Financial Performance - Gross profit for the year ended December 31, 2023, was RMB 71.0 million, a 794.5% increase from RMB 7.9 million in 2022, while the gross margin decreased from 69.8% to 51.6% due to changes in product mix[1] - The company recorded a net loss of RMB 1,963.8 million in 2023, a significant increase from RMB 555.8 million in 2022, mainly due to higher fair value losses on convertible redeemable preferred shares[11] - Revenue for 2023 increased to RMB 137,623 thousand, compared to RMB 11,366 thousand in 2022[104] - Gross profit for 2023 was RMB 71,008 thousand, up from RMB 7,938 thousand in 2022[104] - Total loss for 2023 was RMB 1,963,758 thousand, compared to RMB 555,836 thousand in 2022[104] - Sales revenue from product sales at a point in time increased to RMB 137,623 thousand in 2023 from RMB 11,366 thousand in 2022, representing a significant growth[134] - The company reported a basic and diluted loss per share of RMB 9.60 in 2023, compared to RMB 6.94 in 2022, indicating a larger loss per share[164] - The weighted average number of ordinary shares used in calculating basic and diluted loss per share increased to 204,614,716 in 2023 from 80,045,710 in 2022[164] - The company did not declare or intend to declare any dividends for the year ended December 31, 2023, consistent with the previous year[162] - The company's pre-tax loss for 2023 was RMB 1,963,758 thousand, with a tax expense calculated at the statutory rate of 25% amounting to RMB 490,940 thousand[186] Revenue and Sales Growth - Total revenue increased by 1,110.8% to RMB 137.6 million for the year ended December 31, 2023, compared to RMB 11.4 million in the previous year[44] - Revenue increased by 1,110.8% from RMB 11.4 million in 2022 to RMB 137.6 million in 2023, driven by increased sales of hair disease and care products as well as daily skincare products[76] - GMV for hair disease and care products during the "618" event reached RMB 9.4 million, a year-on-year increase of 4,348.0%[43] - GMV for hair disease and care products and skin care products during the "Double 11" event exceeded RMB 16.7 million and RMB 24.8 million, respectively[43] - During the "Double 11" shopping festival, the company's hair disease and care products recorded GMV exceeding RMB 16.7 million, while skin care products recorded GMV exceeding RMB 24.8 million, with a specific skin care product achieving over RMB 5.0 million GMV on Douyin[59] - The company's GMV for hair disease and care products during the "618 event" exceeded RMB 9.4 million, representing a year-on-year growth of 4,348.0%[87] - The company's CUP-MNDE (Bailleul® Minoxidil Spray) ranked first in sales in the cross-border minoxidil category on Tmall and JD platforms[87] Expenses and Costs - R&D costs rose by 19.3% to RMB 215.7 million in 2023, primarily due to increased employee costs and depreciation from expanded R&D laboratory operations[23] - Sales and distribution expenses surged by 479.7% to RMB 208.3 million in 2023, driven by expanded online marketing activities and employee costs[26] - Sales costs increased to RMB 66.6 million in 2023, up from RMB 3.4 million in 2022, reflecting higher product sales volumes[21] - Financial costs rose by 159.1% to RMB 4.5 million in 2023 due to increased bank loans for daily operations[27] - Administrative expenses increased by 85.1% to RMB 185.9 million for the year ended December 31, 2023, due to business expansion and share-based payments[41] - R&D costs for 2023 were RMB 215,711 thousand, compared to RMB 180,756 thousand in 2022[104] - Total employee compensation costs increased from RMB 179.7 million in 2022 to RMB 260.7 million in 2023, primarily due to an increase in headcount[79] - The unrecognized deductible temporary differences increased to RMB 59,668 thousand in 2023 from RMB 21,245 thousand in 2022, mainly due to advertising and promotional expenses[161] - The company's R&D expenses tax deduction amounted to RMB 18,461 thousand in 2023, compared to RMB 15,849 thousand in 2022[186] Cash and Financial Position - Cash and cash equivalents increased by 1.6% to RMB 473.1 million as of December 31, 2023, primarily due to proceeds from the initial public offering[33] - Time deposits over three months decreased by 41.8% to RMB 330.2 million as of December 31, 2023, mainly due to the maturity of time deposits[33] - Financial assets at fair value through profit or loss surged by 979.0% to RMB 469.3 million as of December 31, 2023, driven by investments to maximize capital returns[33] - The company's cash and cash equivalents, time deposits over three months, and financial assets at fair value through profit or loss totaled approximately RMB 1,272.6 million as of December 31, 2023[44] - Cash and cash equivalents for 2023 were RMB 473,120 thousand, compared to RMB 465,866 thousand in 2022[122] - The company's net current assets increased to RMB 1,161,528 thousand in 2023 from RMB 1,068,023 thousand in 2022, reflecting improved liquidity[141] - Cash and cash equivalents increased slightly to RMB 473,120 thousand in 2023 from RMB 465,866 thousand in 2022, with RMB 424,381 thousand denominated in CNY and USD 47,885 thousand[169] - The company's financial products classified as fair value through profit or loss increased to RMB 469,337 thousand in 2023 from RMB 43,496 thousand in 2022, with expected yields ranging from 1.5% to 4.5% annually[193] Liabilities and Debt - The asset-to-liability ratio improved to 21.0% in 2023 from 186.1% in 2022, following the conversion of all convertible redeemable preferred shares into ordinary shares after the IPO[14] - Total current liabilities for 2023 were RMB 254,788 thousand, compared to RMB 77,402 thousand in 2022[106] - Total non-current liabilities for 2023 were RMB 102,970 thousand, down significantly from RMB 2,615,719 thousand in 2022[125] - The company's financial liabilities under trade and other payables are unsecured, interest-free, and repayable on demand, with carrying amounts approximating fair value due to their short-term nature[172] - The company's short-term unsecured bank loans amount to RMB 129,411 thousand, with interest rates ranging from 3.19% to 3.65%[199] - The company has long-term secured bank loans totaling RMB 60,000 thousand, with an interest rate of 3.45%, maturing between 2025 and 2026[199] - Total bank loans (both short-term and long-term) amount to RMB 189,411 thousand, all denominated in RMB and at fixed interest rates[199] - The company has provided guarantees for part of its bank loans, up to RMB 120,000,000, as of the reporting period end[198] - The company's repayment schedule for bank loans includes RMB 129,411 thousand due within one year, RMB 40,000 thousand in the second year, and RMB 20,000 thousand between the third and fifth years[199] R&D and Product Pipeline - CU-20401, a recombinant mutant collagenase, is undergoing Phase II clinical trials in China for submental fat treatment, with the first subject enrolled in January 2024[43] - The company's proprietary CATAME® technology platform has developed a competitive pipeline of products including creams, sprays, ointments, and aerosol foams, focusing on micron and nanoparticle development, formulation quality, and skin pharmacokinetics analysis[47] - CU-20401, a recombinant mutant collagenase targeting obesity and localized fat accumulation, completed Phase I clinical trials in China for abdominal fat treatment in February 2024, with Phase II trials expected to start in 2024 and regulatory approval anticipated by 2028[51] - CU-40102, the first and only approved topical finasteride product for androgenetic alopecia in China, had its NDA accepted by the National Medical Products Administration in January 2024, with commercial approval expected by 2025[53] - CU-40101, a potent small molecule thyroid hormone receptor agonist for hair regrowth, completed Phase I clinical trials in China in November 2023[54] - CU-10201, a topical 4% minocycline foam for acne treatment, offers lower systemic exposure and fewer side effects compared to oral minocycline[55] - CU-10101, a non-hormonal small molecule drug for mild to moderate atopic dermatitis, had its IND application accepted by the CDE in March 2024[56] - CU-30101 completed Phase III clinical trials in China in January 2024[57] - The company is conducting Phase II clinical trials for CU-20401 in China for submental fat treatment, with the first patient enrolled in January 2024 and trial completion expected by 2025[65] - CU-20401 completed Phase I clinical trials for abdominal fat treatment in February 2024 and initiated Phase II clinical trials for submental fat treatment in January 2024[74] - CU-10201, the first and only topical minocycline approved for acne treatment, received NDA acceptance from the National Medical Products Administration (NMPA) in September 2023, with commercialization expected in 2024[82][83] - CU-40102's NDA was accepted by the NMPA in January 2024, marking progress in the company's pipeline[74] Marketing and Commercialization - The company has a tailored commercialization strategy focusing on online marketing through platforms like Tmall, JD.com, Bilibili, Douyin, Zhihu, and Xiaohongshu, supported by a dedicated marketing and customer service team[72] - The company secured exclusive distribution rights for the "Omar" brand in China in September 2023, expanding its skincare product portfolio[73] Assets and Investments - Total current assets for 2023 were RMB 1,416,316 thousand, up from RMB 1,145,425 thousand in 2022[122] - Net asset value for 2023 was RMB 1,349,039 thousand, compared to a net liability of RMB 1,246,316 thousand in 2022[107] - Property, plant, and equipment for 2023 were valued at RMB 177,664 thousand, slightly down from RMB 179,398 thousand in 2022[122] - The company utilized RMB 356.8 million from the net proceeds of the global offering, with no significant investments, acquisitions, or disposals reported during the year[20][15] - The company completed the construction of a GMP-compliant production facility in Jiangsu with three production lines for ointments, creams, aerosols, and foams, which became operational in February 2023[73] Other Income and Expenses - Other income increased by 53.3% to RMB 36.8 million in 2023, driven by government subsidies and higher bank interest income from increased cash and cash equivalents[1] - Other income decreased by 71.5% to RMB 23.3 million for the year ended December 31, 2023, mainly due to smaller exchange rate gains compared to the previous year[39] - Government grants increased to RMB 11,930 thousand in 2023 from RMB 6,252 thousand in 2022, reflecting higher support from local government agencies[136] - Bank interest income rose to RMB 21,758 thousand in 2023 from RMB 16,447 thousand in 2022, indicating improved cash management[136] - Total other income increased to RMB 36,846 thousand in 2023 from RMB 24,042 thousand in 2022, driven by higher interest and government grants[136] - Net exchange gains decreased to RMB 20,801 thousand in 2023 from RMB 73,979 thousand in 2022, reflecting lower foreign exchange volatility[155] Contingencies and Legal Matters - The company had no significant contingent liabilities, guarantees, or litigation as of December 31, 2023[16] Tax and Impairment - The company's cumulative tax losses in Hong Kong amounted to RMB 100,525 thousand as of December 31, 2023, which can be used indefinitely to offset future taxable profits[187] - The company's cumulative tax losses in Mainland China amounted to RMB 827,439 thousand as of December 31, 2023, which can be used to offset future taxable profits within one to five years[187] - The company's trade receivables impairment provision increased to RMB 752 thousand in 2023 from zero in 2022[167] Trade Receivables and Payables - Trade receivables increased significantly to RMB 62,950 thousand in 2023 from RMB 98 thousand in 2022, with expected credit loss rates of 1.04% for within one month, 1.27% for one to six months, and 2.75% for six to twelve months[168] - Trade and other payables increased to RMB 113,603 thousand in 2023 from RMB 68,572 thousand in 2022, with trade payables at RMB 20,292 thousand and R&D service accruals at RMB 23,105 thousand[171] Employee and Workforce - The company's R&D team comprises 49 employees, accounting for 16.4% of the total workforce[79]
科笛-B(02487) - 2023 - 年度业绩