Financial Performance - Revenue decreased by approximately 41.6% from RMB 336.4 million in the first half of 2023 to RMB 196.3 million in the first half of 2024[2] - Gross profit fell by about 40.9% from RMB 179.1 million in the first half of 2023 to RMB 105.9 million in the first half of 2024[2] - The company reported a loss attributable to equity holders of approximately RMB 36.9 million in the first half of 2024, compared to a profit of approximately RMB 16.5 million in the first half of 2023[2] - Operating loss for the first half of 2024 was RMB 36.5 million, a significant decline from a profit of RMB 38.8 million in the same period of 2023[3] - The group reported total revenue of RMB 196,322,000 for the six months ended June 30, 2024, compared to RMB 336,437,000 for the same period in 2023, representing a decrease of approximately 42%[12] - The group’s basic loss per share for the six months ended June 30, 2024, was RMB 36,941,000, compared to a profit of RMB 16,456,000 for the same period in 2023[17] - For the first half of 2024, the company reported a net loss attributable to shareholders of approximately RMB 36.9 million, compared to a net profit of 16.5 million in the same period of 2023, indicating a significant decline in profitability[27] - The company's revenue for the first half of 2024 was approximately RMB 196.3 million, representing a decrease of about 41.6% compared to RMB 336.4 million in the same period of 2023[27] - The gross profit margin for the first half of 2024 was 53.93%, slightly up from 53.24% in the same period of 2023, despite the overall decline in revenue[27] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 833.2 million, an increase from RMB 776.9 million as of December 31, 2023[4] - Cash and cash equivalents decreased to RMB 2.8 million from RMB 34.8 million as of December 31, 2023[4] - Trade receivables decreased from RMB 183.5 million in December 2023 to RMB 155.7 million as of June 30, 2024[4] - The company’s total liabilities increased to RMB 690.8 million as of June 30, 2024, compared to RMB 664.5 million as of December 31, 2023[4] - The net value of current liabilities was (RMB 186.6 million) as of June 30, 2024, compared to (RMB 97.7 million) as of December 31, 2023[4] - The company's net current liabilities as of June 30, 2024, were RMB 186,614,000, indicating potential liquidity challenges[8] - The total equity attributable to shareholders decreased from RMB 563,518,000 in 2023 to RMB 520,460,000 in 2024, a decline of 7.7%[5] - The company's net asset value decreased to RMB 519,160,000 from RMB 562,226,000, reflecting a decline of 7.7%[5] - The debt-to-asset ratio increased from 60.9% as of December 31, 2023, to 67.0% as of June 30, 2024, primarily due to an increase in bank loans[43] Research and Development - The company reported a significant increase in research and development expenses, totaling RMB 57.1 million in the first half of 2024 compared to RMB 24.0 million in the first half of 2023[3] - The company has 60 ongoing research projects, including 43 chemical drug formulation projects, 14 chemical raw material drug projects, and 3 traditional Chinese medicine projects[28] - The company expects to launch at least 20 new products in the next three years, covering major therapeutic areas such as anti-infectives, cardiovascular, central nervous system, blood diseases, and anti-tumor[28] - R&D expenses increased from RMB 24.0 million in the first half of 2023 to RMB 57.1 million in the first half of 2024, driven by continued investment in new product development[36] - The company has 7 projects currently under review by the National Medical Products Administration, with 6 projects submitted for review in the first eight months of this year[28] Cash Flow and Financing - As of June 30, 2024, the company's cash and cash equivalents were only RMB 2,823,000, raising concerns about its ability to meet operational and financial needs in the next twelve months[8] - The company successfully renewed bank loans amounting to RMB 20,000,000 to alleviate liquidity pressure[8] - The company is negotiating with creditors to restructure existing payables and loan terms to ease cash flow pressures[8] - The total trade payables as of June 30, 2024, were RMB 61.7 million, a decrease from RMB 129.5 million at the end of 2023, indicating improved cash flow management[22] - The net financing cost increased from approximately RMB 2.2 million in the first half of 2023 to approximately RMB 7.4 million in the first half of 2024, primarily due to an increase in loan interest[37] Taxation - The effective corporate income tax rate for the group’s Chinese subsidiaries remained at 25% for the six months ended June 30, 2024[15] - The group’s subsidiary, Henan Fusen Pharmaceutical Co., Ltd., benefited from a preferential income tax rate of 15% due to its high-tech enterprise status[16] - Income tax expenses decreased from approximately RMB 6.4 million in the first half of 2023 to a negative RMB 8.4 million in the first half of 2024, mainly due to the recognition of deferred tax benefits[39] Shareholder and Dividend Information - The company has not declared any dividends for the six months ended June 30, 2024, consistent with the previous year[24] - The company does not recommend declaring any interim dividend for the six months ended June 30, 2024, compared to zero dividend for the same period in 2023[57] Other Information - The group did not apply any new accounting standards or interpretations that would have a significant impact on the financial performance for the current period[11] - There were no significant events after June 30, 2024, that would materially affect the group's operations and financial performance[58]
福森药业(01652) - 2024 - 中期业绩