Well Pharmaceutical(603351)2023-04-24 16:00Financial Performance - In 2022, Nanjing Well Pharmaceutical Group achieved a net profit attributable to shareholders of 95.03 million RMB, a decrease of 6.26% compared to 2021[5]. - The company's total revenue for 2022 was approximately 1.11 billion RMB, reflecting a year-on-year increase of 6.59%[22]. - The net profit attributable to shareholders was CNY 95.03 million, a decrease of 6.26% compared to the previous year[33]. - The company reported a net profit of 92.06 million RMB after deducting non-recurring gains and losses, down 6.56% from the previous year[22]. - The company reported basic earnings per share of CNY 0.72, down 5.26% from CNY 0.76 in 2021[23]. - The diluted earnings per share also decreased to CNY 0.71, a decline of 6.58% from the previous year[23]. - The weighted average return on equity was 6.64%, down from 7.63% in 2021, reflecting a decrease of 0.99 percentage points[23]. - The gross profit margin decreased to 27.34%, down by 1.16 percentage points compared to the previous year[55]. - The company achieved a net profit of 300 million RMB, an increase of 20% compared to the previous year[123]. Assets and Liabilities - As of December 31, 2022, the total assets of the company reached approximately 2.14 billion RMB, marking a 16.11% increase from the previous year[22]. - The net assets attributable to shareholders at the end of 2022 were approximately 1.48 billion RMB, up 7.06% from 2021[22]. - The company's short-term borrowings increased by 110.55% to 360,453,327.94 CNY, primarily due to new bank loans[62]. - The total remuneration for the company's directors and senior management during the reporting period amounted to CNY 559.86 million, with no changes in shareholdings reported[122]. Cash Flow - The net cash flow from operating activities for 2022 was approximately 108.99 million RMB, a significant recovery from a negative cash flow in 2021[22]. - The company reported a net cash flow from operating activities of CNY 108,989,026.49, a significant improvement from a negative cash flow in the previous year[52]. - The cash and cash equivalents increased by 33,564,603.83 CNY, reversing a previous decline of 9,295,502.68 CNY[61]. Research and Development - In 2022, the company's R&D expenses amounted to 53.87 million yuan, representing a year-on-year increase of 29.93%, accounting for 4.85% of operating revenue[39]. - The company has 32 ongoing R&D projects, including 4 raw material drug projects, with 10 new projects initiated in 2022[39]. - The company is actively collaborating with pharmaceutical companies to accelerate the R&D of active pharmaceutical ingredients and formulations[36]. - The company has established a provincial-level engineering technology research center for water-soluble pharmaceutical excipients, enhancing its R&D capabilities[68]. - The company reported a significant increase of 201.80% in R&D investment for glycerol ester series products compared to the previous year[74]. Market and Sales - The sales volume of synthetic lubricating base oil increased by 7.42% year-on-year, while sales revenue grew by 1.30%[34]. - The sales volume of pharmaceutical excipients increased by 29.73% year-on-year, with sales revenue rising by 18.87%[35]. - The revenue from pharmaceutical excipients (non-injection) was CNY 197.29 million, with a gross profit margin of 38.04%[55]. - The revenue from the Northeast region was CNY 33.50 million, showing a significant increase of 91.79% year-on-year[55]. - The overseas revenue reached CNY 69.23 million, with a year-on-year increase of 55.91%[55]. Strategic Focus - The company is focusing on strategic emerging industries such as biotechnology and new energy as part of its long-term development plan[33]. - The company is focusing on the development of high-performance lubricants for electric vehicles, driven by the growing demand in the market[46]. - The company aims to enhance its product series in pharmaceutical excipients, focusing on high-standard injectable excipients to increase market share[106]. - The company intends to expand its market presence by optimizing product structures and enhancing customized services in both pharmaceutical excipients and synthetic lubricating oils[107]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements in its reports[6]. - The company faces risks related to product and technology development, including potential mismatches with market demands and regulatory challenges[112]. - The company faces risks related to the quality control of pharmaceutical excipients due to the increasing regulatory scrutiny and the need for continuous improvement in quality control systems as the business scales up[113]. - Environmental protection regulations are becoming stricter, and the company may need to invest more in compliance, potentially increasing operational costs and impacting financial performance[113]. Governance and Compliance - The company has established a governance structure compliant with relevant laws and regulations, ensuring proper operation of the shareholders' meeting, board of directors, and supervisory board[119]. - The company has a risk management system in place that enhances the effectiveness of internal control and management of subsidiaries[152]. - The company has established an internal control system that effectively promotes the steady implementation of its strategy and safeguards the interests of all shareholders[152]. - The company has not faced any penalties from securities regulatory authorities in the past three years[130]. Environmental Responsibility - The company invested CNY 9,123,400 in environmental protection during the reporting period[155]. - The company has implemented various pollution control facilities, with a waste gas treatment capacity of 30,000 m³/h for volatile organic compounds and other pollutants[159]. - The wastewater treatment capacity is 500 tons/day, utilizing multiple advanced processes including SBR and MBR technology[159]. - The company has installed online monitoring equipment for pollutant emissions, ensuring real-time compliance with environmental regulations[163].