Financial Performance - For the six months ended June 30, 2024, the company's revenue was HKD 658,345,000, an increase of 28.5% compared to HKD 512,308,000 in the same period last year[3]. - Gross profit for the same period was HKD 350,595,000, reflecting a 23.2% increase from HKD 284,463,000 year-on-year[4]. - The profit attributable to the company's owners surged to HKD 62,478,000, marking a significant increase of 287.7% from HKD 16,117,000 in the previous year[5]. - Basic and diluted earnings per share rose to HKD 10.61, up 287.2% from HKD 2.74 in the same period last year[1]. - The interim dividend per share was increased to HKD 2.00, representing a 150.0% rise from HKD 0.80 in the previous year[1]. - The company reported a profit of HKD 54,869,000 for the six months ended June 30, 2024, compared to HKD 20,909,000 for the same period in 2023, representing a significant increase of 161.5%[16]. - Basic earnings per share increased to HKD 10.61 for the six months ended June 30, 2024, compared to HKD 2.74 for the same period in 2023[15]. - The operating profit for the period was HKD 68,134,000, up from HKD 33,067,000 in the previous year, indicating a 106% growth[26]. Revenue Sources - Sales from newly introduced products accounted for 38.9% of total revenue, down from 46.9% in the same period last year, while sales from proprietary and generic products increased to 61.1% from 53.1%[4]. - The group reported segment revenue of HKD 402,343,000 for the six months ended June 30, 2024, compared to HKD 272,091,000 for the same period in 2023, representing a 48% increase[26]. - The company generated over 90% of its revenue from operations in the People's Republic of China, indicating a strong market presence[28]. Expenses and Cost Management - Research and development expenses decreased by 25.5% to HKD 84,713,000, representing 12.9% of revenue compared to 22.2% in the previous year[5]. - Sales and distribution expenses increased by 17.2% to HKD 172,265,000, with the ratio to revenue decreasing to 26.2% from 28.7% year-on-year[5]. - The company is implementing strict cost control measures to enhance profitability and operational efficiency in response to rising operational costs and inflation pressures[14]. - Research and development expenses increased to HKD 90,082,000 from HKD 58,978,000, reflecting a 53% rise year-over-year[26]. Asset and Liability Management - Non-current assets decreased to HKD 1,851,952,000 as of June 30, 2024, down from HKD 2,234,040,000 at the end of 2023, reflecting a decline of 17.1%[17]. - Current assets increased to HKD 696,760,000, up from HKD 656,627,000, indicating a growth of 6.5%[17]. - Total equity attributable to the owners of the company decreased to HKD 1,713,545,000 from HKD 2,038,955,000, a decline of 16.0%[18]. - The company’s total liabilities decreased to HKD 288,788,000 from HKD 281,251,000, reflecting a slight increase of 2.0%[18]. - Trade receivables increased significantly to HKD 127,271,000 from HKD 84,590,000, representing a growth of 50.5%[17]. Cash Flow and Investments - Operating cash generated for the six months ended June 30, 2024, was HKD 67,203,000, compared to HKD 44,205,000 for the same period in 2023, representing a 52% increase[20]. - Net cash generated from operating activities for the six months ended June 30, 2024, was HKD 58,976,000, up from HKD 39,063,000 in 2023, reflecting a 51% growth[20]. - Cash used in investing activities for the six months ended June 30, 2024, was HKD 65,206,000, a decrease from HKD 88,587,000 in 2023, indicating a 26% reduction[20]. - Cash and cash equivalents increased by HKD 21,769,000 for the six months ended June 30, 2024, compared to a decrease of HKD 28,782,000 in the same period of 2023[20]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.020 per share for the six months ended June 30, 2024, compared to HKD 0.008 per share in 2023, totaling HKD 11,777,000[33]. - The company paid dividends of HKD 5,888,000 for both the six months ended June 30, 2024, and 2023, indicating stable dividend distribution[20]. Corporate Governance and Compliance - The company has not early adopted any new or revised Hong Kong Financial Reporting Standards that may significantly impact its financial performance[23]. - The company’s accounting policies remain consistent with those used in the annual financial statements for the year ended December 31, 2023[22]. - The company continues to comply with the corporate governance code as per the listing rules[52]. Product Development and Market Strategy - The company has submitted a new drug application for "Cetraxal® Plus" in 2023, which is currently under review by the drug evaluation center[7]. - The company is expanding production capacity for "Lichangqing®" and "Litengqing®" with a new pre-filled production line expected to be operational in 2024[6]. - The company is actively developing multiple assets in key therapeutic areas, including cardiovascular, women's health, and oncology, with a strong pipeline of innovative drugs[8][9]. - The sales and marketing team has successfully adjusted sales growth trajectories, with ten products included in the updated national medical insurance catalog[13].
李氏大药厂(00950) - 2024 - 中期业绩