Financial Performance - Revenue decreased by RMB 10.5 million or 0.4% to RMB 2,951.7 million compared to the six months ended June 30, 2020[16]. - Gross profit decreased by RMB 244.2 million or 11.1% to RMB 1,953.7 million, with a gross margin of 66.2%[16]. - Net profit decreased by RMB 132.3 million or 24.5% to RMB 408.0 million compared to the same period last year[16]. - Shareholders' profit decreased by RMB 152.8 million or 28.3% to RMB 386.6 million[16]. - EBITDA decreased by RMB 207.6 million or 17.9% to RMB 954.7 million[16]. - Earnings per share were RMB 11.32, down from RMB 16.90 for the six months ended June 30, 2020[16]. - The group recorded a total comprehensive income of RMB 434,699 thousand for the period, down from RMB 540,422 thousand in the previous year[107]. - The group’s pre-tax profit for the six months ended June 30, 2021, was RMB 386,585,000, down from RMB 539,416,000 in the same period of 2020, indicating a decrease of approximately 28.3%[131]. - The total tax expense for the period was RMB 80,446,000, compared to RMB 144,247,000 in the previous year, showing a decrease of approximately 44.3%[134]. Revenue Breakdown - Sales revenue from cardiovascular products increased by 86.4% to RMB 800.7 million in the first half of 2021[22]. - Sales revenue from digestive and metabolic products rose by 17.1% to RMB 458.3 million in the first half of 2021[22]. - Sales revenue from oncology products decreased by 30.5% to RMB 927.0 million in the first half of 2021[22]. - Sales revenue from central nervous system products decreased by 7.0% to RMB 694.4 million in the first half of 2021[22]. - The revenue breakdown by product type shows that oncology drugs generated RMB 926,998,000, cardiovascular drugs RMB 800,653,000, and central nervous system drugs RMB 71,327,000 for the six months ended June 30, 2021[123]. Research and Development - As of June 30, 2021, the company had 33 products in various stages of development in China, including 13 oncology products and 13 CNS products[6]. - The R&D team consisted of 856 employees, including 82 PhDs and 430 Master's degree holders[5]. - The company holds over 235 patents in China and more than 595 patents overseas, with additional patents pending[5]. - The company is developing products in four strategic therapeutic areas: oncology, central nervous system, cardiovascular, and digestive and metabolic diseases[31]. - The company has submitted New Drug Applications (NDA) for two products (LY03004 and LY03005) in the U.S., with four other products in different clinical trial phases[31]. - The company is focusing on the development of innovative drugs for treating moderate to severe pain and cancer-related breakthrough pain with LY03014[34]. Clinical Trials and Approvals - The long-acting injectable LY03004 for schizophrenia was approved for marketing in China in January 2021, marking the first innovative formulation developed by the company[33]. - The clinical trial for LY-CovMab, an innovative monoclonal antibody for COVID-19 treatment, was completed in China, showing good safety and tolerability[35]. - The company has initiated clinical trials for LY03015, a new drug for tardive dyskinesia and Huntington's disease, with an IND application submitted to the FDA in August 2021[33]. - In February 2021, the company completed the first patient dosing of its biosimilar drug LY09004 in a Phase III clinical trial in China[36]. - The company received approval in May 2021 for LY01008, a biosimilar to Avastin, for the treatment of advanced, metastatic, or recurrent non-small cell lung cancer and metastatic colorectal cancer[36]. Market Presence and Distribution - The company has established a national sales and distribution network covering over 18,800 hospitals in China[5]. - The company markets its products, including Seroquel and its extended-release version, in over 50 developed and emerging countries[30]. - The company has over 50 global sales partners and operates in markets including the US, EU, Japan, ASEAN, Latin America, and the Gulf Cooperation Council[37]. - The company granted exclusive promotion rights for LY01008 to AstraZeneca in 21 provinces and municipalities in mainland China in May 2021[40]. Financial Position and Assets - As of June 30, 2021, the group's cash and cash equivalents amounted to RMB 4,943.6 million, an increase of 27.9% from RMB 3,865.4 million as of December 31, 2020[64]. - The group's net current assets were approximately RMB 4,562.1 million as of June 30, 2021, compared to RMB 2,736.3 million as of December 31, 2020[64]. - The group's current ratio improved from approximately 1.4 as of December 31, 2020, to approximately 1.7 as of June 30, 2021[64]. - Total borrowings decreased from approximately RMB 8,170.6 million as of December 31, 2020, to approximately RMB 7,063.6 million as of June 30, 2021[66]. - The capital-to-debt ratio decreased from 100.9% as of December 31, 2020, to 72.8% as of June 30, 2021, primarily due to the reduction in total borrowings[67]. Employee and Governance - As of June 30, 2021, the group employed a total of 4,788 employees, down from 4,963 employees as of December 31, 2020[77]. - Employee costs for the six months ended June 30, 2021, amounted to RMB 467.4 million, compared to RMB 405.3 million for the same period in 2020, reflecting an increase of approximately 15.9%[77]. - The group has adopted a corporate governance code in line with the listing rules, with compliance noted except for the separation of the roles of Chairman and CEO[84]. Shareholder Information - Green Leaf Pharmaceutical Investment Limited holds 1,257,196,703 shares (35.50%) and 72,701,950 shares (2.05%) in the company[93]. - Hillhouse Capital Management, Ltd. holds 552,324,108 shares (15.60%) in the company[93]. - The company has not proposed an interim dividend for the six months ended June 30, 2021, consistent with the previous year[84]. Legal and Compliance - The group is involved in an arbitration procedure regarding a distribution agreement, with preliminary assessments indicating a strong defense against the claims[167]. - The independent auditor has reviewed the unaudited interim financial results for the six months ended June 30, 2021[89].
绿叶制药(02186) - 2021 - 中期财报