Financial Performance - For the first nine months of 2021, the Group's revenue totaled HK$952,387,000, representing a 6.5% increase compared to HK$894,042,000 in the same period of 2020[6]. - The Group's third-quarter 2021 revenue was HK$368,335,000, a 9.2% increase year-over-year and a 22.4% sequential increase from the second quarter of 2021[6]. - Gross profit for the first nine months of 2021 was HK$634,796,000, up 10.3% from HK$575,669,000 in the same period last year[10]. - The Group achieved a net profit attributable to owners of HK$2,169,043,000, an increase of approximately 16.8 times over the first nine months of 2020, aided by a one-time gain of HK$2.3 billion from the derecognition of investment in Zhaoke Ophthalmology Limited[19][21]. - For the three months ended September 30, 2021, the Group reported revenue of HK$368,335,000, a 9.3% increase from HK$337,326,000 in the same period of 2020[88]. - Gross profit for the same period was HK$248,250,000, representing a 17.9% increase compared to HK$210,050,000 in 2020[88]. - The Group's profit for the period was HK$11,084,000 for the three months ended September 30, 2021, compared to HK$3,749,000 in 2020[88]. - The total comprehensive income for the nine months ended 30 September 2021 was HK$782,264,000, compared to a loss of HK$127,934,000 in 2020[91]. Research and Development - Research and development expenses for the first nine months of 2021 amounted to HK$345,218,000, representing 36.2% of the corresponding revenue, compared to 30.0% in the same period of 2020[17]. - The Group's R&D efforts focus on major therapeutic areas including cardiovascular, women's health, pediatrics, rare diseases, dermatology, and oncology[12]. - The Group has over 40 projects in various stages of drug development[25][28]. - The NDA for Lutrate® Depot for advanced prostate cancer treatment has been accepted for review by the NMPA[37]. - The Group successfully launched Cetraxal® Plus in the Hong Kong market on October 4, 2021, after completing the required enrollment of 600 subjects in a Phase III clinical trial[31][34]. - The clinical trial for Intrarosa® has been approved, with the first patient enrolled on September 13, 2021, targeting vulvovaginal atrophy[32][35]. - The Group's oncology R&D arm, China Oncology Focus Limited (COF), is developing 10 oncology assets, including 5 innovative and 5 generics, targeting various cancers[58][59]. Product Sales and Market Performance - Sales of licensed-in products accounted for 58.5% of the Group's revenue in the first nine months of 2021, while proprietary and generic products contributed 41.5%[7]. - The sales growth of key products included Yallaferon® (70.7%), Ferplex® (33.7%), and Treprostinil Injection (125.0%) during the first nine months of 2021[6]. - For the three months ended September 30, 2021, the Group's revenue from proprietary and generic products was HK$145,766,000, a decrease of 4.9% from HK$152,533,000 in 2020[124]. - Revenue from licensed-in products for the same period was HK$222,569,000, an increase of 20.4% compared to HK$184,793,000 in 2020[124]. - More than 90% of the Group's revenue was derived from activities conducted in the People's Republic of China[125]. Financial Position and Capital Management - The retained profits as of 30 September 2021 were HK$3,710,088,000, an increase from HK$2,149,795,000 at the beginning of the year[94]. - The share capital as of 30 September 2021 was HK$29,442,000, slightly decreased from HK$29,406,000 at the beginning of the year[94]. - The company reported a fair value change of financial assets at fair value through other comprehensive income of HK$1,384,331,000 for the nine months ended 30 September 2021[91]. - The exchange reserve as of 30 September 2021 was a deficit of HK$1,633,719,000, compared to a deficit of HK$254,155,000 at the beginning of the year[94]. - As of September 30, 2021, the company had capital commitments of HK$242,093,000, which includes HK$40,931,000 for intangible assets and HK$114,123,000 for property, plant, and equipment[160]. Taxation and Dividends - For the three months ended September 30, 2021, Hong Kong Profits Tax was (HK$7,120,000), compared to HK$8,019,000 for the same period in 2020, representing a decrease of approximately 88.8%[133]. - For the nine months ended September 30, 2021, the total Hong Kong Profits Tax was (HK$10,075,000), down from HK$30,845,000 in 2020, indicating a decline of approximately 67.4%[133]. - An interim dividend of HK$0.030 per share was declared for the six months ended 30 June 2021, totaling approximately HK$17,665,000, an increase from HK$15,879,000 in the same period of 2020[137]. - The company does not recommend the payment of any other interim dividend for the nine months ended September 30, 2021, compared to no dividends in the same period of 2020[137]. Corporate Governance and Compliance - The unaudited condensed consolidated financial statements for the nine months ended September 30, 2021, have been prepared in accordance with Hong Kong Accounting Standards and applicable disclosure requirements[102]. - The financial statements do not include all information required in the annual financial statements and should be read in conjunction with the Group's annual financial statements for the year ended December 31, 2020[104]. - The accounting policies and methods used for the preparation of the financial statements are consistent with those used in the Group's annual financial statements for the year ended December 31, 2020[105]. - The Group has applied amendments to HKASs and HKFRSs for the first time in the current reporting period, which had no material effect on the reported amounts[114].
李氏大药厂(00950) - 2021 Q3 - 季度财报