Financial Performance - For the fiscal year ending March 31, 2024, the company reported total revenue of HKD 6,593,000, a decrease of 18.4% compared to HKD 8,075,000 in the previous year[4] - The cost of sales for the same period was HKD 5,753,000, resulting in a gross profit of HKD 840,000, down from HKD 858,000 in the prior year[4] - The company achieved a profit before tax of HKD 98,707,000, a significant recovery from a loss of HKD 254,671,000 in the previous fiscal year[4] - The net profit attributable to the owners of the company was HKD 103,403,000, compared to a loss of HKD 245,698,000 in the previous year[6] - The company reported a basic earnings per share of HKD 6.77, a turnaround from a loss per share of HKD 16.78 in the previous year[6] - The company reported a total segment loss of HKD 7,676,000 for 2024, compared to a loss of HKD 13,442,000 in 2023, indicating an improvement in performance[26] - The company reported a net profit of HKD 103,403,000 for 2024, recovering from a loss of HKD 245,698,000 in 2023[46] - The group recorded a profit attributable to the owners of approximately HKD 103,102,000, a turnaround from a loss of HKD 245,707,000 in the previous fiscal year, primarily due to gains from revised convertible bonds amounting to approximately HKD 330,237,000[56] Assets and Liabilities - As of March 31, 2024, the company had total assets of HKD 1,373,224,000, slightly down from HKD 1,374,165,000 in the previous year[8] - Total assets as of March 31, 2024, amounted to HKD 1,383,023,000, a slight decrease from HKD 1,384,048,000 in 2023[28] - Total liabilities decreased to HKD 1,063,592,000 in 2024 from HKD 1,243,486,000 in 2023, representing a reduction of approximately 14.5%[28] - The company's current liabilities net amounted to HKD 381,802,000, with cash and cash equivalents of only HKD 3,075,000[12] - The company's net current liabilities amount to approximately HKD 381,802,000, while cash and cash equivalents are only HKD 3,075,000[100] - The total borrowings of the company as of March 31, 2024, were approximately HKD 1,054,200,000, down from approximately HKD 1,236,500,000 as of March 31, 2023[79] Convertible Bonds and Financing - The company has approved the issuance of convertible bonds to address its financial obligations, with a principal amount of HKD 256,000,000 that has matured[13] - The company has revised the terms of its convertible bonds, reducing the conversion price from HKD 0.4 to HKD 0.202 and extending the maturity date from ten years to twenty years[13] - The company has issued convertible bonds worth HKD 55,500,000, which will offset the principal amount owed to major shareholders[14] - The company issued convertible bonds with a principal amount of HKD 715,000,000 at an annual interest rate of 3.5%[64] - The maturity date of the convertible bonds was extended from July 28, 2023, to July 28, 2025[68] - A new convertible bond with a principal amount of HKD 55,500,000 was agreed upon, with a conversion price of HKD 0.211 per share and a zero percent interest rate[69] - As of August 15, 2023, the total outstanding convertible bonds amounted to HKD 359,600,000, with a maturity extension to twenty years from the issuance date[72] - The conversion price for certain bonds held by major shareholder Dr. Mao was revised from HKD 0.40 to HKD 0.202[73] - The company incurred interest expenses of HKD 217,025,000 on convertible bonds in 2024, slightly down from HKD 233,031,000 in 2023[26] - The actual interest expense on convertible bonds decreased to HKD 217,025,000 in 2024 from HKD 233,031,000 in 2023, a reduction of approximately 6.9%[37] Research and Development - The company is currently developing an oral insulin product, which is in Phase III clinical trials, with future cash flows dependent on the success of these trials and regulatory approval[12] - The company is conducting clinical trials for an oral insulin product, with approximately 400 patients recruited as of March 31, 2024, aiming for a product launch in Q1 2026[15] - The clinical trial for the oral insulin product began patient recruitment in July 2020, with approximately 400 patients recruited by the end of the fiscal year[60] - The commercialization of the product is expected to occur in Q1 2026, following regulatory approval from the National Medical Products Administration of China[63] - The group is currently conducting R&D on oral insulin products, with intangible assets recorded at a book value of HKD 1,373,224,000[58] - The company has not identified any negative feedback from ongoing clinical trials, which is crucial for future product development[15] - The company’s consolidated financial statements have been prepared on a going concern basis, contingent on the successful completion of clinical trials and product launch[15] Operational and Strategic Insights - The company is exploring additional financing and borrowing opportunities to support its operations[15] - The company plans to gradually explore trade operations in Hong Kong and China while strengthening risk management policies[76] - The company aims to commercialize its products by the first quarter of 2026, collaborating closely with contract research organizations[77] - The company has maintained a cautious strategy for managing foreign exchange risks without using any financial instruments for hedging during the fiscal year[84] - The company generated a net operating cash outflow of HKD 8,279,000 for the fiscal year ending March 31, 2024[100] - The company has not made any significant investments or acquisitions during the fiscal period[82] Shareholder and Loan Information - The company has confirmed that it will not be required to repay approximately HKD 41,947,000 and HKD 18,355,000 in loans from former joint ventures for at least 12 months from the approval date of the financial statements[14] - The company has received financial support from major shareholders, ensuring that a loan of HKD 6,800,000 will not be demanded for repayment within the next 12 months[14] - Loans from a major shareholder and from a former associate company, totaling HKD 62,300,000, HKD 18,355,000, and HKD 41,947,000, are due for repayment within the next 12 months[100] Employee and Cost Management - The total employee cost for the fiscal year was approximately HKD 6,100,000, a slight decrease from approximately HKD 6,300,000 in the previous fiscal year[85]
领航医药生物科技(00399) - 2024 - 年度业绩