reflecting sustained improvement in profitability.

Meanwhile, the Company proposes to distribute a cash dividend of RMB 7.62 (tax inclusive) for every 10 shares to all shareholders, with the total distribution amount expected to exceed RMB 400 million and a dividend yield of nearly 4%.

Furthermore, according to Baheal Medical’s Q1 2025 report disclosed on the same day, the company generated RMB 1.841 billion in revenue during the first quarter of this year. When adjusted for the “Two-Invoice System” business, its revenue amounted to RMB 2.149 billion. Brand operations contributed RMB 1.295 billion in revenue, representing a year-on-year increase of 17.11%. On an adjusted basis excluding the impact of the “Two-Invoice System,” brand operations revenue reached RMB 1.603 billion, marking a year-on-year growth of 31.70%.

Baheal Medical continues to optimize its business structure, further focusing on high-value-added, high-gross-margin brand businesses. In 2024, the company’s brand business revenue accounted for 68.68%, with a gross profit margin of 48%. The gross profit amount reached RMB 2.668 billion, contributing 92.84% to the total gross profit. Core products such as D-Cal, Fuzheng Huayu, NutraSumma, and Hylo all achieved double-digit year-on-year growth, fully highlighting the company’s strong development resilience.

Meanwhile, Baheal Medical has continuously increased its investment in innovative products, establishing a rich product portfolio and robust innovation pipeline in the fields of innovative drugs and innovative medical devices. In 2024, Baheal Medical secured the exclusive operational rights for UTD-1 Injection (brand name: Youpidi), a Class 1 innovative anti-tumor drug featuring microtubule inhibitors. In the realm of innovative medical devices, the company has entered into a comprehensive cooperation agreement with ZAP Surgical, a global leader in radiation therapy technology, covering equity investment, large-scale manufacturing, and commercialization. Baheal Medical is responsible for the exclusive commercial operation of the ZAP-X Mars Robotic Radiosurgery System in mainland China, as well as the Hong Kong and Macao Special Administrative Regions.