Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 0.96 billion yuan in H1 2024, representing a year-on-year increase of 178.3%. The net loss attributable to shareholders was 2.01 billion yuan, with adjusted net profit at -1.61 billion yuan, indicating a narrowing loss margin relative to revenue [1] - The company is positioned as a rising star in the field of dermatological treatments, with a comprehensive product lineup in hair care. The approval of external minocycline, external finasteride, and lidocaine ointment is expected to contribute to revenue growth [1] - The revenue forecast for 2024-2026 is projected at -4.97 billion yuan, -3.41 billion yuan, and -1.70 billion yuan for net profit, with corresponding EPS of -1.63, -1.12, and -0.56 yuan, and revenue of 2.79 billion yuan, 5.49 billion yuan, and 10.09 billion yuan respectively [1] Revenue and Profitability - Hair care revenue in H1 2024 was approximately 476 million yuan, with the core product Bailleul ranking first in Tmall International for 16 consecutive months. The revenue from hair care products, excluding the main product, has been increasing significantly [2] - Skin care revenue in H1 2024 was around 470 million yuan, with the OMA olive oil series accounting for over 70% of sales. The contribution from interest e-commerce channels has also increased year-on-year [2] - The gross margin for H1 2024 was 53%, showing a 5 percentage point increase from H2 2023, indicating a positive trend in profitability [2] Pipeline Progress - The company has a strong pipeline with several products under development, including OTC minoxidil solution and external finasteride spray, which are expected to launch between H2 2024 and 2025. The approval of these products will further enhance growth potential [3] - The company completed Phase II clinical enrollment for a recombinant mutant collagenase for submental fat accumulation in June, with expectations to complete Phase II by 2025 and obtain approval by 2028 [3] - An IND application for a new topical small molecule for atopic dermatitis was approved in May [3] Financial Metrics - The projected revenue for 2024 is 2.79 billion yuan, with a year-on-year growth rate of 103%. The net profit is expected to be -497 million yuan, with a gross margin of 58.5% [4] - The company’s P/S ratio is projected to decrease from 12.8 in 2024 to 3.5 in 2026, indicating a potential undervaluation as revenue grows [4]

Revenue Growth - Revenue increased by approximately 178.3% from about RMB 343 million for the six months ended June 30, 2023, to about RMB 956 million for the six months ended June 30, 2024[2]. - Revenue increased by 178.3% from RMB 34.3 million for the six months ended June 30, 2023, to RMB 95.6 million for the six months ended June 30, 2024, primarily due to increased sales of hair disease and care products and daily skincare products[12]. - The company reported a significant increase in customer contract revenue, reaching RMB 95,575 thousand for the six months ended June 30, 2024, compared to RMB 34,343 thousand for the same period in 2023, representing a growth of approximately 178%[46]. Gross Margin and Profit - Gross margin improved by approximately 5 percentage points from about 48% for the six months ended December 31, 2023, to about 53% for the six months ended June 30, 2024[2]. - Gross profit increased by 136.8% from RMB 21.3 million for the six months ended June 30, 2023, to RMB 50.3 million for the six months ended June 30, 2024[14]. - Gross margin decreased from approximately 62% for the six months ended June 30, 2023, to approximately 53% for the six months ended June 30, 2024, but increased by about 5 percentage points from approximately 48% for the six months ended December 31, 2023[14]. Loss and Financial Performance - Adjusted net loss for the six months ended June 30, 2024, was approximately RMB 161 million, with the adjusted net loss as a percentage of revenue further narrowing[2]. - The company recorded a loss of RMB 200.9 million for the six months ended June 30, 2024, a decrease of RMB 1,439.4 million compared to a loss of RMB 1,640.3 million for the six months ended June 30, 2023[23]. - Basic and diluted loss per share improved to RMB (0.66) from RMB (15.84) year-over-year[38]. Research and Development - CU-40102, the first and only approved topical finasteride product for androgenetic alopecia, had its NDA accepted by the National Medical Products Administration in January 2024[5]. - CU-10201, the first and only approved topical minocycline foam for acne treatment, received priority review qualification in August 2023 and had its NDA accepted in September 2023[5]. - The company is conducting a Phase II clinical trial for CU-20401, aimed at treating submental fat accumulation, with the last patient enrolled in June 2024[3]. - The company is actively engaged in research and development, focusing on core products such as CU-20401, CU-40102, and CU-10201[58]. Sales and Marketing - During the "618 event," the combined GMV of hair disease and care products and skin care products grew nearly fivefold year-on-year[3]. - Online sales performance showed significant growth, with GMV for hair disease and care products and skincare products increasing nearly fivefold during the "618 event" period[8]. - The company aims to enhance its online marketing strategy and strengthen sales capabilities across various e-commerce and social media platforms to increase brand awareness[11]. Expenses and Costs - Sales cost rose from RMB 13.1 million for the six months ended June 30, 2023, to RMB 45.2 million for the six months ended June 30, 2024, an increase of RMB 32.1 million, consistent with business growth[13]. - Sales and distribution expenses increased by 78.3% from RMB 58.0 million for the six months ended June 30, 2023, to RMB 103.5 million for the six months ended June 30, 2024, driven by expanded online marketing activities[16]. - R&D costs rose by 9.8% from RMB 90.1 million for the six months ended June 30, 2023, to RMB 99.0 million for the six months ended June 30, 2024, due to an increase in R&D personnel and higher purchasing/licensing expenses[17]. Assets and Liabilities - Cash and cash equivalents totaled RMB 276.0 million as of June 30, 2024, a decrease of 41.7% from RMB 473.1 million as of December 31, 2023, mainly due to expenditures in R&D and other operating activities[25]. - The company’s current assets amounted to RMB 1,210.1 million, including cash and cash equivalents of RMB 276.0 million, while current liabilities were RMB 237.8 million[25]. - Interest-bearing bank borrowings increased to RMB 210.3 million as of June 30, 2024, compared to RMB 189.4 million as of December 31, 2023, reflecting a growth of approximately 11.5%[26]. Employee and Compensation - The total employee compensation cost for the six months ended June 30, 2024, was RMB 113.7 million, down from RMB 134.4 million for the same period in 2023, primarily due to a decrease in share-based payment expenses[32]. - The company had a total of 360 employees as of June 30, 2024, with 57.2% in sales, marketing, and management roles[32]. Other Financial Information - Other income decreased by 44.6% from RMB 21.5 million for the six months ended June 30, 2023, to RMB 11.9 million for the six months ended June 30, 2024, primarily due to reduced government subsidies and lower bank interest income[15]. - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[37]. - The company has not recognized deferred tax assets due to the uncertainty of future taxable profits, which may not offset tax losses[49].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's application for the local anesthetic lidocaine-dinoprost cream has been accepted, indicating progress in its product pipeline [4] - The company reported a significant revenue increase of approximately 123% year-on-year for Q1 2024, reaching about 34.1 million yuan [3] - The company has demonstrated strong commercialization capabilities, with notable performance in its hair care and skin care segments [3] - The company has initiated a share buyback program, reflecting confidence in its future prospects [5] Financial Performance - For Q1 2024, the core product in the hair care segment, the French small white tube, achieved over 60% growth in GMV and turned profitable [3] - The revenue contribution from Tmall, Douyin, and Xiaohongshu for skin care products was 49.2%, 33.3%, and 17.4% respectively, showcasing effective channel expansion [3] - The company’s total revenue is projected to grow from 138 million yuan in 2023 to 279 million yuan in 2024, representing a year-on-year growth of 103% [6] Product Pipeline and Market Potential - The company has several key products in the pipeline, including the lidocaine-dinoprost cream, which is expected to capture a significant share of the compliant market for topical anesthetics in China [4] - Other products such as the external minocycline foam and finasteride spray are anticipated to receive approval between H2 2024 and 2025, further enhancing growth potential [5] - The company’s R&D spending is at a moderate level compared to peers, supporting its growth strategy [4]

Company Overview and Key Points Company Introduction - The management team provided a brief overview of the company's current situation, indicating a focus on engaging with new stakeholders and investors who may be unfamiliar with the company [1] Core Insights - The company emphasized the importance of the upcoming Q&A session, suggesting a commitment to transparency and open communication with investors [1] Additional Important Content - The introduction highlighted the company's affiliation with the technology sector, indicating potential growth opportunities and relevance in a rapidly evolving industry [1]

Summary of Conference Call Company/Industry Involved - The conference call involves Guolian Securities, a financial services company in China Core Points and Arguments - The call was initiated by a researcher from Guolian Securities, indicating a focus on discussing research topics and insights related to the financial market [1] Other Important but Possibly Overlooked Content - No specific financial data, industry trends, or detailed insights were provided in the excerpt [1]

Financial Performance - The company's revenue for the year ended December 31, 2023, was RMB 137.6 million, a significant increase from RMB 11.4 million in 2022, representing a growth of approximately 1,107.0%[10] - The gross profit for the year ended December 31, 2023, was RMB 71.0 million, compared to RMB 7.9 million in 2022, indicating a growth of approximately 795.0%[10] - The company reported a net loss of RMB 1,963.8 million for the year ended December 31, 2023, compared to a net loss of RMB 555.8 million in 2022[10] - As of December 31, 2023, the company's financial assets measured at fair value through profit or loss amounted to RMB 469.3 million, an increase of 979.0% compared to RMB 43.5 million as of December 31, 2022, primarily due to the purchase of several products to maximize capital returns[1] - The company's total assets as of December 31, 2023, were RMB 1,416.3 million, an increase from RMB 1,145.4 million as of December 31, 2022[10] Debt and Equity - The company's debt-to-equity ratio decreased to 21.0% as of December 31, 2023, from 186.1% as of December 31, 2022, primarily due to the conversion of all convertible redeemable preferred shares into ordinary shares following the IPO on June 12, 2023[3] - The company had no pledged or encumbered assets as of December 31, 2023, compared to zero as of December 31, 2022[5] Employee and Management Composition - The company employed a total of 298 staff, with 51.4% in sales, marketing, and management roles, indicating a strong focus on these areas[8] - The board consists of 6 male directors and 3 female directors, resulting in a gender diversity ratio of 33.33% female and 66.67% male[39] - Senior management comprises 42.86% female and 57.14% male, while overall employee composition is 61.24% female and 38.76% male[39] Governance and Committees - The company has established a remuneration committee to review the compensation of executive directors based on performance and market conditions[33] - The nomination committee is responsible for reviewing the board's composition and ensuring diversity in terms of gender, age, and professional experience[66] - The audit committee has reviewed the accounting principles and policies adopted by the company for the fiscal year ending December 31, 2023[61] - The company has not held any meetings of the nomination committee since its listing on June 12, 2023[65] - The board will consider setting measurable targets to implement the board diversity policy and will review these targets periodically to ensure their appropriateness and track progress[67] Shareholder Communication and Participation - The company emphasizes effective communication with shareholders as crucial for enhancing investor relations and understanding of the group's business performance and strategy[85] - The company has established multiple channels for ongoing communication with shareholders, including timely announcements on the Stock Exchange website regarding insider information and corporate actions[86] - The company encourages shareholder participation in annual general meetings and provides necessary information for informed decision-making on resolutions presented[77] Share Options and Incentive Plans - The maximum number of shares that can be issued under the pre-IPO equity incentive plan is 70,685,670 shares[108] - The company has established Trust I and Trust II to facilitate the management of the pre-IPO equity incentive plan[111] - The company will not grant any further stock options or share awards under the pre-IPO equity incentive plan[112] - The company has granted unexercised share options to the top five highest-paid individuals, allowing for the purchase of 20,049,835 shares, which represents approximately 6.6% of the total issued share capital[153] - The total number of unexercised share options granted to directors, senior management, and employees is 33,255,305 shares, accounting for about 10.9% of the total issued share capital as of December 31, 2023[146] Procurement and Supplier Relations - The company reported that 27.0% of total procurement in the fiscal year ending December 31, 2023, was from its top five suppliers, down from 43.6% in 2022[191] - The largest supplier accounted for approximately 8.5% of total procurement in the fiscal year ending December 31, 2023, compared to 15.9% in 2022[191] - There were no significant disputes with customers or suppliers during the fiscal year ending December 31, 2023[192] Compliance and Future Outlook - The company is committed to compliance with relevant laws and regulations[126] - The company’s business and financial outlook largely depend on the successful completion of clinical development and regulatory approvals for its candidate drugs[96] - The company may seek collaborations or licensing arrangements in the future, which could impact its business[124]

公 司 研 究 2023 年营收超预期，在研管线有望落地贡献增量 投资评级：买入（维持） 事件：2023 年营收同比+1110.8%超市场预期，现金储备充裕 毛发及护肤品管线均实现快速放量，经调整净亏损可控 商业化能力有望持续验证，在研管线有望顺利落地贡献增量 风险提示：研发进度受阻、销售不及预期、费用失控、医疗事故、监管变化。 开 源 证 券 证 券 研 究 报 告 港股公司信息更新报告 -90% -60% -30% 0% 30% 60% 2023-03 2023-07 2023-11 科笛-B 恒生指数 相关研究报告 | --- | --- | |-------------------------|--------------| | 日期 | 2024/3/28 | | 当前股价 ( 港元 ) | 7.890 | | 一年最高最低 ( 港元 ) | 32.600/5.570 | | 总市值 ( 亿港元 ) | 24.04 | | 流通市值 ( 亿港元 ) | 24.04 | | 总股本 ( 亿股 ) | 3.05 | | 流通港股 ( 亿股 ) | 3.05 | | 近 3 个月换手率 (%) | 13. ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its performance and growth potential [18]. Core Insights - The company achieved a revenue of 1.38 billion, reflecting a year-on-year increase of 1111%, with Q4 2023 revenue reaching 0.73 billion, up 1051% year-on-year [18]. - The hair care segment generated 0.96 billion in revenue, accounting for approximately 70% of total revenue, with significant contributions from the flagship product, the French small white tube, which represented 73% of hair product sales [18]. - The skincare line contributed 0.41 billion, making up about 30% of total revenue, primarily driven by the addition of the high-efficacy skincare brand, Ouma, in September 2023 [18]. - The company is progressing steadily with its pipeline, with key products expected to receive approval soon, including topical minocycline for acne and topical finasteride for hair loss, which are anticipated to be approved in H2 2024 and 2025, respectively [18]. - The net loss for 2023 was 19.64 billion, largely attributed to one-time factors, including fair value losses on convertible redeemable preferred shares and listing expenses [18]. - The company's stock held by Hong Kong Stock Connect has been increasing, with a notable rise from approximately 2-3% at the beginning of 2024 to 7.1% by March 28, 2024, indicating growing market interest [18]. - The investment recommendation highlights the company's strong revenue performance and the potential for significant contributions from upcoming product approvals [18].

Financial Performance - Gross profit for the year ended December 31, 2023, was RMB 71.0 million, a 794.5% increase from RMB 7.9 million in 2022, while the gross margin decreased from 69.8% to 51.6% due to changes in product mix[1] - The company recorded a net loss of RMB 1,963.8 million in 2023, a significant increase from RMB 555.8 million in 2022, mainly due to higher fair value losses on convertible redeemable preferred shares[11] - Revenue for 2023 increased to RMB 137,623 thousand, compared to RMB 11,366 thousand in 2022[104] - Gross profit for 2023 was RMB 71,008 thousand, up from RMB 7,938 thousand in 2022[104] - Total loss for 2023 was RMB 1,963,758 thousand, compared to RMB 555,836 thousand in 2022[104] - Sales revenue from product sales at a point in time increased to RMB 137,623 thousand in 2023 from RMB 11,366 thousand in 2022, representing a significant growth[134] - The company reported a basic and diluted loss per share of RMB 9.60 in 2023, compared to RMB 6.94 in 2022, indicating a larger loss per share[164] - The weighted average number of ordinary shares used in calculating basic and diluted loss per share increased to 204,614,716 in 2023 from 80,045,710 in 2022[164] - The company did not declare or intend to declare any dividends for the year ended December 31, 2023, consistent with the previous year[162] - The company's pre-tax loss for 2023 was RMB 1,963,758 thousand, with a tax expense calculated at the statutory rate of 25% amounting to RMB 490,940 thousand[186] Revenue and Sales Growth - Total revenue increased by 1,110.8% to RMB 137.6 million for the year ended December 31, 2023, compared to RMB 11.4 million in the previous year[44] - Revenue increased by 1,110.8% from RMB 11.4 million in 2022 to RMB 137.6 million in 2023, driven by increased sales of hair disease and care products as well as daily skincare products[76] - GMV for hair disease and care products during the "618" event reached RMB 9.4 million, a year-on-year increase of 4,348.0%[43] - GMV for hair disease and care products and skin care products during the "Double 11" event exceeded RMB 16.7 million and RMB 24.8 million, respectively[43] - During the "Double 11" shopping festival, the company's hair disease and care products recorded GMV exceeding RMB 16.7 million, while skin care products recorded GMV exceeding RMB 24.8 million, with a specific skin care product achieving over RMB 5.0 million GMV on Douyin[59] - The company's GMV for hair disease and care products during the "618 event" exceeded RMB 9.4 million, representing a year-on-year growth of 4,348.0%[87] - The company's CUP-MNDE (Bailleul® Minoxidil Spray) ranked first in sales in the cross-border minoxidil category on Tmall and JD platforms[87] Expenses and Costs - R&D costs rose by 19.3% to RMB 215.7 million in 2023, primarily due to increased employee costs and depreciation from expanded R&D laboratory operations[23] - Sales and distribution expenses surged by 479.7% to RMB 208.3 million in 2023, driven by expanded online marketing activities and employee costs[26] - Sales costs increased to RMB 66.6 million in 2023, up from RMB 3.4 million in 2022, reflecting higher product sales volumes[21] - Financial costs rose by 159.1% to RMB 4.5 million in 2023 due to increased bank loans for daily operations[27] - Administrative expenses increased by 85.1% to RMB 185.9 million for the year ended December 31, 2023, due to business expansion and share-based payments[41] - R&D costs for 2023 were RMB 215,711 thousand, compared to RMB 180,756 thousand in 2022[104] - Total employee compensation costs increased from RMB 179.7 million in 2022 to RMB 260.7 million in 2023, primarily due to an increase in headcount[79] - The unrecognized deductible temporary differences increased to RMB 59,668 thousand in 2023 from RMB 21,245 thousand in 2022, mainly due to advertising and promotional expenses[161] - The company's R&D expenses tax deduction amounted to RMB 18,461 thousand in 2023, compared to RMB 15,849 thousand in 2022[186] Cash and Financial Position - Cash and cash equivalents increased by 1.6% to RMB 473.1 million as of December 31, 2023, primarily due to proceeds from the initial public offering[33] - Time deposits over three months decreased by 41.8% to RMB 330.2 million as of December 31, 2023, mainly due to the maturity of time deposits[33] - Financial assets at fair value through profit or loss surged by 979.0% to RMB 469.3 million as of December 31, 2023, driven by investments to maximize capital returns[33] - The company's cash and cash equivalents, time deposits over three months, and financial assets at fair value through profit or loss totaled approximately RMB 1,272.6 million as of December 31, 2023[44] - Cash and cash equivalents for 2023 were RMB 473,120 thousand, compared to RMB 465,866 thousand in 2022[122] - The company's net current assets increased to RMB 1,161,528 thousand in 2023 from RMB 1,068,023 thousand in 2022, reflecting improved liquidity[141] - Cash and cash equivalents increased slightly to RMB 473,120 thousand in 2023 from RMB 465,866 thousand in 2022, with RMB 424,381 thousand denominated in CNY and USD 47,885 thousand[169] - The company's financial products classified as fair value through profit or loss increased to RMB 469,337 thousand in 2023 from RMB 43,496 thousand in 2022, with expected yields ranging from 1.5% to 4.5% annually[193] Liabilities and Debt - The asset-to-liability ratio improved to 21.0% in 2023 from 186.1% in 2022, following the conversion of all convertible redeemable preferred shares into ordinary shares after the IPO[14] - Total current liabilities for 2023 were RMB 254,788 thousand, compared to RMB 77,402 thousand in 2022[106] - Total non-current liabilities for 2023 were RMB 102,970 thousand, down significantly from RMB 2,615,719 thousand in 2022[125] - The company's financial liabilities under trade and other payables are unsecured, interest-free, and repayable on demand, with carrying amounts approximating fair value due to their short-term nature[172] - The company's short-term unsecured bank loans amount to RMB 129,411 thousand, with interest rates ranging from 3.19% to 3.65%[199] - The company has long-term secured bank loans totaling RMB 60,000 thousand, with an interest rate of 3.45%, maturing between 2025 and 2026[199] - Total bank loans (both short-term and long-term) amount to RMB 189,411 thousand, all denominated in RMB and at fixed interest rates[199] - The company has provided guarantees for part of its bank loans, up to RMB 120,000,000, as of the reporting period end[198] - The company's repayment schedule for bank loans includes RMB 129,411 thousand due within one year, RMB 40,000 thousand in the second year, and RMB 20,000 thousand between the third and fifth years[199] R&D and Product Pipeline - CU-20401, a recombinant mutant collagenase, is undergoing Phase II clinical trials in China for submental fat treatment, with the first subject enrolled in January 2024[43] - The company's proprietary CATAME® technology platform has developed a competitive pipeline of products including creams, sprays, ointments, and aerosol foams, focusing on micron and nanoparticle development, formulation quality, and skin pharmacokinetics analysis[47] - CU-20401, a recombinant mutant collagenase targeting obesity and localized fat accumulation, completed Phase I clinical trials in China for abdominal fat treatment in February 2024, with Phase II trials expected to start in 2024 and regulatory approval anticipated by 2028[51] - CU-40102, the first and only approved topical finasteride product for androgenetic alopecia in China, had its NDA accepted by the National Medical Products Administration in January 2024, with commercial approval expected by 2025[53] - CU-40101, a potent small molecule thyroid hormone receptor agonist for hair regrowth, completed Phase I clinical trials in China in November 2023[54] - CU-10201, a topical 4% minocycline foam for acne treatment, offers lower systemic exposure and fewer side effects compared to oral minocycline[55] - CU-10101, a non-hormonal small molecule drug for mild to moderate atopic dermatitis, had its IND application accepted by the CDE in March 2024[56] - CU-30101 completed Phase III clinical trials in China in January 2024[57] - The company is conducting Phase II clinical trials for CU-20401 in China for submental fat treatment, with the first patient enrolled in January 2024 and trial completion expected by 2025[65] - CU-20401 completed Phase I clinical trials for abdominal fat treatment in February 2024 and initiated Phase II clinical trials for submental fat treatment in January 2024[74] - CU-10201, the first and only topical minocycline approved for acne treatment, received NDA acceptance from the National Medical Products Administration (NMPA) in September 2023, with commercialization expected in 2024[82][83] - CU-40102's NDA was accepted by the NMPA in January 2024, marking progress in the company's pipeline[74] Marketing and Commercialization - The company has a tailored commercialization strategy focusing on online marketing through platforms like Tmall, JD.com, Bilibili, Douyin, Zhihu, and Xiaohongshu, supported by a dedicated marketing and customer service team[72] - The company secured exclusive distribution rights for the "Omar" brand in China in September 2023, expanding its skincare product portfolio[73] Assets and Investments - Total current assets for 2023 were RMB 1,416,316 thousand, up from RMB 1,145,425 thousand in 2022[122] - Net asset value for 2023 was RMB 1,349,039 thousand, compared to a net liability of RMB 1,246,316 thousand in 2022[107] - Property, plant, and equipment for 2023 were valued at RMB 177,664 thousand, slightly down from RMB 179,398 thousand in 2022[122] - The company utilized RMB 356.8 million from the net proceeds of the global offering, with no significant investments, acquisitions, or disposals reported during the year[20][15] - The company completed the construction of a GMP-compliant production facility in Jiangsu with three production lines for ointments, creams, aerosols, and foams, which became operational in February 2023[73] Other Income and Expenses - Other income increased by 53.3% to RMB 36.8 million in 2023, driven by government subsidies and higher bank interest income from increased cash and cash equivalents[1] - Other income decreased by 71.5% to RMB 23.3 million for the year ended December 31, 2023, mainly due to smaller exchange rate gains compared to the previous year[39] - Government grants increased to RMB 11,930 thousand in 2023 from RMB 6,252 thousand in 2022, reflecting higher support from local government agencies[136] - Bank interest income rose to RMB 21,758 thousand in 2023 from RMB 16,447 thousand in 2022, indicating improved cash management[136] - Total other income increased to RMB 36,846 thousand in 2023 from RMB 24,042 thousand in 2022, driven by higher interest and government grants[136] - Net exchange gains decreased to RMB 20,801 thousand in 2023 from RMB 73,979 thousand in 2022, reflecting lower foreign exchange volatility[155] Contingencies and Legal Matters - The company had no significant contingent liabilities, guarantees, or litigation as of December 31, 2023[16] Tax and Impairment - The company's cumulative tax losses in Hong Kong amounted to RMB 100,525 thousand as of December 31, 2023, which can be used indefinitely to offset future taxable profits[187] - The company's cumulative tax losses in Mainland China amounted to RMB 827,439 thousand as of December 31, 2023, which can be used to offset future taxable profits within one to five years[187] - The company's trade receivables impairment provision increased to RMB 752 thousand in 2023 from zero in 2022[167] Trade Receivables and Payables - Trade receivables increased significantly to RMB 62,950 thousand in 2023 from RMB 98 thousand in 2022, with expected credit loss rates of 1.04% for within one month, 1.27% for one to six months, and 2.75% for six to twelve months[168] - Trade and other payables increased to RMB 113,603 thousand in 2023 from RMB 68,572 thousand in 2022, with trade payables at RMB 20,292 thousand and R&D service accruals at RMB 23,105 thousand[171] Employee and Workforce - The company's R&D team comprises 49 employees, accounting for 16.4% of the total workforce[79]

智通财经APP讯，科笛-B(02487)发布公告，公司董事会欣然宣布，公司已获选并纳入富时全球股票指数系列富时全球微盘股指数及富时全球总盘指数，此次调整已于2024年3月15日收市后正式生效。 公告称，公司获纳入富时全球股票指数系列显示出国际资本市场对于集团业务表现及发展前景的认可，预期将有助公司进一步扩大股东基础及提高股份流通性。同时，国际权威指数的认可亦将有助于提升集团在全球资本市场的关注度和知名度。 ...