Financial Performance - Revenue decreased by RMB 818.3 million or 12.9% to RMB 5,539.6 million compared to the year ended December 31, 2019[13]. - EBITDA decreased by RMB 508.0 million or 21.3% to RMB 1,877.1 million compared to the year ended December 31, 2019[13]. - Gross profit decreased by RMB 888.6 million or 18.2% to RMB 3,990.6 million, with a gross margin of 72.0%[13]. - Net profit attributable to shareholders decreased by RMB 689.6 million or 49.4% to RMB 706.6 million compared to the year ended December 31, 2019[13]. - The group's revenue for the year ended December 31, 2020, was approximately RMB 5,539.6 million, a decrease of about RMB 818.3 million or 12.9% compared to RMB 6,357.9 million for the year ended December 31, 2019[69]. - The group's net profit attributable to shareholders decreased to RMB 703.3 million, down RMB 650.8 million or 48.1% from RMB 1,354.1 million in the previous year[80]. - Other income and gains increased to RMB 403.3 million, up RMB 69.7 million or 20.9% from RMB 333.6 million in the previous year, mainly due to higher government subsidies and interest income[74]. - Selling and distribution expenses were RMB 1,663.9 million, a decrease of RMB 370.9 million or 18.2% from RMB 2,034.8 million in the previous year, with the expense ratio declining from 32.0% to 30.0% of revenue[75]. - Financial costs increased to RMB 424.0 million, up RMB 128.5 million or 43.5% from RMB 295.5 million in the previous year, primarily due to higher interest on convertible bonds and increased bank borrowings[78]. Research and Development - R&D expenses increased by RMB 78.8 million or 11.1% to RMB 789.9 million, with total R&D expenses amounting to RMB 1,258.1 million[13]. - The R&D team consisted of 944 employees, including 101 PhDs and 468 Master's degree holders as of December 31, 2020[5]. - The company is focusing on three major R&D platforms: new formulations, innovative compounds, and biological antibodies[15]. - The company has over 32 domestic and 12 international products in the research pipeline[19]. - The company completed the acquisition of Boan Biotechnology to enhance its transformation and upgrade through innovative momentum[15]. - The innovative drug LY30410, a transdermal patch for Alzheimer's disease, has been accepted for MAA by EU authorities in May 2020[37]. - The clinical trial application for the recombinant anti-RANKL monoclonal antibody injection (LY06006) was approved in October 2020, marking the second overseas clinical trial application for the company[37]. - The clinical trial for LY03014, a new chemical entity for postoperative pain, was approved in March 2021, with recruitment for Phase I trials starting in China[40]. - The innovative antibody product LY-Cov Mab for COVID-19 treatment completed patient recruitment in Phase I trials in January 2021[45]. Product Development and Market Presence - The company has established a national sales and distribution network covering over 16,700 hospitals in China[4]. - The company has over 50 global partners for its sales and distribution efforts[4]. - The company has two products approved for market, four projects in the listing application stage, and twelve projects in phase III or critical trial stages[14]. - The company has over 30 products in its portfolio, covering more than 80 countries and regions, including major pharmaceutical markets like China, the US, Europe, and Japan[19]. - The company is enhancing its global commercial operations and has established sales teams in the UK, Southeast Asia, the Middle East, and North Africa[15]. - The company is actively seeking regional partners for global market expansion and expects the approval of its transdermal patch product in 2021 to contribute to sales growth[67]. - The company aims to deepen market penetration in lower-tier hospitals following the inclusion of Liposome® in the national medical insurance catalog[67]. Sales Performance - The company's sales revenue decreased by 12.9% year-on-year, maintaining an overall performance at the industry average level[19]. - Sales revenue from oncology products decreased to RMB 2,235.2 million, down RMB 576.3 million or 20.5% from RMB 2,811.5 million in the previous year, primarily due to a decline in average selling prices and sales volume[69]. - Sales revenue from cardiovascular system products decreased to RMB 1,004.5 million, a reduction of RMB 38.7 million or 3.7% from RMB 1,043.2 million in the previous year, mainly due to decreased sales volume[69]. - Sales revenue from digestive and metabolic products fell to RMB 733.4 million, down RMB 271.2 million or 27.0% from RMB 1,004.6 million in the previous year, attributed to lower average selling prices and sales volume[70]. Corporate Governance and Management - Liu Dianbo serves as the Executive Chairman and has been with the company since its inception in 2003, overseeing overall management and strategic direction[105]. - Yang Rongbing, the Executive Vice Chairman, has been with the company since 2003 and has extensive experience in pharmaceutical sales and management[106]. - The company has a strong board of directors with members holding various positions in multiple listed companies, enhancing governance and strategic oversight[115][118][121][125]. - The management team includes experienced professionals, such as the Chief Financial Officer, who has been with the company since 1997 and has extensive financial management experience[127]. - The company has established risk management procedures to minimize financial risks, including interest rate, foreign exchange, credit, and liquidity risks[147]. - The company is committed to environmental sustainability and has implemented various green measures in its operations[148]. - The company has been compliant with all relevant regulations and laws as of December 31, 2020[149]. Shareholder Information - The company did not declare any dividends for the year ending December 31, 2020, compared to a dividend of RMB 0.054 per share in 2019[103]. - The company anticipates that fluctuations in the RMB exchange rate will not significantly impact its operations[88]. - The company has not made any share grants under its employee share award plan since 2019, when 25,206,000 shares were granted[92]. - The company’s board of directors holds a significant stake, with Liu Dianbo owning 1,517,113,930 shares, representing 46.70% of the company[197].
绿叶制药(02186) - 2020 - 年度财报