Financial Performance - Total revenue for the fiscal year ending March 31, 2023, was RMB 804.7 million, a decrease of 35.0% year-over-year[6] - Revenue decreased by 35.0% from RMB 1,237.2 million in FY2022 to RMB 804.7 million in FY2023, primarily due to declines in the Big Data Platform and Solutions segment and Life Science Solutions segment[22] - Revenue from customer contracts decreased to RMB 804.7 million in 2023 from RMB 1,237.2 million in 2022, a decline of 35%[54] - Gross profit dropped to RMB 274.5 million in 2023 from RMB 399.4 million in 2022, reflecting a 31% decrease[54] - Gross margin improved from 32.3% in FY2022 to 34.1% in FY2023, with the Health Management Platform and Solutions segment showing a significant increase from 27.7% to 40.7% due to product structure adjustments[25] - Annual loss decreased to RMB 632.4 million, down 17.5% year-over-year[6] - Adjusted net loss decreased to RMB 448.7 million, down 22.2% year-over-year[6] - Adjusted net loss for the fiscal year ended March 31, 2023, was RMB 448.7 million, compared to RMB 577.0 million in the previous fiscal year[32] - Operating loss decreased by 17.9% from RMB 767.4 million in FY2022 to RMB 630.0 million in FY2023[29] - Operating loss improved slightly to RMB 630.0 million in 2023 from RMB 767.4 million in 2022[54] - Net loss for the year was RMB 632.4 million in 2023, compared to RMB 766.4 million in 2022[54] - Net cash outflow from operating activities narrowed by 41.9% year-over-year[6] - Cash and cash equivalents, time deposits, margin bank deposits, restricted bank balances, and deposits totaled RMB 3,522.0 million as of March 31, 2023, down from RMB 3,732.1 million in the previous year[35] - Cash and cash equivalents decreased significantly to RMB 1,172.8 million in 2023 from RMB 3,408.5 million in 2022[56] - Foreign exchange loss for the fiscal year ended March 31, 2023, was RMB 84.6 million, compared to RMB 6.6 million in the previous fiscal year[39] - Total assets increased to RMB 4,911.5 million in 2023 from RMB 4,722.8 million in 2022[56] - Total equity increased to 4,156,151 thousand RMB from 4,007,466 thousand RMB, reflecting growth in other reserves and non-controlling interests[58] - Non-current liabilities decreased to 84,351 thousand RMB from 103,761 thousand RMB, primarily due to a reduction in lease liabilities[59] - The company did not recommend the distribution of a final dividend for the fiscal year ended March 31, 2023[53] YiduCore and Data Analytics - YiduCore has processed and analyzed over 3.4 billion medical records from more than 800 million patients as of March 31, 2023[5] - YiduCore's medical knowledge graph covers over 90,000 medical topics and more than 10,000 diseases as of March 31, 2023[7] - YiduCore has established disease models in over 70 disease areas as of March 31, 2023[7] - YiduCore supports over 1,500 hospitals and has authorized the processing of medical records from more than 800 million patients[7] - The company published 15 disease standard datasets in collaboration with experts and authoritative institutions, supporting multi-center research in related disease areas[8] Business Segments Performance - The company's big data platform and solutions segment generated revenue of RMB 221.9 million, a decrease of 50.1% compared to the previous fiscal year due to delays caused by the COVID-19 pandemic[10] - Big Data Platform and Solutions revenue decreased by 50.1% from RMB 444.9 million in FY2022 to RMB 221.9 million in FY2023, mainly due to delays in customer bidding, on-site implementation, and acceptance caused by the long-term impact of COVID-19[22] - The company's Life Science Solutions segment revenue was RMB 252.9 million as of March 31, 2023, a year-on-year decrease of 29.6%[16] - Life Science Solutions revenue decreased by 29.6% from RMB 359.4 million in FY2022 to RMB 252.9 million in FY2023, primarily due to delays in on-site implementation and delivery caused by COVID-19[22] - Health management platform and solutions segment revenue was RMB 329.9 million, a year-on-year decrease of 22.4%, primarily due to product structure adjustments[18] - Health Management Platform and Solutions revenue decreased by 22.4% from RMB 424.9 million in FY2022 to RMB 329.9 million in FY2023, mainly due to product structure adjustments[22] - Customer contract revenue for the Big Data Platform and Solutions segment was 221,863 thousand RMB, with a gross profit of 95,866 thousand RMB[66] - The Life Science Solutions segment generated 252,884 thousand RMB in customer contract revenue, with a gross profit of 44,237 thousand RMB[66] - The Health Management Platform and Solutions segment reported 329,953 thousand RMB in customer contract revenue, achieving a gross profit of 134,427 thousand RMB[66] - Total customer contract revenue for the year was 804,700 thousand RMB, with a gross profit of 274,530 thousand RMB[66] Client and User Base - The company serves 167 life science clients and has 20 million active users on its health management platform[5] - The company provided solutions to 88 top-tier research hospitals and 34 regulatory agencies and policymakers in China[5] - The company increased its total number of top-tier research hospital clients by 6 to 88 and added 8 regulatory and policymaker clients, bringing the total to 34[10] - The company has 167 active clients, including 154 core pharmaceutical, biotech, and medical device clients, as of March 31, 2023[16] - The revenue retention rate of the company's top 10 clients was 94.1% during the reporting period[16] - As of March 31, 2023, the health management platform had 20 million active users who completed at least one transaction[19] Research and Development - The company launched the next-generation hospital scenario intelligent solution, including a full-disease database platform and the YiduEywa2.0 data center, aimed at enhancing hospital digital transformation[10] - The company secured a contract worth over RMB 10 million for a multi-center clinical research support platform project with a top-tier hospital in Central China[11] - The company supported the construction of a large clinical research cohort and multi-center cohort studies for a national medical center project, leveraging AI and advanced algorithms[11] - The company deepened its research capabilities in ophthalmology by undertaking the construction of an ophthalmic disease database for a top-tier hospital in Southwest China[11] - The company expanded its research into neurological and orthopedic diseases by winning multiple specialized disease database projects with top-tier hospitals[11] - The company's participation in the Wuhan Public Health Emergency Command System was recognized as a replicable digital health demonstration case by the National Health Commission[11] - The company's collaboration on the Hematological Disease Big Data Platform with the Chinese Academy of Medical Sciences was listed as a digital health typical case[11] - The company has conducted 255 clinical studies, including 204 prospective and retrospective real-world studies, as of March 31, 2023[16] - The company's intelligent clinical trial management services cover 174 clinical trial institutions as of March 31, 2023[16] - The company developed a digital collaboration platform and remote intelligent clinical trial platform (DCT) to address low recruitment rates and high drug development costs[14] - The company assisted in the development of the anti-COVID-19 drug Xiannuoxin® using DCT digital solutions, accelerating its market launch[14] - The company's real-world evidence services helped a multinational pharmaceutical client include a rare disease drug in China's national medical insurance catalog[15] - R&D expenses decreased by 7.1% from RMB 368.7 million in FY2022 to RMB 342.5 million in FY2023, but R&D expense as a percentage of revenue increased from 29.8% to 42.6%[28] Health Management and Insurance - The company's "Huimin Insurance" business has expanded to 4 provinces and 12 cities, covering over 90% of users in China's top 15 GDP-ranked provincial regions[18] - The 2023 "Beijing Universal Health Insurance" program saw a 14% increase in participants, reaching approximately 3.5 million people[18] - The 2023 "Jiangsu Medical Insurance No. 1" program experienced a 58% growth in participants, totaling around 5.08 million people[18] - Over 85% of beneficiaries in the "Beijing Universal Health Insurance" program utilized the fast claim service, significantly reducing claim processing time[19] - The company's diabetes digital therapy product received FDA approval and was also approved by the Hainan Provincial Drug Administration in China[19] Strategic Initiatives and Future Plans - The company plans to expand its regional coverage and enhance product functionality, reliability, and usability through technological advancements[21] - The company aims to increase active users through diversified channels and expand its health management product portfolio to meet diverse medical needs[21] - The company is focusing on international market opportunities and strategic partnerships to enrich its ecosystem[21] - The company invested USD 40.0 million in YD Capital I L.P., representing 40% of the fund's commitments, with RMB 557,748.0 already contributed as of March 31, 2023[36] - The company sold 20% of its issued shares in EVYD Technology Limited for USD 55.0 million, increasing its "other reserves" by RMB 316.6 million and "non-controlling interests" by RMB 59.9 million[37] - Investment commitments as of March 31, 2023, were RMB 284.0 million, primarily related to the remaining capital contribution to YD Capital I L.P.[41] - The company utilized RMB 1,115 million of the net proceeds from the global offering as of March 31, 2023[53] - 35% of the net proceeds (RMB 1,339 million) were allocated to strengthening core capabilities, with RMB 254 million utilized and RMB 1,085 million remaining[52] - 35% of the net proceeds (RMB 1,339 million) were allocated to business expansion, with RMB 725 million utilized and RMB 614 million remaining[52] Employee and Operational Costs - Total employee count as of March 31, 2023, was 1,020, with 53.5% having medical backgrounds and 30.1% having AI and technology expertise[43] - Total payroll costs for the fiscal year ended March 31, 2023, were RMB 777.7 million, down from RMB 982.5 million in the previous fiscal year[43] - Employee benefits expenses decreased to 777,702 thousand RMB from 982,500 thousand RMB, reflecting cost optimization efforts[70] - Outsourcing service fees reduced to 184,059 thousand RMB from 225,955 thousand RMB, indicating efficiency improvements[70] - Sales and service costs, sales and marketing expenses, administrative expenses, and R&D expenses totaled 1,376,315 thousand RMB, down from 1,957,380 thousand RMB[71] - Current tax expenses were 2,529 thousand RMB, while deferred tax expenses were 893 thousand RMB, resulting in a total tax expense of 3,422 thousand RMB[72]
医渡科技(02158) - 2023 - 年度业绩