Financial Performance - The company's operating revenue for the first quarter was RMB 179,906,064, representing a year-on-year increase of 21.85% compared to RMB 147,647,109 in the same period last year[5]. - Net profit attributable to shareholders was RMB 2,665,114, reflecting a growth of 13.53% from RMB 2,347,396 in the previous year[5]. - Net profit for Q1 2025 was RMB 2,581,403, compared to RMB 2,259,878 in Q1 2024, showing a growth of 14.2%[20]. Cash Flow - The net cash flow from operating activities decreased significantly by 84.34%, amounting to RMB 6,880,311, down from RMB 43,938,388 in the same period last year[5][10]. - For the first quarter of 2025, the net cash flow from operating activities was RMB 6,880,311, a decrease of 84.7% compared to RMB 43,938,388 in the first quarter of 2024[21]. - Total cash inflow from operating activities was RMB 238,939,006, down 2.9% from RMB 244,729,122 in the same period last year[21]. - Cash outflow from operating activities increased to RMB 232,058,695, up 15.5% from RMB 200,790,734 in the first quarter of 2024[21]. - The net cash flow from investing activities was -RMB 283,810,018, compared to -RMB 3,807,572 in the first quarter of 2024, indicating a significant increase in cash outflow[21]. - Cash inflow from investing activities totaled RMB 591,051,753, a decrease of 35.6% from RMB 919,724,441 in the previous year[21]. - Cash outflow from investing activities was RMB 874,861,771, down 5.3% from RMB 923,532,013 in the first quarter of 2024[21]. - The net cash flow from financing activities was -RMB 2,005,026, compared to -RMB 2,669,076 in the first quarter of 2024[21]. - The ending cash and cash equivalents balance was RMB 777,319,430, a decrease of 37.0% from RMB 1,233,394,449 at the end of the first quarter of 2024[21]. - The company received RMB 8,367,074 in other cash related to operating activities, an increase of 121.5% from RMB 3,769,626 in the first quarter of 2024[21]. - The company reported a cash flow impact from foreign exchange fluctuations of -RMB 31,466, compared to a positive impact of RMB 36,712 in the first quarter of 2024[21]. Research and Development - Research and development expenses totaled RMB 84,068,447, which is an increase of 31.00% compared to RMB 64,173,693 from the previous year[5][10]. - The ratio of R&D investment to operating revenue increased to 46.73%, up by 3.27 percentage points from 43.46% in the previous year[8]. - R&D expenses rose to RMB 84,068,447 in Q1 2025, compared to RMB 63,616,910 in Q1 2024, indicating a focus on innovation and product development[20]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 2,531,022,514, a decrease of 2.14% from RMB 2,586,502,623 at the end of the previous year[8]. - The total assets as of March 31, 2025, amounted to RMB 2,531,022,514, a decrease from RMB 2,586,502,623 as of December 31, 2024[19]. - Total liabilities decreased to RMB 223,197,709 as of March 31, 2025, down from RMB 281,225,518 at the end of 2024[19]. - The total equity attributable to shareholders reached RMB 2,307,198,823 as of March 31, 2025, slightly up from RMB 2,304,567,412 at the end of 2024[19]. Shareholder Information - The company reported a total of 19,246 common shareholders at the end of the reporting period[13]. - The top ten shareholders held a combined total of 1,339,000,000 shares, representing significant ownership concentration[14]. Government Subsidies and Market Strategy - The company received government subsidies amounting to RMB 4,538,759, which are closely related to its normal business operations[7]. - The company plans to adjust its sales strategies and pricing for the drug Libao Duo® in response to changes in the national drug procurement landscape starting April 2025[17]. - The company is focusing on optimizing its marketing network and customer base in light of provincial medical insurance policies[17]. Credit Impairment - The company reported a significant increase in credit impairment losses, amounting to RMB 14,720,951 in Q1 2025, compared to a reversal of RMB 5,559,028 in Q1 2024[20].

医药板块持续走高 众生药业等多股涨停 智通财经4月22日电，午后医药板块持续走高，创新药方向继续领涨，众生药业、华森制药、富士莱涨 停，百利天恒、诺诚健华、新诺威、百济神州创历史新高，复旦张江、上海谊众、信立泰、热景生物等 涨幅靠前。消息面上，4月25日至4月30日，美国癌症研究协会（AACR）年会将在芝加哥召开。作为全 球规模最大的癌症研究会议之一，AACR年会一直是癌症领域最新研究成果的重要展示平台。 ...

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 709,405,000, a decrease of 16.6% compared to RMB 850,733,000 in 2023[3] - Profit before tax for 2024 was RMB 5,458,000, down 94.4% from RMB 97,528,000 in 2023[3] - Net profit attributable to shareholders for 2024 was RMB 39,734,000, a decline of 63.4% from RMB 108,627,000 in 2023[3] - The company reported a basic and diluted earnings per share of RMB 0.0383 for 2024, down 63.5% from RMB 0.1051 in 2023[3] - The company’s total comprehensive income for 2024 was RMB 39,745,000, compared to RMB 107,793,000 in 2023, a decrease of 63.1%[3] - Net profit for 2024 was RMB 39,434,072, down 63.6% from RMB 108,449,858 in 2023[9] - The company reported a net profit attributable to shareholders of RMB 39,733,896 for 2024, down from RMB 108,627,368 in 2023, representing a decrease of approximately 63.4%[176] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 2,586,503,000, a decrease of 10.1% from RMB 2,876,688,000 in 2023[4] - Total liabilities decreased to RMB 281,226,000 in 2024 from RMB 518,124,000 in 2023, representing a reduction of 45.4%[6] - Total liabilities decreased significantly to RMB 217,064,267 in 2024, down 52.3% from RMB 450,634,658 in 2023[8] - Total equity decreased to RMB 2,273,482,301 in 2024, a decline of 4.4% from RMB 2,379,229,295 in 2023[8] - The company’s current liabilities totaled RMB 202,636,602 in 2024, a decrease of 53.8% from RMB 439,267,111 in 2023[8] Cash Flow - Consolidated operating cash flow for 2024 was a net outflow of RMB 16,512,634, compared to a net inflow of RMB 71,015,450 in 2023, representing a significant decline[12] - The ending cash balance for 2024 was RMB 1,056,285,629, down from RMB 1,195,895,997 in 2023, representing a decrease of about 11.7%[12] - Operating cash inflow for the company was RMB 686,316,914 in 2024, a decline from RMB 787,256,011 in 2023, indicating a decrease of approximately 12.8%[13] - The company experienced a net cash outflow from operating activities of RMB 48,970,056 in 2024, compared to a net inflow of RMB 10,422,159 in 2023[13] - The company’s net cash decrease for 2024 was RMB 123,954,045, compared to RMB 120,474,705 in 2023, indicating a slight increase in cash outflow[13] Research and Development - Research and development expenses increased to RMB 314,162,142 in 2024, up 29% from RMB 243,762,975 in 2023[9] - Total R&D expenditure for 2024 amounted to RMB 314,162,142, an increase from RMB 244,700,356 in 2023, representing a growth of approximately 28.3%[151] - Outsourced R&D costs in 2024 were RMB 122,046,365, compared to RMB 94,265,372 in 2023, reflecting a year-over-year increase of about 29.5%[151] Inventory and Impairment - The company’s inventory increased to RMB 47,265,443 in 2024 from RMB 43,651,360 in 2023, an increase of 3.5%[5] - The inventory value as of December 31, 2024, was RMB 47,837,018, with a provision for inventory impairment of RMB 571,575, compared to RMB 44,368,610 and RMB 717,250 respectively in 2023[126] - The company reported a significant reduction in inventory impairment provisions for finished goods, decreasing from RMB 662,517 in 2023 to RMB 111,476 in 2024[127] - The inventory write-down provision decreased to RMB 571,575 in 2024 from RMB 717,250 in 2023, showing a reduction of about 20.3%[158] Dividends and Retained Earnings - The company distributed dividends amounting to RMB 93,291,489 to shareholders during 2024, which contributed to the decrease in retained earnings[15] - The company declared a cash dividend of RMB 0.07 per share for the 2023 fiscal year, totaling RMB 72,560,047 based on 1,036,572,100 shares issued[176] - The company plans to distribute a cash dividend of RMB 0.02 per share for the first half of 2024, amounting to RMB 20,731,442[176] Government Grants and Subsidies - Government grants are recognized when conditions are met, measured at the amount received or receivable, and can be related to assets or income[77] - Government subsidies received amounted to RMB 19,397,448 in 2024, a decrease from RMB 25,580,068 in 2023[186] - The company received government subsidies amounting to CNY 29,144,056 in 2024, an increase from CNY 23,197,893 in 2023[194] Financial Instruments and Investments - The company recognizes expected credit losses based on historical experience and current conditions, applying a three-stage model for credit risk assessment[39] - The company reported a loss of RMB 7,974,882 from its investment in Shanghai Handoo Pharmaceutical Technology Co., Ltd. for the year 2024[141] - The total long-term equity investments as of December 31, 2024, were RMB 257,482,937, down from RMB 287,518,193 in 2023, indicating a decrease of 10.4%[133] Accounting Policies and Compliance - The company’s financial statements are prepared in accordance with the Chinese accounting standards, ensuring compliance and transparency in financial reporting[22] - The financial statements for the year 2024 are prepared based on the going concern assumption, reflecting the consolidated and company financial position as of December 31, 2024[23] - The company has adopted the new accounting standards (Interpretation No. 17 and No. 18) issued in 2023 and 2024, which did not have a significant impact on its financial statements[93]

Financial Performance - Revenue for the first half of 2024 was RMB 408.12 million, a decrease of 21.94% compared to RMB 522.83 million in the same period last year[6]. - Net profit attributable to shareholders for the first half of 2024 was RMB 70.47 million, representing a 2.97% increase from RMB 68.44 million in the previous year[6]. - The company's operating income for the reporting period was 408,123,863 yuan, a decrease of 21.94% from 522,827,706 yuan in the same period last year[62]. - The company reported a net profit of RMB 70,473,064 for the six months ended June 30, 2024, compared to a net profit of RMB 68,437,509 for the same period in 2023, reflecting a growth of approximately 2.99%[162]. - The sales revenue from the product Aira® decreased by 9.37% compared to the same period last year[57]. - The sales revenue from the product Liboduo® declined by 45.83% year-on-year, significantly impacting the overall revenue of the group[57]. - The sales revenue from the product 复美达® increased by 36.17% compared to the previous year[58]. Research and Development - The company's R&D expenditure accounted for 38.06% of revenue, an increase of 15.38 percentage points from 22.68% in the same period last year[7]. - The total R&D investment for the period was approximately CNY 155.33 million, representing a 30.98% increase compared to the previous period[28]. - The company filed for 17 new patents during the reporting period, with 3 patents granted, bringing the total granted patents to 96[27]. - The company has ongoing clinical trials for multiple innovative drugs, including a new compound for treating bladder cancer and a targeted therapy for triple-negative breast cancer, both at advanced stages of research[34]. - The company is committed to developing drugs that address unmet clinical needs, ensuring a balance between innovative and generic drug development[33]. - The company has made significant progress in its R&D pipeline, with several projects nearing completion of clinical trials[34]. - The company has established a nanotechnology platform aimed at enhancing drug solubility and bioavailability, with its liposomal formulation, Liboduo®, launched in August 2009[24]. Market Position and Strategy - The company operates in the biopharmaceutical sector, focusing on innovative research, development, manufacturing, and marketing[11]. - The company aims to maximize economic benefits by developing differentiated products that meet clinical needs while maintaining competitive advantages[20]. - The company is strategically focusing on expanding its market presence and enhancing its product offerings in response to competitive pressures and market dynamics[57]. - The company is exploring new sales models to address common challenges in the current marketing environment and improve patient access to treatments[36]. - The company is adopting a cautious and conservative approach to R&D expense capitalization, considering the risks and challenges associated with innovative drug development[57]. Financial Health - The total assets as of June 30, 2024, were RMB 2,848.70 million, a decrease of 0.97% from RMB 2,876.69 million at the end of the previous year[6]. - Total liabilities as of June 30, 2024, were RMB 491.27 million, down from RMB 518.12 million at the end of the previous year[6]. - The company has a conservative financial policy, focusing on centralized management of funds and regular assessments of asset liquidity[68]. - The company has no significant investment or capital expenditure plans as of June 30, 2024[68]. - The company has a long-term equity investment net value of RMB 279,219,000, with a significant stake of RMB 226,503,000 in Handu Pharmaceutical, representing 7.95% of total assets[73]. Clinical Trials and Innovations - The company received approval for Phase II clinical trials for its hydrochloride amine pentanoic acid granules for breast cancer surgery visualization in January 2024[26]. - The company is conducting a Phase I clinical study for its anti-Trop2 antibody conjugate SN38 for advanced solid tumors, with results published on ASCO's website[26]. - The company has developed a range of products including cytokines, fusion proteins, monoclonal antibodies, and antibody-drug conjugates (ADCs) based on its gene engineering technology platform, which has become feasible for industrialization as the company expands[21]. - The company is advancing clinical trials for ALA granules in breast-conserving surgery for breast cancer[46]. - The company is also advancing intraoperative molecular imaging (IMI) technology for real-time tumor visualization during surgeries, which could improve surgical outcomes[42]. Corporate Governance and Compliance - The audit committee reviewed the financial statements for the six months ending June 30, 2024, and confirmed compliance with applicable accounting standards and the Hong Kong Listing Rules[109]. - The company has fully complied with the requirements for independent non-executive directors as per the Hong Kong Listing Rules during the reporting period[113]. - The company believes that having the same person serve as both Chairman and CEO is beneficial for its current stage of development, despite the deviation from the corporate governance code[111]. - The company has not purchased, sold, or redeemed any of its listed securities during the six months ending June 30, 2024[114]. Environmental Responsibility - The company invested RMB 797,700 in environmental protection during the reporting period[115]. - The company has established an environmental protection mechanism and has not faced any administrative penalties related to environmental issues during the reporting period[115]. - The company has implemented measures for air pollution control, adhering to the Shanghai industrial waste gas emission standards[115]. - The company has established a comprehensive energy-saving and water-saving performance management system, setting specific targets for each department to enhance resource utilization and reduce waste[119]. Shareholder Information - The company plans to issue a total of 38 million restricted shares under the incentive plan, representing approximately 3.67% of the total shares issued as of June 30, 2024[88]. - The board proposed an interim dividend of RMB 0.02 per share for the six months ending June 30, 2024, totaling RMB 20,731,442 based on 1,036,572,100 shares issued[69]. - The interim dividend distribution for A shares is approximately RMB 14,211,224, while for H shares it is about RMB 6,520,000[69]. - The company distributed dividends of RMB 0.05 and RMB 0.07 per share for the fiscal years ending December 31, 2020, and December 31, 2022, respectively[90].

Financial Performance - The company's revenue for the first half of 2024 was RMB 408.12 million, a decrease of 21.94% compared to RMB 522.83 million in the same period last year[6]. - Net profit attributable to shareholders for the first half of 2024 was RMB 70.47 million, representing a 2.97% increase from RMB 68.44 million in the previous year[6]. - The net cash flow from operating activities for the first half of 2024 was RMB 27.65 million, a significant recovery from a negative cash flow of RMB 108.75 million in the same period last year[6]. - The total assets as of June 30, 2024, were RMB 2,848.70 million, a decrease of 0.97% from RMB 2,876.69 million at the end of the previous year[6]. - The company's total liabilities as of June 30, 2024, were RMB 2,357.42 million, slightly down from RMB 2,358.56 million at the end of the previous year[5]. - The net assets attributable to shareholders were RMB 2,356.54 million, a minor decrease of 0.04% from RMB 2,357.55 million at the end of the previous year[6]. - The overall operating income of the group has decreased compared to the previous year due to the underperformance of key products[61]. - The group reported a total operating income of ¥408,123,863, a decrease of 21.94% from ¥522,827,706 in the same period last year[64]. - The total comprehensive income attributable to shareholders was RMB 70.48 million, slightly down from RMB 70.61 million in the previous year[146]. Research and Development - The company's R&D expenditure accounted for 38.06% of its operating revenue, an increase of 15.38 percentage points compared to 22.68% in the same period last year[7]. - R&D expenses totaled CNY 155,330,149, an increase of 30.98% compared to the previous year[30]. - The company is focusing on innovative research and development in biomedicine, aiming to become a leader in the industry by addressing clinical treatment gaps[42]. - The company has established advanced technology platforms including gene engineering, photodynamic technology, and nanotechnology, focusing on differentiated competition and maximizing economic benefits[21]. - The company aims to enhance the research and registration of gene engineering technology projects that have entered clinical stages, targeting the commercialization of gene drugs[22]. - The company has filed for 17 new patents during the reporting period, with a total of 213 patents filed to date, of which 96 have been granted[29]. - The company has a strong pipeline in photodynamic therapy, with ongoing research on Ammonium Ketone Acid for treating HPV-related cervical diseases[33]. - The company is exploring new photodynamic compounds to improve efficacy and address existing limitations in treatment[24]. Market and Industry Trends - The Chinese pharmaceutical market is projected to grow from USD 221.4 billion in 2020 to USD 349.8 billion by 2025, reflecting a compound annual growth rate (CAGR) of 11.95%[13]. - The market for broad skin disease treatment and care in China increased from RMB 300.4 billion in 2017 to RMB 471.8 billion in 2021, with a CAGR of 11.95%[14]. - The incidence of skin diseases in China is rising, with approximately 150 million patients, highlighting a growing demand for effective treatments[14]. - The global oncology market is expected to reach USD 370 billion by 2027, driven by the introduction of new drugs and biosimilars[16]. - The Chinese market for skin disease treatments is expected to maintain a steady growth trajectory, supported by increasing health awareness and consumer spending[14]. Product Development and Innovation - The company aims to become a leader in the biopharmaceutical industry by focusing on innovative research and development[12]. - The company’s first photodynamic drug, Aira® (aminolevulinic acid), has significantly reduced the recurrence rate of genital warts compared to traditional therapies, filling a clinical gap in treating specific areas[19]. - The global first photodynamic drug for treating hemangiomas, Hemoporfin® (复美达®), was launched in 2017 and has shown high cure rates and low recurrence rates compared to traditional laser treatments[20]. - The company’s photodynamic therapy solutions have been included in major clinical treatment guidelines, indicating their recognition and acceptance in the medical community[19]. - The company has developed a photodynamic therapy platform, with key products including Ela® for treating genital warts and Fumida® for treating port-wine stains, both of which have shown significant market acceptance[23]. - The company is expanding the indications for Ela®, focusing on conditions such as cervical precancerous lesions and acne, and is conducting further research on the molecular mechanisms of photodynamic therapy[24]. - The company is focusing on antibody-drug conjugates, with a total investment of CNY 57,000,000 and significant progress in clinical research[32]. Financial Management and Strategy - The company has adopted a conservative financial policy, focusing on centralized management of funds and regular assessments of asset liquidity[67]. - The company plans to maintain liquidity and enhance overall capital returns through structured deposit investments[83]. - The company is adopting a cautious approach to R&D expenditure capitalization, considering the risks and challenges associated with innovative drug development[60]. - The company plans to pursue international registration for its marketed drugs to support its global expansion strategy[24]. - The company aims to leverage various bidding and centralized procurement opportunities to enhance the marketing capabilities of its products[61]. Corporate Governance and Compliance - The audit committee is responsible for reviewing financial reports and monitoring risk management[103]. - The financial performance for the six months ending June 30, 2024, was reviewed by the audit committee[103]. - The company adheres to applicable accounting standards and Hong Kong Listing Rules[103]. - The corporate governance framework includes various rules and regulations to ensure compliance and transparency[104]. - The company’s financial statements were approved by the board of directors on August 12, 2024, indicating ongoing governance and oversight[158]. Environmental Responsibility - The company invested RMB 797,700 in environmental protection during the reporting period[109]. - The company has established a complete management system for environmental protection, including a leadership team and annual updates to the team member list[112]. - The company has implemented carbon reduction measures, achieving a reduction of 94.92 tons of CO2 equivalent emissions[113]. - The company strictly adheres to national and local standards for pollutant emissions, including wastewater and waste gas, and has implemented comprehensive treatment measures[110]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[110].

Revenue and Profitability - Revenue for the first quarter was RMB 147,647,109, representing a decrease of 21.94% compared to the same period last year[2] - Net profit attributable to shareholders decreased by 73.29% to RMB 2,347,396[2] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB -4,515,799, a decline of 292.19%[2] - The company's total operating revenue for Q1 2024 was RMB 147,647,109, a decrease of 22% compared to RMB 189,147,552 in Q1 2023[13] - Operating profit for Q1 2024 was RMB 1,190,039, down from RMB 3,481,590 in Q1 2023, reflecting a significant decline in profitability[13] - The net profit attributable to shareholders for Q1 2024 was RMB 2,347,396, compared to RMB 8,787,158 in the same period last year, indicating a decrease of approximately 73%[13] Research and Development - Research and development expenses totaled RMB 64,173,693, an increase of 17.73% year-on-year[2] - R&D expenses accounted for 43.46% of revenue, up by 14.64 percentage points from the previous year[2] - Research and development expenses for Q1 2024 were RMB 63,616,910, an increase from RMB 54,123,028 in Q1 2023, indicating a focus on innovation despite declining revenues[13] Cash Flow and Liquidity - The net cash flow from operating activities was RMB 43,938,388, a significant improvement from RMB -16,026,020 in the same period last year[5] - In Q1 2024, cash inflow from operating activities was RMB 244,729,122, a 50.0% increase from RMB 162,901,241 in Q1 2023[14] - The net cash flow from operating activities was RMB 43,938,388, compared to a negative RMB 160,260,214 in the same period last year[14] - Cash outflow for purchasing goods and services decreased significantly to RMB 82,458,828 from RMB 228,636,546, marking a 64.0% reduction[14] - The net increase in cash and cash equivalents for the quarter was RMB 37,498,452, compared to a decrease of RMB 401,292,835 in Q1 2023[14] - The ending balance of cash and cash equivalents was RMB 1,233,394,449, up from RMB 888,009,829 in the previous year[14] Assets and Liabilities - Total assets at the end of the reporting period were RMB 2,825,346,356, a decrease of 1.78% from the end of the previous year[2] - Total current assets decreased to RMB 1,833,318,779 from RMB 1,869,424,886, reflecting a decline of about 2%[11] - Total liabilities decreased to RMB 464,492,233 as of March 31, 2024, down from RMB 518,124,139 at the end of 2023, representing a reduction of approximately 10%[12] - Equity attributable to shareholders increased slightly by 0.10% to RMB 2,359,932,124[2] Strategic Changes - The company terminated its cooperation with a promotional service provider, impacting sales revenue of a key product during the reporting period[5] - The company plans to terminate its marketing cooperation with Shanghai Huizheng due to underperformance of its product, Liboduo, which has led to a significant drop in revenue[10] - The company is adjusting its sales strategy for Liboduo by selecting specialized CSO companies for regional marketing and academic promotion to enhance communication efficiency and reduce operational risks[10] - The company aims to leverage various bidding and procurement opportunities to enhance its market presence and adapt its promotional strategies to local conditions[10] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 20,860[8] Cash Flow from Investments - Cash inflow from investment activities was RMB 919,724,441, down 13.0% from RMB 1,055,510,659 in Q1 2023[14] - The net cash flow from investment activities was negative RMB 3,807,572, an improvement from negative RMB 235,735,353 year-over-year[14] Financing Activities - Cash outflow related to financing activities decreased to RMB 2,669,076 from RMB 5,251,044, a reduction of 49.2%[14] Accounting Standards - The company has not applied new accounting standards or interpretations for the first quarter of 2024[15]

Financial Performance - The company's revenue for 2023 was RMB 850.733 million, a decrease of 17.5% compared to RMB 1,031.160 million in 2022[11]. - The profit before tax for 2023 was RMB 97.528 million, down from RMB 132.294 million in the previous year, representing a decline of 26.2%[11]. - The total comprehensive income attributable to shareholders for 2023 was RMB 107.970 million, a decrease of 21.1% from RMB 136.847 million in 2022[11]. - Basic and diluted earnings per share attributable to shareholders for 2023 were RMB 0.1051, down from RMB 0.1340 in 2022, a decline of 21.7%[11]. - The company reported a total comprehensive income of RMB 107.793 million for the year, compared to RMB 136.122 million in 2022, indicating a decrease of 21.0%[11]. - Net profit for 2023 was approximately RMB 108,450 thousand, a decline of about 21% from RMB 137,272 thousand in 2022, with a stable net profit margin of 13%[51]. - The profit attributable to shareholders for 2023 was RMB 108,627 thousand, down 21% from RMB 137,997 thousand in 2022[52]. - The group's operating revenue decreased by 17.50% year-on-year due to underperformance in sales of the main product, Ribavirin®[31]. - The sales of Libao Duo® did not meet expectations, leading to a decline in overall revenue and affecting other financial metrics[81]. Assets and Liabilities - Total assets as of December 31, 2023, were RMB 2,876.688 million, a slight decrease from RMB 2,976.007 million in 2022[12]. - The company's total liabilities decreased to RMB 518.124 million in 2023 from RMB 722.986 million in 2022, reflecting a reduction of 28.3%[12]. - As of December 31, 2023, the company's long-term equity investment net value was RMB 287,518 thousand, with an investment loss of approximately RMB 23,540 thousand during the reporting period[53]. - As of December 31, 2023, the company had cash and cash equivalents of approximately RMB 1,195,896 thousand, down from RMB 1,289,303 thousand as of December 31, 2022[58]. Research and Development - The company has been focusing on research and development of new technologies to strengthen its competitive position in the biopharmaceutical sector[14]. - The company focuses on innovative research and development in biomedicine, with a strategic emphasis on photodynamic therapy (PDT) and antibody-drug conjugates (ADC) for various diseases[15]. - The company has developed a pipeline of photodynamic drugs targeting conditions such as cervical cancer, breast cancer, and glioma, with ongoing clinical trials for new indications[17]. - The company aims to leverage its competitive advantages in photodynamic technology to strengthen its market position and expand its product offerings[15]. - The company is committed to balancing innovation with industrialization, focusing on both research and market development to ensure sustainable growth[16]. - The company has established multiple technology platforms, including gene engineering and nanotechnology, to support its drug development initiatives[15]. - The company emphasizes the importance of clinical unmet needs in guiding its research and development efforts for photodynamic drugs[17]. - The company is actively pursuing collaborations to accelerate its growth and achieve a stable position in the market[15]. - The company is focused on expanding its ADC drug portfolio and enhancing its R&D capabilities in biopharmaceuticals and small molecules[26]. Clinical Trials and Product Development - The company submitted three clinical trial applications for intraoperative molecular imaging (IMI) technology, aimed at enhancing tumor visualization during surgeries for glioma, bladder cancer, and breast cancer[18]. - The combination of ALA and photodynamic therapy for the treatment of HPV-related cervical precancerous lesions has completed Phase II clinical trials and will soon initiate Phase III trials[19]. - The Phase II clinical trial for ALA photodynamic therapy in treating moderate to severe acne has been completed, with ongoing research into pain-free treatment options[19]. - The application for Phase II clinical trials of ALA granules for intraoperative visualization in breast cancer surgery has been accepted, addressing a significant clinical need in real-time tumor margin assessment[21]. - The application for verification clinical trials of ALA granules for non-muscle invasive bladder cancer surgery has been accepted, aiming to improve tumor detection rates during TURBT procedures[21]. - The application for verification clinical trials of ALA oral solution for visualization in high-grade glioma surgery has been accepted, focusing on enhancing surgical outcomes and patient survival[21]. - The photodynamic drug Revamed (Heimofen injection) is undergoing Phase II clinical trials in the U.S., with expectations for significant clinical benefits upon successful market entry[22]. - The company has completed bioequivalence clinical studies and confirmatory clinical trials for the obeticholic acid project, which targets primary biliary cholangitis (PBC), and will soon apply for production registration[28]. - The company has initiated Phase II clinical studies for the drug FZJ-003 targeting atopic dermatitis and ulcerative colitis, demonstrating its commitment to advancing its pipeline[30]. Market Strategy and Expansion - The company aims to enhance its market expansion strategies and invest in new product development to drive future growth[14]. - The company is actively seeking to expand its presence in international markets to enhance its competitiveness amid ongoing industry reforms and changes in domestic policies[39]. - The company is experiencing a shift in the pharmaceutical industry towards innovation, with a notable increase in investment in R&D for new drugs[39]. - The company is focused on international registration of existing products to enhance treatment value and commercial benefits[31]. - The company plans to terminate the marketing service agreement with Shanghai Huizheng effective December 31, 2023, due to underperformance of the product Liboduo®[43]. Corporate Governance - The company emphasizes a commitment to robust corporate governance to enhance transparency and accountability, thereby protecting shareholder interests[131]. - The audit committee, consisting of two independent non-executive directors and one non-executive director, has reviewed the financial statements and internal controls for the fiscal year 2023[154]. - The independent non-executive directors have confirmed their independence, aligning with regulatory requirements[156]. - The company has established a comprehensive corporate governance code, including rules for various committees and information disclosure systems[178]. - The board consists of two executive directors, two non-executive directors, and three independent non-executive directors, with a total of seven members[180]. Shareholder Information - The proposed final dividend for the year ending December 31, 2023, is RMB 0.07 per share, totaling RMB 72,560,047 (including tax) based on the current issued share capital of 1,036,572,100 shares[119]. - The net profit attributable to ordinary shareholders for 2023 is RMB 108,627,368, resulting in a dividend payout ratio of 66.80%[123]. - The company has maintained a consistent dividend of RMB 0.07 per share over the past three years, with total cash dividends of RMB 72,560,047 in both 2023 and 2022[123]. - Major shareholders include Shanghai Pharmaceuticals with 20.27% of total issued shares and New Venture II with 15.14%[145]. - The top ten shareholders hold a total of 1,037,000,000 shares, representing 102.70% of the total issued shares, indicating significant concentration[146].

Financial Performance - The company's revenue for the year ended December 31, 2023, was RMB 850,733,000, a decrease of 17.5% compared to RMB 1,031,160,000 in 2022[2] - Profit before tax for the same period was RMB 97,528,000, down 26.3% from RMB 132,294,000 in the previous year[2] - The net profit attributable to shareholders for 2023 was RMB 108,627,000, a decline of 21.3% from RMB 137,997,000 in 2022[2] - The company reported a total comprehensive income of RMB 107,793,000 for 2023, compared to RMB 136,122,000 in 2022, indicating a decline of 20.8%[2] - The total operating profit for 2023 was RMB 45,580,116, down from RMB 105,919,554 in 2022[13] - The company reported a net financial loss of ¥3,703,638 in 2023, compared to a loss of ¥8,788,607 in 2022, showing an improvement[188] - The total profit for 2023 was RMB 97,528,063, a decrease of 26.3% compared to RMB 132,293,548 in 2022[197] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 2,876,688,000, a decrease from RMB 2,976,007,000 in 2022[3] - Total liabilities decreased to RMB 518,124,000 in 2023 from RMB 722,986,000 in 2022, representing a reduction of 28.3%[3] - Cash and cash equivalents as of December 31, 2023, were RMB 1,195,895,997, down from RMB 1,289,302,664 in 2022[4] - The company's total equity attributable to shareholders increased to RMB 2,357,554,000 in 2023 from RMB 2,257,102,000 in 2022, marking an increase of 4.4%[3] - The company's total equity as of December 31, 2023, was RMB 2,358,563,368, an increase from RMB 2,253,021,355 at the end of 2022[18] - The company's total equity as of December 31, 2023, was RMB 2,379,229,295, an increase from RMB 2,321,921,130 at the end of 2022[20] Earnings Per Share - The company's basic and diluted earnings per share for 2023 were RMB 0.1051, down from RMB 0.1340 in 2022, reflecting a decrease of 21.5%[2] - Basic earnings per share for 2023 were RMB 0.11, down from RMB 0.13 in 2022, a decrease of 15.4%[12] - Diluted earnings per share remained at RMB 0.11 for 2023, unchanged from 2022 despite adjustments for potential ordinary shares[200] Cash Flow - Cash flow from operating activities for 2023 was RMB 71,015,450, down from RMB 165,268,622 in 2022[14] - The net cash flow from operating activities in 2023 was RMB 10,422,159, down from RMB 122,058,916 in 2022, indicating a significant decline[15] - The total cash inflow from investment activities in 2023 was RMB 3,835,875,490, an increase of 10.5% from RMB 3,469,785,915 in 2022[15] - The cash outflow for investment activities in 2023 was RMB 3,848,247,323, compared to RMB 3,500,564,593 in 2022, reflecting a rise of 9.9%[15] - The company's cash balance at the end of 2023 was RMB 1,067,294,432, down from RMB 1,187,769,137 at the end of 2022[15] Research and Development - Research and development expenses increased to RMB 243,762,975 in 2023, compared to RMB 226,850,903 in 2022, reflecting a growth of 7.4%[10] - The total research and development expenses for 2023 were RMB 244,700,356, an increase from RMB 233,659,131 in 2022[145][146] - R&D expenses for 2023 totaled ¥94,014,517, slightly down from ¥95,009,511 in 2022, while salary expenses in R&D increased to ¥75,383,005 from ¥57,590,255[187] Inventory and Receivables - The inventory increased to RMB 29,993,697 in 2023 from RMB 19,268,923 in 2022, an increase of 55.5%[9] - The provision for bad debts increased to RMB 35,993,681 as of December 31, 2023, compared to RMB 12,365,732 on December 31, 2022, reflecting a significant rise in credit loss provisions[98][102] - The aging analysis of accounts receivable shows that the amount overdue within one year was RMB 476,025,167, down from RMB 516,855,117 in the previous year, indicating improved collection efficiency[99] - The total amount of accounts receivable written off during the year was RMB 271,600, with a corresponding bad debt provision of the same amount[106] Government Grants and Taxation - The company received government subsidies related to income amounting to ¥20,638,461 in 2023, compared to ¥7,868,017 in 2022, indicating a substantial increase[191] - The corporate income tax rate applicable to the company for 2023 remains at 15%, consistent with 2022[90] - The company has received the "High-tech Enterprise Certificate" valid for three years, allowing it to maintain the reduced corporate income tax rate of 15%[89] Accounting Policies and Compliance - The company has updated its accounting policies in accordance with the Ministry of Finance's guidelines, which did not have a significant impact on the financial statements[3] - The financial statements were approved by the board of directors on March 28, 2024, indicating a commitment to transparency and compliance[23] - The company’s accounting policies are aligned with the Chinese Accounting Standards and reflect its operational characteristics[24] Shareholder Information - The company distributed dividends totaling RMB 72,560,047 to shareholders in 2023[18] - The company declared a cash dividend of RMB 0.07 per share for the 2022 fiscal year, totaling RMB 72,560,047 based on 1,036,572,100 shares issued[179]

Financial Performance - Operating revenue for Q3 2023 was RMB 185,132,977, a decrease of 58.40% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2023 was RMB 21,454,125, down 70.53% year-on-year[2] - Basic earnings per share for Q3 2023 was RMB 0.02, down 71.43% year-on-year[2] - Total operating revenue for the first three quarters of 2023 was RMB 707,960,683, a decrease of 1.4% compared to RMB 716,265,980 in the same period of 2022[10] - Net profit for the first three quarters of 2023 increased significantly to RMB 89,811,290, compared to RMB 36,739,951 in the same period of 2022, representing a growth of 144.5%[10] - Basic and diluted earnings per share rose to RMB 0.09, up from RMB 0.04 in the previous year[10] Research and Development - R&D investment totaled RMB 50,730,733 in Q3 2023, a decrease of 28.58% compared to the same period last year, representing 27.40% of operating revenue[2] - The proportion of R&D investment to operating revenue increased by 11.44 percentage points in Q3 2023 compared to the same period last year[2] Cash Flow and Liquidity - Net cash flow from operating activities for the year-to-date period was RMB 1,712,208, a significant decline of 99.13% compared to the previous year[2] - Cash flow from operating activities generated a net amount of RMB 1,712,208, a decrease from RMB 196,182,795 in the same period last year[12] - Cash flow from investing activities resulted in a net outflow of RMB 35,490,426, an improvement from a net outflow of RMB 79,977,072 in the previous year[12] - Cash and cash equivalents stood at RMB 1,242,462,297, down from RMB 1,289,302,664, a decrease of 3.6%[8] - Cash and cash equivalents at the end of the period totaled RMB 1,242,462,297, slightly up from RMB 1,237,143,906 at the end of the same period last year[12] Assets and Liabilities - Total assets at the end of the reporting period were RMB 2,946,016,262, a decrease of 1.01% from the end of the previous year[2] - Total current assets amounted to RMB 1,950,086,202, a decrease of 5.7% from RMB 2,069,188,785 on December 31, 2022[8] - Total non-current assets increased to RMB 995,930,060 from RMB 906,818,487, reflecting a growth of 9.8% year-over-year[8] - Total liabilities decreased to RMB 609,240,398 from RMB 722,985,917, representing a reduction of 15.8%[9] - Shareholders' equity increased to RMB 2,336,775,864 from RMB 2,253,021,355, marking an increase of 3.7%[9] Operational Insights - The company experienced significant sales fluctuations in Q2 and Q3 2023 due to external environmental impacts, although cumulative sales remained stable[4] - The company reported a significant reduction in management expenses to RMB 39,075,379, down from RMB 55,061,168 year-over-year, reflecting a cost control strategy[10] - The company has not reported any new product developments or market expansions during this period[10] Inventory and Receivables - Accounts receivable rose to RMB 524,153,117 from RMB 506,383,690, an increase of 3.0%[8] - Inventory increased to RMB 41,127,892 from RMB 40,526,760, reflecting a growth of 1.5%[8]

Financial Performance - The company reported a revenue of RMB 522.83 million for the first half of 2023, representing a 92.74% increase compared to RMB 271.26 million in the same period last year[6]. - Net profit attributable to shareholders was RMB 68.44 million, a significant recovery from a loss of RMB 35.97 million in the previous year[6]. - Basic earnings per share for the first half of 2023 were RMB 0.07, compared to a loss of RMB 0.03 per share in the same period last year[7]. - The company achieved a revenue of CNY 523 million during the reporting period, representing a year-on-year growth of 92.74%[43]. - The total comprehensive income for the period was RMB 68.50 million, a significant improvement from a loss of RMB 36.73 million in the previous year[140]. - The company reported a gross profit of RMB 481.25 million, with a gross margin of approximately 92%[139]. - The company reported a total cash inflow from operating activities of RMB 416,844,233, up from RMB 397,751,452 in the previous year[145]. Cash Flow and Liquidity - The company's net cash flow from operating activities was negative RMB 108.75 million, a decline from a positive RMB 59.37 million in the same period last year, indicating a 283.19% decrease[6]. - Cash and cash equivalents stood at RMB 1,231,128,499 as of June 30, 2023, indicating strong liquidity[60]. - The cash balance at the end of June 30, 2023, was RMB 1,148,276,143, compared to RMB 1,084,972,748 at the end of June 30, 2022[147]. - The company experienced a net cash decrease of RMB 39,492,994 during the period, contrasting with an increase of RMB 1,713,377 in the same period last year[147]. Research and Development - The research and development expenditure accounted for 22.68% of the operating revenue, a decrease of 16.71 percentage points from 39.39% in the previous year[7]. - Research and development expenses for the current period amounted to approximately CNY 118.59 million, representing a 10.99% increase compared to the previous year[32]. - The company has established advanced research and development platforms, including gene engineering, photodynamic technology, and nanotechnology, focusing strategically on photodynamic drugs and antibody-drug conjugates[20]. - The company has developed multiple products based on its gene engineering technology platform, including cytokines, fusion proteins, monoclonal antibodies, and antibody-drug conjugates (ADCs) to address unmet clinical needs[21]. Market and Industry Trends - The prevalence of skin diseases in China has been increasing, with approximately 150 million patients reported[12]. - The market size for broad skin disease treatment and care in China grew from RMB 300.4 billion in 2017 to RMB 471.8 billion in 2021, with a compound annual growth rate (CAGR) of 11.95%[12]. - The global pharmaceutical market is projected to grow at a CAGR of 3-6% from 2023 to 2027, potentially reaching approximately USD 1.9 trillion[12]. - The incidence of malignant tumors in China is significant, with lung cancer being the most prevalent, accounting for a large portion of new cases[15]. Product Development and Innovation - The company aims to be an innovator and leader in the biopharmaceutical industry, focusing on exploring clinical treatment gaps and providing effective therapeutic solutions[11]. - The company’s photodynamic therapy products have filled a significant treatment gap for specific areas, such as the urethra and anal canal, where effective therapies were previously lacking[17]. - The company is focusing on the clinical application of ALA-fluorescence-guided techniques for surgical procedures, particularly for brain gliomas and bladder cancer[24]. - The company aims to leverage the unique advantages of photodynamic drugs to develop new therapeutic solutions for currently untreatable diseases[23]. Corporate Governance and Management - The company has complied with all applicable provisions of the corporate governance code, except for the separation of the roles of chairman and CEO[92]. - The company aims to enhance its governance structure and establish a long-term incentive mechanism to attract and retain management and core technical personnel[79]. - The company has appointed new executives, including a new executive director and vice president, as of May 30, 2023[82]. - The audit committee reviewed the financial performance and ensured compliance with applicable accounting standards and Hong Kong listing rules[90]. Environmental Responsibility - The company invested ¥1.0397 million in environmental protection during the reporting period[96]. - The company has established a comprehensive environmental management system, including regular monitoring of wastewater and air emissions[96]. - The company has implemented strict waste management protocols, including registration with local solid waste management systems[97]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[96]. Shareholder Information - The company has a total of 38 million restricted stock options under the incentive plan, with 32.77 million shares granted in the first grant and 5.23 million shares reserved for future grants[79]. - The company reported a total of 38 million shares granted under the equity incentive plan, with 14.7 million shares becoming invalid due to unmet performance targets or employee departures[82]. - The company completed the registration of the first vesting period shares of the restricted stock incentive plan on May 12, 2023, issuing 7,572,100 A-shares[79]. - The top ten shareholders hold a total of 1,000,000,000 shares, representing approximately 97.16% of the total shares[119].