Financial Performance - In 2020, the company achieved a net profit attributable to shareholders of 139,137,168.72 RMB, with the parent company reporting a net profit of 91,445,955.05 RMB[5]. - The company's operating revenue for 2020 was approximately ¥1.22 billion, representing a year-on-year increase of 2.48% compared to ¥1.19 billion in 2019[20]. - The net profit attributable to shareholders for 2020 was approximately ¥139.14 million, a decrease of 12.94% from ¥159.81 million in 2019[20]. - The net cash flow from operating activities surged to approximately ¥105.93 million, reflecting a significant increase of 1,916.17% compared to ¥5.25 million in 2019[22]. - The total assets at the end of 2020 reached approximately ¥2.37 billion, a substantial increase of 100.56% from ¥1.18 billion at the end of 2019[20]. - The net assets attributable to shareholders at the end of 2020 were approximately ¥1.83 billion, marking a 162.82% increase from ¥696.34 million at the end of 2019[20]. - Basic earnings per share for 2020 were ¥0.93, down 13.08% from ¥1.07 in 2019[21]. - The gross profit margin for the pharmaceutical manufacturing sector was 79.99%, a decrease of 1.54 percentage points from the previous year[90]. - The company achieved total revenue of CNY 1,220.29 million in 2020, a year-on-year increase of 2.48%[65]. - The net profit attributable to the parent company was CNY 139.14 million, a decrease of 12.94% compared to the previous year[65]. Dividend Policy - The company plans to distribute a cash dividend of 0.80 RMB per 10 shares (including tax) based on the total share capital as of the dividend distribution date[5]. - The total distributable profit for 2020 after statutory surplus reserve allocation is 82,301,359.54 RMB, with cumulative distributable profits amounting to 116,634,652.50 RMB[5]. - The proposed cash dividend is ¥0.80 per 10 shares (including tax), which has been approved by the board and is pending shareholder approval[154]. - The company plans to maintain a cash dividend ratio of at least 80% for mature stages without significant capital expenditure, and at least 40% with significant capital expenditure[154]. - The company emphasizes shareholder returns while balancing industry characteristics and operational needs, ensuring stable development in R&D, technology, and market expansion[155]. Research and Development - The R&D expenditure as a percentage of operating revenue increased to 4.93%, up 1.05 percentage points from 3.88% in 2019[21]. - The company achieved a total R&D investment of ¥60,110,738.77, representing a 30.20% increase compared to the previous year[49]. - R&D investment accounted for 4.93% of the company's operating income during the reporting period[123]. - The company received 14 new patent applications and 12 granted patents during the reporting period, bringing the cumulative total to 60 applications and 38 granted patents[48]. - The company is currently developing seven projects with total expected investments of ¥482,000,000, of which ¥36,000,000 has been invested in the reporting period[51]. - The company has established a comprehensive biopharmaceutical R&D system covering drug discovery to industrialization, enhancing its core competitiveness[118]. - The company is focusing on biopharmaceutical innovation, with 3 biopharmaceutical innovation drugs currently in development, aiming to enhance its overall R&D competitiveness[60]. - The company has initiated a new long-acting growth hormone project, utilizing the latest generation of modified single-domain Fc fusion protein technology, which effectively extends the half-life of growth hormone and reduces ADCC and CDC effects[53]. Market Position and Strategy - The company focuses on the research, production, and sales of recombinant protein drugs and micro-ecological preparations, with a stable development supported by policy and marketing channels[29]. - The company exports products to over 30 countries, including Brazil, the Philippines, and Indonesia[37]. - The company has established a robust marketing network covering over 16,000 terminals, including more than 6,000 hospitals, and has successfully entered over 30 international markets[62]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[22]. - The company aims to enhance its R&D capabilities in recombinant proteins and nucleic acid drugs, targeting unmet clinical needs in areas such as antiviral, oncology, and immunology[140]. Compliance and Governance - The company has received a standard unqualified audit report from Da Hua Certified Public Accountants[4]. - The company emphasizes compliance with all relevant laws and regulations regarding shareholding and transfers[164]. - The company has committed to a lock-up period of 36 months for major shareholders post-IPO, ensuring stability in shareholding[160]. - The company will ensure compliance with regulations and provide timely explanations and apologies if any commitments regarding return measures are violated[173]. - The company has established a clear legal framework for enforcing these commitments, allowing for legal action in case of violations[164]. Risks and Challenges - The company has outlined potential risks in its operations, which are detailed in the report's section on risk factors[4]. - The company is facing risks related to core talent retention and potential supply chain disruptions due to reliance on overseas suppliers[74][77]. - The company is adapting to regulatory changes in the biopharmaceutical sector, which may increase operational costs but also present new development opportunities[137]. - The company will publicly explain any failure to fulfill commitments at shareholder meetings and through designated media[177].

Financial Performance - Net profit attributable to shareholders decreased by 45.49% to CNY 46,564,983.61 year-on-year[9] - Operating revenue decreased by 19.81% to CNY 277,043,705.24 compared to the same period last year[9] - Basic earnings per share decreased by 59.65% to CNY 0.23 compared to the same period last year[9] - Diluted earnings per share decreased by 59.65% to CNY 0.23 compared to the same period last year[9] - The net profit attributable to shareholders was CNY 46.57 million, down 45.49% year-on-year[19] - Total revenue for Q1 2021 was $277.04 million, a decrease of 19.7% compared to $345.50 million in Q1 2020[36] - Net profit for Q1 2021 was $46.56 million, a decline of 45.5% from $85.43 million in Q1 2020[37] - Total operating revenue for Q1 2021 was ¥211,863,276.87, an increase of 18.9% compared to ¥178,264,930.81 in Q1 2020[39] - Net profit for Q1 2021 was ¥34,953,076.34, down 11.5% from ¥39,498,303.40 in Q1 2020[40] Assets and Liabilities - Total assets decreased by 1.50% to CNY 2,331,024,937.65 compared to the end of the previous year[9] - The company's total liabilities decreased to CNY 454,339,254.53 from CNY 536,495,748.20, indicating improved financial stability[28] - Current assets totaled CNY 1,498,272,911.20, down from CNY 1,643,921,554.25 at the end of 2020[26] - Cash and cash equivalents decreased to CNY 362,275,497.28 from CNY 1,102,649,871.87, indicating a significant reduction in liquidity[26] - Total liabilities decreased to $430.59 million in Q1 2021 from $530.33 million in Q4 2020, a reduction of 18.8%[32] - The company's total liabilities were 440,700,922.42 RMB, slightly down from 444,038,064.18 RMB at the end of 2020, showing a minor reduction in debt levels[50] Cash Flow - Net cash flow from operating activities increased by 131.60% to CNY 35,705,923.74 year-on-year[9] - Operating cash flow for the period reached CNY 35,705,923.74, an increase of 131.60% compared to CNY 15,417,348.26 in the same period last year[20] - The company's cash and cash equivalents decreased by 732,170,103.95 RMB in Q1 2021, compared to an increase of 18,775,039.27 RMB in Q1 2020, indicating a liquidity challenge[47] - Cash flow from financing activities showed a net outflow of ¥132,592,940.82 in Q1 2021, compared to a net inflow of ¥5,073,118.00 in Q1 2020[44] - Total cash outflow from investing activities was ¥759,794,920.00 in Q1 2021, significantly higher than ¥32,419,269.56 in Q1 2020[44] Research and Development - R&D investment as a percentage of operating revenue increased by 2.51 percentage points to 5.30%[9] - Research and development expenses rose to CNY 146.73 million, an increase of 52.19%, reflecting the company's intensified investment in R&D[18] - Research and development expenses increased to $14.67 million in Q1 2021, up 52.3% from $9.64 million in Q1 2020[36] - Research and development expenses increased to ¥8,692,845.06 in Q1 2021, up 152.8% from ¥3,442,722.07 in Q1 2020[39] Shareholder Information - The number of shareholders reached 15,122 at the end of the reporting period[12] - Total equity attributable to shareholders reached CNY 1,830,120,699.51, remaining unchanged from the previous period[51] Operational Challenges - The company experienced a decline in sales of its core product, human interferon α1b, due to a normalization of demand following the peak during the COVID-19 pandemic[19] - The company faced challenges in overseas sales due to ongoing pandemic conditions affecting product shipments and orders[19] - The overall increase in personnel costs was attributed to an expanded workforce and optimized personnel structure[19] - The company reported a significant decrease in income tax expenses, down 71.42% to CNY 6.07 million, influenced by a lower tax rate for subsidiaries and increased R&D deductions[19] Other Financial Metrics - The company reported a gross profit margin of approximately 18.1% for Q1 2021, down from 20.5% in Q1 2020[36] - The company executed a new leasing standard adjustment, impacting the financial statements, although specific financial implications were not detailed[48]