Financial Performance - The company reported a revenue of approximately RMB 1,267.2 million for the year ended December 31, 2023, representing a 15.5% increase from RMB 1,097.3 million in 2022[7]. - Gross profit for the same period was approximately RMB 995.6 million, up 13.9% from RMB 873.9 million in the previous year[10]. - The net profit attributable to the company's owners decreased by 19.1% to RMB 263.2 million from RMB 325.3 million in 2022[7]. - Basic earnings per share fell to RMB 0.060 from RMB 0.077, a decline of 22.1%[7]. - Operating profit increased by approximately 2.0% to about RMB 383.3 million for the year ended December 31, 2023, from RMB 375.9 million in 2022[32]. - The company recorded a net profit attributable to owners of approximately RMB 263.2 million for the year ended December 31, 2023, down about 19.1% from RMB 325.3 million in 2022[38]. - The total comprehensive income for the year was RMB 510,066,000, down from RMB 516,664,000 in 2022[183]. - The company reported a net profit for 2023 decreased to RMB 107,490 thousand from RMB 318,739 thousand in 2022, indicating a decline of 66.3%[180]. Research and Development - The company experienced a significant increase in R&D expenses, impacting overall profitability[10]. - The company plans to continue increasing R&D investment and attracting talent to enhance its innovation capabilities[11]. - Research and development expenses increased by approximately 42.9% to about RMB 297.9 million for the year ended December 31, 2023, from RMB 208.5 million in 2022[31]. - The company has accelerated product development and innovation capabilities to maintain its leading position in the industry, with several products receiving regulatory certifications, including AcuMarkTM and EpioneTM systems[18]. - The company is actively expanding its product portfolio in the structural heart disease sector, with a diverse range of offerings including left atrial appendage occluders and third-generation congenital heart disease occluders[21]. - The company plans to increase R&D investment focusing on new materials and technologies to drive product innovation and category expansion[56]. Market and Sales - Domestic sales accounted for approximately 78.3% of total revenue in 2023, down from 81.6% in 2022, while overseas sales increased by 36.0%[16]. - The company's major overseas markets in 2023 were Asia (excluding mainland China) and Europe, contributing approximately 9.0% and 8.8% to total revenue, respectively[16]. - The company anticipates an upward trend in market demand for its products driven by aging population, urbanization, and increased health awareness[51]. - The global market for left atrial appendage occluders is expected to continue expanding due to a large population of atrial fibrillation patients[52]. - The company leads the domestic market share in the provision of advanced interventional medical devices for peripheral vascular diseases[53]. - The company is the first domestic manufacturer with a complete product range of implantable cardiac pacemakers meeting international standards, with optimistic market performance expected due to unmet demand in China[54]. Assets and Liabilities - Total assets increased to RMB 4,696.4 million in 2023 from RMB 3,690.1 million in 2022[8]. - The company’s total liabilities rose to RMB 1,372.4 million in 2023, compared to RMB 769.0 million in the previous year[8]. - As of December 31, 2023, the total current assets amounted to approximately RMB 2,231.1 million, an increase of about 59.6% from RMB 1,396.7 million as of December 31, 2022[40]. - The total current liabilities as of December 31, 2023, were approximately RMB 770.1 million, up from RMB 584.7 million as of December 31, 2022[40]. - The company's equity attributable to equity holders was approximately RMB 3,370.2 million as of December 31, 2023, compared to RMB 2,900.4 million as of December 31, 2022[43]. - The company has no bank borrowings as of December 31, 2023, resulting in a debt-to-equity ratio of zero[43]. Corporate Governance - The company has adopted corporate governance principles and confirmed compliance with the corporate governance code throughout the year ending December 31, 2023, except for a deviation regarding the dual role of the chairman and CEO[67]. - The board consists of two executive directors, one non-executive director, and three independent non-executive directors as of the report date[69]. - The company is committed to reviewing and enhancing its corporate governance practices to meet the rising expectations of shareholders and investors[67]. - The company has implemented a code of conduct for securities trading that meets or exceeds the standards set forth in the listing rules[68]. - The board has established clear guidelines for management reporting to the board, ensuring accountability and transparency in decision-making[74]. - The company has established a whistleblowing policy to encourage reporting of illegal or unethical behavior[95]. Shareholder Engagement - The annual general meeting provided shareholders the opportunity to engage directly with the board regarding company performance and operations[101]. - The company has maintained a high level of transparency in its communications with shareholders and investors[100]. - The board has reviewed the implementation and effectiveness of the shareholder communication policy for the year ending December 31, 2023[100]. Employee and Management - Total employee costs, including director remuneration, amounted to approximately RMB 3,798 million for the year ended December 31, 2023, up from RMB 3,365 million in 2022[55]. - The company has expanded its board with experienced professionals, enhancing its strategic planning and business management capabilities[59][60][62]. - The management team has a strong educational background, with degrees from prestigious institutions such as Tsinghua University and Fourth Military Medical University[59][61][62]. - The company is committed to creating environmentally friendly and sustainable business operations, investing in energy-saving technologies to reduce carbon emissions[57]. Audit and Compliance - The consolidated financial statements were audited by Deloitte, and no change in auditors has occurred in the past three years[171]. - The audit committee is responsible for recommending the appointment, reappointment, and removal of external auditors to the board[93]. - The company emphasizes effective risk management and internal control systems to safeguard assets and ensure compliance with laws and regulations[83]. - The board reviews the effectiveness of the risk management and internal control systems at least annually, ensuring they are adequate and effective[94]. Future Outlook - The company recognizes the opportunities in the medical device industry will outweigh the challenges in the future, driven by factors such as aging population and rising health awareness[13]. - The company plans to continue evaluating and exploring acquisition, partnership, alliance, and licensing opportunities globally in 2024 to enhance competitiveness in existing and newly selected markets[13].
先健科技(01302) - 2023 - 年度财报