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].

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[5]. - 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[5]. - Basic earnings per share for the period were RMB 0.07, compared to a loss of RMB 0.03 per share in the same period last year[6]. - The company achieved a pre-tax profit of RMB 63.43 million, recovering from a loss of RMB 61.19 million in the same period last year[3]. - The company’s comprehensive income attributable to shareholders was RMB 68.33 million, compared to a loss of RMB 36.68 million in the same period last year[3]. - Operating revenue increased to RMB 522,827,706, a 92.74% increase compared to RMB 271,259,675 in the same period last year[51]. - The total profit for the period was RMB 63,432,798, a significant recovery from a loss of RMB 61,189,485 in the same period last year[127]. - The company reported a net loss of RMB 36,020,882 for the six months ended June 30, 2022, which highlights the financial challenges faced in that period[136]. Assets and Liabilities - The company's total assets reached RMB 3.03 billion, up 1.85% from RMB 2.98 billion at the end of the previous year[4]. - Total liabilities stood at RMB 716.04 million, slightly down from RMB 722.99 million in the previous year[4]. - Cash and cash equivalents as of June 30, 2023, totaled RMB 1,231,128,499, significantly exceeding the outstanding loan balance[54]. - The company has no asset pledges as of June 30, 2023[57]. - The total assets of Taizhou Fudan Zhangjiang Pharmaceutical Co., Ltd. are RMB 565,336,994, with a net profit of RMB 14,787,447[64]. - The company's total liabilities decreased slightly to RMB 716,037,743 from RMB 722,985,917, indicating a reduction of about 0.13%[122]. - The company’s total equity increased to RMB 2,314,975,432 from RMB 2,253,021,355, reflecting a growth of approximately 2.75%[122]. Research and Development - Research and development expenses accounted for 22.68% of revenue, a decrease of 16.71 percentage points from 39.39% in the previous year[6]. - The company has invested a total of approximately ¥118.59 million in R&D, representing a 10.99% increase compared to the previous period[30]. - The company is focusing its R&D on innovative drugs for skin diseases, tumors, and autoimmune diseases, with a strategic emphasis on photodynamic drugs and antibody-drug conjugates[48]. - The company has established a gene engineering technology platform, focusing on the development of monoclonal antibodies and antibody-drug conjugates (ADC), which are key areas for future commercialization[20]. - The company’s research and development strategy emphasizes addressing unmet clinical needs and achieving differentiated competition through innovative drug development[19]. - The company is conducting Phase I clinical trials for multiple antibody-drug conjugates (ADCs) targeting various cancers, including DM1 for CD30, SN38 for Trop2, and BB05 for Her2, with the first patient enrolled in January 2023 for the BB05 project[21]. - The company has established a nanotechnology platform, with the liposomal formulation里葆多® launched in 2009, and has received acceptance for consistency evaluation of its doxorubicin liposome injection[25]. Market and Industry Trends - The global pharmaceutical market is expected to grow at a compound annual growth rate (CAGR) of 3-6% from 2023 to 2027, reaching approximately $1.9 trillion[10]. - The Chinese pharmaceutical market's CAGR from 2016 to 2020 was 3.70%, with a total market size of $221.4 billion in 2020, projected to reach $349.8 billion by 2025 and $457.4 billion by 2030[10]. - The market for broad skin disease treatment and care in China grew from RMB 300.4 billion to RMB 471.8 billion from 2017 to 2021, with a CAGR of 11.95%[11]. - The incidence of malignant tumors remains a significant health threat, with lung cancer being the most prevalent, accounting for a substantial portion of new cases in China[14]. - The global oncology spending is projected to reach $370 billion by 2027, driven by the introduction of new drugs and biosimilars[14]. Risks and Challenges - The company faces risks related to new drug development, which can take over ten years and involve significant costs and uncertainties[43]. - The company has a risk of core technical personnel turnover, which could impact its competitive advantage and stability in R&D and production services[44]. - The company may face drug price reduction risks due to government policies and market competition, which could negatively impact revenue[47]. - The company is exposed to potential foreign exchange risks, although most transactions occur in the domestic market[46]. Corporate Governance and Shareholder Matters - The company has established a three-year dividend return plan for shareholders from 2023 to 2025[71]. - The company has completed the nomination of candidates for the eighth board of directors and the supervisory board, with elections held on May 30, 2023[72]. - The company has recognized new core technical personnel, including Li Xiaowen, Yu Daiqing, Chen Yu, and Yang Tong, based on their contributions to R&D and business development[73]. - The company has a restricted stock incentive plan that includes a total of 38 million shares, with 32.77 million shares granted in the first grant and 5.23 million shares reserved for future grants[75]. - The company has not reported any changes in controlling shareholders or actual controllers during the reporting period[119]. Environmental and Social Responsibility - The company has established a comprehensive environmental management system and adheres to national and local standards for pollutant emissions, with no violations reported during the reporting period[88][90]. - The company has implemented strict measures for wastewater treatment, ensuring compliance with the Biopharmaceutical Industry Pollutant Discharge Standards[89]. - The company is committed to sustainable development and has set five-year environmental goals based on 2020 levels to enhance its environmental management[90]. - The company has implemented carbon reduction measures, achieving a reduction of 117.651 tons of CO2 equivalent emissions[91]. Financial Management - The total amount raised from the IPO was RMB 1,074 million, with a net amount of RMB 974.32 million after deducting issuance costs[98]. - The company approved the use of RMB 96 million of excess raised funds for replenishing working capital[100]. - The company plans to manage temporarily idle raised funds, with a maximum of RMB 350 million allocated for cash management in safe and liquid investment products[101]. - The company’s financial strategies are focused on enhancing profitability and safeguarding shareholder interests[102].

Financial Performance - Revenue for the first quarter reached RMB 189,147,552, representing a year-on-year increase of 34.33%[2] - Net profit attributable to shareholders was RMB 8,787,158, an increase of 78.39% compared to the same period last year[2] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 2,349,656, reflecting a significant increase of 252.85%[2] - Operating profit for Q1 2023 was 3,481,590, a significant recovery from a loss of 1,492,333 in Q1 2022[11] - Net profit for Q1 2023 was 8,794,123, compared to 4,810,020 in Q1 2022, reflecting a year-over-year increase of 83.5%[11] - The company reported a basic and diluted earnings per share of 0.01 for Q1 2023, compared to 0.00 in Q1 2022[11] Research and Development - Research and development expenses totaled RMB 54,511,436, accounting for 28.82% of revenue, a decrease of 6.49 percentage points from the previous year[2] - Research and development expenses increased to 54,123,028, up from 48,439,435, indicating a focus on innovation[11] Assets and Liabilities - Total assets at the end of the reporting period were RMB 2,850,342,292, a decrease of 4.22% from the end of the previous year[2] - Total current assets decreased to 1,863,871,518 from 2,069,188,785, a decline of 9.9%[9] - Total liabilities decreased from 722,985,917 to 588,372,864, a reduction of 18.6%[10] - Cash and cash equivalents decreased from 1,289,302,664 to 888,009,829, a decline of 31.1%[9] - Total assets decreased from 2,976,007,272 to 2,850,342,292, a decline of 4.2%[10] Cash Flow - The net cash flow from operating activities was negative at RMB -160,260,214, primarily due to payments made to suppliers from the previous year[4] - In Q1 2023, cash inflow from operating activities was 162,901,241, down 18.9% from 200,904,381 in Q1 2022[13] - Cash outflow for purchasing goods and services increased significantly to 228,636,546, compared to 112,337,883 in the same period last year, representing a 103.6% increase[13] - Net cash flow from operating activities was -160,260,214, worsening from -17,207,380 in Q1 2022[13] - Cash inflow from investment activities totaled 1,055,510,659, slightly up from 1,054,566,056 in Q1 2022[13] - Cash outflow for investment activities rose to 1,291,246,012, compared to 1,094,314,314 in the previous year, marking an 18% increase[13] - Net cash flow from investment activities was -235,735,353, compared to -39,748,258 in Q1 2022[13] - Cash flow from financing activities resulted in an outflow of 5,251,044, up from 2,161,665 in Q1 2022[13] - The net increase in cash and cash equivalents was -401,292,835, compared to -59,130,975 in the same quarter last year[13] - The ending balance of cash and cash equivalents was 888,009,829, down from 1,149,749,936 in Q1 2022[13] Shareholder Information - The company reported a total of 21,986 shareholders at the end of the reporting period[6] Government Subsidies - The company received government subsidies amounting to RMB 3,216,857, which are closely related to its normal business operations[3] Product and Market Development - Major products sales improved during the reporting period, contributing to the overall revenue growth[4] - The company has not reported any new products or technologies, market expansions, or mergers in this quarter[14]

Financial Performance - Total revenue for 2022 was RMB 1,031,160,000, a decrease of 9.6% compared to RMB 1,140,313,000 in 2021[7] - Profit before tax for 2022 was RMB 132,294,000, down 38.8% from RMB 215,921,000 in 2021[7] - Net profit attributable to shareholders for 2022 was RMB 137,997,000, a decrease of 35.4% compared to RMB 213,296,000 in 2021[7] - The basic and diluted earnings per share attributable to shareholders for 2022 was RMB 0.1340, down from RMB 0.2049 in 2021[7] - The company's net profit for 2022 was approximately RMB 137,272 thousand, a decline of about 35% from RMB 212,381 thousand in 2021, resulting in a net profit margin of 13% compared to 19% in the previous year[79] - The cost of goods sold for 2022 was RMB 84,062 thousand, up from RMB 80,899 thousand in 2021, with the cost-to-revenue ratio increasing from 7% to 8%[68] - Sales expenses for 2022 were RMB 554,631 thousand, an 8% decrease from RMB 599,697 thousand in 2021, while the ratio of sales expenses to revenue increased from 53% to 54%[69] - Research and development expenses for 2022 amounted to RMB 226,851 thousand, a 1% increase from RMB 224,387 thousand in 2021, while total R&D investment decreased by 6% to RMB 233,659 thousand[70] - Other income for 2022 was RMB 10,465 thousand, a decrease of 52% from RMB 21,687 thousand in 2021, attributed to a reduction in government subsidies[75] Assets and Liabilities - Total assets as of December 31, 2022, were RMB 2,976,007,000, an increase of 7% from RMB 2,781,172,000 in 2021[9] - Total liabilities as of December 31, 2022, were RMB 722,986,000, an increase of 22.2% from RMB 591,582,000 in 2021[9] - As of December 31, 2022, the company's long-term equity investments had a net book value of RMB 305,767 thousand, with an investment loss of approximately RMB 19,800 thousand recorded during the reporting period[81] - As of December 31, 2022, the company had cash and cash equivalents of approximately RMB 1,289,303 thousand, an increase from RMB 1,208,881 thousand at the end of 2021[94] Research and Development - The company aims to become an innovator and leader in the biopharmaceutical industry, focusing on effective treatment solutions[12] - The company emphasizes the importance of new drug development as a reflection of value creation in the pharmaceutical industry[12] - The company plans to continue exploring clinical treatment gaps and providing more effective therapeutic options[12] - The company has a strong commitment to addressing unmet clinical needs through innovative drug development[16] - The company has established a gene engineering technology platform, focusing on developing cytokine, fusion protein, monoclonal antibody, and antibody-drug conjugate products to meet unmet clinical needs[174] - The company has established a nanotechnology platform for drug development, focusing on liposomal formulations to enhance drug solubility and bioavailability, addressing significant technical barriers in the industry[177] - The company has maintained a balance between innovative and generic drug development, ensuring that its projects meet clinical needs and demonstrate unique therapeutic effects[171] Clinical Trials and Product Development - The company is a leader in the development of photodynamic drugs, with ongoing research targeting skin diseases, tumors, and precancerous lesions[16] - The product ALA® has been successfully commercialized and is now the preferred clinical drug for treating condyloma acuminatum, with multiple new indications being explored[17] - Clinical research for ALA® in treating cervical precancerous lesions has shown significant progress, with a new optimized Phase II clinical study plan developed[20] - The company is conducting Phase II clinical trials for ALA® in treating moderate to severe acne, focusing on pain-free treatment options[20] - The company has initiated Phase II clinical trials for ALA® in treating glioblastoma, confirming its potential clinical benefits[20] - The product Revamed® (Heimofen) is the world's first photodynamic drug for treating capillary malformations, with ongoing Phase II clinical trials in the U.S.[22] - The company's first ADC drug, targeting CD30, completed Phase I clinical trials and is now undergoing an expansion Phase I trial for relapsed/refractory CD30-positive peripheral T-cell lymphoma[26] - The ADC drug targeting Trop2 for triple-negative breast cancer, bladder cancer, and gastric cancer is currently in Phase I clinical research, aiming to achieve similar clinical results as the original drug[28] - The ADC drug targeting HER2 for metastatic breast cancer and gastric cancer has initiated Phase I clinical research, with the first subject enrolled in January 2023[29] - The company has developed a new linker-drug platform (BB05 platform) to support the development of Me-better or innovative ADC drugs[28] - The Parkinson's disease controlled-release drug project (WD-1603) completed Phase II clinical research and is expected to enter Phase III trials soon, utilizing the UGi-Pump® technology[30] - The small molecule JAK1 selective inhibitor for rheumatoid arthritis is currently in Phase I clinical research, with additional projects for atopic dermatitis and ulcerative colitis in Phase II[31] - The company has received approval for a topical JAK1 selective inhibitor for atopic dermatitis to commence Phase I clinical trials[31] Market and Industry Trends - The global pharmaceutical market is projected to exceed USD 1.1 trillion by 2024, with a compound annual growth rate of 3-6% expected until 2026[59] - By 2025, the Chinese pharmaceutical market is estimated to reach RMB 2.1 trillion, with the biopharmaceutical market expected to account for 48%[59] - The market 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 CAGR of 11.95%[153] - The global oncology drug expenditure is projected to reach $370 billion by 2027, driven by the acceleration of new drug launches and biosimilars[157] - In China, approximately 2.2 million new cancer cases are reported annually, with a mortality rate of 1.6 million, indicating a 20% annual increase in incidence and mortality over the past two decades[157] Corporate Governance and Strategy - The company emphasizes the importance of balancing innovative drug development with shareholder interests[14] - The company has implemented a restricted stock incentive plan in 2021, incurring share-based payment expenses of approximately RMB 7,689 thousand during the reporting period[79] - The company believes that the structured deposit agreements with banks will yield more favorable returns compared to traditional deposits[114] - The board of directors has approved the incentive plan to enhance the motivation and creativity of the employees involved[118] - The company has a conservative financial policy, focusing on centralized management of funds and regular assessments of asset liquidity and financial arrangements[94] - The company has no significant contingent liabilities or asset pledges as of December 31, 2022[86][87] Challenges and Risks - The company faced challenges in production and sales due to unexpected factors, impacting the normal operation of research and development projects[65] - The company faces risks related to new drug development, with a lengthy process that can take over ten years and significant uncertainty regarding the success of products in clinical trials[185] - The company’s product range is relatively narrow, with three main products contributing significantly to total revenue, which poses a risk if these products face competitive pressures or regulatory challenges[187] - Recent policies have led to a decline in drug prices, increasing competition and potential revenue impacts for the company, although its products are not currently subject to these price reductions[188] Dividend Policy - The company plans to distribute a final dividend of RMB 0.07 per share for the year ended December 31, 2022, totaling approximately RMB 72.03 million (including tax) based on 1,029,000,000 shares issued[197] - The proposed dividend distribution will be subject to approval at the annual general meeting scheduled for May 30, 2023[197] - The company has implemented a stable and proactive profit distribution policy since 2015, aiming for a cash dividend ratio of no less than 10% of the distributable profit in the first three years post-IPO[194] - The board of directors will consider the impact of cash dividends on the company's operational funding needs and any significant cash expenditures in the next twelve months[196]

Financial Performance - The company's revenue for the year ended December 31, 2022, was RMB 1,031,160,000, a decrease of 9.6% compared to RMB 1,140,313,000 in 2021[2] - Profit before tax for 2022 was RMB 132,294,000, down 38.7% from RMB 215,921,000 in the previous year[2] - The total comprehensive income attributable to shareholders for 2022 was RMB 136,847,000, a decline of 34.8% from RMB 210,016,000 in 2021[2] - The company's basic and diluted earnings per share for 2022 were RMB 0.1340, down from RMB 0.2049 in 2021, reflecting a decrease of 34.3%[2] - Net profit for 2022 was RMB 137,272,198, down from RMB 212,380,705 in 2021, representing a decline of 35.3%[13] - Total revenue for 2022 was $929.03 million, a decrease of 8.96% from $1,020.67 million in 2021[18] - Net profit for 2022 was $102.04 million, down 41.06% from $173.22 million in 2021[18] - Operating profit decreased to $105.92 million in 2022, compared to $177.03 million in 2021, reflecting a decline of 40.06%[18] Assets and Liabilities - The company's total assets as of December 31, 2022, amounted to RMB 2,976,007,000, an increase from RMB 2,781,172,000 in 2021[4] - Total liabilities increased to RMB 722,986,000 in 2022 from RMB 591,582,000 in 2021, representing a rise of 22.2%[4] - The company's total liabilities reached RMB 678,689,845 in 2022, an increase of 25.9% from RMB 539,099,929 in 2021[11] - Current liabilities rose to RMB 633,102,882 in 2022, compared to RMB 482,246,500 in 2021, an increase of 31.3%[11] - The company's total equity attributable to shareholders was RMB 2,257,102,000 as of December 31, 2022, compared to RMB 2,192,946,000 in 2021, showing an increase of 2.9%[8] Cash and Cash Equivalents - Cash and cash equivalents as of December 31, 2022, were RMB 1,289,302,664, up from RMB 1,208,880,911 in 2021[6] - Cash flow from operating activities for 2022 was $165.27 million, a decrease of 38.43% from $268.90 million in 2021[21] - The company reported cash and cash equivalents at year-end 2022 of $1.29 billion, an increase from $1.21 billion at the end of 2021[23] - Cash and bank deposits as of December 31, 2022, amount to RMB 1,289,258,185, an increase from RMB 1,208,855,545 in 2021[126] Research and Development - Research and development expenses increased slightly to RMB 226,850,903 in 2022 from RMB 224,387,287 in 2021, indicating a focus on innovation[13] - Research and development expenditures are classified into research phase and development phase, with development costs capitalized only if specific criteria are met[87] - Research and development expenses for 2022 totaled RMB 233,659,132, a decrease from RMB 248,153,842 in 2021, with RMB 226,850,903 recognized in profit or loss[178] Shareholder Equity and Dividends - The company distributed RMB 72,030,000 to shareholders in 2022, compared to RMB 52,150,000 in 2021, marking an increase of approximately 38.3%[34] - The total comprehensive income for 2022 was RMB 137,272,198, down from RMB 212,380,706 in 2021, reflecting a decrease of approximately 35.3%[34] - The company reported a total shareholder equity of RMB 2,321,921,130 as of December 31, 2022, reflecting a slight increase from the previous year[34] Inventory and Receivables - The company reported a decrease in inventory to RMB 40,526,760 in 2022 from RMB 35,625,222 in 2021, which is an increase of 13.4%[6] - The total accounts receivable balance as of December 31, 2022, is CNY 569,136,087, with an expected credit loss of CNY 14,777,342[138] - Accounts receivable as of December 31, 2022, total RMB 518,749,422, down from RMB 569,136,087 in 2021, indicating a decrease of approximately 8.8%[129] - The provision for bad debts for accounts receivable decreased to RMB 12,365,732 in 2022 from RMB 14,777,342 in 2021, reflecting a reduction of about 16.3%[133] Impairment and Provisions - The total impairment provision for assets decreased to CNY 16,229,937 from CNY 17,178,928 in 2021, reflecting a reduction of approximately 5.5%[190] - The provision for inventory write-down increased by CNY 3,052,947 during the year, resulting in a total of CNY 3,247,315 as of December 31, 2022, compared to CNY 4,771,622 in 2021[190] - The provision for bad debts for other receivables was zero as of December 31, 2022, compared to CNY (925) in 2021[151] Employee Compensation - The total employee compensation payable decreased to CNY 27,761,585 in 2022 from CNY 36,493,188 in 2021, reflecting a decline of about 24.5%[197] - The provision for employee benefits, including social insurance, was CNY 2,280,771 as of December 31, 2022, compared to CNY 491,727 in 2021, indicating a significant increase in employee-related expenses[199] Accounting Policies - The financial statements for the year 2022 were approved by the board of directors on March 27, 2023[41] - The company adheres to the accounting standards set by the Ministry of Finance and the China Securities Regulatory Commission, ensuring the financial statements reflect true and complete information[44] - The accounting year runs from January 1 to December 31, aligning with the calendar year[45] Other Financial Information - The company has adopted new accounting standards and interpretations issued by the Ministry of Finance, which had no significant impact on the financial statements[120] - The corporate income tax rate applicable to the company for the year 2022 is 15%, consistent with 2021[122] - The company has not recognized any taxable income for its subsidiary Taizhou Fudan Zhangjiang Pharmaceutical Co., Ltd. for the years 2021 and 2022, resulting in no income tax expense[123]

Financial Performance - The company's operating revenue for Q3 2022 was RMB 445,006,305, representing a year-on-year increase of 2.60%[6] - The net profit attributable to shareholders for Q3 2022 was RMB 72,798,391, a decrease of 68.95% compared to the same period last year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2022 was RMB 67,906,975, down 78.12% year-on-year[6] - The basic earnings per share for Q3 2022 was RMB 0.07, a decrease of 63.64% compared to the previous year[9] - Total operating revenue for the first three quarters of 2022 reached 716,265,980, an increase from 698,113,963 in the same period of 2021, representing a growth of approximately 2.3%[33] - Net profit for the first three quarters of 2022 was 36,739,951, down from 117,926,892 in 2021, indicating a decline of approximately 68.9%[36] - Total comprehensive income for the first three quarters of 2022 was 35,535,491, down from 116,165,685 in 2021, indicating a decrease of approximately 69.5%[39] Research and Development - The total R&D investment for Q3 2022 was RMB 71,029,256, accounting for 15.96% of operating revenue, a decrease of 7.70 percentage points year-on-year[9] - Research and development expenses rose to 171,893,365 in 2022 compared to 159,207,486 in 2021, marking an increase of about 8.5%[33] - The company’s development expenditures increased to CNY 33,998,236 from CNY 28,017,508, reflecting a growth of approximately 21.4%[28] Cash Flow and Investments - The net cash flow from operating activities for the year-to-date period was RMB 196,182,795, an increase of 33.40% compared to the previous year[6] - Cash flow from operating activities for the first three quarters of 2022 was 196,182,795, an increase from 147,058,878 in 2021, showing a growth of approximately 33.5%[42] - Total cash inflow from investment activities was $2,860,270,307, an increase from $2,462,681,721[45] - Net cash flow from investment activities was -$79,977,072, an improvement from -$535,542,863[45] - The net increase in cash and cash equivalents was $28,262,995, compared to a decrease of $477,392,996 in the previous period[45] Assets and Liabilities - Total assets at the end of the reporting period were RMB 2,908,473,496, an increase of 4.58% from the end of the previous year[9] - As of September 30, 2022, the total assets of Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. amounted to CNY 2,908,473,496, an increase from CNY 2,781,172,268 at the end of 2021, representing a growth of approximately 4.6%[25] - The total liabilities increased to CNY 695,635,874 from CNY 591,582,298, reflecting a rise of approximately 17.6%[30] - The company's total current assets reached CNY 1,995,022,020, up from CNY 1,927,945,778 in the previous year, indicating an increase of about 3.5%[25] - The total equity attributable to shareholders was CNY 2,216,277,478, up from CNY 2,192,945,932, indicating a growth of approximately 1.1%[30] Shareholder Information - The company has a total of 21,351 common shareholders at the end of the reporting period, with the top ten shareholders holding a combined 67.74% of shares[16] - The number of shareholders totaled 21,351, with 21,211 holding A shares and 140 holding H shares, indicating a diverse shareholder base[20] Other Financial Metrics - The weighted average return on equity for Q3 2022 was 3.35%, an increase of 0.76 percentage points year-on-year[9] - The company reported a significant recovery in production and sales due to the control of the Shanghai pandemic, leading to a 48.79% increase in operating revenue for the current period[12] - The company experienced a significant increase in credit impairment losses, which amounted to -22,666,224 in 2022 compared to -4,431,214 in 2021[36] - Other income decreased to 2,481,052 in 2022 from 3,922,985 in 2021, reflecting a decline of approximately 36.7%[33] - Cash paid for dividends, profits, or interest was $72,030,000, an increase from $52,150,000[45] - The company has adopted new accounting standards starting from 2022, which may affect financial reporting[45]