Financial Performance - The company achieved revenue of RMB 417.3 million for the year ended December 31, 2024, representing a year-on-year growth of 69.4%[3] - The adjusted net loss narrowed to RMB 183.6 million for the year ended December 31, 2024, a significant decrease of RMB 59.6 million compared to RMB 243.2 million for the previous year[4] - The gross profit margin for the company was approximately 53.9% during the reporting period[3] - The company reported a significant increase in revenue from the sales of ophthalmic products, including Youshiying®, Shilida®, and Shilijia®[4] - The company achieved total revenue of RMB 417.3 million, representing a year-on-year growth of 69.4%[17] - The company recorded a loss of RMB 268.3 million, a decrease of RMB 111.5 million compared to a loss of RMB 379.8 million for the year ending December 31, 2023[39] - The adjusted net loss for the year, which excludes non-cash items, was RMB 183.6 million for 2024, compared to RMB 243.2 million for 2023, reflecting an improvement in operational performance[42] - The company reported a net loss of RMB 268.3 million for the year, an improvement from a net loss of RMB 379.8 million in 2023, indicating a reduction in losses by 29.3%[60] Product Development and Approvals - The core product, Youshiying® (fluocinolone acetonide intravitreal implant), has been officially approved and included in the national medical insurance catalog[3] - The innovative drug Zhiweitai® (0.24% cetirizine eye drops) has been approved for commercialization[3] - The BLA for OT-702 was accepted by the CDE in July 2024, and the NDA for OT-502 (dexamethasone implant) was accepted by the National Medical Products Administration in September 2024[3] - The new drug, Zhiweitai® (0.24% cetirizine eye drops), was approved for commercialization in September 2024, with two additional innovative products entering the registration phase[8] - The company has established a comprehensive ophthalmic product line with 34 drug assets, including 21 products in commercialization and three in Phase III clinical trials[6] - The innovative drug pipeline includes treatments for various ophthalmic conditions, such as diabetic macular edema and allergic conjunctivitis[6] - The company has three products in Phase III clinical trials and two products in the commercialization registration phase, maintaining its position as a leading innovative ophthalmic pharmaceutical company in China[10] Strategic Collaborations and Market Expansion - The strategic collaboration with Alcon contributed to revenue growth through synergies[4] - The introduction of multiple eye drop products from Alcon Group has enriched the product portfolio and expanded market share[8] - The company holds commercial rights for several products across Greater China, South Korea, and Southeast Asia, enhancing its market presence[6] - The company plans to expand its international market presence and explore partnerships to enhance global reach, particularly through licensing innovative products[25] - The company has established a manufacturing and supply agreement with Alcon Pharma as of August 12, 2024[111] - The company has entered into a licensing agreement with Alcon Pharma for the exclusive development and commercialization of pipeline products for dry eye treatment in China[111] Research and Development - R&D expenses amounted to RMB 113.9 million, indicating continued investment in the development of the pipeline[8] - Continuous investment in R&D is prioritized to maintain technological leadership and explore new treatment areas[26] - Research and development expenses decreased by 7.9% from RMB 123.8 million in 2023 to RMB 113.9 million in 2024, attributed to reduced third-party contracting costs[34] Operational Efficiency and Supply Chain - Commercial production of four products has commenced, ensuring a stable and efficient supply for the company's commercialization pipeline[3] - The company completed 11 batches of commercial production during the reporting period, ensuring a stable supply of high-quality ophthalmic products[19] - The company aims to optimize production and supply chain management, focusing on stable supply and product quality in its Suzhou factory in 2025[21] Financial Stability and Assets - The company has approximately RMB 769.2 million in bank balances and cash as of December 31, 2024[5] - Total current assets decreased to RMB 978.8 million in 2024 from RMB 1,205.6 million in 2023, while total non-current assets increased to RMB 2,995.0 million from RMB 2,065.4 million[43] - The company's cash and cash equivalents as of December 31, 2024, were RMB 729.2 million, down from RMB 842.8 million in 2023[48] - The company had loans amounting to RMB 16.5 million as of December 31, 2024, significantly reduced from RMB 120.0 million in 2023[49] - The total liabilities decreased to RMB 200.2 million in 2024 from RMB 351.0 million in 2023, indicating improved financial stability[43] Shareholder and Corporate Governance - Alcon became the company's major shareholder after a transaction, holding 139,159,664 shares, which is 16.99% of the total issued shares as of the transaction date[55] - The company achieved gender diversity on its board with the appointment of Dr. Xie Qin as a non-executive director on January 16, 2025[92] - The board of directors did not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year[102] Miscellaneous - The company acknowledges the ongoing support and contributions from shareholders, management, employees, business partners, and customers[108] - The audit committee reviewed the group's annual performance for the year ending December 31, 2024, and recommended it for board approval[105] - The annual report for the year ending December 31, 2024, will be published and sent to shareholders in due course[107] - The company is in the process of arranging the timing for the annual general meeting in accordance with listing rules[106]
欧康维视生物-B(01477) - 2024 - 年度业绩