翰森制药(03692) - 2024 - 中期财报

Financial Performance - Revenue reached approximately RMB 6.506 billion, a year-on-year increase of 44.2%[5] - Revenue from innovative drugs and cooperative products reached approximately RMB 5.032 billion, a year-on-year increase of 80.6%, accounting for 77.4% of total revenue[5] - Profit reached approximately RMB 2.726 billion, a year-on-year increase of 111.5%[5] - Basic earnings per share were approximately RMB 0.46, a year-on-year increase of 111.4%[5] - Revenue for the first half of 2024 reached approximately RMB 6.506 billion, a year-on-year increase of 44.2%[9] - Net profit for the first half of 2024 was approximately RMB 2.726 billion, a year-on-year increase of 111.5%[9] - Earnings per share for the first half of 2024 were approximately RMB 0.46, a year-on-year increase of 111.4%[9] - Revenue from innovative drugs and partnered products reached approximately RMB 5.032 billion, accounting for 77.4% of total revenue, with a year-on-year increase of 80.6%[9] - Revenue from the anti-tumor segment reached approximately RMB 4.475 billion, accounting for 68.8% of total revenue[11] - Revenue from the anti-infective segment reached approximately RMB 701 million, accounting for 10.8% of total revenue[10] - Revenue from the central nervous system disease segment reached approximately RMB 733 million, accounting for 11.3% of total revenue[10] - Revenue from the metabolic and other diseases segment reached approximately RMB 597 million, accounting for 9.1% of total revenue[10] - The company's revenue for the first half of 2024 reached RMB 6,505.5 million, a significant increase from RMB 4,511.2 million in the same period of 2023[73] - Gross profit for the first half of 2024 was RMB 5,926.3 million, compared to RMB 3,975.8 million in the first half of 2023[73] - Net profit attributable to owners of the parent company for the first half of 2024 was RMB 2,725.5 million, a significant increase from RMB 1,288.8 million in the first half of 2023[73] - Basic earnings per share for the first half of 2024 were RMB 0.46, compared to RMB 0.22 in the same period of 2023[73] - The company's total comprehensive income for the first half of 2024 was RMB 2,810.2 million, up from RMB 1,752.8 million in the first half of 2023[75] - Total assets increased to RMB 28,239,914,000 as of June 30, 2024, compared to RMB 26,176,230,000 at the end of 2023[76] - Net current assets rose to RMB 23,973,895,000 from RMB 22,020,458,000 at the end of 2023[76] - Cash and bank balances decreased slightly to RMB 21,745,333,000 from RMB 22,434,691,000 at the end of 2023[76] - Total equity increased to RMB 27,903,275,000 as of June 30, 2024, up from RMB 25,794,773,000 at the end of 2023[77] - Profit for the period was RMB 2,725,525,000, a significant increase from RMB 1,288,848,000 in the same period last year[78] - The company declared dividends of RMB 768,760,000 during the period[78] - Property, plant, and equipment decreased to RMB 2,859,333,000 from RMB 3,045,060,000 at the end of 2023[76] - Trade receivables and bills decreased to RMB 2,938,415,000 from RMB 3,214,251,000 at the end of 2023[76] - Convertible bonds under current liabilities decreased significantly to RMB 40,255,000 from RMB 4,183,198,000 at the end of 2023[76] - The company's reserves increased to RMB 27,916,822,000 from RMB 25,903,350,000 at the end of 2023[77] - Operating cash flow increased to RMB 3,159,579 thousand in 2024, up from RMB 1,498,500 thousand in 2023, reflecting strong operational performance[79] - Net cash generated from operating activities rose to RMB 2,682,383 thousand in 2024, compared to RMB 1,146,167 thousand in 2023[79] - Investment activities generated a net cash flow of RMB 2,368,869 thousand in 2024, up from RMB 1,041,872 thousand in 2023, driven by higher proceeds from asset sales and reduced investments[80] - Cash and cash equivalents increased by RMB 854,923 thousand in 2024, reaching RMB 6,796,204 thousand at the end of the period[80] - Depreciation of property, plant, and equipment increased to RMB 198,163 thousand in 2024, compared to RMB 169,443 thousand in 2023[79] - The company redeemed convertible bonds worth RMB 4,183,198 thousand in 2024, significantly impacting financing cash flows[80] - Net cash used in financing activities was RMB 4,196,329 thousand in 2024, primarily due to the redemption of convertible bonds[80] - The company's cash and bank balances, unrestricted, stood at RMB 6,722,852 thousand in 2024, up from RMB 4,226,502 thousand in 2023[80] - Revenue from customer contracts for goods sales reached RMB 5,103,080 thousand, while cooperative income was RMB 1,402,421 thousand, totaling RMB 6,505,501 thousand for the six months ended June 30, 2024[88] - Investment income increased to RMB 84,646 thousand, up from RMB 42,090 thousand in the same period last year[88] - Government subsidies decreased to RMB 21,918 thousand from RMB 38,061 thousand in the previous year[88] - Bank interest income remained stable at RMB 374,011 thousand compared to RMB 372,218 thousand in 2023[88] - The fair value gain on financial assets at fair value through profit or loss rose significantly to RMB 55,777 thousand from RMB 18,020 thousand in 2023[89] - The company's tax expense is calculated at a rate of 25% for Chinese subsidiaries, with certain subsidiaries enjoying a preferential tax rate of 15% due to high-tech enterprise status[92] - The company's revenue from GSK plc accounted for approximately 20% of total revenue, with no other single customer contributing more than 10%[86] - The company's identifiable operating assets and liabilities are primarily located in mainland China, where approximately 80% of revenue is generated[85] - The company's pre-tax profit for the six months ended June 30, 2024, was impacted by a net impairment loss on property, plant, and equipment of RMB 27,667 thousand[90] - Employee benefit expenses, including wages and salaries, increased to RMB 970,726 thousand from RMB 882,199 thousand in the previous year[90] - Total tax expense increased to RMB 392,661 thousand in 2024, up from RMB 211,035 thousand in 2023, with current tax expense rising to RMB 396,930 thousand from RMB 307,238 thousand[93] - The company declared a dividend of 14.22 HK cents per share for 2023, totaling approximately RMB 768,760 thousand, compared to 5.00 HK cents per share and RMB 268,852 thousand in 2023[94] - Basic earnings per share (EPS) for 2024 increased to RMB 0.46, up from RMB 0.22 in 2023, with diluted EPS also rising to RMB 0.46 from RMB 0.22[97] - The weighted average number of ordinary shares used for calculating basic EPS was 5,925,786,074 in 2024, slightly up from 5,923,743,166 in 2023[97] - Property, plant, and equipment (PPE) net book value decreased to RMB 2,859,333 thousand in 2024 from RMB 3,122,191 thousand in 2023, with additions of RMB 60,409 thousand and disposals of RMB 19,416 thousand[98] - Right-of-use assets increased to RMB 449,140 thousand in 2024 from RMB 246,494 thousand in 2023, with additions of RMB 225,805 thousand and depreciation expenses of RMB 11,713 thousand[100] - Lease liabilities decreased to RMB 79,417 thousand in 2024 from RMB 90,661 thousand in 2023, with new leases of RMB 6,137 thousand and payments of RMB 9,417 thousand[101] - Trade receivables decreased to RMB 2,904,048 thousand in 2024 from RMB 3,209,633 thousand in 2023, with 90.7% of receivables aged within 90 days[103][104] - Trade receivables and bills receivable increased significantly to RMB 34,367 thousand as of June 30, 2024, compared to RMB 4,618 thousand as of December 31, 2023[105] - The provision for impairment losses on trade receivables increased to RMB 37,547 thousand as of June 30, 2024, up from RMB 30,604 thousand at the beginning of the period[105] - The expected credit loss rate for trade receivables over 90 days past due increased to 5.80% as of June 30, 2024, compared to 0.94% for receivables within 90 days[106] - The company's financial assets at fair value through profit or loss decreased to RMB 320,875 thousand as of June 30, 2024, from RMB 512,409 thousand as of December 31, 2023[107] - Non-current financial assets at fair value through profit or loss increased to RMB 743,409 thousand as of June 30, 2024, up from RMB 684,706 thousand as of December 31, 2023[107] - The company's cash and bank balances decreased slightly to RMB 21,745,333 thousand as of June 30, 2024, from RMB 22,434,691 thousand as of December 31, 2023[110] - Trade payables and bills payable increased to RMB 174,562 thousand as of June 30, 2024, compared to RMB 163,763 thousand as of December 31, 2023[111] - The company's other payables and accrued expenses increased to RMB 2,410,159 thousand as of June 30, 2024, up from RMB 2,375,680 thousand as of December 31, 2023[112] - The company redeemed USD 590,622 thousand (RMB 4,183,198 thousand) of convertible bonds on January 22, 2024[113] - Convertible bonds as of June 30, 2024, consist of a debt portion of RMB 37,495 thousand and an embedded derivative portion of RMB 2,760 thousand, totaling RMB 40,255 thousand[114] - The company issued 2,300,000 new ordinary shares under the Restricted Share Unit (RSU) plan on April 19, 2024, with a purchase price of HKD 2.60 per share[116] - As of June 30, 2024, the company had 27,512,890 unvested RSUs, with 11,397,590 RSUs granted during the period[118] - The company recognized share-based payment expenses of RMB 67,587 thousand for the six months ended June 30, 2024[119] - The fair value of RSUs granted on June 27, 2024, was estimated at HKD 13.10 per share using a binomial model[120] - Treasury shares as of June 30, 2024, amounted to 1,315,065 shares, valued at RMB 13,599 thousand[123] - Capital commitments for property, plant, and equipment as of June 30, 2024, totaled RMB 67,609 thousand[124] - Transactions with related parties included RMB 17,151 thousand from the sale of property, plant, and equipment to Jiangsu Hengrui Pharmaceuticals[128] - The total compensation paid to key management personnel was RMB 83,904 thousand, a decrease from RMB 95,502 thousand in the previous period[130] - The fair value of financial assets measured at fair value through profit or loss was RMB 1,064,284 thousand, down from RMB 1,197,115 thousand at the end of 2023[131] - The fair value of debt investments measured at fair value through other comprehensive income was RMB 33,964 thousand, up significantly from RMB 4,596 thousand at the end of 2023[131] - The fair value of convertible bonds was RMB 40,255 thousand, a sharp decrease from RMB 4,222,940 thousand at the end of 2023[132] - The company declared a final dividend of HKD 14.22 cents per ordinary share, totaling RMB 768,760,000, on July 17, 2024[140] - The company entered into a licensing agreement with Guangzhou Lupeng Pharmaceutical for LP-168, with potential payments of up to RMB 729 million, plus royalties up to double digits based on future net sales[140] - The fair value of trade receivables was estimated using a discounted cash flow model with annual discount rates ranging from 3.28% to 3.62%[135] - The fair value of financial assets measured using significant unobservable inputs (Level 3) increased to RMB 777,373 thousand from RMB 689,302 thousand at the end of 2023[137] - The fair value of embedded derivatives in convertible bonds increased slightly to RMB 2,760 thousand from RMB 2,743 thousand at the end of 2023[139] - The company issued $600 million zero-coupon convertible bonds due in 2026, listed and traded on the Hong Kong Stock Exchange with bond code 40546[142] - The report period covers the six months from January 1, 2024, to June 30, 2024[144] - The company's restricted share unit (RSU) plan was conditionally approved and adopted on May 27, 2019, with details provided in the prospectus[144] - The company is involved in the development of antibody-drug conjugates (ADC) and BCR-ABL tyrosine kinase inhibitors (TKI)[141] - The company has a strategic focus on chronic kidney disease (CKD) and central nervous system (CNS) therapies[141] - The company collaborates with Amgen and GSK, indicating potential partnerships in drug development[141][143] - The company's ESG (Environmental, Social, and Governance) initiatives are overseen by a dedicated committee under the board of directors[142] - The company's shares are listed and traded on the Hong Kong Stock Exchange Main Board[141] - The company's financial reporting adheres to the Hong Kong Stock Exchange Listing Rules and Corporate Governance Code[143] - The company's operations include subsidiaries in the British Virgin Islands and China, with significant investments in pharmaceutical R&D[141][143] R&D and Clinical Trials - R&D expenses were approximately RMB 1.196 billion, a year-on-year increase of 28.7%, accounting for 18.4% of revenue[5] - The company obtained clinical trial approval for HS-10501 tablets for the treatment of type 2 diabetes and adult obesity[6] - The company obtained clinical trial approval for HS-10398 capsules for the treatment of IgA nephropathy and membranous nephropathy[6] - Seven innovative drugs and nine corresponding indications have been included in the National Reimbursement Drug List[12] - Ameile® (Aumolertinib) has been included in eight national-level clinical guidelines and won the 24th China Patent Gold Award[13] - Hengmu® (Aimitenofovir Tablets) achieved a 48-week, 96-week, and 144-week data release in Phase III clinical trials, demonstrating long-term efficacy and safety for chronic hepatitis B treatment[16] - Hengmu® was included in the 2023 National Reimbursement Drug List (NRDL) and received an A-level recommendation in the 2024 Primary Liver Cancer Diagnosis and Treatment Guidelines[16] - Xinyue® (Inebilizumab Injection) achieved primary clinical endpoints in a Phase III trial for IgG4-related diseases (IgG4-RD) in June 2024[17] - Xinyue® was included in the 2022 NRDL and received an A-class recommendation in the 2021 Chinese Guidelines for Diagnosis and Treatment of Neuromyelitis Optica Spectrum Disorders[17] - Shengluolai® (Pegmolesatide Injection) was approved for two indications in June 2023 and included in the 2023 NRDL, offering a monthly dosing regimen for improved patient compliance[18] - Shengluolai® was included in the 2024 Chinese Expert Consensus on Long-Acting Erythropoiesis-Stimulating Agents for Renal Anemia[18] - Mailinda® (Morpholinyl Nitroimidazole Sodium Chloride Injection) was successfully renewed in the NRDL in December 2023 and recommended in the 2019 Chinese Guidelines for Diagnosis and Treatment of Abdominal Infections[19] - The company submitted 21 domestic patent applications and 49 overseas patent applications, with 29 domestic and 20 overseas patents granted as of June 30, 2024[20] - Over 50 ongoing clinical trials for more than 30 innovative drug products were conducted as of June 30, 2024[21] - Key new drugs approved for clinical trials include HS-10501 (for type 2 diabetes and obesity), HS-10398 (for IgA nephropathy and membranous nephropathy), and HS-10504 (for advanced NSCLC)[21] - HS-20094, a GLP-1 and GIP receptor dual agonist, demonstrated good safety, tolerability, and efficacy in reducing blood sugar and weight in a Phase IIa study for type 2 diabetes patients[22] - HS-20093, a B7-H3 targeted ADC, showed strong anti-tumor activity in recurrent or refractory bone and soft tissue sarcoma, surpassing existing clinical standards, and received