Financial Performance - For the six months ending June 30, 2025, Shandong Boan Biotechnology reported revenue of approximately RMB 393.4 million, an increase of about RMB 30.5 million or 8.4% compared to RMB 362.9 million for the same period in 2024[2]. - The company recorded a profit before tax of RMB 20.5 million, down from RMB 61.7 million in the previous year[8]. - The total comprehensive income for the period was RMB 20.4 million, compared to RMB 61.6 million for the same period in 2024[8]. - Basic and diluted earnings per share for the period were RMB 0.04, down from RMB 0.12 in the previous year[8]. - Revenue increased by 8.4% to RMB 393.4 million, with product sales rising by 15.9% to RMB 385.3 million[42]. - The company recorded revenue of RMB 393.4 million and a net profit of RMB 20.5 million for the six months ending June 30, 2025, marking the third consecutive reporting period of positive profitability[90]. Cost and Expenses - The sales cost for the same period was RMB 110.8 million, representing approximately 28.2% of total revenue, up from 22.1% in the previous year[3]. - Sales and distribution expenses increased to RMB 159.8 million, a rise of RMB 25.6 million or 19.1% from RMB 134.2 million in the prior year[5]. - Research and development expenses were approximately RMB 58.6 million, a decrease of about RMB 27.2 million compared to RMB 85.8 million for the same period in 2024[6]. - Other income and gains decreased to RMB 2.6 million, down approximately RMB 33.5 million from RMB 36.1 million in the previous year, primarily due to a reduction in government grants[99]. - Financial costs increased by approximately RMB 6.9 million to RMB 19.5 million, representing a year-on-year growth of 54.8%[103]. Assets and Liabilities - As of June 30, 2025, total non-current assets amounted to RMB 1,895,008 thousand, a decrease from RMB 1,996,079 thousand as of December 31, 2024, reflecting a decline of about 5.1%[9]. - Current assets totaled RMB 956,280 thousand as of June 30, 2025, down from RMB 1,438,554 thousand at the end of 2024, indicating a decrease of approximately 33.5%[9]. - The company's total liabilities as of June 30, 2025, were RMB 1,401,501 thousand, compared to RMB 1,297,250 thousand at the end of 2024, marking an increase of about 8.0%[10]. - Net assets increased to RMB 2,033,132 thousand as of June 30, 2025, up from RMB 1,644,038 thousand at the end of 2024, representing a growth of approximately 23.7%[10]. - The company’s cash and cash equivalents rose significantly to RMB 659,966 thousand as of June 30, 2025, compared to RMB 198,867 thousand at the end of 2024, reflecting an increase of about 231.5%[9]. Trade Receivables and Payables - The company’s trade receivables increased to RMB 527,069 thousand as of June 30, 2025, compared to RMB 453,604 thousand at the end of 2024, representing an increase of about 16.2%[9]. - Trade payables amounted to RMB 136,110,000 as of June 30, 2025, slightly up from RMB 125,137,000 at the end of 2024, reflecting an 8% increase[28]. - The group maintained strict control over trade receivables, with a significant portion (RMB 251,224,000) being within three months overdue as of June 30, 2025[27]. - The group reported a net impairment of trade receivables of RMB 7,070,000 for the six months ended June 30, 2025, compared to RMB 2,168,000 in 2024[25]. Product Development and Pipeline - The company has four approved products in its portfolio and is developing multiple innovative biopharmaceuticals with international intellectual property protection[40]. - The company is actively engaged in the development of a trial drug that is currently under review for market approval[40]. - Significant achievements have been made in pipeline development, sales and marketing, manufacturing, and business collaborations since the beginning of 2025[41]. - The product portfolio includes four approved products, one candidate in the BLA review stage, and six candidates in clinical trials, focusing on major therapeutic areas such as oncology, autoimmune diseases, and ophthalmology, which have significant unmet needs in both China and overseas markets[47]. - The company has developed a balanced product pipeline aimed at achieving commercialization in the short term while driving sustainable long-term growth[47]. Market and Competitive Position - The company was included in the MSCI Global Small Cap Index in May 2025, reflecting recognition of its high growth potential[45]. - The company has established a broad distribution network with over 191 distributors, reaching more than 3,112 target hospitals and institutions in China[82]. - The company has partnered with Qingdao Guoxin Pharmaceutical for exclusive promotion of 博优倍® in mainland China since 2023[85]. - The company has granted exclusive rights to Eucan for the promotion of BA9101 in mainland China post-launch[86]. Employee and Management - As of June 30, 2025, the R&D team consists of 254 experienced employees, covering various research functions with most having over seven years of experience[76]. - The total compensation for key management personnel was RMB 10,459,000 for the six months ended June 30, 2025, down from RMB 15,098,000 in the same period of 2024[38]. - The company employed a total of 714 employees, down from 777 employees as of June 30, 2024[115]. - Employee costs for the six months ended June 30, 2025, were approximately RMB 61.6 million, compared to RMB 86.4 million for the same period in 2024, reflecting a decrease of about 29%[115]. Corporate Governance and Compliance - The company has adopted a corporate governance code and has complied with all applicable provisions, with one exception regarding the separation of roles between the Chairman and CEO[121][122]. - The audit committee has reviewed the accounting principles and policies adopted by the group for the six months ended June 30, 2025, and recommended the same to the board[125]. - The company has not purchased, sold, or redeemed any of its listed securities during the six months ended June 30, 2025[124].
博安生物(06955) - 2025 - 中期业绩