BOJI CRO(300404)2021-04-26 16:00Financial Performance - The company reported a total revenue of 226,619,451, with no cash dividends or bonus shares distributed to shareholders[6]. - The company's operating revenue for 2020 was RMB 260,468,434.47, an increase of 16.25% compared to RMB 224,064,704.39 in 2019[19]. - The net profit attributable to shareholders for 2020 was RMB 16,988,641.81, representing a significant increase of 157.69% from RMB 6,592,620.34 in the previous year[19]. - The net profit after deducting non-recurring gains and losses was RMB 9,855,541.21, up 436.39% from RMB 1,837,396.93 in 2019[19]. - The net cash flow from operating activities reached RMB 97,067,618.03, a remarkable increase of 112,933.87% compared to RMB 85,874.81 in 2019[19]. - The total assets at the end of 2020 were RMB 749,631,868.84, an 18.41% increase from RMB 633,081,946.60 at the end of 2019[19]. - The net assets attributable to shareholders increased by 5.11% to RMB 444,239,449.04 from RMB 422,651,741.36 in 2019[19]. - The basic earnings per share for 2020 was RMB 0.0751, a 157.19% increase from RMB 0.0292 in 2019[19]. - The diluted earnings per share for 2020 was RMB 0.0746, reflecting a 157.24% increase from RMB 0.0290 in the previous year[19]. - The company reported a total of RMB 8,568,324.18 in government subsidies, which was an increase from RMB 4,621,895.60 in 2019[25]. Business Strategy and Development - The company plans to leverage its unique "one-stop" service advantage to adjust its business structure and development direction in response to policy changes in the new drug approval process[4]. - The company aims to enhance its risk resistance by developing innovative drug clinical services and preclinical services, capitalizing on its industry experience and talent[4]. - The company is expanding its business into preclinical research services and CDMO services, facing potential risks due to competition and lack of experience in these areas[6]. - The company emphasizes the importance of internal management and integration to mitigate risks associated with its expanding business scale[6]. - The company plans to strengthen internal training and talent reserves to adapt to changing policies and enhance operational efficiency[4]. - The company is actively developing innovative drug projects, including a ketone sugar kinase inhibitor, which has entered the CMC pharmaceutical research phase[56]. - The company is focusing on developing clinical research services for medical devices and diagnostic formulations to broaden its service offerings[104]. - The company plans to enhance its GLP drug evaluation center's business capabilities to better serve clients[105]. - The company intends to accelerate international expansion through acquisitions of overseas clinical CRO companies[105]. Market Competition and Risks - The rapid growth of domestic CRO companies has intensified market competition, prompting the company to improve its marketing and service levels[5]. - The company acknowledges the risk of contract execution delays due to the complex nature of new drug development, which may lead to budget management challenges[5]. - The company faces risks related to contract execution, including potential delays and cost overruns due to the long duration of drug development projects[108]. - The company has established specific responsibility models in contracts to address potential delays and associated penalties[5]. - The company is cautious in evaluating project execution difficulties before undertaking new projects to mitigate risks associated with new business expansions[111]. - The company has faced management risks due to the expansion of its operational scale and business scope, prompting efforts to enhance internal management and operational efficiency[111]. Research and Development - The company has developed multiple research platforms for traditional Chinese medicine and chemical drugs, enhancing its R&D capabilities[81]. - The company has established a comprehensive preclinical "one-stop" service research system, integrating process, quality, efficacy, pharmacokinetics, and toxicology evaluations[47]. - The company has completed multiple pharmacological and toxicological evaluations for its self-developed projects, including CRAT, ASP, and RUN[83]. - The company aims to obtain 1-2 new drug clinical approval documents annually to enhance its independent research and development capabilities[105]. - The company is conducting clinical research for a new drug targeting drug-resistant lung cancer, with an IND application submitted to the FDA[82]. Shareholder and Financial Management - The company has not proposed any cash dividends, stock bonuses, or capital reserve transfers for the 2020 fiscal year, opting to retain earnings for future investments[117]. - The company has committed to maintaining shareholder interests by not distributing dividends while planning for significant future expenditures[120]. - The company reported a cash dividend of RMB 226,619,451.00 for the year, with a total distributable profit of RMB 112,158,270.72, resulting in a cash dividend ratio of 0.00%[116]. - The company has fulfilled all commitments made by actual controllers and shareholders during the reporting period[122]. - The company has established a commitment to not transfer more than 25% of shares held during the tenure of directors and senior management[122]. - The company has ensured compliance with share transfer commitments to avoid changes in control and ensure long-term stability[124]. Corporate Governance and Compliance - The company emphasizes compliance with laws and regulations, ensuring the protection of stakeholders' rights, including suppliers and creditors[168]. - The company has made commitments to conduct related party transactions under fair and normal commercial conditions[124]. - The company has ensured strict compliance with commitments made by its controlling shareholders to avoid conflicts of interest[126]. - The company has stated that it will provide supplementary commitments in accordance with the latest regulations from securities regulatory agencies if necessary[128]. Subsidiaries and Investments - The company established several new subsidiaries, including Shenzhen Borui Pharmaceutical Technology Co., Ltd. and Jiangxi Bokang Pharmaceutical Technology Co., Ltd., which were included in the consolidated financial statements[137]. - The company participated in a new drug industry investment fund, with the controlling shareholder investing 37 million in the fund[149]. - The company’s wholly-owned subsidiary invested 9 million in the establishment of the Ganjiang New Area Boqu Investment Management Partnership[150]. - The company’s subsidiary, Guangzhou Boji Biological Pharmaceutical Technology Park Co., Ltd., increased its registered capital from 115 million RMB to 121.571 million RMB, with the company's shareholding reduced from 100% to 94.59%[177]. Stock Options and Share Capital - The company completed the first exercise period of its 2019 stock option incentive plan, with 980,655 options available for exercise[142]. - The company approved a new stock option incentive plan for 2020, granting 2.5 million options to 74 eligible participants[144]. - The total number of shares increased from 173,342,000 to 226,619,451 due to the implementation of the 2019 stock option incentive plan and capital reserve conversion[181]. - The company distributed a cash dividend of RMB 0.1 per 10 shares, totaling RMB 1,733,420, and converted 52,296,796 shares from capital reserves[185].