Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the first half of 2024, representing a year-on-year growth of 15%[8]. - The company's operating revenue for the first half of 2024 was ¥2,697,352,097, a decrease of 41.63% compared to ¥4,621,510,379 in the same period last year[13]. - Net profit attributable to shareholders was ¥499,131,293, down 70.40% from ¥1,686,368,977 in the previous year[13]. - Basic and diluted earnings per share were both ¥1.40, representing a decline of 69.89% from ¥4.65 in the same period last year[13]. - The company reported a total comprehensive income for the first half of 2024 of CNY 498,889,827.52, down from CNY 1,693,832,155.65 in the first half of 2023[164]. - The company’s cash flow from operating activities showed a significant decline, impacting overall liquidity and future investment capabilities[163]. Strategic Focus and Innovation - Asymchem Laboratories reported a significant focus on innovation and commercialization in pharmaceutical processes, serving large and medium-sized pharmaceutical and biotechnology companies globally[2]. - The company is actively engaged in research and development of new products and technologies to enhance its service offerings[2]. - The R&D pipeline includes 5 new drug candidates expected to enter clinical trials by the end of 2024, focusing on oncology and autoimmune diseases[8]. - A strategic acquisition of a small biotech firm specializing in mRNA technology is anticipated to enhance the company's capabilities in innovative drug development[8]. - The company aims to provide a full range of continuous reaction technology services to support the pharmaceutical, agricultural, and materials industries[21]. Market Expansion - User data indicates that the company has expanded its client base, now serving over 300 pharmaceutical and biotechnology companies globally, an increase of 20% compared to the previous year[8]. - The company is expanding its market presence in Europe and North America, with plans to establish new facilities in Germany and the US by 2025[8]. - The company is expanding its global footprint, with the first R&D and pilot base in Europe now operational, and added 114 new order clients during the reporting period[24]. Financial Management and Investments - The company plans not to distribute cash dividends or issue bonus shares, indicating a focus on reinvestment[2]. - The total investment amount during the reporting period was RMB 7,480,865,984.45, a decrease of 60.95% compared to RMB 19,234,162,939.40 in the same period last year[50]. - The company has invested RMB 6,551.69 million in the biopharmaceutical R&D and production integration base project, achieving 100% investment progress[56]. Risk Management - The report highlights potential risks including the recall of major innovative drugs and operational risks in clinical projects[2]. - The company is navigating uncertainties in international trade and currency fluctuations, which may impact operations[2]. - The company is actively managing risks associated with core technical personnel turnover, emphasizing employee engagement and incentive programs[68]. Environmental Commitment - The company maintains a strong commitment to sustainability, with initiatives aimed at reducing carbon emissions by 30% by 2025[8]. - The company has established a comprehensive cGMP standard quality system to ensure compliance with international pharmaceutical standards[71]. - The company has implemented green chemistry technologies to reduce waste emissions and enhance production safety, achieving stable compliance in waste water and gas emissions[72]. - The company is recognized as one of the first national "green factories" by the Ministry of Industry and Information Technology, highlighting its leadership in environmental management[94]. Employee Engagement and Governance - The company emphasizes a "people-oriented" management philosophy, enhancing employee engagement through stock incentives and competitive compensation systems[72]. - A total of 588 employees participated in the employee stock ownership plan, holding 4,429,800 shares, which represents 1.20% of the company's total equity[79]. - The company has approved the repurchase and cancellation of 101,780 restricted A-shares due to the departure of three incentive recipients[77]. Compliance and Reporting - The financial report for the first half of 2024 covers the period from January 1 to June 30, 2024, ensuring transparency and compliance with regulatory standards[5]. - The company emphasizes its commitment to maintaining accurate and complete financial reporting, with all board members present for the review[1]. - The company's financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring compliance and accuracy[184].

Financial Performance - The company expects net profit attributable to shareholders to be between 480 million and 550 million yuan, representing a year-on-year decline of 67.39% to 71.54%[3]. - Revenue for the first half of 2024 is projected to be between 2.66 billion and 2.74 billion yuan, a year-on-year decrease of 40.72% to 42.45%[4]. - The basic earnings per share are estimated to be between 1.36 yuan and 1.56 yuan, compared to 4.65 yuan per share in the same period last year[3]. - The decline in revenue is primarily due to the absence of large orders delivered in the same period last year[4]. - Emerging business revenue has declined due to lower-than-expected recovery in domestic biopharmaceutical financing[4]. Business Growth and Strategy - Despite challenges, the company has seen a more than 20% year-on-year increase in new orders, with significant growth in the second quarter compared to the first[5]. - The company continues to invest in new technology research and development, maintaining a similar scale of R&D expenses compared to last year[5]. - The company is accelerating its overseas expansion and peptide production capacity construction[5]. - The company emphasizes that the trend of specialization in the international pharmaceutical industry remains unchanged, presenting new opportunities in drug categories like peptides and ADCs[5]. Future Reporting - Detailed financial data will be disclosed in the company's 2024 semi-annual report[6].

Financial Performance - The company reported total revenue of RMB 1,399,808,311.93 for Q1 2024, a decrease of 37.76% compared to RMB 2,249,034,497.62 in the same period last year[10]. - Net profit attributable to shareholders was RMB 281,970,252.06, down 55.27% from RMB 630,346,004.43 year-on-year[10]. - The net profit after deducting non-recurring items was RMB 253,974,228.11, reflecting a 58.88% decline compared to RMB 617,637,901.61 in the previous year[10]. - Basic and diluted earnings per share were both RMB 0.76, down 55.81% from RMB 1.72 in the same period last year[10]. - Total revenue for Q1 2024 was approximately ¥1.40 billion, a decrease of 37.76% compared to ¥2.25 billion in Q1 2023, primarily due to the impact of large orders in the same period last year[18]. - Operating profit decreased to RMB 294.69 million, a decline of 58.5% compared to RMB 709.95 million in the prior period[38]. - Net profit for the reporting period was RMB 279.53 million, down 55.5% from RMB 627.89 million in the previous period[40]. - Total revenue for the reporting period was RMB 1.40 billion, down 37.8% from RMB 2.25 billion in the previous period[38]. - The company reported a net loss attributable to the parent company of RMB 281,971,000 in Q1 2024, compared to a profit of RMB 630,346,000 in Q1 2023[47]. Revenue Breakdown - Revenue from small molecule business reached RMB 1,223,000,000, with a year-on-year growth of 26.58% after excluding last year's large order impact[13]. - Revenue from emerging businesses was RMB 176,000,000, down 29.30% year-on-year due to the ongoing impact of the domestic investment environment[13]. - Cash received from sales of goods and services was approximately ¥1.74 billion, down 36.76% from ¥2.76 billion in the previous year, influenced by large order repayments from last year[18]. Costs and Expenses - Total costs for Q1 2024 were approximately ¥1.14 billion, down 27.27% from ¥1.57 billion in Q1 2023, mainly due to the decline in revenue[18]. - Sales expenses increased by 31.95% to approximately ¥44.62 million, reflecting continued investment in market expansion and sales activities[18]. - The company reported a significant increase in tax and additional charges, which rose by 374.77% to approximately ¥41 million, attributed to export tax rebates[18]. - Research and development expenses for the period were RMB 169.44 million, an increase from RMB 162.10 million in the previous period[38]. - Research and development expenses for Q1 2024 were RMB 169,442,000, slightly higher than RMB 162,097,000 in Q1 2023[47]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 19,841,423,232.54, a slight increase of 0.38% from RMB 19,767,158,652.70 at the end of the previous year[10]. - Total current assets decreased to RMB 12.11 billion from RMB 12.35 billion, primarily due to a reduction in trading financial assets[31]. - The company reported a total liability of RMB 2.23 billion, slightly down from RMB 2.26 billion at the beginning of the period[35]. - The company’s total equity as of March 31, 2024, was RMB 17,606,958,000, an increase from RMB 17,509,979,000 at the end of the previous year[55]. Cash Flow and Investments - Net cash flow from operating activities for the reporting period was RMB 490,666,474.36, significantly lower than RMB 1,303,525,263.66 in the previous period[44]. - Cash and cash equivalents at the end of Q1 2024 totaled RMB 4,774,669,819.21, down from RMB 5,379,198,112.41 at the end of the previous year[45]. - The cash flow from investing activities showed a net outflow of RMB 284,603,126.59, compared to a net outflow of RMB 327,218,213.85 in the previous period[44]. - The company experienced a foreign exchange gain of RMB 15,685,123.62 during the reporting period, contrasting with a loss of RMB 15,286,791.15 in the previous period[45]. - The company experienced a net cash outflow from investing activities of RMB 284,603 thousand in Q1 2024, compared to RMB 327,218 thousand in Q1 2023[59]. Share Repurchase and Capital Management - The company repurchased shares, resulting in cash payments of approximately ¥218.69 million, marking a new strategy in capital management[18]. - The company plans to repurchase shares with a total fund amount not less than RMB 600 million and not exceeding RMB 1.2 billion, with a repurchase price not exceeding RMB 157 per share[29]. - The financing activities resulted in a net cash outflow of RMB 218,690 thousand in Q1 2024, with share repurchase payments amounting to RMB 213,367 thousand[59]. Project Development - The company confirmed 30 small molecule commercialization projects and 148 clinical stage projects, including 41 in Phase III[13].

Financial Performance - Total revenue for Q1 2024 was RMB 1.40 billion, a decrease of 37.76% compared to RMB 2.25 billion in the same period last year[6] - Net profit attributable to shareholders was RMB 281.97 million, down 55.27% from RMB 630.35 million year-on-year[6] - Basic and diluted earnings per share were both RMB 0.76, a decrease of 55.81% compared to RMB 1.72 in the previous year[6] - In Q1 2024, the company's net profit was approximately ¥279.53 million, a decrease of 55.5% compared to ¥627.89 million in the same period last year[24] - Operating profit for Q1 2024 was approximately ¥294.69 million, compared to ¥709.95 million in Q1 2023, reflecting a decline of 58.5%[24] - The company reported a total comprehensive income of approximately ¥279.82 million in Q1 2024, compared to ¥622.76 million in Q1 2023[24] Revenue Breakdown - Revenue from small molecule business reached RMB 1.22 billion, with a year-on-year growth of 26.58% after excluding the impact of large orders from the previous year[8] - Revenue from emerging businesses was RMB 176 million, a decline of 29.30% year-on-year due to the ongoing impact of the domestic investment and financing environment[8] - Total operating revenue for the first quarter was CNY 1,399,808,311.93, a decrease of 37.8% compared to CNY 2,249,034,497.62 in the previous period[23] Cash Flow and Liquidity - Cash flow from operating activities was RMB 490.67 million, down 62.36% from RMB 1.30 billion in the same period last year[6] - Total cash and cash equivalents at the end of Q1 2024 were approximately ¥4.77 billion, down from ¥5.38 billion at the end of Q1 2023[26] - The company received cash from operating activities totaling approximately ¥1.87 billion in Q1 2024, down from ¥2.86 billion in the previous year[25] - Cash flow from investing activities in Q1 2024 was negative at approximately -¥284.60 million, compared to -¥327.22 million in Q1 2023[26] Assets and Liabilities - The total assets at the end of the reporting period were RMB 19.84 billion, a slight increase of 0.38% from RMB 19.77 billion at the end of the previous year[6] - Total liabilities decreased to CNY 2,234,464,626.88 from CNY 2,257,179,887.55, indicating a reduction in financial obligations[22] - The company’s equity attributable to shareholders rose to CNY 17,578,908,929.36 from CNY 17,479,716,341.34, reflecting growth in shareholder value[22] Shareholder Information - The top 10 shareholders hold significant stakes, with ASYMCHEM LABORATORIES owning 31.16% and HKSCC NOMINEES LIMITED holding 7.46% of the shares[15] - The company reported a total of 115,133,168 shares held by ASYMCHEM LABORATORIES, representing the largest single shareholder[15] - The company has a total of 6,555,504 shares held by Tianjin Guorong Business Consulting Co., Ltd., which is involved in margin trading[16] - The company has established a stock repurchase plan approved in the recent shareholder meetings, indicating a commitment to enhancing shareholder value[18] Strategic Initiatives - The company is accelerating its overseas capacity layout and enhancing operational management systems to improve overall profitability[7] - The report indicates that the company is actively engaging in market expansion and strategic initiatives, including potential mergers and acquisitions[18] - The company plans to repurchase A-shares with a total fund amount not less than RMB 600 million and not exceeding RMB 1.2 billion, with a repurchase price capped at RMB 157 per share[18] - The company plans to expand its market presence and invest in new product development to drive future growth[21] Research and Development - The report highlights the company's ongoing research and development efforts in new products and technologies, although specific details were not disclosed[18] - Research and development expenses were CNY 169,442,435.66, slightly up from CNY 162,096,744.48, indicating continued investment in innovation[23]

Financial Performance - In 2023, Asymchem Laboratories achieved a total revenue growth of 23.67% year-on-year, excluding the impact of large orders[7]. - The company's revenue for the year ended December 31, 2023, was approximately RMB 7,781,436 thousand, a decrease of 23.94% compared to RMB 10,230,186 thousand for the year ended December 31, 2022[18]. - Gross profit for the reporting period was approximately RMB 3,959,636 thousand, down 18.06% from RMB 4,832,588 thousand in the previous year[18]. - Net profit attributable to shareholders for the reporting period was approximately RMB 2,268,811 thousand, a decline of 31.28% from RMB 3,301,635 thousand in the prior year[18]. - The gross margin for the reporting period improved to 50.89%, compared to 47.24% in the previous year[19]. - Adjusted net profit attributable to shareholders was RMB 2,302.09 million, a decrease of 23.23% compared to 2022[80]. - The company reported a significant increase in revenue, achieving a total of $1.2 billion for the fiscal year, representing a 15% year-over-year growth[165]. - The company reported a 5% increase in gross margin, reaching 45% for the fiscal year[165]. Business Growth and Development - Revenue from small molecule CDMO business grew by 75.56% year-on-year, indicating strong collaboration with multinational pharmaceutical companies[7]. - The company celebrated its 25th anniversary in 2023, marking significant commercial breakthroughs and major orders in the small molecule CDMO sector[7]. - The company has increased its production capacity in China, including commercial production capabilities for peptides and ADCs, to meet the demands of emerging businesses[13]. - The company reported a significant increase in employee count from 3,840 at the end of 2019 to 9,788 currently, reflecting its growth trajectory[16]. - The company aims to expand its global presence and is optimistic about the recovery of domestic markets and the growth of emerging businesses[13]. - The company aims to enhance operational efficiency and reduce costs while expanding its market presence in Europe and Japan[24]. - The company aims to diversify its multinational pharmaceutical client base and has made significant breakthroughs in the Japanese market after years of penetration[36]. - The company has established long-term partnerships with 16 out of the top 20 global pharmaceutical companies, demonstrating strong customer loyalty[132]. Research and Development - Continuous production technology and synthetic biology technology have been developed into comprehensive platforms for external technology output, enhancing efficiency and reducing costs[9]. - The company is prioritizing the advancement of its R&D platform to maintain its leading technological position in the industry[9]. - R&D expenditure exceeded RMB 707.86 million, accounting for 9.10% of total revenue, with plans for continued investment in R&D[61]. - The establishment of the biopharmaceutical technology center (CBTI) in Shanghai aims to enhance R&D capabilities and improve process development[56]. - The company has published 41 research papers in leading international journals, with 14 papers having an impact factor exceeding 10[60]. - The company is committed to continuous R&D investment to strengthen its technology-driven approach and maintain its competitive edge in the CDMO sector[137]. Market Trends and Challenges - The global innovation drug development landscape faced challenges in 2023, impacting the entire CXO industry[6]. - Asymchem's strategic deployment has strengthened its capabilities despite the pressures from market uncertainties[6]. - The company is currently conducting 356 clinical research projects, with 123 in Phase II or later[53]. - The company faces potential risks including major innovative drug recalls, operational challenges in clinical projects, and core technical personnel turnover[149]. Operational Efficiency and Cost Management - The company aims to maximize the utilization of newly added production capacity while minimizing raw material waste and reducing operating costs[72]. - Sales costs for 2023 were RMB 3,821.80 million, a decrease of 29.19% compared to RMB 5,397.60 million in 2022, attributed to improved gross margins and strict cost control measures[84]. - The overall gross margin increased by 3.65% to 50.92% in 2023, driven by a higher gross margin from commercial projects and effective cost management[86]. - The company emphasizes optimizing profitability by improving the gross margin of its small molecule CDMO business and controlling production costs through efficiency and management[145]. Strategic Initiatives - The company is actively seeking investments to enrich its service offerings and expand its overseas presence, focusing on commercial production for multinational companies[141]. - The company plans to enhance its delivery capabilities and expand overseas markets by strengthening management and operational systems[146]. - The company aims to deepen relationships with existing clients while expanding its global customer base, particularly targeting small and medium-sized innovative pharmaceutical companies[139]. - The company is focused on diversifying into new drug categories and service types, including biopharmaceutical CDMO services and clinical research[140]. Corporate Governance and Management - The management team has an average of over 20 years of experience in their respective fields, contributing to stable governance and strategic direction[136]. - Zhang Da serves as the Chief Financial Officer and Chief Operating Officer, responsible for financial operations and investment activities[153]. - The supervisory board consists of three members, including two shareholder representatives and one employee representative[162]. Dividend and Shareholder Information - The company plans to distribute a final dividend of RMB 1.80 per share, totaling approximately RMB 664,080,355.80, subject to shareholder approval[18]. - The board proposed a profit distribution plan for 2023, recommending a dividend of RMB 18.00 per 10 shares of common stock, totaling approximately RMB 664,080,355.80 (including tax) based on 369,471,533 shares issued[186]. - The proposed profit distribution plan for 2023 is subject to approval at the annual general meeting of shareholders and is expected to be paid within two months after the meeting[186].

公 司 研 证券研究报告 究 ＃industryId＃ 医药生物 ＃investSuggestion＃ ＃ ＃dyC凯om莱pan英y＃ （002821.SZ ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 大订单交付顺利，各项业务保持向好趋势 ange＃ ＃createTime1＃ 2024年4 月 8日 投资要点 公 ＃市场ma数rk据etData＃ ＃summary＃  近日，凯莱英发布了2023年年报。2023年公司实现营业收入78.25亿元， 司 日期 2024-04-03 同比下降23.70%；实现归母净利润22.69亿元，同比下降31.28%；实现 点 收盘价（元） 85.09 扣非归母净利润21.04亿元，同比下降34.87%；实现经营现金流净额35.5 评 总股本（百万股） 369.47 亿元，同比增长8.00%。 报 流通股本（百万股） 328.24 告 净资产（百万元） 17479.72  点评：2023年，境内外生物医药融资环境持续低迷，公司顺利实现大订 总资产（百万元） 单交付后，剔除大订单业务实现稳健增长。其中，小分子商业化项目收 19 ...

Dividend and Profit Distribution - The company plans to distribute a cash dividend of 18 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[2]. - The company has a comprehensive profit distribution plan approved by the board, ensuring shareholder returns[2]. - The total cash dividend amount for the reporting period was approximately ¥664,080,355.80, which accounted for 100% of the total profit distribution[157]. - The distributable profit for the year was reported at approximately ¥1,142,924,652.86[157]. - The company did not issue any bonus shares or increase capital through reserves during the reporting period[157]. - The company implemented a cash dividend policy for 2023, distributing no less than 10% of the distributable profit achieved during the year[155]. - The company has a clear and transparent decision-making process regarding profit distribution, in compliance with its articles of association and shareholder resolutions[156]. Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB in 2023, representing a year-over-year growth of 25%[8]. - The company's operating revenue for 2023 was ¥7,825,190,298.27, a decrease of 23.70% compared to ¥10,255,325,392.82 in 2022[14]. - The net profit attributable to shareholders for 2023 was ¥2,268,810,444.07, down 31.28% from ¥3,301,635,019.64 in 2022[14]. - The gross margin improved to 45%, up from 40% in the previous year, reflecting enhanced operational efficiency[8]. - The company reported a basic earnings per share of ¥6.26, down 30.60% from ¥9.02 in 2022[14]. - The total revenue for the reporting period reached 7.825 billion CNY, with a year-on-year growth of 24.37% after excluding large orders[36]. - The gross profit margin for 2023 was 51.16%, an increase of 3.79 percentage points year-on-year[36]. - The company reported a significant net profit of ¥1,787,260,413.25 from its subsidiary Jilin Kailai Ying Pharmaceutical Chemical Co., Ltd., contributing over 10% to the overall net profit[99]. Market Expansion and Strategic Initiatives - The company plans to expand its market presence in Europe and North America, targeting a 15% increase in market share by 2025[8]. - The company provided guidance for 2024, projecting a revenue growth of 20% to 1.8 billion RMB, driven by new product launches and market expansion[8]. - The company is actively exploring and laying out new business areas while maintaining its leadership in the pharmaceutical outsourcing industry[25]. - The company is focusing on expanding its overseas market and enhancing the design and manufacturing of continuous reaction equipment, promoting its application across multiple fields[107]. - The company completed a strategic acquisition valued at $300 million, enhancing its product portfolio[129]. - The company is investing $50 million in R&D for new technologies and product development[133]. Research and Development - The company is committed to technological innovation and commercialization in pharmaceutical processes[2]. - Research and development efforts focused on innovative drug formulations, with an investment of 200 million RMB in 2023, aimed at enhancing product efficacy[8]. - The company invested 708 million yuan in R&D in 2023, accounting for 9.05% of its revenue, with a total of 383 authorized patents, including 319 domestic and 64 international patents[55]. - The company is focusing on developing ADC drug technologies, with significant investments in payload and linker research to enhance drug efficacy[75]. - The company has established a robust operational and quality management system that meets the highest global industry standards, ensuring efficient project management and quality control[32]. Risk Management and Compliance - The company faces various risks, including the potential withdrawal or recall of major innovative drugs, operational risks in clinical projects, and regulatory scrutiny from international drug authorities[2]. - The report emphasizes the importance of maintaining core technical personnel to mitigate operational risks[2]. - The company emphasizes compliance with corporate governance standards and continuously improves its internal control systems[112]. - The company has implemented a comprehensive risk management and compliance management system to enhance the effectiveness of its internal control system[167]. - The company has not provided any guarantees or financial assistance to the controlling shareholder, ensuring operational independence[117]. Environmental Responsibility - The report highlights the importance of environmental and safety responsibilities in the company's operations[5]. - The company has established comprehensive waste treatment facilities in accordance with national and local standards, ensuring stable operation[174]. - The company has been recognized as a national-level "green factory" by the Ministry of Industry and Information Technology, being the only one in the Tianjin region to receive this designation[186]. - The company has implemented air pollution control measures, including activated carbon adsorption and RTO systems, to treat emissions from research and production processes[190]. - The company has committed to maintaining compliance with national and local environmental protection laws and regulations[186]. Corporate Governance - The report outlines the company's governance structure, including the roles of the board of directors and supervisory board[3]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with regulatory requirements and maintaining the rights of all shareholders[114]. - The company has established a complete and independent financial accounting system, with no shared bank accounts with the controlling shareholder, ensuring financial independence[118]. - The company has a dedicated internal audit department that supervises the execution of internal control systems and major expenditures, enhancing operational compliance[116]. - The company has established a robust investor relations management system, ensuring timely and accurate information disclosure to investors[115]. Employee and Talent Management - The company introduced 205 senior talents during the reporting period, including 83 PhDs and 93 individuals with overseas pharmaceutical experience, increasing the proportion of employees with a bachelor's degree or above to approximately 78%[62]. - The number of R&D personnel increased by 2.06% to 4,752, with the proportion of R&D personnel in the total workforce rising to 48.55%[76]. - The company has established a competitive compensation system aligned with its strategic goals, incorporating basic salary, performance bonuses, and other incentives[153]. - The training program is designed to enhance employee capabilities and efficiency, focusing on leadership, execution, and competency development through diverse training projects[154]. Communication and Investor Engagement - The company engaged with over 300 institutional investors during a communication event on March 31, 2023, discussing its overall business performance for 2022[110]. - The company held a communication event on April 21, 2023, where it addressed investor inquiries regarding its overall business performance for 2022[110]. - The company communicated its overall business performance for the first half of 2023 to institutional investors on August 30, 2023[111]. - The company reported engaging with over 400 institutional investors on October 31, 2023, to discuss its performance for the first three quarters of 2023[111]. Production Capacity and Infrastructure - A new manufacturing facility is under construction, expected to increase production capacity by 50% by the end of 2024[8]. - The company is expanding its production capacity, with a new dedicated production workshop for chemical macromolecules successfully launched, and plans to increase solid-phase synthesis capacity to 14,250L by June 2024[46]. - The company has established a commercial production center for ADC and mAb in Shanghai and a plasmid and mRNA R&D base in Suzhou to meet growing domestic and international demand[27]. Industry Trends and Market Insights - The global pharmaceutical market is projected to reach $1,718.8 billion by 2025, with a compound annual growth rate of 4.2%[21]. - The global CDMO market size is forecasted to reach $124.3 billion by 2025 and $231.0 billion by 2030, with a CAGR of 13.2%[22]. - The CDMO industry is expected to maintain high growth rates, driven by increasing global R&D investments and the rising demand for innovative drugs[102].

Financial Performance - Total revenue for 2023 was RMB 7,781.44 million, a decrease of 23.94% compared to RMB 10,230.19 million in 2022[6] - Gross profit for 2023 was RMB 3,959.64 million, down 18.06% from RMB 4,832.59 million in 2022, with a gross margin of 50.89%, an increase of 3.65% year-on-year[6] - Net profit attributable to shareholders for 2023 was RMB 2,268.81 million, a decline of 31.28% from RMB 3,301.64 million in 2022, resulting in a net profit margin of 29.16%[6] - Adjusted net profit attributable to shareholders was RMB 2,302.09 million, down 23.23% from RMB 2,998.81 million in 2022, with an adjusted net profit margin of 29.58%[6] - The company confirmed 40 commercial projects generating revenue of RMB 5,107.49 million, a decline of 32.51% year-on-year[78] - Net profit decreased by 31.68% from RMB 3,294.63 million in 2022 to RMB 2,250.82 million in 2023, with a net profit margin of 29.16% compared to 32.27% in 2022[94] - Basic and diluted earnings per share fell from RMB 9.00 in 2022 to RMB 6.26 in 2023, reflecting the decline in net profit[95] Revenue Breakdown - Revenue from small molecule CDMO services was RMB 6,605.14 million, with remaining revenue (excluding large orders) of RMB 4,184.62 million, reflecting a year-on-year growth of 25.47%[11] - Revenue from multinational pharmaceutical companies was RMB 4,988.48 million, a decrease of 32.20%, but excluding large orders, revenue increased by 75.56% to RMB 2,567.96 million[12] - Revenue from U.S. customers was RMB 2,846.75 million, showing a significant year-on-year increase of 47.84%[15] - Emerging business segment revenue reached RMB 1,170.20 million, representing a year-on-year growth of 17.79%[11] - Revenue from overseas markets was RMB 6,344.16 million, a decrease of 26.83% year-on-year, but grew by 41.41% after excluding large orders[81] R&D and Innovation - Research and development expenditure exceeded RMB 707.86 million, accounting for 9.10% of total revenue[53] - The company has developed over 2,700 existing engineered enzymes, with more than 1,100 proprietary enzymes, and successfully developed 17 types of enzyme reagent kits for rapid screening[41] - The company has published 41 research papers in leading international journals, with 14 papers having an impact factor exceeding 10[52] - The launch of the Biological Science Technology Center (CBTI) in May 2023 aims to enhance internal R&D capabilities and streamline process development[140] - The company plans to increase R&D investment and establish an iterative development platform to enhance process synthesis design and optimization[153] Market Position and Strategy - The company has established partnerships with 16 of the top 20 multinational pharmaceutical companies, with 8 of these relationships exceeding 10 years[25] - The company aims to deepen service offerings and expand its client base, particularly in the Japanese market, which has shown significant growth in 2023[27] - The company is focusing on enhancing clinical project reserves to ensure long-term growth, with a strategic emphasis on potential blockbuster projects in the clinical III phase[24] - The company aims to leverage its advanced R&D platforms and strong production capabilities to further enhance its market leadership in the small molecule CDMO sector[137] - The company is actively diversifying into areas such as macromolecular drugs, drug formulation services, and clinical research services, which are expected to open new growth avenues[145] Operational Efficiency - The company is actively optimizing the process development cycle to enhance delivery quality and efficiency, with multiple patents currently under application[49] - The company aims to enhance delivery capabilities and expand overseas markets by accelerating the development of emerging services, focusing on small nucleic acids, peptides, and ADC commercialization production capacity[152] - The company is focusing on creating potential technological advantages through the development of an AI protein design platform[43] - The company has expanded its lipid nanoparticle technology platform and is continuously developing various complex formulation technology platforms, including nasal sprays and aerosol inhalation solutions[36] - The company is committed to balancing economic benefits with social and environmental responsibilities, ensuring a transparent governance structure[72] Corporate Governance - The company has adopted corporate governance principles and believes it has complied with all except one guideline during the reporting period[162] - The roles of the chairman and CEO are held by the same individual, which the board believes does not compromise the balance of power within the company[163] - The board emphasizes high standards of corporate governance to protect shareholder interests and enhance corporate value[164] - The company has confirmed compliance with the standard code for securities trading throughout the fiscal year ending December 31, 2023[166] - The board proposed a final dividend of RMB 18.00 per 10 shares for the year ending December 31, 2023, totaling approximately RMB 664,080,355.80 (including tax), compared to RMB 656,437,642.20 in 2022[176]

Financial Performance - The company's revenue for Q3 2023 was ¥1,761,546,766.74, a decrease of 36.41% compared to the same period last year[6]. - Net profit attributable to shareholders was ¥523,736,701.20, down 46.60% year-on-year[6]. - The total revenue for the first nine months of 2023 reached ¥6,383,057,146.18, reflecting an 18.29% decline year-on-year, but a 24.51% increase when excluding large orders[8]. - The small molecule CDMO business generated revenue of ¥5,565,000,000, a decrease of 22.01% year-on-year, but a 25.45% increase when excluding large orders[8]. - Emerging business revenue was ¥813,000,000, showing a year-on-year growth of 21.05%[8]. - Total operating revenue for Q3 2023 was CNY 6,383,057,146.18, a decrease of 18.3% compared to CNY 7,811,575,256.14 in the same period last year[22]. - Net profit for Q3 2023 was CNY 2,200,808,678.45, a decline of 19.1% compared to CNY 2,720,936,643.42 in Q3 2022[23]. Assets and Liabilities - The company's total assets increased to ¥19,764,226,099.24, an 8.36% rise from the end of the previous year[6]. - The company reported a total asset increase to CNY 19,764,226,099.24 as of September 30, 2023, up from CNY 18,239,273,651.93 at the beginning of the year[21]. - Current assets rose to CNY 13,059,172,427.71, an increase of 10.1% from CNY 11,860,458,372.35[20]. - The total liabilities decreased to CNY 2,292,382,441.40 from CNY 2,544,270,867.15, a reduction of 9.9%[21]. Earnings and Shareholder Information - Basic earnings per share for Q3 2023 were ¥1.45, down 43.84% compared to the same period last year[6]. - Basic and diluted earnings per share were both CNY 6.1, down from CNY 7.46 and CNY 7.43 respectively in the previous period[24]. - The total number of ordinary shareholders at the end of the reporting period was 50,563, with no preferred shareholders[15]. - The largest shareholder, ASYMCHEM LABORATORIES, holds 31.15% of the shares, totaling 115,133,168 shares[16]. Cash Flow and Investments - Cash flow from operating activities for the first nine months was ¥2,864,254,599.72, a slight increase of 0.90%[6]. - Cash received from operating activities rose by 303.43% to ¥172,736,270.48, primarily due to an increase in government subsidies related to capital[13]. - Cash inflow from investment activities totaled approximately CNY 20.10 billion, significantly higher than CNY 2.40 billion in the previous period[27]. - Cash outflow from investment activities was approximately CNY 21.00 billion, compared to CNY 5.08 billion in the previous period, resulting in a net cash flow from investment activities of approximately -CNY 895 million[27]. - The company received CNY 136.30 million in investment income, a recovery from a loss of CNY 4.38 million in the previous period[25]. Expenses and Costs - For the first nine months of 2023, the company's tax and additional charges increased by 59.61% to ¥59,382,485.19 compared to ¥37,204,484.78 in the same period of 2022, primarily due to additional taxes from export tax rebates[13]. - Sales expenses rose by 44.38% to ¥138,989,428.90, driven by continued market expansion and investments in the sales team and marketing activities[13]. - Cash outflow for purchasing goods and services decreased by 56.70% to ¥1,570,814,104.79, reflecting a reduction in large-scale raw material purchases compared to the previous year[13]. - Research and development expenses for Q3 2023 were CNY 513,114,161.26, an increase of 16.1% compared to CNY 442,204,004.98 in Q3 2022[22]. Other Financial Metrics - The weighted average return on equity was 3.18%, a decrease of 3.19% year-on-year[6]. - The total comprehensive income for the period was approximately CNY 2.21 billion, a decrease from CNY 2.75 billion in the previous period[24]. - The company’s capital reserve decreased to CNY 9,634,892,679.05 from CNY 10,143,534,669.29, a decline of 5.0%[21]. - The company’s deferred income tax assets increased to CNY 252,904,157.45 from CNY 177,857,982.20, a growth of 42.1%[20].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 Asymchem Laboratories (Tianjin) Co., Ltd. 凱萊英醫藥集團（天津）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6821) 二零二三年第三季度報告 本公告乃由凱萊英醫藥集團（天津）股份有限公司（「公司」或「本公司」，連同其 附屬公司「本集團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.09條及第13.10B條以及證券及期貨條例（香港法例第571章）第XIVA部項下的 內幕消息條文（定義見上市規則）而作出。 茲載列本公司在深圳證券交易所網站刊發的《凱萊英醫藥集團（天津）股份有限公 司二零二三年第三季度報告》，僅供參閱。本公司二零二三年第三季度報告（「二 零二三年第三季度報告」）以中、英文雙語編製。如兩個版本有任何不相符之處， 應以中文版本為準。 本公司董事（「董事」）會（「董事會」）提醒本公司股東及潛在投資者，本公告所載 ...