星昊医药(430017) - 2024 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential preliminary information, including important notices, definitions of key terms, and the report's structure Important Notice The company's directors, supervisors, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report, free from false records, misleading statements, or major omissions - This semi-annual report has not been audited by an accounting firm[6] - The company's directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume corresponding legal responsibilities[6] - Forward-looking statements regarding future plans in this report do not constitute a substantive commitment to investors, who should be aware of related risks[6] Definitions This section defines key terms used in the report, including company abbreviations, the reporting period (January to June 2024), and industry-specific terms like CMC, CMO, GMP, and MAH - The reporting period is defined as January to June 2024[9] Company Profile This section introduces the company's fundamental information, including its listing details, core business, and controlling shareholders Company Basic Information Beijing Xinghao Pharmaceutical Co Ltd (Stock Abbreviation: Xinghao Pharmaceutical, Code: 430017) is a pharmaceutical manufacturing enterprise listed on the Beijing Stock Exchange, primarily engaged in drug formulation R&D, production, and drug CMC and CMO services Company Basic Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Xinghao Pharmaceutical | | Stock Code | 430017 | | Listing Exchange | Beijing Stock Exchange | | Listing Date | May 31, 2023 | | Main Products and Services | Compound Digestive Enzyme Capsules, Piracetam, etc; Drug CMC and CMO services | | Controlling Shareholder | Beijing Kangrui Huatai Pharmaceutical Technology Co Ltd | | Actual Controllers | Yin Lan, Yu Jizhong | Accounting Data and Operating Performance This section presents key financial performance indicators, a comprehensive business review, detailed financial analysis, and risk management strategies Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue was CNY 321.4 million, a 2.92% year-on-year decrease, while net profit attributable to shareholders was CNY 60.43 million, up 13.16%, with non-recurring net profit up 24.18% Profitability Indicators (H1 2024) | Indicator | Current Period | Prior Period | Change Ratio | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 321,401,139.92 | 331,059,461.91 | -2.92% | | Net Profit Attributable to Shareholders (CNY) | 60,428,636.94 | 53,402,300.97 | 13.16% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) (CNY) | 51,154,374.99 | 41,193,225.54 | 24.18% | | Gross Margin (%) | 70.18% | 75.72% | - | | Basic Earnings Per Share (CNY) | 0.49 | 0.55 | -10.91% | Solvency and Operating Capability Indicators (As of June 30, 2024) | Indicator | Period-End | Prior Year-End | Change Ratio | | :--- | :--- | :--- | :--- | | Total Assets (CNY) | 1,889,058,644.50 | 1,799,788,137.78 | 4.96% | | Total Liabilities (CNY) | 377,907,422.31 | 317,436,402.86 | 19.05% | | Asset-Liability Ratio (Consolidated) (%) | 20.01% | 17.64% | - | | Net Cash Flow from Operating Activities (CNY) | 89,124,323.71 | 72,212,141.09 | 23.42% | Business Overview and Operating Review During the reporting period, the company maintained a stable business model with core operations in pharmaceutical manufacturing and integrated CMC/CMO services, primarily generating revenue from drug sales and technical services - The company's core business involves pharmaceutical manufacturing and integrated CMC/CMO services, with key products including Compound Digestive Enzyme Capsules and Piracetam[21] - Drug sales are primarily conducted through a distribution model, involving outright sales to pharmaceutical distribution companies[22][24] - The company's CMC/CMO business continues to grow steadily, with the 'International Drug Formulation Production Line Project' progressing as planned[27] - The industry faces policy changes such as medical insurance catalog adjustments, normalized centralized procurement, and deepened drug price governance, to which the company actively responds by participating in various levels of centralized procurement projects[28][29] Financial Analysis The company's financial position is stable with total assets growing by 4.96%; cash decreased by 38.15% due to wealth management product purchases, while financial assets held for trading increased by 41.00% Balance Sheet Structure Analysis As of the end of the reporting period, the company's total assets reached CNY 1.889 billion, a 4.96% increase from the beginning of the period, with significant changes in asset structure Major Balance Sheet Item Changes | Item | Period-End Amount (CNY) | Period-Start Amount (CNY) | Change Ratio | | :--- | :--- | :--- | :--- | | Monetary Funds | 232,515,743.52 | 375,926,324.75 | -38.15% | | Financial Assets Held for Trading | 523,594,357.55 | 371,352,520.55 | 41.00% | | Accounts Receivable Financing | 56,242,253.71 | 6,118,938.52 | 819.15% | | Construction in Progress | 43,210,161.84 | 25,486,347.34 | 69.54% | | Intangible Assets | 78,977,525.33 | 39,712,795.16 | 98.87% | | Short-Term Borrowings | 20,398,949.89 | 10,506,688.55 | 94.15% | | Notes Payable | 69,748,750.00 | 5,572,260.00 | 1,151.71% | - Intangible assets significantly increased by 98.87%, primarily due to Nanjing Yingnuo's CNY 42.9 million investment in land use rights during the reporting period[34] Operating Performance Analysis During the reporting period, operating revenue slightly decreased by 2.92% to CNY 321 million, mainly due to lower sales prices for products winning national centralized procurement bids Major Income Statement Item Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Ratio | | :--- | :--- | :--- | :--- | | Operating Revenue | 321,401,139.92 | 331,059,461.91 | -2.92% | | Operating Cost | 95,847,536.79 | 80,370,845.39 | 19.26% | | Selling Expenses | 117,552,272.00 | 152,953,609.90 | -23.15% | | R&D Expenses | 37,460,384.88 | 33,391,197.52 | 12.19% | | Net Profit | 59,207,993.81 | 53,554,802.80 | 10.56% | Revenue Analysis by Product Category | Category/Item | Operating Revenue (CNY) | YoY Change in Operating Revenue (%) | | :--- | :--- | :--- | | Digestive and Metabolic Drugs | 135,560,107.89 | 9.63% | | Nervous System Drugs | 56,449,410.59 | -40.67% | | Antineoplastic and Immunomodulating Agents | 55,447,343.35 | -3.61% | | CMC and CMO Business | 38,041,419.88 | 101.34% | - Revenue from nervous system drugs significantly decreased by 40.67%, primarily because Citicoline Sodium Injection and Piracetam Injection were included in national centralized procurement, leading to lower sales prices for winning bids and reduced sales for non-winning products[43] Cash Flow Status During the reporting period, net cash flow from operating activities was CNY 89.12 million, a 23.42% year-on-year increase, mainly due to reduced tax payments and business promotion expenses Cash Flow Statement Summary | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Ratio | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 89,124,323.71 | 72,212,141.09 | 23.42% | | Net Cash Flow from Investing Activities | -201,867,089.89 | -154,760,601.42 | 30.44% | | Net Cash Flow from Financing Activities | -30,527,512.03 | 352,122,079.24 | -108.67% | Analysis of Major Holding and Participating Companies During the reporting period, major holding subsidiaries showed varied operating performance, with Guangdong Xinghao Pharmaceutical Co Ltd achieving CNY 33.04 million in net profit, while Beijing Xinghao Yingsheng Pharmaceutical Co Ltd recorded a loss Operating Performance of Major Holding Subsidiaries (H1 2024) | Company Name | Main Business | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | | Guangdong Xinghao Pharmaceutical Co Ltd | Drug Formulation Manufacturing | 129,228,250.66 | 33,043,873.38 | | Guangdong Dingxin Pharmaceutical Technology Co Ltd | Drug Approval Holder and R&D | 246,540,369.25 | 4,216,733.13 | | Beijing Xinghao Yingsheng Pharmaceutical Co Ltd | Drug Formulation Manufacturing | 12,577,146.43 | -1,996,514.03 | - The company approved the resolution to sell a 60% stake in Changchun Tiancheng Pharmaceutical Co Ltd on June 26, 2024, and completed the industrial and commercial change on July 18[49] Risks Faced by the Company and Countermeasures The company faces key risks including technology R&D, pharmaceutical industry policy reforms, and drug price adjustments, which it addresses through scientific project initiation, optimized management, and active participation in centralized procurement - Technology R&D risk: Drug R&D has long cycles (2-10 years) and high investment, with risks of unreasonable project initiation and research failure; the company addresses this through scientific decision-making, thorough market research, and building a high-quality management team[52] - Pharmaceutical industry policy risk: National regulatory policies are tightening across drug R&D, production, and sales, potentially increasing enterprise operating costs; the company responds by developing new varieties and diversifying its product structure, with current main products remaining in the medical insurance catalog and no immediate risk of removal[54] - Price adjustment risk: National and local centralized volume-based procurement and price governance policies continue to advance, posing a risk of reduced drug procurement prices; the company addresses this by actively participating in various levels of centralized procurement projects and setting reasonable bidding prices[54][55] Significant Events This section details major occurrences during the reporting period, such as litigation, equity incentive plan updates, and restricted asset status Litigation and Arbitration Matters During the reporting period, the company was involved in a lawsuit related to its subsidiary Changchun Tiancheng, concerning a factory maintenance and repair infringement dispute with an approximate amount of CNY 4 million - The company is a defendant in a factory maintenance and repair dispute involving approximately CNY 4 million; subsidiary Changchun Tiancheng has filed a counterclaim seeking CNY 2.23 million for related expenses, and the case is still under review[57] Equity Incentive Plan The company's 2023 equity incentive plan was implemented as scheduled during the reporting period, with the number of incentive recipients decreasing from 93 to 90 due to the departure of 3 individuals - Due to the implementation of the 2023 annual equity distribution, the restricted stock grant price was adjusted from CNY 6.80/share to CNY 6.55/share, and the stock option exercise price from CNY 12.80/unit to CNY 12.55/unit[62] Equity Incentive Plan Cost Amortization Forecast (CNY 10,000) | Incentive Instrument | Total Amortizable Cost | 2023 | 2024 | 2025 | 2026 | | :--- | :--- | :--- | :--- | :--- | :--- | | Stock Options | 592.34 | 42.20 | 243.68 | 193.66 | 107.46 | | Restricted Shares | 399.36 | 38.83 | 212.30 | 102.42 | 44.05 | Restricted Assets As of the end of the reporting period, the company had CNY 59.81 million in restricted assets, accounting for 3.17% of total assets, including CNY 4 million in bank deposits frozen due to litigation preservation Details of Restricted Assets | Asset Category | Type of Restriction | Book Value (CNY) | Percentage of Total Assets (%) | Reason | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | Frozen | 4,000,000.00 | 0.21% | Litigation Preservation | | Monetary Funds | Pledged | 3,814,425.00 | 0.20% | Bill Margin | | Financial Assets Held for Trading | Pledged | 22,000,000.00 | 1.16% | Certificate of Deposit Pledge | | Other Non-Current Assets | Pledged | 30,000,000.00 | 1.59% | Large Certificate of Deposit Pledge | | Total | - | 59,814,425.00 | 3.17% | - | Share Changes and Financing This section outlines the company's share capital structure, major shareholder information, and the status of its raised funds Common Stock Capital During the reporting period, the company's total share capital remained at 122,577,200 shares, with no changes in capital structure; unrestricted shares accounted for 64.16% and restricted shares for 35.84% Top Two Shareholders' Shareholding | Shareholder Name | Period-End Shareholding | Period-End Shareholding Ratio (%) | Period-End Restricted Shares Held | | :--- | :--- | :--- | :--- | | Beijing Kangrui Huatai Pharmaceutical Technology Co Ltd | 42,684,326 | 34.8224% | 42,684,326 | | Beijing Shuanglu Pharmaceutical Co Ltd | 7,913,036 | 6.4556% | 0 | Use of Raised Funds The company publicly issued shares in 2023, raising net proceeds of CNY 339 million; during the reporting period, the company changed the use of some raised funds and disclosed the storage and actual use of raised funds for the first half of 2024 as required - The company's 2023 public share offering raised net proceeds of CNY 339 million[78] - During the reporting period, the company changed the use of some raised funds and issued relevant special reports[78] Changes in Directors, Supervisors, Senior Management, and Core Employees This section reports on the stability of the company's governance and management, along with employee structure changes Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the company's directors, supervisors, or senior management, with core management including Chairman Yin Lan and General Manager Yu Jizhong remaining stable - During the reporting period, no changes occurred in key positions such as the company's Chairman, General Manager, Board Secretary, or CFO[85] - Subsequent to the reporting period, independent director Ms He Xiaoyun resigned, and the company has nominated Ms Li Yutong as a new independent director candidate[90] Employee Information As of the end of the reporting period, the company and its holding subsidiaries had 766 active employees, a slight decrease from 786 at the beginning of the period; the employee structure is primarily production personnel, accounting for 65.8% of the total Employee Structure Changes | By Job Nature | Period-Start Number | Period-End Number | | :--- | :--- | :--- | | Production Personnel | 522 | 504 | | Administrative Personnel | 100 | 100 | | Sales Personnel | 74 | 72 | | Technical Personnel | 74 | 74 | | Financial Personnel | 16 | 16 | | Total Employees | 786 | 766 | - During the reporting period, 3 core employees resigned due to personal reasons, bringing the period-end number of core employees to 85[89] Financial Accounting Report This section contains the company's unaudited semi-annual financial statements and their detailed notes, offering a comprehensive financial overview Financial Statements This section presents the company's unaudited semi-annual consolidated and parent company financial statements for 2024, including the balance sheet, income statement, cash flow statement, and statement of changes in shareholders' equity Consolidated Balance Sheet Parent Company Balance Sheet Consolidated Income Statement Parent Company Income Statement Consolidated Cash Flow Statement Parent Company Cash Flow Statement Consolidated Statement of Changes in Shareholders' Equity Parent Company Statement of Changes in Shareholders' Equity Notes to Financial Statements The notes to the financial statements elaborate on the company's basic information, the basis of financial statement preparation, accounting standards followed, and significant accounting policies and estimates - During the reporting period, the company implemented its 2023 annual equity distribution, paying a cash dividend of CNY 2.5 per 10 shares to shareholders[117] - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[160] - The company's specific revenue recognition methods are: sales of goods are recognized upon customer receipt and signing, and CMC/CMO revenue is recognized upon delivery of phased results and customer confirmation[255] Reference Documents Catalog This section lists all official documents available for public inspection, ensuring transparency and accessibility of corporate records Reference Documents This section lists reference documents available for inspection, including financial statements bearing the signatures and seals of the company's person in charge, head of accounting, and head of the accounting department