Financial Performance - The company reported a significant revenue increase from approximately RMB 197.6 million to approximately RMB 1,026.5 million, representing a growth of about 419.5% year-over-year[8]. - Gross profit rose from approximately RMB 100.1 million to approximately RMB 316.3 million, reflecting a year-over-year increase of about 216.0%[8]. - Adjusted net profit increased from approximately RMB 123.7 million to approximately RMB 204.9 million, marking a growth of about 65.6% compared to the same period last year[8]. - The group’s revenue for the reporting period was approximately RMB 1,026.5 million, representing an increase of about 419.5% compared to RMB 197.6 million in the same period last year[21]. - Net profit for the period was approximately RMB 95.8 million, a turnaround from a net loss of RMB 530.3 million in the same period last year, driven by a 62.5% increase in revenue from drug discovery services[35]. - The company reported a profit attributable to ordinary equity holders of RMB 85,020,000 for the six months ended June 30, 2021, compared to a loss of RMB 530,272,000 in the same period of 2020[142]. Revenue Segments - The drug discovery service revenue grew from approximately RMB 197.6 million to approximately RMB 321.1 million, an increase of about 62.5% year-over-year[9]. - The CDMO segment generated revenue of approximately RMB 415 million from 26 completed projects, accounting for about 58.8% of total sales revenue[10]. - Revenue from U.S. clients was RMB 320.4 million, up from RMB 164.6 million in the previous year, indicating strong growth in the U.S. market[22]. - The revenue from the drug discovery services segment was RMB 321,065 thousand, while the CDMO commercialization services segment generated RMB 705,386 thousand, contributing to the overall revenue[121]. - Revenue from a major customer amounted to RMB 212,346 million during the reporting period, generated from the CDMO and commercialization services segment[129]. Expenses and Costs - Research and development expenses amounted to RMB 37.5 million, focusing on building technological barriers in drug discovery and CDMO services[12]. - Selling and distribution expenses were approximately RMB 34.7 million, a significant increase of about 1,635.0% from RMB 2.0 million year-on-year, mainly due to the expansion of CDMO business and marketing team[26]. - Administrative expenses rose to approximately RMB 100.4 million, an increase of about 171.4% from RMB 37.0 million in the same period last year, reflecting a rapid increase in employee numbers and higher consulting fees[27]. - Financial costs totaled RMB 96,097 million, an increase from RMB 38,594 million in the previous year[131]. - The cost of goods sold was RMB 498,925 million, with service costs amounting to RMB 31,798 million[133]. Assets and Liabilities - Cash and cash equivalents totaled approximately RMB 669.0 million, a decrease of about 71.0% from RMB 2,308.5 million as of December 31, 2020, primarily due to repayment of bank loans of approximately RMB 910.2 million[36]. - Total liabilities increased to RMB 4,111,314 thousand as of June 30, 2021, compared to RMB 4,397,249 thousand at the end of 2020, reflecting a decrease of approximately 6.5%[110]. - Non-current assets increased to RMB 5,645,709 thousand as of June 30, 2021, up from RMB 4,802,536 thousand at the end of 2020, representing a growth of approximately 17.6%[109]. - Current assets decreased to RMB 2,259,877 thousand from RMB 3,351,544 thousand, a decline of about 32.5%[109]. - The company's net asset value increased to RMB 3,794,272 thousand as of June 30, 2021, compared to RMB 3,756,831 thousand at the end of 2020, reflecting a growth of approximately 1.0%[110]. Corporate Governance - The company has committed to maintaining high standards of corporate governance, which is crucial for enhancing management and safeguarding shareholder interests[53]. - The company has adopted the corporate governance code as part of its governance practices, ensuring compliance with the relevant regulations[54]. - The board will continue to review and monitor the company's practices to uphold high standards of corporate governance[55]. Employee and Talent Management - As of June 30, 2021, the total number of employees reached 1,873, with significant expansion in office and laboratory facilities to meet business growth demands[13]. - The total employee cost for the reporting period was RMB 211.1 million, with a total of 1,873 employees as of June 30, 2021[43]. - The company plans to enhance technical barriers, expand service facilities, and increase talent acquisition to strengthen business development, particularly in the Chinese market[20]. Acquisitions and Investments - The company acquired 100% of SYNthesis for approximately RMB 451.0 million, which was consolidated into the group's financial statements on February 28, 2021[38]. - The identifiable net assets acquired from the Synthesis group were valued at RMB 142,309,000, resulting in goodwill of RMB 308,696,000[193]. - The acquisition resulted in a net cash outflow of RMB 290,610,000 after accounting for cash and bank balances acquired[195]. Shareholder Information - The board does not recommend the distribution of an interim dividend for the six months ended June 30, 2021[44]. - The company repurchased 3,098,500 shares at a total cost of approximately HKD 22.7 million, with a maximum purchase price of HKD 7.56 per share[58]. - The company has not engaged in any other share buybacks, sales, or redemptions during the six months ending June 30, 2021[59]. Future Outlook - The company intends to assess its business objectives continuously and may change or modify plans based on the rapidly changing market conditions[52]. - Future plans include enhancing technical barriers, expanding service facilities, and increasing talent acquisition to strengthen business development, particularly in the Chinese market[20].
维亚生物(01873) - 2021 - 中期财报