Financial Performance - Revenue for the six months ended June 30, 2021, reached HKD 156.98 million, a significant increase of 132.8% compared to HKD 67.43 million in the same period of 2020[7]. - Gross profit for the same period was HKD 124.44 million, representing a 117.1% increase from HKD 57.31 million year-on-year[7]. - The company achieved a profit before tax of HKD 2.89 million, recovering from a loss of HKD 11.05 million in the previous year[9]. - The group reported a profit of HKD 1.9 million for the first half of 2021, a turnaround from a loss of HKD 11.5 million in the same period of 2020, marking the first operational profit in a half-year period[58]. - The operating profit for the first half of 2021 was HKD 3.16 million, a significant improvement from an operating loss of HKD 10.78 million in the previous year[77]. - The group reported a pre-tax profit of 2,890 thousand HKD for the six months ended June 30, 2021, compared to a pre-tax loss of 11,053 thousand HKD for the same period in 2020[101][103]. Research and Development - Research and development expenses increased to HKD 21.37 million, accounting for 13.6% of revenue, compared to 22.7% in the previous year[7]. - The company is focusing on R&D in endocrine diseases, ophthalmology, and dermatology, with multiple patented biopharmaceuticals and high-quality generics in various stages of development[17]. - The patented biopharmaceutical Uni-PTH is designed to effectively treat osteoporosis and bone pain, with clinical trials for the second generation expected to start in August 2021[32]. - The GLP-1 product is the world's first fully biologically expressed GLP-1 formulation, expected to become a leading diabetes product in China due to its clinical and cost advantages[33]. - The company is preparing for clinical trials of Uni-GLP, anticipated to begin in Q3 2021, with potential to bypass Phase III trials if results are favorable[33]. - The company is developing UB101 and UB102, dual-specific nanobodies for treating wet AMD, with clinical trials planned for November 2021[36]. Market and Product Development - The company launched four products in the market, including JinYinPeptide® and JinYinShu®, contributing to significant sales growth[12]. - The Chinese pharmaceutical market is projected to grow to RMB 222.88 billion by 2024, with a compound annual growth rate of 6.4% from 2019 to 2024, indicating a favorable market environment for the company[11]. - The company plans to continue expanding its product offerings and market presence in response to the growing demand in the pharmaceutical sector[11]. - PinaP® (Voriconazole Tablets) has been included in the fourth batch of national centralized procurement, which will enhance its market penetration in public hospitals, the main sales channel[15]. - Sales of the flagship product, Jinyin Peptide®, reached HKD 82.4 million, a 116.8% increase from approximately HKD 38 million in the first half of 2020[43]. - Sales of the chemical drug, Pinabup® (Voriconazole Tablets), surged by 257.3% to approximately HKD 56.1 million, driven by its inclusion in the national centralized procurement[46]. Financial Position and Liquidity - The cash ratio improved to 1.09 times, up from 0.4 times in the previous year, indicating better liquidity management[7]. - As of June 30, 2021, the company's cash and cash equivalents were approximately HKD 97.23 million, with total assets of HKD 287.75 million[66]. - The total liabilities to total assets ratio increased to 32.4% as of June 30, 2021, compared to 25.1% at the end of 2020[66]. - The company's equity increased to HKD 194,582 million in June 2021 from HKD 189,411 million in December 2020, indicating a solid capital position[83]. - The company reported a significant increase in cash flow, with a net increase of HKD 69,967 million in cash and cash equivalents during the first half of 2021[86]. Shareholder Information - The average number of ordinary shares for calculating basic and diluted earnings per share was 6,396,892 thousand shares for the six months ended June 30, 2021[116]. - The total beneficial ownership of the directors includes 1,869,611,542 shares, which is 29.19% of the total issued shares[156]. - The company has granted stock options involving 563,055,000 shares as of June 30, 2021, representing 8.79% of the issued ordinary shares[138]. - The company reported a basic and diluted profit attributable to shareholders of 1,917 thousand HKD for the six months ended June 30, 2021, compared to a loss of 11,458 thousand HKD for the same period in 2020[116]. - The company did not recommend any interim dividend for the six months ended June 30, 2021[74]. Corporate Governance - The company confirmed compliance with the corporate governance code during the reporting period[163]. - The board of directors has adopted the standard code for securities transactions, ensuring adherence throughout the reporting period[164]. - The mid-term report, including a concise consolidated financial statement, was reviewed by the company's audit committee[165].
联康生物科技集团(00690) - 2021 - 中期财报