Financial Performance - In 2022, the company recorded revenue of RMB 334.1 million, an increase of 87.8% compared to 2021[7]. - The adjusted net loss for 2022 significantly decreased to RMB 25.9 million from RMB 100.7 million in 2021[7]. - The gross profit for 2022 was RMB 252.7 million, up from RMB 131.9 million in 2021[13]. - The pre-tax loss for 2022 was RMB 113.6 million, compared to RMB 199.7 million in 2021[13]. - The total assets as of December 31, 2022, amounted to RMB 3,253.7 million, with non-current assets at RMB 1,191.1 million and current assets at RMB 2,062.6 million[14]. - The total liabilities were RMB 159.5 million, with current liabilities at RMB 152.1 million and non-current liabilities at RMB 7.5 million[14]. - The total equity as of December 31, 2022, was RMB 3,094.2 million, a slight decrease from RMB 3,144.7 million in 2021[14]. - The gross margin improved from 74.1% in 2021 to 75.6% in 2022[31]. - The net loss decreased from RMB 199.7 million in 2021 to RMB 113.6 million in 2022[31]. - The company recorded a net cash outflow from operating activities during the reporting period, indicating potential future financing needs[20]. - The company reported a comprehensive loss for the year ended December 31, 2022, with detailed financial status available on pages 138 to 210 of the financial statements[159]. Product Development and Launches - The company launched a total of 25 products in the Chinese market, with an expectation to obtain over ten additional approvals from the National Medical Products Administration each year for the next three years[8]. - The company launched five new products in 2022, contributing over 1.9% to total revenue for the year[24]. - A total of 25 products have been approved by the National Medical Products Administration, with 8 products receiving CE marking[29]. - The company has strategically developed a total of 57 products and candidates, including 25 approved in China and 8 in Europe[32]. - The company has several products in the pipeline, including the drug-eluting peripheral vascular stent system expected to be launched in 2025 and the peripheral PTA balloon dilation catheter expected to be launched in 2024[37]. - The company has successfully introduced the CRD intracranial thrombectomy stent and is promoting a complete three-piece solution to enhance the success rate and reduce complications in procedures[43]. - The second-generation intracranial aneurysm embolization coil is expected to be launched in 2023, offering more specifications and sizes for treating different sizes of aneurysms[48]. - The company has completed patient enrollment for two clinical trials of its blood flow guiding device in China, despite the negative impact of COVID-19, demonstrating strong R&D and clinical trial execution capabilities[50]. Market Expansion and International Business - The international business contributed revenue of RMB 7.8 million in 2022, a growth of 125.2% from RMB 3.5 million in 2021[9]. - Sales revenue from regions outside of China increased by 125.2% compared to 2021[28]. - The company established a local team in Europe in September 2022 to build long-term partnerships with local doctors and hospitals[9]. - The company aims to enhance local partnerships with doctors through the establishment of its own overseas sales network[28]. - The company is looking to expand its European team and establish a logistics center to improve distribution efficiency in local markets[122]. - Market expansion plans include entering three new international markets by the end of 2023, aiming for a 10% market share in each[141]. Research and Development - The company continues to invest in R&D to expand its product offerings despite the challenges posed by the COVID-19 pandemic[29]. - Research and development expenses for the year were RMB 233.5 million, a 38.9% increase from RMB 168.1 million in the previous year[82]. - The company has established a top-tier independent R&D technology platform to facilitate continuous innovation and technological breakthroughs[68]. - The company is investing heavily in R&D, with a budget allocation of 150 million for the development of innovative medical technologies in 2023[141]. Strategic Goals and Future Outlook - The company aims to become a leading medical device company in China, focusing on providing high-quality and affordable medical products[11]. - The company is committed to enhancing its capabilities and accelerating growth to outperform market trends over the next three to five years[11]. - The company plans to enhance its commercialization capabilities and expand its market share by launching 25 products in China[118]. - The company anticipates leveraging strategic partnerships to drive inorganic growth by acquiring advanced technologies and products[121]. - The company has provided guidance for 2023, projecting revenue growth of 20% to 1.8 billion[141]. Governance and Management - The company was founded in November 2012 by Dr. Zhao, who has 25 years of experience in the pharmaceutical and medical device industry[126]. - The management team includes professionals with advanced degrees in biomedical engineering, management, and finance, contributing to the company's strategic direction[130][136]. - The board includes a mix of executive and independent non-executive directors, ensuring governance and oversight[164]. - The company has established a remuneration committee to determine the compensation policy for directors and senior management based on their experience and qualifications[171]. - The company has arranged appropriate directors' liability insurance for its board members during the reporting period[173]. Shareholder Structure and Ownership - The company has a significant concentration of ownership, with Dr. Zhao controlling voting rights in various employee incentive platforms[183]. - Major shareholders include Dr. Zhong Shengping with 13,476,617 H-shares (4.15%) and 75,143,614 H-shares jointly held (23.15%)[187]. - The company has a diverse shareholder base, including investment management firms and private equity funds[190]. - The employee incentive plan aims to enhance the company's competitiveness in the labor market and attract future senior management[195]. - The company has established four employee incentive platforms, holding a total of 3,637,058 domestic shares and 32,733,529 H-shares as of December 31, 2022[192].
归创通桥-B(02190) - 2022 - 年度财报