双鹭药业(002038) - 2024 Q2 - 季度财报

Financial Performance - Revenue for the reporting period was RMB 392.06 million, a decrease of 32.81% compared to the same period last year[12] - Net profit attributable to shareholders of the listed company was RMB 29.59 million, a significant decrease of 90.67% year-on-year[12] - Net cash flow from operating activities was RMB 135.81 million, down 28.62% compared to the previous year[12] - Basic earnings per share (EPS) were RMB 0.03, a decrease of 90.32% compared to the same period last year[12] - Total assets at the end of the reporting period were RMB 6.09 billion, a decrease of 2.97% compared to the end of the previous year[12] - The weighted average return on equity (ROE) was 0.51%, down 5.13 percentage points from the same period last year[12] - Revenue for the reporting period was RMB 392.06 million, a decrease of 32.81% year-over-year[31] - Net profit attributable to shareholders was RMB 29.59 million, a significant decline of 90.67% year-over-year[31] - R&D investment totaled RMB 117.12 million, down 35.98% year-over-year, with R&D expenses at RMB 57.42 million, a decrease of 6.03%[31] - Sales revenue of key products such as Temozolomide and Recombinant Human Basic Fibroblast Growth Factor decreased by 24.61% and 27.45% respectively[31] - Revenue from the pharmaceutical industry accounted for 99.29% of total revenue, with a year-over-year decrease of 32.57%[33] - Revenue from biological and biochemical drugs was RMB 147.82 million, a decrease of 30.21% year-over-year[33] - Revenue from chemical drugs was RMB 239.04 million, a decrease of 33.75% year-over-year[33] - Revenue from the Northeast region decreased by 48.52% year-over-year, while revenue from the total distribution channel (non-regional and export business) increased by 235.10%[34] - Gross margin for the pharmaceutical industry was 77.05%, a decrease of 6.44% year-over-year[34] - The company's cash and cash equivalents increased by 182.63% year-over-year, primarily due to the absence of dividend distribution during the reporting period[32] - The company's monetary funds at the end of the reporting period amounted to 670,983,014.82 yuan, accounting for 11.02% of total assets, an increase of 0.13% compared to the previous year[35] - Accounts receivable decreased by 0.66% to 154,045,649.68 yuan, representing 2.53% of total assets[35] - Inventory increased by 0.62% to 178,060,203.85 yuan, accounting for 2.92% of total assets[35] - Long-term equity investments increased by 0.57% to 913,622,554.54 yuan, representing 15.00% of total assets[36] - The company's financial assets decreased by 118,495,945.17 yuan due to fair value changes, with a total financial asset value of 766,480,823.70 yuan at the end of the period[37] - The company's monetary funds of 15.78 million yuan were judicially frozen due to a contract dispute involving its partners[38] - The company invested 22,000,000.00 yuan during the reporting period, a 100.00% increase compared to the same period last year[39] - The company invested 40,000,000.00 yuan in Suzhou Pulekang Pharmaceutical Technology Co., Ltd., holding an 11.77% stake[40] - The company's investment in Fosun Pharma decreased to 28,213,002.00 yuan from an initial investment cost of 36,080,160.76 yuan[41] - The company's investment in Shouyao Holdings decreased to 277,864,421.14 yuan from an initial investment cost of 90,000,000.00 yuan[41] - The company's total assets as of June 30, 2024, amounted to 6,091,213,644.22 yuan, a decrease from 6,277,761,845.44 yuan at the beginning of the period[91] - The company's monetary funds decreased to 670,983,014.82 yuan from 683,831,097.67 yuan at the beginning of the period[91] - Accounts receivable decreased to 154,045,649.68 yuan from 200,470,744.96 yuan at the beginning of the period[91] - Inventory increased to 178,060,203.85 yuan from 144,456,874.27 yuan at the beginning of the period[91] - Long-term equity investments increased to 913,622,554.54 yuan from 905,919,506.61 yuan at the beginning of the period[92] - Total liabilities decreased from 467,724,343.08 yuan to 252,391,989.87 yuan, a significant reduction of 46%[93] - Total assets decreased from 6,131,717,222.05 yuan to 5,922,705,692.02 yuan, a reduction of 3.4%[95] - Current liabilities decreased from 391,826,154.69 yuan to 195,247,243.62 yuan, a reduction of 50.2%[96] - Non-current liabilities decreased from 94,398,070.79 yuan to 73,918,687.65 yuan, a reduction of 21.7%[93] - Total owner's equity decreased slightly from 5,810,037,502.36 yuan to 5,838,821,654.35 yuan, a reduction of 0.5%[93] - Cash and cash equivalents decreased from 649,744,930.38 yuan to 625,674,038.65 yuan, a reduction of 3.7%[94] - Trade receivables decreased from 199,604,359.53 yuan to 153,568,359.68 yuan, a reduction of 23.1%[95] - Inventory increased from 203,329,809.58 yuan to 222,869,256.51 yuan, an increase of 9.6%[95] - Development expenditure increased from 474,733,109.74 yuan to 510,682,796.54 yuan, an increase of 7.6%[95] - Long-term equity investments increased slightly from 1,157,401,580.12 yuan to 1,165,427,296.15 yuan, an increase of 0.7%[95] - Total operating revenue for the first half of 2024 was RMB 392.06 million, a decrease from RMB 583.51 million in the same period last year[98] - Net profit attributable to the parent company's shareholders was RMB 29.59 million, down significantly from RMB 317.16 million in the first half of 2023[99] - R&D expenses for the first half of 2024 were RMB 57.42 million, slightly lower than the RMB 61.10 million in the same period last year[98] - Sales expenses decreased to RMB 48.80 million in the first half of 2024, compared to RMB 141.16 million in the first half of 2023[98] - Basic earnings per share for the first half of 2024 were RMB 0.03, a significant drop from RMB 0.31 in the same period last year[99] - Total comprehensive income for the first half of 2024 was RMB 28.78 million, compared to RMB 316.18 million in the first half of 2023[99] - Operating profit for the first half of 2024 was RMB 18.48 million, a sharp decline from RMB 350.36 million in the same period last year[98] - The company's financial income was RMB 4.84 million in the first half of 2024, down from RMB 7.41 million in the same period last year[98] - Total assets impairment loss for the first half of 2024 was RMB 13.38 million, compared to RMB 28.04 million in the same period last year[98] - The company's investment income for the first half of 2024 was RMB 14.68 million, down from RMB 37.43 million in the same period last year[98] - Sales revenue from goods and services in H1 2024 decreased to 452.51 million yuan from 582.50 million yuan in H1 2023, a decline of 22.3%[103] - Net cash flow from operating activities in H1 2024 was 135.81 million yuan, down 28.6% compared to 190.25 million yuan in H1 2023[103] - Tax refunds received in H1 2024 increased significantly to 17.41 million yuan, up 167.8% from 6.50 million yuan in H1 2023[103] - Cash outflow for purchasing goods and services in H1 2024 rose to 190.36 million yuan, a 46.0% increase from 130.38 million yuan in H1 2023[103] - Net cash flow from investing activities in H1 2024 improved to -26.97 million yuan, compared to -49.01 million yuan in H1 2023[105] - Cash and cash equivalents at the end of H1 2024 increased to 648.88 million yuan, up 14.7% from 565.71 million yuan at the end of H1 2023[105] - Parent company's operating cash flow in H1 2024 was 101.72 million yuan, a 48.5% decrease from 197.55 million yuan in H1 2023[106] - Parent company's investment cash flow in H1 2024 improved to -4.11 million yuan, compared to -61.96 million yuan in H1 2023[107] - Total owner's equity at the end of H1 2024 stood at 5.81 billion yuan, with minority interests of 9.42 million yuan[108] - The company's comprehensive income for the period increased by RMB 29,590,001.31[109] - The total comprehensive income for the period attributable to the parent company's owners was RMB 317,164,126.27[111] - The company allocated RMB 102,735,000.00 for profit distribution to owners (or shareholders)[112] - The company's total owner's equity at the end of the period was RMB 5,692,682,541.11[113] - The company's capital reserve at the beginning of the period was RMB 43,846,655.86[111] - The company's undistributed profit at the end of the period was RMB 10,171,087.18[113] - The company's general risk reserve at the beginning of the period was RMB 3,763,808.24[111] - The company's total owner's equity at the beginning of the period was RMB 5,479,238,208.27[111] - The company's total comprehensive income for the period decreased by RMB 984,793.43 due to minority interests[111] - The company's total owner's equity at the end of the period increased by RMB 213,444,332.84 compared to the beginning of the period[111] - The company's total owner's equity at the end of the period was 5,679,253,677.35 yuan, an increase of 11,006,215.86 yuan compared to the beginning of the period[114][115] - The company's comprehensive income for the period was 11,006,215.86 yuan[114] - The company's undistributed profit at the end of the period was 3,953,643,608.31 yuan, an increase of 11,006,215.86 yuan compared to the beginning of the period[115] - The company's capital reserve at the end of the period was 49,185,236.14 yuan, unchanged from the beginning of the period[114][115] - The company's total owner's equity at the beginning of the period was 5,668,247,461.49 yuan[114] - The company's undistributed profit at the beginning of the period was 3,942,637,392.45 yuan[114] - The company's total owner's equity at the end of the previous year was 5,400,453,691.35 yuan[116] - The company's undistributed profit at the end of the previous year was 3,693,420,451.92 yuan[116] - The company's capital reserve at the end of the previous year was 43,416,236.13 yuan[116] - The company's total owner's equity at the beginning of the previous year was 5,400,453,691.35 yuan[116] Dividend Policy - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserve into share capital[2] Company Information - The company's registered address, office address, website, and email remained unchanged during the reporting period[9] - The company's stock code is 002038, and it is listed on the Shenzhen Stock Exchange[7] - The company's legal representative is Xu Mingbo[7] Accounting Standards - The company reported no differences in net profit and net assets between International Financial Reporting Standards (IFRS) and Chinese Accounting Standards (CAS) for the reporting period[13] Non-Recurring Gains and Losses - Non-recurring gains and losses for the period totaled a net loss of -90,921,265.42 yuan, with significant items including government subsidies of 5,307,446.48 yuan and losses from financial asset transactions of -118,495,945.17 yuan[14] Industry and Products - The company operates in the pharmaceutical manufacturing industry (C27) and focuses on gene engineering and related drug R&D and production[16] - Over 30 years, the company has developed 80+ products, including 3 Class 1 new drugs, and has received multiple national and municipal awards for scientific progress[17] - Core products include biological preparations for wound repair and oncology treatments, with key products like Lifegen (human granulocyte colony-stimulating factor) and Megal (interleukin-11) being major profit drivers[17] - The company has 8 major production bases across Beijing, Hebei, and Henan, producing various dosage forms including tablets, capsules, injections, and biological products[19] - Main product lines include 15 oncology and immunomodulatory drugs, 8 cardiovascular drugs, 13 anti-infective drugs, and 5 diabetes drugs[20] - The company's product "立生素 ® 重组人粒细胞刺激因子注射液" has been recognized as a National Key New Product and has won multiple awards including the Beijing Science and Technology Progress Second Prize[21] - "久立 ® 聚乙二醇化人粒细胞刺激因子注射液" is a long-acting formulation included in the National High-end Formulation Competitiveness Enhancement Project[21] - "迈格尔 ® 注射用人白介素 -11" is part of the National "863" Plan and has been granted a national invention patent[21] - "欣吉尔 ® 注射用人白介素 -2" is the only alanine-mutated interleukin-2 internationally and has been listed as a National Key New Product[21] - "交宁 ® 替莫唑胺胶囊" has passed consistency evaluation and won the Beijing Science and Technology Progress Third Prize[21] - "立生 ® 来那度胺胶囊" has received national major project funding and passed consistency evaluation[21] - "立生宁 ® 注射用三氧化二砷" is a National Essential Medicine and a Beijing Independent Innovation Product[21] - "欧宁 ® 注射用胸腺五肽" has a formulation patent and has been granted a national invention patent[21] - Xinerjin® Paclitaxel Injection has passed consistency evaluation and won bids in centralized procurement renewals, used for ovarian cancer, breast cancer, and non-small cell lung cancer[23] - Lixinwei® Voriconazole Tablets/Injection passed consistency evaluation and won bids in centralized procurement renewals, used for fungal infections in adults and children over 2 years old[23] - Xinfutai® Voglibose Tablets, a 2023 new product, passed consistency evaluation and won bids in centralized procurement renewals, used for improving postprandial hyperglycemia in diabetic patients[23] - Dapagliflozin Tablets, approved in 2023, passed consistency evaluation, used for adult patients with type 2 diabetes[23] - Lixin® Arginine Injection, a 2023 new product, passed consistency evaluation and won bids in centralized procurement renewals, used for improving neurological symptoms in acute ischemic stroke patients[23] - Lixin® Rivaroxaban Tablets passed consistency evaluation, used for preventing postoperative thrombosis, with small-dose formulations under application[23] - Lixin® Cyclosporine Injection/Soft Capsules, used for preventing rejection in organ and bone marrow transplants, has applied for consistency evaluation[23] - Xinfutai® Mycophenolate Mofetil Dispersible Tablets, used for preventing rejection in kidney, heart, or liver transplants, listed as a Beijing independent innovation product[23] - Beikene®/Xinbeike® Compound Coenzyme for Injection, used for acute and chronic hepatitis, is a national exclusive product and won the Beijing Science and Technology Award[23] - Yili® Enoxaparin Sodium Injection passed consistency evaluation, used for preventing venous thromboembolism, and won the Shandong Science and Technology Progress Award[23] Strategic Development - The company plans to increase the proportion of innovative drug development and services, leveraging its financial strength to invest in high-quality targets in the pharmaceutical and health sectors[25] - The company aims to expand its product portfolio to over 20 products within two years, focusing on common and seasonal diseases[26] - The company employs a "VIC model" (VC + IP + CRO) for innovative drug development to mitigate risks and accelerate the process[26] - The company has achieved breakthroughs in oral and injectable production capacity and quality, aiming to double current levels within two years[26] - The company's sales strategy includes a mix of direct sales and distribution, with a focus on expanding into grassroots medical institutions and private hospitals[26] - The company is actively exploring new sales channels, including e-commerce, to diversify its sales model and reduce reliance on a single channel[26] - The company has successfully launched several new products in 2023 and 2024, including Gabapentin Capsules, Pregabalin Oral