Financial Performance - The company reported a net loss of RMB 93.324 million for the fiscal year ending December 31, 2024, a decrease of 50.7% compared to a loss of RMB 188.820 million in 2023[9]. - The company reported a net loss of RMB 93.3 million for the year ended December 31, 2024, compared to a net loss of RMB 188.8 million for the year ended December 31, 2023, indicating ongoing investment in product pipeline development[26]. - Other income decreased from RMB 8.6 million in 2023 to RMB 2.7 million in 2024, primarily due to a reduction in foreign exchange gains and bank interest income[27]. - Cash and cash equivalents decreased by 45.2% from RMB 369.4 million as of December 31, 2023, to RMB 202.4 million as of December 31, 2024[40]. - The company’s total equity decreased to RMB 680.533 million in 2024 from RMB 773.857 million in 2023, a reduction of 12.0%[11]. - Total current assets decreased to RMB 299.027 million in 2024 from RMB 408.473 million in 2023, a decline of 26.8%[11]. Research and Development - Research and development expenses decreased to RMB 41.300 million in 2024 from RMB 111.743 million in 2023, reflecting a reduction of 63.0%[9]. - R&D expenses decreased from RMB 111.7 million in 2023 to RMB 41.3 million in 2024, a reduction of 63.0%[30]. - Employee benefits under R&D expenses dropped from RMB 36.7 million in 2023 to RMB 8.5 million in 2024, a decrease of 76.8%[31]. - The company aims to expand its product line and strengthen internal R&D capabilities while seeking deeper global partnerships and collaboration opportunities[14]. - The company plans to expedite clinical development and commercialization of Bioheart® and Iberis® to gain a first-mover advantage in the unmet BRS and RDN markets in China[28]. Product Development and Approval - The company’s core product, the Bioheart® bioresorbable stent, and the second-generation renal denervation system, Iberis®, have entered the registration phase, with Iberis® expected to receive approval in February 2025[12]. - The Iberis-HTN clinical data was published in the prestigious journal "Circulation," indicating the high quality and global recognition of the innovation behind the Iberis RDN system[13]. - The Iberis® RDN system achieved its primary clinical endpoint in a randomized controlled trial for primary hypertension patients, with detailed data presented at the 2023 China Interventional Cardiology Conference[21]. - The company completed its first commercial procedure for the Iberis® RDN system in Europe in February 2025, marking a significant milestone in its commercialization efforts[13]. Corporate Governance - The company has adopted the corporate governance code as its own to regulate its governance practices[93]. - The company recognizes the importance of good corporate governance in enhancing management and protecting shareholder interests[93]. - The board consists of three executive directors, including the general manager, and three independent non-executive directors, ensuring strong independence[96]. - The company has established effective mechanisms to support an independent board and ensure independent viewpoints in decision-making[97]. - The company has established three board committees: audit committee, remuneration committee, and nomination committee[112]. Risk Management - The company has established a comprehensive risk management policy to identify, assess, and monitor key risks related to its strategic objectives[134]. - The audit committee reviews and approves the risk management policy to ensure alignment with corporate goals and monitors significant risks[136]. - The company has implemented internal control policies to ensure effective operations and reliable financial reporting[133]. - The board is responsible for ensuring effective risk management and internal control systems are maintained and reviewed annually[133]. ESG and Sustainability - The report period for the environmental, social, and governance (ESG) report covers January 1, 2024, to December 31, 2024[174]. - The group has established a three-tier governance model for sustainable development, consisting of the Board of Directors, the ESG Working Group, and internal operational teams[184]. - The group has committed to providing innovative solutions for patients and actively participating in community activities to create value and fulfill social responsibilities[183]. - The group has implemented a comprehensive ESG management system to identify and evaluate risks associated with business operations[189]. - The company has identified five key ESG issues: innovation and technology, product service quality and safety, data security and customer privacy management, intellectual property protection, and business ethics and integrity[198]. Shareholder Engagement - The company emphasizes the importance of timely and non-selective disclosure of information for informed investment decisions[166]. - The company has adopted a shareholder communication policy to enhance effective communication with shareholders and investors[166]. - The board of directors will regularly review the shareholder communication policy to ensure its effectiveness[167]. - The company encourages shareholders to participate in annual general meetings and vote, ensuring their rights are protected[160]. Management and Personnel - The company has established a robust management team with diverse expertise in finance, technology, and regulatory compliance[79]. - The company is actively involved in employee incentive platforms, with key personnel holding partnership interests[81]. - The company aims to modernize its compensation practices and improve the overall balance of interests among shareholders through the 2022 H-share incentive plan[51]. - The company has implemented training programs for new employees to enhance their understanding of corporate culture and compliance awareness[91]. Financial Strategy - The company currently anticipates retaining all future profits for business operations and expansion, with no plans to declare or pay dividends in the near future[168]. - The planned use of net proceeds from the global offering includes approximately HKD 273.85 million for ongoing confirmatory clinical trials and commercialization of the core product Bioheart®[56]. - The company successfully raised approximately HKD 441.69 million from its global offering after deducting underwriting fees and related expenses[52].
百心安-B(02185) - 2024 - 年度财报