欧林生物(688319) - 2024 Q2 - 季度财报

Company Profile and Key Financial Indicators This section provides an overview of the company's fundamental information and its key financial performance metrics for the reporting period Company Overview Chengdu Olin Biological Technology Co., Ltd. (Olin Biotech) is a national high-tech enterprise focused on human vaccine R&D, production, and sales, with its legal representative being Fan Shaowen and its registered and office address in Chengdu High-tech Zone - Company basic information: Chengdu Olin Biological Technology Co., Ltd. (Olin Biotech), stock code 688319, listed on the STAR Market of Shanghai Stock Exchange[8][12] Key Accounting Data and Financial Indicators In the first half of 2024, the company's operating revenue was 226 million yuan, a slight decrease of 2.97% year-on-year; however, net profit attributable to shareholders turned from profit to loss, recording -27.95 million yuan, a significant decrease of 197.90% year-on-year, primarily due to substantial increases in R&D and administrative expenses 2024 Half-Year Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 226,277,670.03 yuan | 233,199,414.85 yuan | -2.97% | | Net Profit Attributable to Shareholders of Listed Company | -27,947,000.01 yuan | 28,546,071.06 yuan | -197.90% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -31,915,235.33 yuan | 20,094,810.96 yuan | -258.82% | | Net Cash Flow from Operating Activities | -57,830,841.20 yuan | -20,971,284.08 yuan | Not Applicable | | Indicator | As of End of Current Period | As of End of Prior Year | Change from End of Prior Year (%) | | Net Assets Attributable to Shareholders of Listed Company | 881,429,945.65 yuan | 916,905,551.64 yuan | -3.87% | | Total Assets | 1,664,135,370.74 yuan | 1,612,605,765.09 yuan | 3.20% | 2024 Half-Year Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.0689 | 0.0704 | -197.87% | | Diluted Earnings Per Share (yuan/share) | -0.0689 | 0.0704 | -197.87% | | Weighted Average Return on Net Assets (%) | -3.10% | 3.18% | Decrease of 6.28 percentage points | | R&D Investment as % of Operating Revenue | 57.73% | 25.76% | Increase of 31.97 percentage points | - The significant decline in net profit is primarily due to increased R&D expenses and administrative expenses year-on-year[15] - R&D expenses increased significantly by 81.12% due to the recognition of a 20 million yuan technology transfer fee for the quadrivalent influenza vaccine project and 11.61 million yuan in Phase IV clinical costs for the AC conjugate vaccine[15] - Administrative expenses increased due to equity incentive amortization and increased validation costs[15] 2024 Half-Year Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Items | Amount (yuan) | | :--- | :--- | | Government grants included in current profit and loss | 3,809,691.33 | | Fair value changes from financial assets and liabilities held by non-financial enterprises | 178,893.35 | | Other non-operating income and expenses | 22,271.80 | | Less: Impact of minority interests (after tax) | 42,621.16 | | Total | 3,968,235.32 | Management Discussion and Analysis This section provides an in-depth analysis of the company's industry, core business, technological advancements, operational performance, and key risk factors Industry and Main Business The company specializes in human vaccine R&D, production, and sales, with three products currently on the market, and employs a "traditional vaccine upgrade + innovative vaccine development" strategy, focusing on "superbug" and "adult" vaccines - The company's main business is the R&D, production, and sales of human vaccines, with three products currently on the market: Adsorbed Tetanus Vaccine, Hib Conjugate Vaccine, and AC Conjugate Vaccine[19] - The company adopts a dual-driven R&D strategy of "traditional vaccine upgrade and replacement + innovative vaccine development," focusing on "superbug" series vaccines and "adult vaccines"[19] - The company is one of the most comprehensively positioned enterprises in China in the "superbug" vaccine field, with a pipeline of four global Class 1.1 new drugs, including recombinant Staphylococcus aureus vaccine and oral recombinant Helicobacter pylori vaccine[20] - The recombinant Staphylococcus aureus vaccine Phase III clinical trial is progressing globally leading[20] Core Technologies and R&D Progress The company has established eight core technology platforms covering the entire vaccine R&D and industrialization process. During the reporting period, total R&D investment reached 131 million yuan, a 117.48% year-on-year increase, primarily for advancing the recombinant S. aureus vaccine Phase III clinical trial and the quadrivalent influenza vaccine project, with a rich R&D pipeline including globally leading projects Core Technologies The company has established eight core technology platforms covering the entire vaccine R&D and industrialization process, including polysaccharide-protein conjugation, genetic engineering, and adjuvant technologies - The company possesses eight core technology platforms that support its vaccine R&D and industrialization, including: - Polysaccharide-protein conjugation technology - Genetic engineering technology - Polypeptide vaccine technology - Separation and purification technology - Bacterial high-density culture technology - Tetanus vaccine detoxification control technology - Viral vaccine technology - Adjuvant technology[22][24][25] R&D Achievements During the reporting period, the company obtained 5 new invention patents, accumulating 78 invention patents, 69 utility model patents, 10 software copyrights, and 28 trademarks Intellectual Property Cumulative Status (As of June 30, 2024) | Category | New Applications in Current Period | New Grants in Current Period | Cumulative Grants | | :--- | :--- | :--- | :--- | | Invention Patents | 4 | 5 | 78 | | Utility Model Patents | 0 | 0 | 69 | | Software Copyrights | 0 | 0 | 10 | | Others (Trademarks) | 0 | 0 | 28 | R&D Investment In H1 2024, total R&D investment reached 131 million yuan, a significant 117.48% increase year-on-year. Expensed R&D investment was 75.29 million yuan (+81.12%), and capitalized R&D investment was 55.34 million yuan (+199.21%), primarily due to technology transfer fees for quadrivalent influenza vaccine and increased enrollment in recombinant S. aureus vaccine Phase III clinical trials 2024 Half-Year R&D Investment Status | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 75,288,312.43 | 41,569,336.28 | 81.12% | | Capitalized R&D Investment | 55,340,867.50 | 18,495,964.92 | 199.21% | | Total R&D Investment | 130,629,179.93 | 60,065,301.20 | 117.48% | | Total R&D Investment as % of Operating Revenue | 57.73% | 25.76% | Increase of 31.97 percentage points | | Capitalization Ratio of R&D Investment | 42.36% | 30.79% | Increase of 11.57 percentage points | - Total R&D investment increased significantly by 117.48%, primarily due to: - Increased expensed investment: Recognition of a 20 million yuan technology transfer fee for the quadrivalent influenza vaccine project in collaboration with Lanzhou Bailin, and 11.61 million yuan in Phase IV clinical costs for the AC conjugate vaccine project[30] - Increased capitalized investment: Increased enrollment in the recombinant Staphylococcus aureus vaccine Phase III clinical trial, achieving over half of the enrollment progress in the first half of the year[31] R&D Pipeline Status The company's R&D pipeline is extensive, covering multiple globally leading or upgraded projects. Recombinant S. aureus vaccine has entered Phase III clinical trials with a cumulative investment of 325.21 million yuan; oral recombinant H. pylori vaccine received Phase I clinical approval in Australia; and quadrivalent influenza virus split vaccine received clinical trial approval. The total estimated investment for R&D projects exceeds 2 billion yuan Major R&D Project Progress (Unit: 10,000 yuan) | Project Name | Progress or Stage Achievements | Current Period Investment Amount | Cumulative Investment Amount | Technology Level | | :--- | :--- | :--- | :--- | :--- | | Recombinant Staphylococcus aureus vaccine | Phase III Clinical | 6,557.46 | 32,520.95 | Globally Leading | | Group A Streptococcus vaccine | Pre-clinical Research | 45.29 | 2,849.77 | Globally Leading | | AC-Hib combined vaccine | Phase III Clinical | 57.49 | 5,976.53 | Upgrade and Replacement | | Oral recombinant Helicobacter pylori vaccine | Phase I Clinical Research Approval (Australia) | 571.29 | 3,282.02 | Globally Leading | | Quadrivalent influenza virus split vaccine (MDCK cells) | Clinical Trial Approval Notice | 2,751.83 | 10,080.96 | Upgrade and Replacement | | Group B Meningococcal vaccine | Pre-clinical Research | 279.69 | 1,873.38 | Upgrade and Replacement | | Recombinant Zoster vaccine | Pre-clinical Research | 627.63 | 1,019.95 | Upgrade and Replacement | R&D Personnel Status As of the end of the reporting period, the company had 139 R&D personnel, accounting for 29.70% of total staff, an increase from the prior year, with a majority holding bachelor's degrees or higher (85.62%) and a young age structure (over 86% under 40) R&D Personnel Overview | Indicator | Current Period | Prior Period | | :--- | :--- | :--- | | Number of R&D Personnel (persons) | 139 | 131 | | R&D Personnel as % of Total Company Staff | 29.70% | 28.05% | | Total R&D Personnel Compensation (10,000 yuan) | 1,619.30 | 1,342.78 | | Average R&D Personnel Compensation (10,000 yuan) | 11.65 | 10.25 | Core Competitiveness Analysis The company's core competitiveness stems from its significant market potential in core products, mature R&D and industrialization platforms, rich product pipeline focused on "superbug" vaccines, GMP-compliant production capabilities, and a stable, experienced management team - Core products have huge market potential: Adsorbed Tetanus Vaccine batch release ranks first in the industry; the recombinant Staphylococcus aureus vaccine, in collaboration with Army Medical University, has entered Phase III clinical trials and is the only similar vaccine undergoing clinical research in China[35][36] - Clear product planning and rich product pipeline: The company has formulated a dual-driven strategy of "traditional vaccine upgrade and replacement + innovative vaccine development," focusing on "superbug" vaccines and "adult vaccines," making it one of the most comprehensively positioned enterprises in China for "superbug" vaccines[36] - Mature R&D and industrialization platform: Eight vaccine R&D and industrialization platforms have been established, implementing a "production-education-research" integration strategy with deep cooperation with institutions such as Army Medical University and Griffith University in Australia[36] - The company possesses production lines compliant with the 2010 GMP standard and a comprehensive quality management system, ensuring the integrity and traceability of production and inspection data through information systems like QMS, MES, and LIMS[36][37][38] Discussion and Analysis of Operations During the reporting period, the company maintained stable main business operations with slightly improved gross margin, but net profit turned to loss due to substantial increases in R&D and administrative expenses, while key R&D projects achieved significant progress - The company's R&D projects achieved key progress: - Recombinant Staphylococcus aureus vaccine: Phase III clinical trial enrollment expanded to over 60 hospitals, achieving over half of the enrollment progress in the first half of the year[39] - Oral recombinant Helicobacter pylori vaccine: Obtained Phase I clinical trial approval in Australia[40] - Influenza vaccine series: Quadrivalent influenza vaccine received clinical trial approval notice, and trivalent influenza vaccine clinical trial application has been accepted[40] 2024 Half-Year Major Financial Account Changes | Account | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Administrative Expenses | 46,873,708.04 | 33,110,273.65 | 41.57% | Primarily due to increased equity incentive amortization and validation costs | | Financial Expenses | 5,617,627.67 | 1,580,332.19 | 255.47% | Primarily due to increased company loan size during the reporting period | | R&D Expenses | 75,288,312.43 | 41,569,336.28 | 81.12% | Primarily due to recognition of technology transfer fees for quadrivalent influenza vaccine project and Phase IV clinical costs for AC conjugate vaccine | | Net Cash Flow from Investing Activities | -168,513,804.92 | -19,272,522.84 | Not Applicable | Primarily due to increased investment in workshop construction and recombinant Staphylococcus aureus vaccine Phase III clinical trials | Risk Factors The company faces multiple risks, including financial pressure from continuous large-scale R&D investment, potential R&D failure of pipeline products, commercialization risks for both launched and pipeline products, loss of core technical personnel, and significant accounts receivable - R&D Risk: The company has a diverse product pipeline, requiring continuous large-scale R&D investment in the future[40] - In-development products face the risk of clinical trial failure or inability to obtain approval[40] - Commercialization Risk: Launched products face intense market competition, with a risk of market share decline[40] - For innovative products like the recombinant Staphylococcus aureus vaccine, market access and promotion may not meet expectations after approval[41] - Operational Risk: Loss of core technical personnel, product quality issues, production safety accidents, and negative industry events could adversely affect the company's operations[42][43] - Financial Risk: As of the end of the reporting period, net accounts receivable amounted to 492 million yuan, accounting for 55.46% of current assets, posing a risk of delayed recovery[42] - Policy Risk: The company enjoys a 15% high-tech enterprise income tax preferential policy; if it cannot maintain this qualification or if policies change in the future, it will adversely affect performance[43] - Changes in government subsidy policies may also impact operating performance[44] Corporate Governance This section details the company's governance structure, including shareholders' meeting activities, profit distribution plans, and equity incentive programs Shareholders' Meeting Status During the reporting period, the company held two shareholders' meetings, with all proposals approved, and the procedures for convening, holding, and voting complied with relevant laws and regulations - A total of 2 shareholders' meetings were held during the reporting period, namely the first extraordinary general meeting of shareholders in 2024 and the 2023 annual general meeting of shareholders, with all proposals approved[54][55] Profit Distribution Plan The company has no profit distribution or capital reserve capitalization plan for the current reporting period - No profit distribution or capital reserve capitalization plan for the current reporting period[56] Equity Incentive Plan The company adjusted its 2023 restricted stock incentive plan due to unmet performance targets, leading to the repurchase and cancellation of some restricted shares and the invalidation of others, with adjustments to repurchase and grant prices following the 2023 profit distribution - Due to the company-level performance assessment not being met in 2023, the conditions for the first lifting of restrictions/vesting period of the initial grant under the 2023 restricted stock incentive plan were not achieved[57] - The company repurchased and cancelled 224,700 shares of Class I restricted stock initially granted under the incentive plan and invalidated 1,307,700 shares of Class II restricted stock[57] - The company adjusted the repurchase price and grant price of the restricted stock due to the implementation of the 2023 annual equity distribution of a cash dividend of 0.38 yuan per 10 shares[57][58] Environmental and Social Responsibility This section outlines the company's environmental performance, including pollutant discharge, environmental protection measures, and social responsibility initiatives Environmental Information Designated as a key water pollutant discharge unit, the company invested 274,600 yuan in environmental protection, ensuring all major pollutants are treated to meet standards without incidents or penalties, and has implemented emergency plans and carbon reduction measures - The company is designated as a key water pollutant discharge unit by the Chengdu Ecological Environment Bureau, with an environmental protection investment of 274,600 yuan during the reporting period[60] - The company's main pollutants are wastewater (chemical oxygen demand, ammonia nitrogen, etc.) and exhaust gas (nitrogen oxides, volatile organic compounds, etc.), all of which are treated by professional facilities to meet discharge standards, with no exceedances during the reporting period[60][61][62] - The company has formulated environmental emergency plans and installed online monitoring facilities connected to government environmental protection departments for real-time monitoring of pollutant emissions[64][65] - The company has adopted multiple carbon reduction measures, including the use of LED energy-saving lamps, boiler night pressure maintenance, condensate recovery, and rainwater recycling, to improve energy and water resource utilization efficiency[69] Significant Matters This section covers important corporate events, including the fulfillment of commitments and the progress of raised capital utilization Fulfillment of Commitments During the reporting period, all commitments made by the company, its actual controllers, shareholders, and related parties regarding the initial public offering and equity incentives, such as share lock-ups and avoiding competition, were timely and strictly fulfilled - All commitments made during or continuing into the reporting period, including share lock-ups, resolution of horizontal competition, and resolution of related party transactions, were timely and strictly fulfilled by the relevant parties[71][72] Explanation of Proceeds Utilization Progress The company's net proceeds from its IPO amounted to 359 million yuan, with 235 million yuan cumulatively invested as of the reporting period, achieving a 65.60% overall progress, primarily in vaccine clinical research, and 30 million yuan of idle funds were used for cash management Overall Use of Raised Funds (Unit: 10,000 yuan) | Source of Raised Funds | Net Raised Funds (1) | Committed Investment Total (2) | Cumulative Investment Total as of Reporting Period End (4) | Cumulative Investment Progress (%) (4)/(1) | | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | 35,883.73 | 76,291.90 | 23,540.02 | 65.60% | Detailed Use of Raised Funds Projects (Unit: 10,000 yuan) | Project Name | Planned Investment Total from Raised Funds (1) | Cumulative Investment Total as of Reporting Period End (2) | Cumulative Investment Progress (%) (2)/(1) | | :--- | :--- | :--- | :--- | | Vaccine Clinical Research Project | 34,123.69 | 21,779.98 | 63.83% | | Recombinant Staphylococcus aureus Vaccine, AC-Hib Combined Vaccine, and Pneumonia Vaccine Industrialization Project | 1,760.04 | 1,760.04 | 100.00% | - The company approved on April 24, 2024, the use of up to 100 million yuan of temporarily idle raised funds for cash management[90] - As of the end of the reporting period, the balance of unexpired wealth management products was 30 million yuan[91] Share Changes and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure Share Capital Changes The company's total share capital remained at 406,158,300 shares during the reporting period, with a significant portion of IPO restricted shares (117.18 million shares) becoming tradable, and a post-period reduction to 405,933,600 shares due to share repurchase and cancellation - On June 11, 2024, 117,183,550 shares of the company's initially public offering restricted shares were unlocked and listed for trading, accounting for 28.85% of the company's total share capital[93] - After the reporting period (July 17, 2024), the company completed the repurchase and cancellation of 224,700 restricted shares, reducing the total share capital from 406,158,300 shares to 405,933,600 shares[95] Shareholder Information As of the reporting period, the company had 6,096 common shareholders, with Chongqing Wushan Biotechnology Co., Ltd. as the controlling shareholder (17.82%), and the actual controllers Fan Fan and Fan Shaowen holding a significant combined stake, while two Xingshen funds newly entered the top ten shareholders - As of the end of the reporting period, the company had a total of 6,096 common shareholders[98] Top Ten Shareholders' Holdings as of Reporting Period End | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | | :--- | :--- | :--- | | Chongqing Wushan Biotechnology Co., Ltd. | 72,394,330 | 17.82% | | Fan Fan | 30,601,220 | 7.53% | | Taichang Group Co., Ltd. | 25,893,040 | 6.38% | | Fan Shaowen | 15,707,795 | 3.87% | | Xingquan Herun Mixed Securities Investment Fund | 12,869,128 | 3.17% | | Zou Long | 12,307,000 | 3.03% | | Zhang Yu | 10,665,000 | 2.63% | | Luo Zengyi | 8,105,080 | 2.00% | | Xingquan Heyi Flexible Allocation Mixed Securities Investment Fund (LOF) | 7,884,059 | 1.94% | | Hu Cheng | 6,666,125 | 1.64% | - The company's controlling shareholder is Chongqing Wushan Biotechnology Co., Ltd., and the actual controllers are Fan Shaowen and Fan Fan (father and daughter)[101] - Chongqing Wushan has been renamed "Shanghai Wushan Biotechnology Co., Ltd."[101] Financial Report This section presents the company's consolidated financial statements, including the balance sheet, income statement, and cash flow statement, along with significant accounting policies Consolidated Balance Sheet As of June 30, 2024, total assets increased by 3.20% to 1.66 billion yuan, total liabilities increased by 13.17% to 772 million yuan, and the asset-liability ratio rose to 46.37%, with asset growth driven by construction in progress and development expenditures, and liability growth by long-term borrowings Consolidated Balance Sheet Major Items (Unit: yuan) | Item | June 30, 2024 | December 31, 2023 | Change | | :--- | :--- | :--- | :--- | | Total Assets | 1,664,135,370.74 | 1,612,605,765.09 | +3.20% | | Monetary Funds | 235,746,602.08 | 362,070,721.55 | -34.89% | | Accounts Receivable | 491,523,487.20 | 491,248,299.06 | +0.06% | | Construction in Progress | 248,795,869.87 | 181,354,692.02 | +37.19% | | Development Expenditures | 241,435,947.43 | 186,095,079.93 | +29.74% | | Total Liabilities | 771,617,611.71 | 681,840,228.71 | +13.17% | | Short-term Borrowings | 29,200,000.00 | 24,200,000.00 | +20.66% | | Long-term Borrowings | 256,241,528.40 | 177,288,381.40 | +44.53% | | Equity Attributable to Parent Company Owners | 881,429,945.65 | 916,905,551.64 | -3.87% | - Asset structure changed significantly, with substantial increases in construction in progress and development expenditures, reflecting the company's continuous investment in workshop construction and clinical trials[47] - Monetary funds decreased significantly by 34.89%, primarily used for R&D investment[47] Consolidated Income Statement In H1 2024, operating revenue decreased by 2.97% to 226 million yuan, while operating costs decreased, leading to improved gross margin; however, sharp increases in R&D (+81.12%), administrative (+41.57%), and financial expenses (+255.47%) resulted in an operating loss and a net loss of 27.95 million yuan, a 197.90% year-on-year decline Consolidated Income Statement Major Items (Unit: yuan) | Item | Jan-Jun 2024 | Jan-Jun 2023 | Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 226,277,670.03 | 233,199,414.85 | -2.97% | | Operating Costs | 12,303,240.64 | 16,219,984.19 | -24.15% | | Selling Expenses | 102,821,367.26 | 102,287,074.54 | +0.52% | | Administrative Expenses | 46,873,708.04 | 33,110,273.65 | +41.57% | | R&D Expenses | 75,288,312.43 | 41,569,336.28 | +81.12% | | Financial Expenses | 5,617,627.67 | 1,580,332.19 | +255.47% | | Operating Profit | -31,743,943.17 | 22,267,603.30 | -242.55% | | Net Profit Attributable to Parent Company Shareholders | -27,947,000.01 | 28,546,071.06 | -197.90% | | Basic Earnings Per Share (yuan/share) | -0.0689 | 0.0704 | -197.87% | Consolidated Cash Flow Statement In H1 2024, the company experienced tight cash flow, with net cash from operating activities at -57.83 million yuan, a significant increase in net cash used in investing activities to -169 million yuan, and net cash from financing activities at 100 million yuan, leading to a 126 million yuan decrease in cash and cash equivalents to 229 million yuan Consolidated Cash Flow Statement Major Items (Unit: yuan) | Item | Jan-Jun 2024 | Jan-Jun 2023 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities (CFO) | -57,830,841.20 | -20,971,284.08 | | Net Cash Flow from Investing Activities (CFI) | -168,513,804.92 | -19,272,522.84 | | Net Cash Flow from Financing Activities (CFF) | 100,013,880.19 | 43,895,172.95 | | Net Increase in Cash and Cash Equivalents | -126,330,765.93 | 3,651,366.03 | | Cash and Cash Equivalents at End of Period | 229,204,107.25 | 264,761,896.04 | Significant Accounting Policies and Estimates The financial statements are prepared on a going concern basis, adhering to accounting standards, with key policies including expected credit loss for financial instruments, weighted-average cost for inventory, capitalization of development expenditures meeting specific criteria, and revenue recognition upon transfer of control - R&D Expenditures: The company categorizes internal R&D projects into research and development phases[178] - Research phase expenditures are recognized as current period expenses; development phase expenditures are recognized as intangible assets when five conditions are met, including technical feasibility, intention to complete, and ability to generate economic benefits[179] - The specific capitalization point is when the drug obtains Phase III clinical trial approval and substantially begins Phase III clinical trials[179] - Revenue Recognition: Revenue is recognized when the customer obtains control of the related goods[188] - Indicators of control transfer include: the right to present payment, transfer of legal title, physical transfer, transfer of major risks and rewards, and customer acceptance of the goods[188] - Financial Asset Impairment: Impairment provisions are made based on expected credit losses[158] - For accounts receivable, the company uses the aging analysis method to accrue bad debt provisions based on aging portfolios, with provision rates ranging from 5% for within 1 year to 100% for over 5 years[163]