Financial Performance - Revenue for 2023 reached RMB 13,739,879,000, a 21.2% increase compared to 2022[2] - Net profit attributable to the company's owners surged by 70.9% to RMB 2,701,400,000[4] - The company's EBITDA rose by 50.6% to RMB 3,976,692,000 in 2023[2] - The company's pre-tax profit grew by 66.6% to RMB 3,344,148,000[2] - Revenue for 2023 reached RMB 13,739.879 million, a 21.2% increase from RMB 11,334.262 million in 2022[12] - Net profit for 2023 was RMB 2,700.845 million, up 70.8% from RMB 1,581.023 million in 2022[12] - Earnings per share for 2023 increased to RMB 148.67 cents, compared to RMB 86.89 cents in 2022[12] - Profit before tax for 2023 was RMB 3,344,148 thousand, up from RMB 2,006,766 thousand in 2022[22][24] - Revenue for the year ended December 31, 2023, was approximately RMB 13,739.9 million, an increase of 21.2% year-over-year[43] - EBITDA for the year was approximately RMB 3,976.7 million, up 50.6% year-over-year[43] - Net profit attributable to shareholders was RMB 2,701.4 million, a 70.9% increase year-over-year[43] R&D and Innovation - R&D investment increased by 36.2% to RMB 808,300,000 in 2023[5] - The company's GLP-1 drug UBT251 injection received clinical trial approvals in both China and the US[5] - Research and development costs rose to RMB 757,248 thousand in 2023, compared to RMB 593,598 thousand in 2022, reflecting increased investment in innovation[27] - The company invested RMB 808.3 million in R&D, a 36.2% increase year-over-year, with 39 new human drug products under development, including 19 Class 1 new drug projects[46] Global Expansion and Market Reach - The company's upstream products now cover nearly 80 countries and regions globally[6] - Revenue from China (including Hong Kong) increased to RMB 11,124,265 thousand in 2023, compared to RMB 8,962,740 thousand in 2022[25] - Revenue from Europe grew to RMB 783,732 thousand in 2023, up from RMB 631,282 thousand in 2022[25] - Revenue from India reached RMB 673,922 thousand in 2023, compared to RMB 556,336 thousand in 2022[25] - Revenue from South America increased to RMB 340,391 thousand in 2023, up from RMB 297,594 thousand in 2022[25] - Overseas sales of intermediate products and APIs reached RMB 2,615.6 million, accounting for 19.0% of total sales[44] Product Segments and Revenue Breakdown - Revenue from intermediate products increased to RMB 5,753,101 thousand in 2023, up from RMB 4,317,709 thousand in 2022[22][24] - Revenue from active pharmaceutical ingredients (API) rose to RMB 7,392,185 thousand in 2023, compared to RMB 6,044,904 thousand in 2022[22][24] - Revenue from finished dosage products grew to RMB 5,023,821 thousand in 2023, up from RMB 4,560,331 thousand in 2022[22][24] - Total revenue for 2023 reached RMB 13,739,879 thousand, a significant increase from RMB 11,334,262 thousand in 2022[22][24] - Intermediate products and active pharmaceutical ingredients (API) segments saw revenue increases of 33.2% and 22.3%, respectively, with profit increases of 116.0% and 102.7%[43] Capital and Asset Management - Total assets as of December 31, 2023, were RMB 14,390.448 million, up from RMB 11,946.598 million in 2022[13] - Non-current assets grew to RMB 7,229.979 million in 2023, compared to RMB 6,464.679 million in 2022[13] - Current assets increased to RMB 13,787.201 million in 2023, up from RMB 12,514.946 million in 2022[13] - The company's equity attributable to owners rose to RMB 12,734.778 million in 2023, from RMB 10,608.086 million in 2022[15] - The company invested RMB 1,143,439 thousand in property, plant, and equipment in 2023, a significant increase from RMB 701,986 thousand in 2022[34] - Trade receivables and bills receivable totaled RMB 6,314,480 thousand in 2023, up from RMB 4,911,704 thousand in 2022, with credit loss provisions of RMB 12,459 thousand for trade receivables[35] - The company typically offers trade customers a credit period of 45 to 120 days, with selected customers potentially receiving extended credit based on trade volume and historical settlement records[36] - The aging analysis of trade receivables shows that 0 to 30 days receivables amounted to RMB 920,770 thousand in 2023, down from RMB 1,026,413 thousand in 2022[37] - Trade payables and other payables totaled RMB 2,238,152 thousand in 2023, with supplier financing arrangements accounting for RMB 1,981,929 thousand[39] - Capital commitments for the acquisition of property, plant, and equipment amounted to RMB 989,055 thousand in 2023, up from RMB 355,691 thousand in 2022[40] - The company pledged assets worth RMB 22,440 thousand in property, plant, and equipment and RMB 972,249 thousand in bank deposits as collateral for bank credit in 2023[41] - The company's current assets increased to RMB 13,787,200,000 in 2023 from RMB 12,514,900,000 in 2022, with net current assets rising to RMB 7,160,500,000 from RMB 5,481,900,000[49] - The current ratio improved to 2.08 in 2023 compared to 1.78 in 2022[49] - Total assets grew to RMB 21,017,200,000 in 2023 from RMB 18,979,600,000 in 2022, while total liabilities decreased to RMB 8,269,600,000 from RMB 8,370,200,000[49] - Equity attributable to owners of the company increased to RMB 12,734,800,000 in 2023 from RMB 10,608,100,000 in 2022[49] - Net cash and bank balances after deducting borrowings and supplier financing arrangements stood at RMB 1,755,500,000 in 2023, up from RMB 1,394,600,000 in 2022[49] - The company held RMB 5,234.2 million in bank deposits, cash, and cash equivalents as of December 31, 2023[48] - The company's interest-bearing borrowings were RMB 1,496.9 million, all due within five years, with RMB 23.9 million in fixed-rate loans and RMB 1,473.0 million in floating-rate loans[48] Dividends and Shareholder Returns - The company's total dividend for 2023 increased by 108% to RMB 52 cents per share[2] - Dividends declared for 2023 totaled RMB 581,448 thousand, up from RMB 272,636 thousand in 2022, reflecting higher interim and special dividends[32] - The company proposed a final dividend of RMB 28 cents per share and a special dividend of RMB 12 cents per share for 2023, totaling RMB 726,811 thousand[32] Employee and Social Responsibility - The company added over 5,000 jobs in the past decade, contributing to social responsibility efforts[10] - The company launched a stock incentive plan in 2023 to align employee interests with corporate value[10] - The company is committed to green factory construction, supporting national carbon neutrality goals[10] - Employee costs, including salaries and benefits, rose to RMB 1,648,745 thousand in 2023, compared to RMB 1,397,006 thousand in 2022[31] - The company employed approximately 15,000 staff in Hong Kong and Mainland China as of December 31, 2023, compared to 14,000 in 2022[51] - The company granted a total of 12,096,900 reward shares to selected participants under the 2023 Share Award Scheme[52] Legal and Contingent Liabilities - The company won a lawsuit against Chengdu Evergrande, with the court ordering payment of approximately RMB 136,300,000, though the company has appealed the decision[53] - The company has no significant contingent liabilities as of December 31, 2023[52] Financial Costs and Taxation - Financial costs decreased to RMB 66,896 thousand in 2023 from RMB 81,595 thousand in 2022, primarily due to lower borrowing interest[28] - Tax expenses increased to RMB 643,303 thousand in 2023, up from RMB 425,743 thousand in 2022, mainly due to higher corporate income tax in China[29] - The company's financial costs decreased by 18.0% to RMB 66.9 million, with net cash and bank balances of RMB 1,755.5 million as of December 31, 2023[47] Other Income and Expenses - Other income increased to RMB 212,475 thousand in 2023, up from RMB 165,817 thousand in 2022, driven by higher bank interest income and subsidy income[26] - Depreciation of property, plant, and equipment increased to RMB 536,303 thousand in 2023 from RMB 521,834 thousand in 2022[31] Treasury and Risk Management - The company maintains a treasury policy to monitor and manage currency exchange rate risks, using forward contracts as needed[50] Production and Infrastructure - The company launched the construction of the Zhuhai Lianbang Gaolan Port API project in November 2023[7] - The company's animal health business experienced rapid growth, with new production bases under construction in Inner Mongolia and Zhuhai[9] - The company's new production base in Zhuhai Gaolan Port, with a total construction area of 120,000 square meters, began construction in November 2023, aiming to enhance the automation and scale of API production[44]
联邦制药(03933) - 2023 - 年度业绩