Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 981.8 million, a decrease of approximately 14.0% compared to RMB 1,142.2 million in the same period last year[1]. - Gross profit decreased to RMB 339.1 million with a gross margin of 34.5%, down from RMB 406.0 million and a gross margin of 35.5% in the previous year[1]. - Net profit for the period was RMB 144.2 million, significantly up from RMB 13.7 million in the same period last year[1]. - Adjusted net profit under non-IFRS was RMB 168.2 million, an increase of approximately 15.1% from RMB 146.1 million year-on-year[1]. - The group's revenue for the reporting period was approximately RMB 981.8 million, a decrease of about 14.0% compared to RMB 1,142.2 million in the same period last year[24]. - The group recorded a net foreign exchange loss of RMB 10,060,000 for the six months ended June 30, 2024, compared to a gain of RMB 40,047,000 in 2023[78]. - The group reported a pre-tax profit of RMB 185,516,000 for the six months ended June 30, 2024, compared to RMB 36,752,000 for the same period in 2023, representing a significant increase[56]. Client and Market Development - The number of cumulative clients served increased to 2,350 during the reporting period[6]. - The number of CRO clients increased to 1,465, with the top ten clients contributing 25.7% of revenue, while overseas revenue accounted for about 88.8%[8]. - Revenue from clients in the United States decreased to RMB 375.7 million from RMB 476.1 million, while revenue from Europe increased to RMB 337.1 million from RMB 300.5 million[25]. - The company aims to enhance its drug development platform and production service platform, focusing on building an open collaboration platform for global biopharmaceutical innovators[23]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[70]. Operational Efficiency and Cost Management - Research and development expenses were approximately RMB 42.8 million, a significant decrease of about 44.2% from RMB 76.7 million in the previous year, reflecting effective cost control measures[33]. - Financial costs were approximately RMB 31.4 million, a decrease of about 64.3% from RMB 88.0 million in the previous year, primarily due to the repayment of convertible bonds[39]. - Other expenses decreased significantly by about 85.4% to RMB 8.7 million from RMB 59.5 million in the previous year, mainly due to recorded foreign exchange gains[38]. - The company has implemented several internal reorganizations to streamline operations and improve clarity in business segments[66]. Technology and Innovation - The company has established a one-stop platform for new mechanism drug discovery, integrating various technologies including protein production, cryo-electron microscopy, and drug screening[14]. - The introduction of AI technology into the SBDD platform has significantly accelerated the efficiency of innovative drug development[13]. - The company has developed a highly competitive early drug screening platform, utilizing a DNA-encoded compound library covering over 100 billion compounds[16]. - The company has established proprietary technologies for membrane protein expression and packaging, enabling successful preparation of challenging membrane protein targets[15]. - The integration of modern drug screening and validation technologies has significantly enhanced project innovation and success rates[16]. Financial Position and Liabilities - The group's total cash and cash equivalents amounted to approximately RMB 1,035.8 million as of June 30, 2024, a slight decrease of about 0.05% from RMB 1,036.3 million on December 31, 2023[42]. - The group's total liabilities to total assets ratio improved to approximately 47.1% as of June 30, 2024, down from 50.5% on December 31, 2023[43]. - The company’s interest-bearing bank borrowings decreased to RMB 1,511,272 thousand from RMB 1,871,524 thousand, a decrease of 19.2%[52]. - The company has secured bank loans of RMB 312,500,000 with collateral for the acquisition of a 20% stake in Langhua Pharmaceutical[107]. - The company’s total liabilities decreased by 19.2% from the previous reporting period, indicating improved financial management and reduced debt levels[106]. Corporate Governance and Employee Relations - The company has adopted corporate governance practices in line with the listing rules, ensuring a clear division of responsibilities between the chairman and the CEO[116]. - The company maintains stable employee relations without significant labor disputes affecting business activities[22]. - The board includes executive and non-executive directors, ensuring diverse governance[121]. - The board expressed gratitude to all employees for their efforts and dedication[120]. Capital Expenditures and Investments - Capital expenditures during the reporting period were approximately RMB 82.7 million, up from RMB 60.3 million in the same period last year, indicating an increase of about 37.9%[45]. - The company completed a capital increase of RMB 30,016,000, resulting in a slight dilution of ownership from approximately 73.46% to 72.91%[54]. - The company has pledged assets valued at approximately RMB 204,639,000 and RMB 193,074,000 as collateral for its bank loans[107]. Shareholder Information - The company did not declare or propose any dividends for the six months ended June 30, 2024, consistent with the previous year[91]. - The weighted average number of ordinary shares in issue increased to 2,141,766,000 for the six months ended June 30, 2024, from 1,915,437,000 in the same period of 2023[90].
维亚生物(01873) - 2024 - 中期业绩