Financial Performance - The group's revenue for the fiscal year ending December 31, 2024, was approximately HKD 1,669,800,000, a decrease of 3.9% compared to the previous year[9]. - Despite the revenue decline, the group achieved a net profit of approximately HKD 307,200,000, an increase of 11.6% year-on-year[9]. - Cash and cash equivalents as of December 31, 2024, were approximately HKD 557,200,000, an increase from HKD 509,800,000 in 2023[12]. - Total assets rose to HKD 2,983.0 million, a 5.5% increase from HKD 2,827.6 million in 2023[65]. - The gross profit margin for 2024 was 89.8%, slightly down from 89.9% in 2023[66]. - The net profit margin improved to 18.4% in 2024, compared to 15.8% in 2023[66]. - Administrative expenses for the year were approximately HKD 217 million, an increase from HKD 213.9 million in the previous year[76]. - Total R&D expenses for the year amounted to approximately HKD 156.6 million, accounting for 9.4% of revenue, compared to 9.5% in the previous year[76]. - The company reported a mid-term dividend of HKD 0.06 per share, paid on September 24, 2024, and proposed a final dividend of HKD 0.06 per share for the fiscal year ending December 31, 2024, subject to shareholder approval[111]. Revenue Breakdown - The ophthalmology and surgical divisions contributed approximately 46.2% and 52.7% to the total revenue, respectively[11]. - The flagship biopharmaceutical products, Beifu Shou® and Beifu Ji® series, accounted for approximately 84.5% of the total revenue, with Beifu Shou® and Beifu Ji® contributing 35.1% and 49.4% respectively[11]. - The ophthalmology segment contributed approximately HKD 771.5 million to revenue, a 2.2% increase from HKD 755.1 million in 2023[73]. - The surgical segment recorded revenue of approximately HKD 879.9 million, a decrease of 9.3% from HKD 970.4 million in 2023[73]. - The bFGF series products accounted for approximately 84.5% of the group's total revenue during the review year[36]. Research and Development - The group has initiated a five-year development plan to enhance its R&D capabilities and solidify its position in the ophthalmology field[22]. - As of the report date, there are 16 R&D projects in various stages, with 4 ophthalmology projects currently in clinical stages, viewed as mid-term growth drivers[22]. - The group holds a total of 100 patents, including 70 invention patents, 15 utility model patents, and 15 design patents[23]. - The company has established multiple R&D bases in Zhuhai, Boston, London, and Singapore to support the development of new therapies[23]. - The group maintains a robust R&D pipeline, emphasizing single-dose ophthalmic products and biologics such as growth factors and antibodies[115]. Market and Distribution - The group operates a vast distribution network with 44 regional sales offices in China, covering over 14,000 hospitals and medical institutions[16]. - The distribution network allows the company's therapeutic products to be prescribed in over 14,000 hospitals and medical institutions, as well as approximately 1,810 pharmacies across major cities, provinces, and counties in China[49]. - The company aims to increase patient accessibility in lower-tier cities in China and expand clinical indications for its commercialized products[17]. - The company is actively seeking new therapies in oncology, orthopedics, and neurology through strategic investments[115]. Corporate Governance and Compliance - The board has adhered to the corporate governance code as outlined in Appendix C1 of the Listing Rules during the review year[191]. - The board is responsible for preparing true and fair consolidated financial statements according to Hong Kong Financial Reporting Standards and the Companies Ordinance[200]. - Internal controls are required to prevent significant misstatements due to fraud or error in the financial statements[200]. - The company emphasizes compliance with various local laws and regulations, including those related to drug production and environmental standards[141]. Shareholder Information - The board has proposed a final dividend of HKD 0.06 per ordinary share for 2023, up from HKD 0.045 in 2022, with a total dividend of HKD 0.12 per share for 2024[26]. - The company has a distributable reserve of HKD 37,074,533 as of December 31, 2024, with HKD 34,027,740 proposed for the final dividend for the review year[166]. - The top five customers accounted for approximately 52.3% of the total sales, with the largest customer contributing about 27.0%[168]. - The top five suppliers represented approximately 53.1% of total purchases, with the largest supplier accounting for about 17.8%[168]. Legal and Regulatory Matters - The company is actively defending against allegations from Guangxi Wanshoutang Pharmaceutical Co., Ltd. regarding a sales agency agreement and has filed a counterclaim for outstanding payments[60]. - The Chinese government has initiated a national drug procurement program focused on volume-based purchasing, aiming to lower drug prices through competitive bidding[132]. - The implementation of this program may negatively impact the company's existing operations and commercialization strategies in China[132]. Employee and Social Responsibility - The group provides stock options and bonuses to employees based on performance and financial results, as determined by the board of directors[90]. - Employee development is a priority, with competitive compensation and training programs offered to enhance skills[144]. - The group made charitable donations totaling approximately HKD 887,000 during the review year, compared to HKD 481,000 in 2023[167]. - The company is committed to creating an environmentally friendly work environment by promoting energy conservation and recycling[133].
亿胜生物科技(01061) - 2024 - 年度财报