Financial Performance - Revenue for the six months ended June 30, 2021, was RMB 4,719,054 thousand, representing a 9.6% increase from RMB 4,304,591 thousand in 2020[3] - EBITDA for the same period was RMB 1,056,821 thousand, up 39.8% from RMB 755,797 thousand in the previous year[3] - Profit before tax surged by 121.6% to RMB 722,204 thousand, compared to RMB 325,896 thousand in 2020[3] - Net profit attributable to the owners of the company reached RMB 623,076 thousand, a significant increase of 207.2% from RMB 202,836 thousand in the prior year[3] - Basic and diluted earnings per share were both RMB 33.86, reflecting an increase of 182.9% from RMB 11.97 in 2020[3] - The company reported a total comprehensive income of RMB 625,092 thousand for the period, compared to RMB 203,973 thousand in 2020[11] - The company’s total comprehensive income for the period included a profit of RMB 623,076 thousand, reflecting strong operational performance[17] - The company declared dividends amounting to RMB 147,231 thousand during the period, marking a significant return to shareholders[17] Assets and Liabilities - As of June 30, 2021, non-current assets totaled RMB 6,441,622 thousand, a decrease of 4.4% from RMB 6,738,717 thousand as of December 31, 2020[13] - Current assets increased to RMB 9,408,309 thousand, up 14.4% from RMB 8,224,997 thousand at the end of 2020, driven by higher inventory and cash balances[13] - Total liabilities amounted to RMB 9,089,696 thousand, an increase of 5.5% from RMB 8,611,835 thousand as of December 31, 2020[15] - The company reported a net asset value of RMB 3,763,382 thousand for current assets, reflecting a growth of 11.8% compared to RMB 3,365,133 thousand in the previous period[13] - The cash and cash equivalents increased significantly to RMB 3,526,158 thousand, a rise of 17.7% from RMB 2,996,802 thousand[13] - Trade payables and other payables rose to RMB 3,949,162 thousand, an increase of 6.9% from RMB 3,692,715 thousand[13] - The company’s equity attributable to owners reached RMB 9,090,225 thousand, up from RMB 8,613,906 thousand, indicating a growth of 5.5%[15] Cash Flow and Investments - The net cash generated from operating activities for the first half of 2021 was RMB 865,563,000, up from RMB 681,955,000 in the same period last year, reflecting a growth of 27%[20] - The company reported a net cash outflow from investing activities of RMB 368,054,000, compared to a net inflow of RMB 204,972,000 in the previous year[21] - The company incurred a financial cost of RMB 32,361,000, significantly reduced from RMB 127,047,000 in the prior year, indicating a decrease of approximately 74%[20] - The company recorded a loss from the fair value changes of derivative financial instruments amounting to RMB 6,958,000, compared to a loss of RMB 5,661,000 in the previous year[20] Revenue Breakdown - The revenue breakdown for 2021 included RMB 1,634,581 thousand from intermediates, RMB 2,282,389 thousand from active pharmaceutical ingredients, and RMB 1,928,879 thousand from formulation products[33] - The company's revenue from the Chinese market (including Hong Kong) reached RMB 3,522,480 thousand in 2021, up from RMB 2,926,433 thousand in 2020, indicating a growth of approximately 20.4%[31] - The revenue from the sale of antibiotics products was RMB 2,860,670 thousand in 2021, compared to RMB 2,755,050 thousand in 2020, showing a slight increase of approximately 3.8%[30] - The revenue from the Indian market decreased to RMB 393,889 thousand in 2021 from RMB 472,344 thousand in 2020, representing a decline of approximately 16.6%[31] Research and Development - Research and development expenses increased to RMB 203,165 thousand from RMB 162,759 thousand, highlighting the company's commitment to innovation[11] - The company has received regulatory approval for the launch of its insulin products, with the first batch shipped on July 21, 2021[103] - The company aims to expand its product portfolio in endocrine, autoimmune diseases, and ophthalmology areas[103] - The group plans to continue focusing on new drug research and development, particularly in the diabetes sector, to enhance market competitiveness[109] Corporate Governance and Shareholder Information - The company has adopted and complied with the corporate governance code, with no CEO appointed as of June 30, 2021[122] - The audit committee consists of three independent non-executive directors who reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2021[127] - The company aims to ensure high standards of corporate governance for the benefit of shareholders[122] - Heren Far East Limited holds 898,250,000 shares, representing 48.81% of the company's issued share capital[118] Market Strategy and Future Plans - The company plans to continue expanding its market presence and investing in research and development to enhance its product offerings and technological capabilities[32] - The company aims to strengthen its market position in veterinary medicine through the joint entity established with Zhejiang Puluo Biotechnology[95] - The group anticipates further expansion of the centralized procurement of drugs, which may exert short-term price adjustment pressure on the industry[109]
联邦制药(03933) - 2021 - 中期财报