Financial Performance - The company reported total other income and gains of RMB 61,644 thousand for the year ended December 31, 2024, a decrease of 38.7% compared to RMB 100,555 thousand in 2023[8]. - The pre-tax loss for the year was RMB 561,897 thousand, slightly improved from a loss of RMB 572,443 thousand in 2023, representing a reduction of 9.6%[8]. - The net loss attributable to equity holders of the parent was RMB 562,389 thousand, compared to RMB 571,957 thousand in the previous year, indicating a decrease of 1.0%[8]. - Total revenue for the year ended December 31, 2024, was RMB 61,644,000, a decrease of 38.7% compared to RMB 100,555,000 in 2023[10]. - Research and development expenses for 2024 were RMB 476,124,000, slightly reduced from RMB 487,847,000 in 2023, indicating a decrease of 2.8%[10]. - The basic and diluted loss per share for the year was RMB 1.16, slightly improved from RMB 1.19 in 2023[10]. - The net asset value decreased to RMB 529,324,000 in 2024 from RMB 1,070,944,000 in 2023, a decline of 50.6%[12]. - Employee costs totaled RMB 187.9 million for the year ended December 31, 2024, down 17.4% from RMB 227.6 million for the year ended December 31, 2023[83]. - Administrative expenses decreased by 24.1% to RMB 109.1 million for the year ended December 31, 2024, from RMB 143.8 million for the year ended December 31, 2023, primarily due to personnel optimization[88]. - Sales and distribution expenses decreased by 69.4% to RMB 2.6 million for the year ended December 31, 2024, from RMB 8.5 million for the year ended December 31, 2023, mainly due to a reduction in sales personnel[87]. Assets and Liabilities - The total non-current assets increased to RMB 1,285,103 thousand in 2024, up by 21.5% from RMB 1,056,904 thousand in 2023[9]. - Current assets decreased significantly to RMB 655,129 thousand, down 42.0% from RMB 1,129,373 thousand in 2023[9]. - Current liabilities rose to RMB 839,420 thousand, an increase of 89.0% compared to RMB 444,235 thousand in 2023[9]. - Cash and cash equivalents decreased to RMB 319,040,000 in 2024 from RMB 834,983,000 in 2023, with bank cash at RMB 327,271,000 and pledged deposits at RMB 8,231,000[37]. - Trade payables and notes payable totaled RMB 59,789,000 at the end of 2024, a decrease from RMB 115,081,000 in 2023, with RMB 41,603,000 due within one year[34]. - The current ratio decreased from 2.5 as of December 31, 2023, to 0.78 as of December 31, 2024, primarily due to an increase in bank loans and other borrowings due within one year[103]. - The debt-to-capital ratio increased to 72.7% as of December 31, 2024, from 51.0% as of December 31, 2023, due to the growth in bank and other loan financing[103]. - Total interest-bearing bank loans and other borrowings amounted to RMB 878.3 million as of December 31, 2024, with RMB 499.4 million being short-term borrowings due in 2025[103]. Vaccine Development and Clinical Trials - The company is conducting a Phase III clinical trial for its nine-valent HPV vaccine REC603, with plans to submit a BLA application in 2025[3]. - REC610, a new adjuvanted recombinant shingles vaccine, has completed participant enrollment and vaccination in its Phase III trial, with 24,640 subjects recruited across 18 research centers[4]. - The company plans to complete preclinical studies for REC625, a bivalent recombinant respiratory syncytial virus vaccine, by 2025[5]. - The ReCOV vaccine project has been halted for further clinical development due to low global demand for COVID-19 vaccines, with a focus on reallocating resources based on future market conditions[6]. - The company has a pipeline of over 10 vaccine candidates, including three strategic products: REC603 (a recombinant nine-valent HPV vaccine in Phase III clinical trials), REC610 (a new adjuvanted recombinant shingles vaccine in Phase III clinical trials in China), and a bivalent recombinant respiratory syncytial virus vaccine soon entering clinical research[41][43]. - The company aims to submit the Biologics License Application (BLA) for REC603 by 2025, following the completion of the Phase III trial and interim analysis[50]. - The HPV vaccine is expected to achieve clinical analysis report by August 31, 2025, and submit for market approval by December 31, 2025[48]. - The new adjuvanted recombinant quadrivalent HPV vaccine (REC604a) has received clinical trial approval from the Chinese regulatory authority[48]. - The recombinant shingles vaccine (REC610) has been granted clinical trial approval, with Phase III trials set to start in October 2024[48]. - The bivalent recombinant respiratory syncytial virus vaccine (REC625) is planned to complete preclinical research by 2025[48]. Research and Development - The company has established a comprehensive vaccine innovation engine, including platforms for adjuvant development, protein engineering, immune evaluation, and process development, enabling the discovery and development of innovative vaccines[41]. - The R&D team consists of over 100 professionals, most of whom hold master's or doctoral degrees in relevant fields[75]. - The company has developed advanced technology platforms for adjuvant development, protein engineering, and immune evaluation, facilitating the discovery of subunit vaccines[70]. - The company has implemented an IPD system to manage the entire lifecycle of vaccine candidates and allocate R&D resources effectively[76]. - The company is focused on improving the immunogenicity of its vaccine candidates[137]. - The company is actively engaged in research and development of new technologies and products to strengthen its competitive position[134]. - The company is exploring the development of early-stage HPV vaccines (REC604a and REC604c) using a novel adjuvant, which may enhance immunogenicity compared to traditional aluminum adjuvants[59]. Corporate Governance and Financial Strategy - The company has adopted a corporate governance code to ensure shareholder interests and enhance corporate value since its listing[119]. - The board of directors has approved the issuance of shares to strengthen the company's financial structure and improve profitability and risk resistance[115]. - The company aims to optimize its financial structure and ensure sustainable development through the new share issuance[116]. - The share issuance is subject to approval from the China Securities Regulatory Commission[116]. - The company has confirmed compliance with the standard code of conduct for securities trading during the reporting period[118]. - The company is committed to maintaining high standards of corporate governance and transparency[133]. - The company has established a product investment decision-making and review body to guide its strategic direction[132]. Market Presence and Strategic Initiatives - The company is focused on expanding its market presence and enhancing its product pipeline through strategic initiatives[134]. - The company has signed framework agreements with countries including Saudi Arabia, Argentina, Russia, Indonesia, and South Africa for the development and commercialization of the recombinant nine-valent HPV vaccine REC603[81]. - The company has initiated the construction of an international business development team to facilitate the commercialization of its candidates in overseas markets[81]. - The company is under the supervision of the Jiangsu Provincial Drug Administration for its product approvals[132]. - CEPI is a foundation that funds independent research projects to develop vaccines for emerging infectious diseases[135].
瑞科生物(02179) - 2024 - 年度业绩