Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 7,175,804 thousand, representing a 3.9% increase from RMB 6,906,524 thousand in the same period of 2023[3]. - EBITDA for the same period was RMB 2,231,943 thousand, up 14.2% from RMB 1,953,790 thousand year-over-year[3]. - Profit before tax increased by 18.0% to RMB 1,901,702 thousand, compared to RMB 1,612,155 thousand in the previous year[3]. - Net profit attributable to the company's owners rose by 16.1% to RMB 1,491,404 thousand, from RMB 1,284,496 thousand in 2023[3]. - Basic earnings per share increased to RMB 82.08, a 16.1% rise from RMB 70.69 in the prior year[3]. - The interim dividend per share was declared at RMB 16.0, reflecting a 33.3% increase from RMB 12.0 in the previous year[3]. - Gross profit increased to RMB 3,344,365 thousand, up 4.1% from RMB 3,213,298 thousand year-over-year[9]. - Net profit for the period was RMB 1,490,995 thousand, a rise of 16.1% compared to RMB 1,284,240 thousand in the previous year[9]. - Basic earnings per share increased to RMB 82.08, up from RMB 70.69, reflecting a growth of 16.5%[9]. - The company reported a pre-tax profit of RMB 1,901,702 thousand for the six months ended June 30, 2024, an increase of 17.9% compared to RMB 1,612,155 thousand for the same period in 2023[14]. - The company recognized a total comprehensive income of RMB 1,285,591 thousand for the six months ended June 30, 2024, compared to RMB 1,284,240 thousand for the same period in 2023, indicating a slight increase[12]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 15,147,724 thousand, compared to RMB 13,787,201 thousand at the end of 2023, indicating a growth of 9.9%[10]. - Non-current assets increased to RMB 7,678,405 thousand from RMB 7,229,979 thousand, marking a rise of 6.2%[10]. - Current liabilities decreased to RMB 7,733,502 thousand from RMB 7,160,469 thousand, a reduction of 8.0%[11]. - The company’s total equity attributable to owners increased to RMB 13,525,453 thousand as of June 30, 2024, compared to RMB 11,530,528 thousand as of June 30, 2023, representing a growth of 17.3%[12]. - The company’s total liabilities decreased from RMB 2,030,355 thousand in the previous year to RMB 127,000 thousand in the current year, showing a significant reduction in debt[15]. - The group’s total liabilities decreased to RMB 5,376,343,000 as of June 30, 2024, from RMB 6,084,888,000 as of December 31, 2023, reflecting a decline of approximately 11.6%[53]. Cash Flow and Investments - The company reported a cash and cash equivalents balance of RMB 6,554,830 thousand, significantly up from RMB 4,261,989 thousand, reflecting a growth of 53.7%[10]. - Operating cash flow generated was RMB 2,207,903 thousand, up from RMB 1,470,153 thousand year-over-year, reflecting a growth of 50.1%[14]. - The company recorded a net cash increase of RMB 2,292,276 thousand for the six months ended June 30, 2024, compared to a net increase of RMB 1,174 thousand in the same period of 2023[15]. - The company invested RMB 732,459 thousand in property, plant, and equipment during the six months ended June 30, 2024, compared to RMB 396,697 thousand in the same period of 2023, reflecting an increase of 84.5%[15]. - Capital expenditures on property, plant, and equipment for the six months ended June 30, 2024, were approximately RMB 741,061,000, significantly higher than RMB 395,085,000 in the same period of 2023, marking an increase of about 87.5%[46]. Revenue Sources and Market Performance - Revenue from intermediates was RMB 3,081,282 thousand, while raw materials and formulations generated RMB 3,917,640 thousand and RMB 2,397,777 thousand, respectively, contributing to the overall revenue[24]. - The revenue from the Chinese market (including Hong Kong) was RMB 5,748,478 thousand, up from RMB 5,544,083 thousand in the previous year, indicating a growth of about 3.7%[26]. - The company reported a significant increase in sales of antibiotic products, generating RMB 5,150,288 thousand, compared to RMB 5,144,679 thousand in the prior period, reflecting stable demand[24]. - The insulin product line contributed RMB 528,341 thousand in revenue, showing a positive trend in this segment[24]. - The company plans to continue expanding its market presence, particularly in Europe and India, where revenues were RMB 376,958 thousand and RMB 331,769 thousand, respectively[26]. - The total segment revenue for intermediates, APIs, and formulations for the first half of 2024 was RMB 9,396,699,000, with a total inter-segment sales of RMB 2,220,895,000[28]. Research and Development - Research and development expenses rose to RMB 446,800 thousand, an increase of 32.0% from RMB 338,678 thousand in the previous year[9]. - The company invested RMB 479,400,000 in drug research and development, a 36.9% increase compared to the previous year[74]. - The company has 44 new human drug products under development, including 19 Class 1 new drugs focusing on various therapeutic areas[74]. - The company is focused on enhancing its research and innovation capabilities to adapt to industry changes[84]. Shareholder and Corporate Governance - The company declared an interim dividend of RMB 0.16 per ordinary share for the six months ended June 30, 2024, totaling RMB 290,724,000, compared to RMB 218,043,000 for the same period in 2023[46]. - The company is committed to creating more value for shareholders and society amidst the transformation of the pharmaceutical industry in China[84]. - The company adopted a share incentive plan on October 26, 2023, allowing for the issuance of up to 181,702,650 shares, representing 10% of the total issued shares[93]. - A total of 12,096,900 shares were granted under the share incentive plan on November 13, 2023, all acquired through market transactions[93]. - The board of directors confirmed compliance with the standards set forth in the code of conduct for securities trading during the six-month period ending June 30, 2024[98]. Employee and Operational Metrics - The total employee costs, including directors' remuneration, for the six months ended June 30, 2024, were RMB 916,843,000, up from RMB 769,768,000 in the previous year, indicating a rise of approximately 19.1%[41]. - The company employed approximately 15,000 staff as of June 30, 2024, maintaining the same number as at the end of 2023[81]. - The total remuneration for directors for the six months ended June 30, 2024, was RMB 10,034,000, compared to RMB 9,630,000 for the same period in 2023, reflecting an increase of 4.2%[63]. Compliance and Regulatory Matters - The company has implemented revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial performance for the current and prior periods[21]. - The company has no significant contracts or interests that conflict with its business operations as of the reporting period[86]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the six-month period ending June 30, 2024[100].
联邦制药(03933) - 2024 - 中期财报