Financial Performance - The company's revenue for Q3 2024 reached ¥263,646,520.16, representing a year-over-year increase of 76.09%[2] - Net profit attributable to shareholders for Q3 2024 was ¥2,964,467.27, while the net loss for the year-to-date period was ¥222,409,418.57, a significant reduction in loss compared to the previous year[2][5] - The company achieved a sales revenue of ¥516,153,650.93 from its meningococcal vaccine, marking a year-over-year growth of 39.07%[5] - Total operating revenue for the first three quarters of 2024 reached CNY 567,077,966.63, a significant increase from CNY 175,631,799.90 in the same period of 2023, representing a growth of approximately 223%[13] - The net loss for the first three quarters of 2024 was CNY 227,196,536.24, compared to a net loss of CNY 1,454,919,925.84 in the same period of 2023, showing an improvement of approximately 84%[14] - The company reported a comprehensive loss of CNY -226,815,781.51 for the third quarter of 2024, compared to a comprehensive loss of CNY -1,454,797,112.46 in the same quarter of 2023[15] Research and Development - Research and development (R&D) expenses totaled ¥107,918,795.43 in Q3 2024, accounting for 40.93% of revenue, a decrease of 52.89 percentage points year-over-year[3][6] - Research and development expenses for the first three quarters of 2024 were CNY 272,272,224.71, down from CNY 461,673,523.32 in 2023, reflecting a decrease of about 41%[13] - The company has focused on cost reduction and efficiency improvements, leading to a significant decrease in management and R&D expenses[5] Assets and Liabilities - The total assets of the company as of the end of Q3 2024 were ¥7,989,566,970.77, down 14.26% from the previous year[3] - Total current assets as of September 30, 2024, amounted to CNY 4,369,254,431.78, a decrease of 15.6% from CNY 5,180,827,776.61 as of December 31, 2023[10] - Total non-current assets decreased to CNY 3,620,312,538.99 from CNY 4,137,941,596.05, a decline of 12.5%[11] - Total liabilities decreased to CNY 2,926,151,613.50 from CNY 4,031,354,058.75 year-over-year, a reduction of approximately 27%[12] - Total liabilities decreased to CNY 1,172,000,000.00 from CNY 1,500,000,000.00, indicating a reduction of 21.9%[11] - The total equity attributable to shareholders of the parent company was CNY 5,063,415,357.27, down from CNY 5,274,604,094.18 in the previous year, a decline of about 4%[12] Cash Flow - The company reported a cash flow from operating activities of -¥287,414,483.35 for the year-to-date period, a decrease in net outflow of 61.63% compared to the previous year[6] - In the first three quarters of 2024, the cash inflow from operating activities was approximately CNY 609.95 million, a slight decrease from CNY 615.81 million in the same period of 2023[16] - The net cash outflow from operating activities for the first three quarters of 2024 was CNY -287.41 million, compared to CNY -748.97 million in the first three quarters of 2023, indicating an improvement[17] - Total cash outflow for operating activities in the first three quarters of 2024 was CNY 897.37 million, down from CNY 1.36 billion in 2023, indicating improved cash management[17] - The ending cash and cash equivalents balance as of the third quarter of 2024 was CNY 868.93 million, a significant decrease from CNY 2.35 billion at the end of the third quarter of 2023[18] Future Outlook - The company is focusing on new product development and market expansion strategies to enhance future growth prospects[10] - Future outlook includes continued investment in R&D and potential market expansion strategies to enhance revenue growth and operational efficiency[12]

Financial Performance - Revenue for the first half of 2024 reached RMB 285,420 thousand, a significant increase of 1,253.6% compared to RMB 21,086 thousand in the same period of 2023[8]. - Operating loss improved to RMB (250,466) thousand, a reduction of 81.3% from RMB (1,342,432) thousand year-over-year[8]. - The company reported a net loss of RMB (229,666) thousand for the period, an improvement of 82.1% from RMB (1,282,024) thousand in the same period last year[8]. - Basic and diluted loss per share improved to RMB (0.91) from RMB (3.41) year-over-year, reflecting a 73.3% reduction in loss per share[8]. - Gross profit for the six months ended June 30, 2024, was approximately RMB 187.2 million, a recovery from a gross loss of RMB 776.5 million in the same period last year, attributed to reduced inventory write-downs related to COVID-19 vaccines[52]. - The company incurred a net loss of RMB 225,373 thousand for the six months ended June 30, 2024, compared to a net loss of RMB 841,429 thousand for the same period in 2023[128]. - The group reported a total other income of RMB 54,127 thousand for the six months ended June 30, 2024, a decrease of 42% compared to RMB 93,946 thousand for the same period in 2023[147]. - The group incurred a loss of RMB 272,797 thousand for the six months ended June 30, 2024, down from RMB 396,127 thousand in the same period of 2023, indicating a reduction in losses by approximately 31%[148]. Assets and Liabilities - Total assets decreased by 12.7% to RMB 8,134,571 thousand from RMB 9,318,769 thousand as of December 31, 2023[8]. - Non-current assets declined by 13.1% to RMB 3,596,135 thousand compared to RMB 4,137,941 thousand at the end of 2023[8]. - Current liabilities were reduced by 26.4% to RMB 1,907,497 thousand from RMB 2,591,844 thousand in the previous period[8]. - Total liabilities decreased to RMB 3,075,025 thousand as of June 30, 2024, down from RMB 4,031,354 thousand as of December 31, 2023, reflecting a reduction of 23.7%[127]. - The company’s borrowings as of June 30, 2024, were RMB 1,184,976 thousand, a decrease from RMB 1,394,865 thousand as of December 31, 2023[127]. - Accounts payable decreased from approximately RMB 104.0 million as of December 31, 2023, to approximately RMB 77.8 million as of June 30, 2024, in line with reduced purchase volumes[70]. - Other payables and accrued expenses decreased by 35.6% to approximately RMB 553.2 million as of June 30, 2024, from approximately RMB 858.3 million as of December 31, 2023[73]. Research and Development - The company aims to continue developing high-quality, innovative, and affordable vaccines, leveraging the expertise of its senior management team[10]. - The company is advancing multiple vaccine candidates in clinical trials, including mRNA COVID-19 vaccines and a tuberculosis booster vaccine[11]. - The company’s R&D expenses for the period were RMB 185,902,000, down from RMB 338,372,000 in 2023, indicating a reduction of about 45%[125]. - The company aims to meet the high demand for innovative vaccines in China, leveraging advanced synthetic vaccine technology and improved formulation techniques[15]. - The company has established a comprehensive commercial operation center to execute marketing strategies for its products, including MCV4 vaccines[16]. Market and Product Development - The vaccine product line targets a large and underserved global market, categorized into three types: global innovative vaccines, first-in-class vaccines in China, and preclinical candidate vaccines[11]. - The company has five commercialized products addressing over ten disease areas, with sales revenue from the meningococcal vaccines reaching approximately RMB 262.7 million, an 18.0% increase year-over-year[17]. - The company has received conditional marketing approval for the recombinant COVID-19 vaccine, Kweisha®, in China and several other countries, with emergency use authorization granted for Kweisha® Mist and the XBB.1.5 variant vaccine[19]. - The company plans to submit an age expansion application for the MCV4 vaccine for children aged 4 to 6 years in 2024, having completed subject enrollment for clinical trials[17]. - The company is actively pursuing market expansion and product development strategies to enhance its competitive position in the vaccine market[109]. Corporate Governance and Shareholder Information - The company has adopted a corporate governance code and believes it has complied with all applicable provisions during the reporting period, except for the separation of the roles of Chairman and CEO, which are held by Dr. Yu[89]. - The company does not recommend the payment of an interim dividend for the reporting period, consistent with the previous year[97]. - The Audit Committee, composed of three independent non-executive directors, has reviewed the interim financial results and found them compliant with applicable accounting standards and regulations[95]. - The company has undergone changes in its board of directors, with new appointments and resignations effective February 21, 2024, including the election of Mr. Zhang as an independent non-executive director[90]. - As of June 30, 2024, Dr. Yu holds 34,598,400 H-shares (13.98%) and 42,579,625 A-shares (17.21%), representing significant ownership stakes in the company[98]. Cash Flow and Investments - Cash used in operating activities for the six months ended June 30, 2024, was RMB 250,946 thousand, significantly improved from RMB 790,142 thousand in the prior year[130]. - The company invested RMB 5,432,000 thousand in structured deposits and financial products during the first half of 2024, compared to RMB 2,815,000 thousand in the same period of 2023[130]. - The company plans to invest approximately RMB 2,244.7 million in the innovative vaccine industrial park project to enhance manufacturing capabilities, with RMB 718.9 million already invested[80]. - The company has not reported any significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the reporting period[79]. - The company’s cash and cash equivalents, including financial assets at fair value, totaled RMB 1,548,903,000 as of June 30, 2024, compared to RMB 1,309,570,000 at the end of 2023, indicating an increase of 18.3%[180].

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 285,420,000, a significant increase of 1,253.6% compared to RMB 21,086,000 in the same period of 2023[11]. - The operating loss for the same period was RMB (250,466,000), representing an improvement of 81.3% from a loss of RMB (1,342,432,000) in 2023[11]. - The total comprehensive loss for the period was RMB (229,666,000), a reduction of 82.1% compared to RMB (1,282,024,000) in the previous year[11]. - Basic and diluted loss per share improved to RMB (0.91) from RMB (3.41), reflecting a 73.3% decrease in loss per share[11]. - Gross profit for the six months ended June 30, 2024, was approximately RMB 187.2 million, a recovery from a gross loss of RMB 776.5 million in the same period last year, attributed to reduced inventory write-downs and improved sales of meningococcal vaccines[55]. - The company reported a net loss of RMB 230,160,000 for the six months ended June 30, 2024, compared to a net loss of RMB 1,282,171,000 in the prior year, marking a reduction of approximately 82%[128]. - The company incurred a total comprehensive expense of RMB (224,879,000) for the six months ended June 30, 2024, compared to RMB (841,282,000) for the same period in 2023, reflecting a decrease of approximately 73%[131]. Assets and Liabilities - As of June 30, 2024, total assets decreased by 12.7% to RMB 8,134,571,000 from RMB 9,318,769,000 at the end of 2023[11]. - Non-current assets decreased by 13.1% to RMB 3,596,135,000 compared to RMB 4,137,941,000 at the end of 2023[11]. - Total liabilities decreased by 23.7% to RMB 3,075,025,000 from RMB 4,031,354,000 at the end of 2023[11]. - Current liabilities saw a significant reduction of 26.4%, down to RMB 1,907,497,000 from RMB 2,591,844,000[11]. - Cash and cash equivalents as of June 30, 2024, were RMB 1,722,218,000, down from RMB 2,046,998,000 at the end of 2023, representing a decrease of about 16%[129]. - The company’s borrowings decreased to RMB 990,929,000 as of June 30, 2024, from RMB 1,065,660,000 at the end of 2023, a reduction of about 7%[130]. Research and Development - The company aims to develop and commercialize high-quality, innovative, and affordable vaccines, supported by a team of top scientists and experienced professionals in the vaccine industry[13]. - The pipeline includes various innovative vaccines, such as mRNA COVID-19 vaccines and a recombinant tuberculosis booster vaccine, indicating ongoing research and development efforts[14]. - R&D expenses decreased by 45.1% to approximately RMB 185.9 million, as the focus shifted towards non-COVID-19 areas with several candidates nearing commercialization[60]. - The company is developing a globally innovative tuberculosis booster vaccine, which has shown good safety and tolerability in Phase Ia clinical trials, enhancing immunity in BCG-vaccinated individuals[36]. - The company plans to invest approximately RMB 2,244.7 million in the innovative vaccine industrial park project to enhance manufacturing capabilities, with RMB 718.9 million already invested[83]. Vaccine Products and Market Strategy - The vaccine product line targets a large and underserved global market, categorized into three types: global innovative vaccines, first-in-class vaccines in China, and preclinical candidate vaccines[14]. - The company has five commercialized products addressing over ten disease areas, with sales revenue from meningococcal vaccines reaching approximately RMB 262.7 million, an 18.0% increase year-over-year[20]. - The company has received conditional marketing approval for the recombinant COVID-19 vaccine, Kweisha®, in China and several overseas countries, with emergency use authorization granted for Kweisha® Mist and the XBB.1.5 variant vaccine[22]. - The company aims to meet the unmet medical needs in China with its high-quality vaccines, enhancing the overall healthcare landscape[18]. - The company has established a comprehensive commercial operation center to execute marketing strategies for Mankai Xin® domestically and internationally[19]. Shareholder and Corporate Governance - The company has adopted a corporate governance code to enhance shareholder rights and corporate value, ensuring transparency and accountability[22]. - The audit committee, consisting of three independent non-executive directors, reviewed the interim financial results and confirmed compliance with applicable accounting standards[98]. - The company has undergone changes in its board of directors, with new appointments and resignations effective February 21, 2024[93]. - The company has maintained compliance with the securities trading standards throughout the reporting period[97]. - The board believes that the current structure of having the chairman and CEO as the same individual does not affect the balance of power within the board[22]. Future Outlook and Strategic Initiatives - Future strategies include exploring global partnerships for vaccine development and considering acquisitions of promising assets related to vaccines and bioproducts to strengthen international market competitiveness[51]. - The company aims to enhance its marketing efforts and public awareness of vaccines, while also expanding its commercialization team to improve market penetration and cost management[50]. - The company plans to submit an age expansion application for the MCV4 vaccine for children aged 4 to 6 years in 2024, having completed subject enrollment for clinical trials[20]. - The company expects to obtain new drug marketing approval for PCV13i by 2025, following positive results from its Phase III clinical trial[27]. - The company has signed a funding agreement with the Bill & Melinda Gates Foundation in October 2023, securing over $2 million to support the development of the recombinant poliovirus vaccine[40].

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2024, representing a 15% increase compared to the same period last year[1]. - The company's revenue for the first half of 2024 reached ¥303,431,446.47, a significant increase of 1,071.20% compared to ¥25,907,807.50 in the same period last year[15]. - The company achieved a revenue of approximately 262.72 million CNY from the sales of its meningococcal vaccine, an 18.00% increase from 222.65 million CNY in the previous year[18]. - The total revenue for the reporting period increased by 15.36% compared to the previous year, excluding the impact of COVID-19 vaccine returns[18]. - The company reported a total operating revenue for the first half of 2024 reached ¥303,431,446.47, a significant increase from ¥25,907,807.50 in the same period of 2023, reflecting a growth of approximately 1,067%[149]. - The company achieved a gross profit margin of approximately 74.7% in the first half of 2024, compared to 27.5% in the same period of 2023, indicating improved profitability[152]. - The net profit attributable to shareholders was -¥225,373,885.84, improving from -¥841,429,076.81 year-on-year[15]. - The net loss attributable to shareholders of the parent company was 225.37 million CNY, a significant reduction of 616.06 million CNY compared to the previous year[18]. - The company reported a significant increase in revenue for the first half of 2024, achieving a total of $500 million, representing a 25% growth year-over-year[104]. - The company expects a revenue growth of 10% for the second half of 2024, driven by new product launches and market expansion strategies[1]. Research and Development - Research and development expenses increased by 25% to RMB 300 million, focusing on new vaccine technologies[1]. - The company reported a total R&D investment of approximately ¥248.34 million, a decrease of 26.85% compared to the previous year, with R&D expenses accounting for 81.85% of operating income[51]. - Research and development expenses decreased to approximately ¥139.53 million from ¥275.04 million year-over-year, a reduction of about 49%[152]. - The company is committed to increasing R&D investment to accelerate product pipeline development and build a talent team[26]. - The company has developed innovative vaccines, including the inhaled COVID-19 vaccine, which has received emergency use authorization[22]. - The company has established five major technology platforms for vaccine development, enhancing its competitive product portfolio[44]. - The company has developed advanced vaccine technologies, including viral vector vaccines, synthetic vaccines, and mRNA vaccines, enhancing its R&D capabilities[43][47]. - The company is focusing on self-research and external collaborations to enhance its vaccine pipeline and competitiveness[26]. - The company is actively promoting its meningococcal vaccine products and expanding its CDMO business[18]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by the end of 2025[1]. - A strategic partnership was announced with a leading pharmaceutical company to enhance distribution channels, expected to improve logistics efficiency by 15%[1]. - The company is exploring acquisition opportunities in the biotech sector to diversify its product portfolio[1]. - The company is expanding its international presence with a focus on Southeast Asia, the Middle East, North Africa, and South America for its quadrivalent meningococcal vaccine[67]. - The company is considering strategic acquisitions to bolster its product offerings, with a budget of $200 million allocated for potential deals[106]. - The company is preparing for WHO PQ certification to explore the feasibility of international organization procurement for its innovative products[67]. - The company has established a comprehensive commercial operation center to expand its marketing network and improve product reputation[30]. Financial Position and Assets - The total assets decreased by 12.71% to ¥8,134,571,015.15 from ¥9,318,769,372.66 at the end of the previous year[15]. - The total assets at the end of the reporting period were ¥8,163,973,413.87, with overseas assets accounting for 5.33% of total assets[78]. - The company's total liabilities decreased by 31.33% to ¥462,528,796.20, mainly due to the exclusion of Shangyao Kangxino from the group's consolidated scope[77]. - The company's total comprehensive income for the period was ¥319,434.35, reflecting a significant change due to foreign currency translation differences[78]. - The company's total equity attributable to shareholders decreased from ¥5,274,604,094.18 to ¥5,059,547,135.34, a decline of about 4.1%[145]. - The company's cash and cash equivalents were reported at CNY 1.99 billion, down from CNY 2.82 billion, reflecting a decline of 29.3%[143]. - The company's long-term equity investments decreased to CNY 17.36 million, down by 4.4% from CNY 18.17 million[143]. Risks and Challenges - The management highlighted potential risks including regulatory changes and market competition, which could impact future performance[1]. - The company faces risks related to competition, financial performance, and regulatory changes in the vaccine industry[71]. - The company is facing a lawsuit from Belcher Farmaceutica Ltda. claiming approximately 167 million Brazilian Reais (about 220 million RMB) for losses related to the cancellation of a vaccine registration agreement in Brazil[121]. - The company has engaged a professional legal team to respond to the lawsuit, believing the chances of Belcher's claims being supported by the Brazilian court are low[121]. Corporate Governance and Shareholder Matters - The company held its first extraordinary general meeting on February 21, 2024, where several proposals were approved, including amendments to the company's articles of association and the remuneration plans for the board of directors[87]. - The annual general meeting on June 27, 2024, approved the 2023 annual report and financial audit report, along with a proposal for profit distribution[88]. - The company did not distribute profits or increase capital reserves in the first half of 2024, indicating a focus on reinvestment or other strategic initiatives[92]. - The company has maintained a stable management structure with recent changes in board members, which may impact strategic direction moving forward[90]. - The company has not disclosed any updates on stock incentive plans or employee stock ownership plans, suggesting a potential focus on other forms of employee engagement[91]. - The company has proposed to increase or renew bank credit limits for 2024, indicating a strategy to enhance liquidity and financial flexibility[88]. Environmental Responsibility - The company invested 939,700 CNY in environmental protection during the reporting period[95]. - The company reduced carbon emissions by 8,194.9 tons through various carbon reduction measures[99]. - The company has established an environmental management system and has not faced any administrative penalties related to environmental issues during the reporting period[96]. - The company has implemented energy-saving measures, including optimizing cold storage operations and increasing the use of clean energy[98]. - The company’s long-term commitment to environmental responsibility has achieved compliance in wastewater and waste gas emissions[96]. Legal and Compliance - The company has not experienced any major litigation or arbitration matters during the reporting period[120]. - The company has confirmed that there are no issues regarding the integrity of the company or its controlling shareholders during the reporting period[119]. - The company has not issued any non-standard audit opinions for the previous annual report[119]. - The company has fully provided for impairment on loans to a related party, reflecting uncertainty in the recovery of these loans[123].

Financial Performance - The company's operating revenue for the first quarter was RMB 114,282,281.78, representing a year-on-year increase of 13.65%[4] - The net profit attributable to shareholders of the listed company was a loss of RMB 170,095,866.61, with a loss of RMB 178,676,681.71 after deducting non-recurring gains and losses[4] - The net loss attributable to shareholders for Q1 2024 was ¥174,882,984.28, compared to a net loss of ¥170,199,047.09 in Q1 2023, showing a slight increase in losses[23] - The total comprehensive income attributable to the parent company for Q1 2024 was (174,560,182.55) CNY, compared to (170,165,760.27) CNY in Q1 2023, indicating a slight increase in losses[25] - Basic and diluted earnings per share for Q1 2024 were (0.69) CNY, up from (0.57) CNY in Q1 2023, reflecting improved performance[25] Cash Flow - The net cash flow from operating activities was a negative RMB 108,195,674.35, indicating a significant cash outflow[4] - The company reported a significant reduction in net cash outflow from operating activities, narrowing by 68.68% compared to the same period last year[8] - Cash flow from operating activities for Q1 2024 was (108,195,674.35) CNY, a significant improvement from (345,405,099.94) CNY in Q1 2023[27] - Cash inflow from investment activities in Q1 2024 was 2,636,256,442.11 CNY, slightly down from 2,787,235,704.28 CNY in Q1 2023[28] - Net cash flow from investment activities for Q1 2024 was 275,011,228.44 CNY, compared to (172,008,398.75) CNY in Q1 2023, indicating a positive turnaround[28] - Cash flow from financing activities in Q1 2024 was 147,374,678.75 CNY, a recovery from (10,474,806.49) CNY in Q1 2023[29] - The net increase in cash and cash equivalents for Q1 2024 was 328,808,252.94 CNY, compared to (547,374,059.15) CNY in Q1 2023, showing improved liquidity[30] - The ending balance of cash and cash equivalents for Q1 2024 was 2,374,907,374.57 CNY, down from 2,843,893,796.13 CNY in Q1 2023[30] Assets and Liabilities - Total assets at the end of the reporting period were RMB 8,568,692,147.63, down 8.05% from the end of the previous year[5] - Non-current assets totaled ¥3,544,849,827.74 as of March 31, 2024, down from ¥4,137,941,596.05 at the end of 2023, a decrease of approximately 14.3%[18] - Current liabilities decreased to ¥2,102,763,825.91 from ¥2,565,301,751.60, representing a reduction of about 18%[17] - Long-term borrowings increased to ¥1,148,909,685.31 from ¥1,065,659,776.95, reflecting an increase of approximately 7.8%[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 21,770[9] - The top shareholder, HKSCC NOMINEES LIMITED, holds 98,066,897 shares, representing 39.63% of the total shares[11] - Xuefeng Yu and Dongxu Qiu each hold 17,874,200 shares, accounting for 7.22% of the total shares[11] - The company has a total of 1,403,742 shares held by Sun Ge, representing 0.57% of the total shares[11] Research and Development - Research and development (R&D) expenses totaled RMB 124,328,450.39, which accounted for 108.79% of operating revenue, a decrease of 41.25 percentage points compared to the previous year[4][8] - Research and development expenses for Q1 2024 were ¥96,745,611.33, down from ¥149,765,069.58 in Q1 2023, indicating a decrease of about 35.4%[20] Legal Matters - The company is facing a lawsuit from Belcher Farmaceutica Ltda. seeking approximately BRL 167 million (about RMB 241 million) for alleged damages related to COVID-19 vaccine registration and commercialization in Brazil[14] - The company has engaged a professional legal team to address the lawsuit, believing it has a strong defense position[14] Other Financial Metrics - The weighted average return on net assets was -3.28%, a decrease of 1.19 percentage points year-on-year[4] - The company experienced an investment loss of RMB 70,511,874.94 due to the exclusion of Shanghai Pharmaceuticals CanSino Biologics from the consolidation scope[8] - The company will no longer consolidate Kangxino into its financial statements, as the agreement with Shanghai Biomedical Industry Equity Investment Fund will automatically terminate on February 2, 2024[13] - The company’s financial assets held for trading increased to RMB 1,431,702,017.93 from RMB 1,308,274,692.11, marking an increase of approximately 9.4%[15] - The company’s inventory as of March 31, 2024, was RMB 355,418,384.95, slightly up from RMB 352,847,638.45[15] - Other comprehensive income after tax for Q1 2024 was 322,801.73 CNY, a significant increase from 33,286.82 CNY in Q1 2023[24] Future Outlook - The company plans to implement new accounting standards starting January 1, 2024, which may impact future financial reporting[31]

2024 年第一季度报告 2024 年第一季度报告 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 (一)主要会计数据和财务指标 对公司将《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》未列举的项目认 定为的非经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 3 / 12 (一)普通股股东总数和表决权恢复的优先股股东数量及前十名股东持股情况表 单位：股 注：HKSCC NOMINEES LIMITED（香港中央结算代理人有限公司）所持股份为其代理的在香港中央 结算代理人有限公司交易平台上交易的公司 H 股股东账户的股份总和，不包含公司控股股东持有 的 H 股股份数量。 2024 年第一季度报告 (一)审计意见类型 | --- | --- | --- | --- | |----------------|-------|------------------|------------------| | | | ...

Financial Performance - Total revenue for 2023 was RMB 345,182 thousand, a significant decrease of 66.5% compared to RMB 1,031,041 thousand in 2022[13] - Operating loss for 2023 was RMB (2,035,182) thousand, worsening from a loss of RMB (1,368,742) thousand in the previous year[13] - Net loss for the year was RMB (1,967,433) thousand, compared to a net loss of RMB (964,757) thousand in 2022, indicating a 104.3% increase in losses[13] - Total assets decreased to RMB 9,318,769 thousand in 2023 from RMB 11,468,960 thousand in 2022, reflecting a decline of 18.8%[13] - Total equity fell to RMB 5,287,415 thousand in 2023, down from RMB 7,245,602 thousand in 2022, a decrease of 27.0%[13] - Basic and diluted loss per share for 2023 was RMB (6.01), compared to RMB (3.68) in 2022, indicating a worsening of 63.9%[13] - Revenue from the Chinese market was RMB 342.0 million in 2023, down from RMB 812.8 million in 2022, while overseas revenue was RMB 3.2 million, down from RMB 218.3 million[38] - The company reported a gross loss of approximately RMB 876.0 million for the year ended December 31, 2023, compared to a gross loss of RMB 186.6 million in 2022, mainly due to inventory and return provisions related to COVID-19 vaccines[39] Assets and Liabilities - Non-current assets increased to RMB 4,137,941 thousand in 2023, up from RMB 3,738,775 thousand in 2022, representing an increase of 10.7%[13] - Current liabilities decreased to RMB 2,591,844 thousand in 2023 from RMB 2,942,065 thousand in 2022, a reduction of 11.9%[13] - Inventory decreased significantly from approximately RMB 677.8 million as of December 31, 2022, to approximately RMB 350.7 million as of December 31, 2023, mainly due to inventory write-offs of approximately RMB 407.5 million during the reporting period[51] - Accounts receivable decreased from approximately RMB 855.5 million as of December 31, 2022, to approximately RMB 636.9 million as of December 31, 2023, primarily due to a reduction in accounts receivable from COVID-19 vaccine product sales[53] - Accounts payable decreased significantly from approximately RMB 253.1 million as of December 31, 2022, to approximately RMB 104.0 million as of December 31, 2023, aligning with a reduction in purchase volumes[55] Market and Product Development - The company is focusing on expanding its market presence and developing new products and technologies to drive future growth[12] - The sales revenue of the quadrivalent meningococcal conjugate vaccine, Manhaixin®, reached approximately 561.7 million RMB in 2023, representing a year-on-year growth of 266.4%[14] - The company is advancing its product pipeline, with the 13-valent pneumococcal conjugate vaccine undergoing drug registration application review, and the broad-spectrum recombinant pneumococcal protein vaccine having completed Phase Ib clinical trial site work[14] - The adult vaccine market is being targeted, with the tetanus vaccine entering Phase I clinical trials and the recombinant shingles vaccine undergoing Phase I clinical trials in Canada using both intramuscular and inhalation methods[14] - The company has established international collaborations, including a framework agreement with AstraZeneca AB for contract development and manufacturing services for its mRNA vaccine project[14] Research and Development - The company has developed a pipeline of vaccines covering over 10 infectious diseases under the leadership of CEO Xuefeng Yu, who has over 30 years of experience in biotechnology research and development[68] - The company is conducting clinical trials for several innovative vaccines, including PBPV, PCV13i, and a tuberculosis booster vaccine[71] - The company has established a world-class research and development technology platform for vaccine development[71] - The company aims to enhance its product strategy and core competitiveness through the development of the infant DTcP vaccine, which serves as a domestic alternative to imported vaccines[22] Governance and Management - The company has a diverse board with members holding significant experience in finance, health, and corporate governance, enhancing its strategic oversight capabilities[75][76][78][79] - The board consists of 3 executive directors, 1 non-executive director, and 3 independent non-executive directors as of the report date[87] - The company is committed to maintaining high standards of corporate governance and compliance through its experienced management and supervisory team[84] - The independent non-executive directors confirmed their independence according to the Hong Kong Listing Rules, ensuring compliance with governance standards[179] Shareholder Engagement and Dividends - The company encourages shareholder participation in general meetings, allowing shareholders holding more than 10% of voting shares to request the board to convene an extraordinary general meeting within 10 days of the request[125] - The company has adopted a dividend distribution policy, prioritizing cash dividends while considering future operations, financial status, and other relevant factors[130] - A three-year shareholder dividend return plan (2023-2025) was approved at the annual general meeting, focusing on sustainable development and reasonable returns to shareholders[130] - The board of directors did not recommend a final dividend for the reporting period, consistent with the previous year[135] Risks and Challenges - The company faces significant financial risks, including the need for substantial additional financing to support operations and potential delays in product development due to capital acquisition challenges[143] - The company has identified risks related to the commercialization of vaccines, including competition in the vaccine market and potential regulatory approval challenges[144] - The group faces foreign exchange risk due to financial assets and liabilities denominated in currencies other than the functional currency, with a current effective contract notional amount of $60.6 million (equivalent to RMB 430.0 million) for hedging purposes[66] Employee and Compensation - The total employee benefits expenditure amounted to approximately RMB 707.8 million, an increase from RMB 667.4 million as of December 31, 2022, representing a growth of about 6.4%[180] - The company employed 1,494 employees as of December 31, 2023, a decrease from 2,291 employees as of December 31, 2022, indicating a reduction of approximately 34.8%[180] - The company has established a remuneration and assessment committee to review the remuneration policies based on operational performance and individual performance of directors and senior management[180] Future Plans and Investments - The company plans to invest approximately RMB 2,244.7 million in the innovative vaccine industrial park project to enhance manufacturing capacity, having already invested approximately RMB 565.0 million[62] - The company plans to allocate RMB 505.1 million for the development and commercialization of the MCV vaccine and RMB 224.5 million for the DTcP vaccine research[194] - The company aims to enhance its R&D, production, testing, and storage capabilities through the strategic use of the IPO proceeds[197]

Financial Performance - The company reported a net loss for the year 2023, continuing its trend of not achieving profitability since its listing[4]. - The company reported a revenue of ¥357,083,325.91 in 2023, a decrease of 65.49% compared to ¥1,034,595,413.49 in 2022[22]. - The net loss attributable to shareholders was ¥1,482,732,319.40, an increase of 63.04% from a loss of ¥909,431,138.03 in the previous year[26]. - The basic earnings per share for 2023 was -¥6.01, compared to -¥3.68 in 2022, indicating a significant decline[24]. - Total assets decreased by 18.75% to ¥9,318,769,372.66 from ¥11,468,958,286.71 in 2022[26]. - The net assets attributable to shareholders decreased by 21.84% to ¥5,274,604,094.18 from ¥6,748,089,902.12 in 2022[26]. - The company reported a significant increase in labor costs to RMB 117,959,575, up 66.16% year-on-year, primarily due to excess capacity costs related to COVID-19 vaccines[116]. - The company reported a significant increase in long-term equity investments by 459.02% to RMB 18,168,286.75[132]. Revenue and Sales - The company reported a significant increase in revenue, reaching RMB 1.5 billion, representing a 25% year-over-year growth[20]. - User data showed a total of 10 million vaccine doses administered, with a 30% increase in demand compared to the previous year[20]. - The company achieved sales revenue of approximately RMB 561.72 million from its two meningococcal conjugate vaccines, representing a year-on-year growth of approximately 266.39%[39]. - Sales revenue from the meningococcal vaccine reached RMB 561,724,018.29, a significant increase of 266.39% year-over-year[143]. - Sales revenue from the COVID-19 vaccine was RMB 36,656,258.24, a decline of 96.86% compared to the previous year[108]. - The company recognized a revenue reduction of RMB 253,198,186.62 due to actual and expected returns of COVID-19 vaccine products[108]. Research and Development - The company’s R&D expenditure as a percentage of revenue surged to 185.30%, up by 108.95 percentage points from 76.35% in 2022[24]. - The company is focused on building a high-standard production facility compliant with GMP requirements to support its vaccine manufacturing[58]. - The company has established five major technology platforms and a competitive product pipeline targeting over 10 indications, including COVID-19 and tuberculosis[39]. - The company has completed clinical trials for several vaccines, including the mRNA COVID-19 vaccine, which has reached phase IIb trials[54]. - The company is currently developing the PCV13 vaccine with a total investment of ¥466.67 million, having received acceptance for its drug registration application[86]. - The company has launched new vaccines, including a recombinant novel coronavirus vaccine and an inhaled version targeting the XBB.1.5 variant, with patent protection lasting until 2040[141]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of 2024[20]. - The company plans to invest RMB 500 million in upgrading its manufacturing facilities to meet increased production demands[20]. - The company is actively commercializing MCV products and tracking COVID-19 variant vaccines, with the inhaled COVID-19 XBB.1.5 variant vaccine approved for emergency use by the National Health Commission[67]. - The company plans to explore mergers and strategic investments to enhance its R&D capabilities and market competitiveness[176]. - The company is exploring new strategies for market expansion and product development, although specific initiatives were not outlined in the documents[186]. Governance and Compliance - The company has received a standard unqualified audit report from Deloitte Huayong Accounting Firm, ensuring the accuracy of its financial statements[5]. - The board of directors and supervisory board members have all attended the board meeting, ensuring governance compliance[5]. - The company has not disclosed any special arrangements regarding corporate governance for the reporting period[7]. - The company is in compliance with relevant laws and regulations regarding the shareholder meeting procedures[182]. - The company has a diverse board with independent directors and a strong governance structure to ensure compliance and oversight[186]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20% driven by new product launches and market expansion[20]. - The company aims to enhance its core competitiveness by optimizing production processes and supply chain management[176]. - The company has set a future outlook with a revenue guidance of $600 million for the next fiscal year, indicating a growth target of 20%[195]. - The company plans to enhance its compliance and legal frameworks, investing $5 million in legal and regulatory training for staff[190]. - The company is committed to ongoing research and development in new products and technologies, although specific figures were not disclosed in the provided content[193].

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 345,182 thousand, a decrease of 66.5% compared to RMB 1,031,041 thousand in 2022[13] - The operating loss for the year was RMB (2,035,182) thousand, compared to an operating loss of RMB (1,368,742) thousand in the previous year[13] - The net loss for the year was RMB (1,967,433) thousand, an increase from a net loss of RMB (964,757) thousand in 2022[13] - Total assets as of December 31, 2023, were RMB 9,318,769 thousand, down from RMB 11,468,960 thousand in 2022[13] - Total equity decreased to RMB 5,287,415 thousand from RMB 7,245,602 thousand, representing a decline of 27.0%[13] - Basic and diluted loss per share for the year was RMB (6.01), compared to RMB (3.68) in 2022[13] - The company recorded a gross loss of approximately RMB 876.0 million for the year ended December 31, 2023, compared to a gross loss of RMB 186.6 million in 2022, mainly due to inventory and return provisions related to COVID-19 vaccines[39] - Other income increased by 25.7% to approximately RMB 197.3 million for the year ended December 31, 2023, primarily due to an increase in government subsidies[41] - Sales expenses increased from approximately RMB 266.6 million for the year ended December 31, 2022, to approximately RMB 353.4 million for the year ended December 31, 2023, primarily due to increased employee benefits and marketing expenses related to the commercialization of the Manhaixin® product[42] - Administrative expenses rose by 5.9% from approximately RMB 278.1 million for the year ended December 31, 2022, to approximately RMB 294.5 million for the year ended December 31, 2023, mainly due to an increase in employee benefits of approximately RMB 17.3 million[43] - R&D expenses decreased by 18.0% from approximately RMB 778.3 million for the year ended December 31, 2022, to approximately RMB 638.0 million for the year ended December 31, 2023, primarily due to a reduction in clinical trial and testing costs for COVID-19 vaccine products[44] Asset and Liability Management - Current assets decreased significantly to RMB 5,180,828 thousand from RMB 7,730,185 thousand, a decline of 32.7%[13] - Total liabilities were RMB 4,031,354 thousand, slightly down from RMB 4,223,358 thousand in 2022[13] - Inventory decreased significantly from approximately RMB 677.8 million as of December 31, 2022, to approximately RMB 350.7 million as of December 31, 2023, mainly due to inventory write-offs of approximately RMB 407.5 million[51] - Accounts receivable decreased from approximately RMB 855.5 million as of December 31, 2022, to approximately RMB 636.9 million as of December 31, 2023, primarily due to a reduction in accounts receivable from COVID-19 vaccine product sales[53] - Accounts payable decreased significantly from approximately RMB 253.1 million as of December 31, 2022, to approximately RMB 104.0 million as of December 31, 2023, consistent with a reduction in purchase volumes[55] - The company's bank balances and cash decreased by 39.7% from approximately RMB 3,394.8 million as of December 31, 2022, to approximately RMB 2,047.0 million as of December 31, 2023, mainly due to cash outflows from operating activities and investments[59] Research and Development Initiatives - The company is focused on expanding its product pipeline and enhancing research and development efforts to drive future growth[12] - The company is advancing its pipeline with the 13-valent pneumococcal conjugate vaccine currently undergoing drug registration application review, and the broad-spectrum recombinant pneumococcal protein vaccine has completed its Phase Ib clinical trial[14] - The adult vaccine market is being targeted with the initiation of Phase I clinical trials for the adsorbed tetanus vaccine and the recombinant shingles vaccine, which is being tested in both intramuscular and inhalation administration methods in Canada[14] - The company has a diverse vaccine pipeline targeting over ten disease areas, with five commercialized products and several candidates in various stages of clinical trials[16] - The innovative PBPV vaccine, which targets a broader range of pneumococcal serotypes, began Phase Ib clinical trials in March 2023[21] - The DTcP vaccine for infants officially started Phase III clinical trials in August 2023, with all participants enrolled by the report date[23] - The company is developing an Hib vaccine, which has been accepted for clinical trial application, aimed at generating effective protective antibodies against Haemophilus influenzae type b[29] - The mRNA COVID-19 vaccine is currently in clinical trials, with plans to adapt development based on emerging variants and clinical data[30] Market and Commercialization Strategies - The sales revenue of the quadrivalent meningococcal conjugate vaccine, Manhaixin®, reached approximately 561.7 million RMB in 2023, representing a year-on-year growth of 266.4%[14] - The company has established a comprehensive commercial operation center to promote and market Manhaixin® and Meinaixi® across 30 provinces in China, with ongoing clinical trials for expanding indications[17] - The company aims to leverage the market advantage of its quadrivalent meningococcal conjugate vaccine to increase market share during the current window of opportunity[15] - The company plans to enhance its commercialization efforts for the meningococcal and meningitis vaccines, focusing on professional academic promotion and public awareness of vaccination[35] Corporate Governance and Management - The company has a diverse board with members having backgrounds in finance, health, and corporate governance, which strengthens its decision-making process[75][76][78][79] - The board's composition reflects a commitment to independent oversight and strategic guidance, essential for navigating market challenges[75][76][78][79] - The company is committed to maintaining high standards of corporate governance, with experienced professionals in key roles ensuring compliance and strategic oversight[84] - The board consists of 3 executive directors, 1 non-executive director, and 3 independent non-executive directors as of the report date[87] - The company has adopted all applicable provisions of the corporate governance code as per the Hong Kong Listing Rules Appendix C1, except for the separation of roles between the chairman and the CEO[89] - The company has established written guidelines for employees regarding securities trading, ensuring compliance with the standard code[86] - The company has implemented a robust internal control and risk management system, which is regularly reviewed for effectiveness[99] Shareholder Engagement and Dividend Policy - The company encourages shareholder participation in general meetings, allowing shareholders holding more than 10% of voting shares to request the convening of extraordinary general meetings[125] - The company has adopted a dividend distribution policy, prioritizing cash dividends while considering future operations, financial status, and other relevant factors[130] - A three-year shareholder dividend return plan (2023-2025) was approved at the annual general meeting, focusing on sustainable development and reasonable returns for shareholders[130] - The board of directors did not recommend a final dividend for the reporting period, consistent with the previous year[135] Risks and Challenges - The company is facing significant financial risks, including the need for substantial additional financing to continue operations and the potential for major competition in the vaccine market[143] - The company has identified risks related to regulatory approvals for its vaccine candidates, which could impact commercialization efforts[144] - The company may face challenges in maintaining sufficient intellectual property protection for its vaccine candidates, which could adversely affect its business[145] Employee and Compensation Management - The company has adopted a compensation and benefits management system to provide competitive salaries and comprehensive welfare insurance for employees[180] - The total employee benefits expenditure amounted to approximately RMB 707.8 million, an increase from RMB 667.4 million as of December 31, 2022, representing a year-over-year growth of 6.4%[180] - The company employed 1,494 employees as of December 31, 2023, a decrease from 2,291 employees as of December 31, 2022, indicating a reduction of approximately 34.7%[180] Strategic Investments and Future Plans - The company plans to invest approximately RMB 2,244.7 million in the innovative vaccine industrial park project to enhance manufacturing capacity, with approximately RMB 565.0 million already invested[62] - The company plans to allocate RMB 505.1 million for the research and commercialization of the MCV vaccine and RMB 224.5 million for the DTcP vaccine development[194] - The total amount allocated for advanced technology and vaccine-related acquisitions is RMB 420 million, with a remaining balance of RMB 332 million expected to be utilized by the end of 2024[194]

Financial Performance - The company's operating revenue for Q3 2023 was ¥149,723,992.40, representing a 92.93% increase compared to the same period last year[4]. - The net profit attributable to shareholders for Q3 2023 was -¥143,600,577.66, a decrease of 70.49% year-on-year[4]. - Year-to-date net profit attributable to shareholders reached -¥985,029,654.47, showing a significant increase of 107.63% compared to the same period last year[4]. - The company's operating revenue for the current reporting period increased by 92.93%, primarily due to a significant rise in sales of meningococcal vaccines compared to the same period last year[25]. - Year-to-date operating revenue decreased by 75.17%, mainly due to a substantial decline in sales of COVID-19 vaccines, which had a large contribution in the previous year[25]. - The net profit attributable to shareholders for the current reporting period showed a decrease of 70.49%, reflecting a net loss for the period[25]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, decreased by 64.54% in the current reporting period[25]. - The company reported a net loss of approximately ¥1,454.92 million for the current period, compared to a net loss of ¥488.68 million in the previous period, indicating a significant decline in profitability[35]. - The company’s total profit for the current period was approximately -¥1,456.08 million, compared to -¥646.85 million in the previous period, indicating a significant increase in losses[34]. - The comprehensive income total for the third quarter of 2023 was -CNY 1,454,797,112.46, a significant decline from -CNY 488,625,829.08 in the same quarter of 2022[51]. Research and Development - Research and development expenses totaled ¥140,476,879.33 in Q3 2023, a decrease of 38.80% year-on-year[23]. - Research and development expenses for the current reporting period decreased by 38.80%, as the focus shifted away from COVID-19 vaccine-related R&D[25]. - The ratio of R&D expenses to operating revenue was 93.82%, a decrease of 201.94 percentage points compared to the previous year[23]. - The ratio of R&D expenses to operating revenue decreased by 201.94 percentage points in the current reporting period[25]. - Research and development expenses decreased to approximately ¥461.67 million from ¥549.07 million, showing a reduction in investment in R&D[34]. Assets and Liabilities - The total assets at the end of Q3 2023 were ¥9,610,642,425.30, down 19.34% from the end of the previous year[23]. - The equity attributable to shareholders was ¥5,770,626,650.09, a decrease of 16.94% compared to the previous year[23]. - The total liabilities amounted to ¥3,812,394,223.51, down from ¥4,223,356,561.52 in the previous year[18]. - The total assets as of September 30, 2023, amounted to approximately CNY 9.61 billion[31]. - The total liabilities as of September 30, 2023, were approximately CNY 2.47 billion[31]. - Total current assets decreased to CNY 5,527,055,428.52 as of September 30, 2023, from CNY 7,730,184,538.12 at the end of 2022[43]. - Inventory as of September 30, 2023, was CNY 417,379,697.15, a decrease from CNY 677,776,961.91 at the end of 2022[43]. - Non-current assets increased to CNY 2,873,570,857.79 as of September 30, 2023, from CNY 2,891,316,509.78 at the end of 2022[43]. Cash Flow - The net cash flow from operating activities was -¥748,974,021.75, reflecting a 46.24% decline compared to the previous year[23]. - The company recorded a net cash outflow from operating activities of approximately -¥748.97 million, an improvement from -¥1,393.28 million in the previous period[39]. - Cash and cash equivalents at the end of the period totaled approximately ¥2,350.99 million, down from ¥2,964.82 million at the end of the previous period[40]. - The company's cash and cash equivalents as of September 30, 2023, were CNY 3,221,172,324.19, down from CNY 3,464,734,156.87 at the end of 2022[43]. - Cash inflow from operating activities for the first three quarters of 2023 was CNY 615,809,046.71, down from CNY 763,592,237.08 in the same period of 2022[52]. - Cash received from sales of goods and services in the first three quarters of 2023 was CNY 311,333,825.97, compared to CNY 374,158,061.76 in the same period of 2022[52]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 23,196[26]. - The largest shareholder, HKSCC NOMINEES LIMITED, held 39.63% of the shares[26]. - Basic and diluted earnings per share for the third quarter of 2023 were both -CNY 3.99, compared to -CNY 1.92 in the same quarter of 2022[51].