THDB(SH:600867)2016-04-18 16:00Financial Performance - The company achieved a net profit attributable to shareholders of 492,958,977.12 CNY in 2015, representing a 76.19% increase compared to 2014[4]. - Total revenue for 2015 was 1,669,312,448.81 CNY, reflecting a growth of 15.02% from the previous year[21]. - The basic earnings per share increased to 0.43 CNY, up 59.26% from 0.27 CNY in 2014[22]. - The total profit for 2015 was CNY 570.52 million, representing a year-on-year growth of 76.18%[41]. - The net profit attributable to shareholders was CNY 492.96 million, up 76.19% compared to the previous year[41]. - The company reported a total of ¥372,769,121.24 in pharmaceutical industry costs, which accounted for 90.28% of total costs, a decrease of 6.05% year-on-year[80]. - The company achieved operating revenue of CNY 1,669,312,448.81 in 2015, representing a year-on-year growth of 15.02%[68]. - The total amount of non-recurring gains and losses for 2015 was approximately ¥31.21 million, compared to a loss of approximately ¥3.69 million in 2014[27]. Assets and Cash Flow - The company's total assets reached 3,788,129,812.91 CNY at the end of 2015, marking a 28.14% increase from 2014[21]. - The net cash flow from operating activities was 294,578,586.76 CNY, an increase of 43.08% compared to the previous year[21]. - Operating cash flow increased by 43.08% to ¥294,578,586.76, primarily due to increased sales collections[87]. - Inventory at the end of the period rose by 51.65% to ¥954,771,559.92, largely due to increased development costs for real estate projects[89]. Market Position and Strategy - The company holds a 20% market share in the human insulin market, ranking second after previously being dominated by foreign companies[34]. - The company is focusing on expanding its market presence in diabetes management and enhancing its brand influence through marketing reforms[42]. - The company plans to integrate drug products with blood glucose monitoring systems to enhance patient interaction and improve diabetes management[35]. - The company signed a strategic investment agreement with Huaguang Biotechnology, investing NT$114 million to become the largest shareholder, enhancing its position in the diabetes management market[35]. Research and Development - The company has been recognized as a high-tech enterprise and a national technology innovation demonstration enterprise, indicating its strong R&D capabilities[31]. - The company is actively developing insulin analogs and oral hypoglycemic agents to meet diverse market needs for diabetes treatment[38]. - The company has completed preclinical research for Detemir Insulin and submitted a clinical application in May 2015, which has been accepted[55]. - The company has ongoing clinical trials for multiple insulin products, including Insulin Aspart and Insulin Detemir, with significant progress in patient recruitment[113]. - The company’s R&D expenditure rose to CNY 80,376,178.24, reflecting a 33.51% increase from the previous year[71]. - The company has established a specialized sales team for its insulin products, which has been operational since 2004, enhancing its market position against multinational competitors[118]. Dividend Policy and Shareholder Returns - The company has established a cash dividend policy that emphasizes stable and sustainable returns to shareholders, with a minimum cash distribution of 30% of the average distributable profit over the last three years[142]. - The company plans to prioritize cash dividends in profit distribution, especially when there are no significant capital expenditures, with a minimum cash dividend ratio of 80% during mature stages without major investments[143]. - In 2015, the company distributed 2 shares for every 10 shares held and paid a cash dividend of 227,166,220.20 RMB, representing 46.08% of the net profit attributable to shareholders[146]. - The company aims to maintain a continuous and stable profit distribution policy while balancing short-term and long-term interests of shareholders[141]. Risks and Challenges - The company faces risks related to industry policies, including drug approval and pricing regulations, which could impact future growth[136]. - The company faces risks from rising production costs due to stricter environmental regulations and increased supervision of drug quality, which may lead to decreased profitability[137]. - The company did not face any significant operational risks during the reporting period[8]. Corporate Governance and Management - The company has implemented an employee stock option and restricted stock incentive plan, which was approved in May 2014[153]. - The company has appointed Zhongzhun Accounting Firm for auditing services, with a fee of 800,000 RMB for the current year[151]. - The company has no significant litigation or arbitration matters pending as of the reporting date[152]. - The company’s management team includes experienced professionals with backgrounds in engineering, finance, and academia, enhancing its strategic capabilities[194].