Financial Performance - The company reported a revenue of RMB 107,813 thousand for the year ended December 31, 2024, compared to no revenue in the previous years[3]. - The gross profit for the same period was RMB 85,069 thousand, with a cost of revenue amounting to RMB 22,744 thousand[3]. - The company recorded a pre-tax loss of RMB 97,599 thousand for the year, an improvement from a loss of RMB 191,702 thousand in 2023[3]. - Total revenue for the year ended December 31, 2024, was RMB 107.8 million, with licensing revenue at RMB 82.8 million (76.8%) and R&D service revenue at RMB 25.0 million (23.2%)[27]. - Other income decreased from RMB 13.0 million in 2023 to RMB 11.1 million in 2024, primarily due to a reduction in government subsidies by RMB 3.4 million[30]. - The total loss and comprehensive expenses for the reporting period were RMB 97.6 million, a decrease of RMB 94.1 million compared to RMB 191.7 million in the previous year, attributed to increased revenue and reduced listing expenses[41]. - Basic loss per share improved to RMB 0.50 from RMB 1.04 in the previous year, reflecting a reduction in losses[69]. - The company did not recommend a final dividend for the year ended December 31, 2024[62]. Research and Development - Research and development expenses increased to RMB 164,986 thousand, up from RMB 155,054 thousand in 2023, indicating a focus on innovation[3]. - Research and development expenses increased from RMB 155.1 million in 2023 to RMB 164.9 million in 2024, driven by higher costs associated with Phase III and Phase II clinical trials[36]. - The company is focused on developing bispecific antibodies for targeted therapy and tumor immunotherapy to address unmet medical needs in cancer and age-related eye diseases[71]. - The company plans to accelerate the clinical development of core pipeline drugs and aims to complete the production process characterization for M701 in preparation for commercial launch[23]. Clinical Trials and Product Development - The company has three clinical-stage candidates focused on tumor treatment, with M701 being a key product targeting malignant ascites and malignant pleural effusion[5][11]. - M701's Phase III clinical trial for treating malignant ascites commenced in March 2024, with the first patient successfully dosed[12][13]. - Y101D completed Phase I clinical trial for metastatic or locally advanced solid tumors in September 2024[15]. - Y101D's Phase Ib/II trial for advanced/metastatic pancreatic cancer completed Phase Ib in June 2023 and Phase II patient enrollment in October 2023, with expected completion in Q2 2025[15]. - Y332 initiated Phase I clinical trial for metastatic or locally advanced solid tumors in October 2023, currently in dose escalation phase[16]. - Y400 advanced to Phase II multi-center clinical trial in China for age-related macular degeneration, showing good safety and efficacy in Phase I[18]. Assets and Liabilities - Non-current assets decreased to RMB 46,508 thousand from RMB 51,523 thousand in 2023, reflecting a reduction in long-term investments[3]. - The total current assets decreased to RMB 221,335 thousand from RMB 250,101 thousand in 2023, reflecting changes in liquidity[3]. - Current liabilities amounted to RMB 186.1 million, with bank borrowings of RMB 75.8 million and trade payables of RMB 49.4 million[42]. - The company's net asset value decreased from RMB 127,654,000 in 2023 to RMB 30,535,000 in 2024, a decline of approximately 76.1%[70]. Cash Flow and Financing - As of December 31, 2024, cash and cash equivalents decreased to RMB 126.3 million from RMB 196.7 million, primarily due to increased R&D investments[42]. - The net cash used in operating activities was RMB 100.7 million, a decrease from RMB 186.0 million in the same period last year, primarily due to a pre-tax loss of RMB 97.6 million[43]. - The net cash generated from financing activities was RMB 33.0 million, compared to RMB 176.3 million in the same period last year, driven by new bank borrowings of RMB 129.4 million, offset by repayments of RMB 92.0 million[43]. - Bank borrowings increased from RMB 89.5 million as of December 31, 2023, to RMB 126.9 million as of December 31, 2024, due to additional loans obtained for working capital[47]. Government Subsidies and Other Income - Government subsidies accounted for RMB 8.5 million (76.7%) of other income in 2024, down from RMB 11.9 million (92.0%) in 2023[30]. - The company received government subsidies amounting to RMB 8,508,000 in 2024, down from RMB 11,944,000 in 2023[87]. Corporate Governance and Compliance - The company has established an audit committee to oversee financial reporting and internal control systems[66]. - The company has implemented internal control policies for capital management, allowing investments only in structured deposits and wealth management products issued by major commercial banks in China[44]. - The company’s financial report and annual results will be published on its website and the Hong Kong Stock Exchange, ensuring transparency and compliance with listing rules[103].
友芝友生物-B(02496) - 2024 - 年度业绩