Financial Performance - Revenue decreased by RMB 339.4 million or 6.1% to RMB 5,200.2 million compared to the year ended December 31, 2020[17]. - EBITDA decreased by RMB 970.2 million or 51.7% to RMB 906.9 million compared to the year ended December 31, 2020[17]. - Gross profit decreased by RMB 593.9 million or 14.9% to RMB 3,396.7 million, with a gross margin of 65.3%[17]. - Net profit attributable to shareholders decreased by RMB 841.0 million or 119.0% to RMB -134.4 million compared to the year ended December 31, 2020[17]. - Other income and gains decreased to RMB 330.7 million, down approximately RMB 72.6 million or 18.0% compared to RMB 403.3 million in the previous year, primarily due to fewer government subsidies recognized during the year[103]. - Sales and distribution expenses increased to RMB 1,704.8 million, an increase of RMB 40.9 million or 2.5% from RMB 1,663.9 million, with the percentage of sales and distribution expenses to revenue rising from 30.0% to 32.8%[104]. - Administrative expenses rose to approximately RMB 570.8 million, an increase of about RMB 49.3 million or 9.5% from RMB 521.5 million, mainly due to higher employee costs[105]. - Other expenses increased to approximately RMB 1,127.6 million, up about RMB 283.5 million or 33.6% from RMB 844.1 million, primarily due to a one-time provision for legal claims[106]. - Financial costs decreased to RMB 399.5 million, down approximately RMB 24.5 million or 5.8% from RMB 424.0 million, mainly due to a reduction in outstanding bank loans[107]. - Income tax expenses decreased to RMB 70.2 million, a reduction of RMB 168.7 million or 70.6% from RMB 238.9 million, with an effective tax rate of -94.2%[110]. - The normalized EBITDA decreased by RMB 596.4 million or 30.6% to RMB 1,355.3 million compared to the previous year[111]. Research and Development - R&D expenses decreased by RMB 106.7 million or 13.5% to RMB 683.2 million, with total R&D expenses amounting to RMB 1,476.4 million[17]. - The company had 30 products in various stages of development in China, including 12 oncology products and 12 CNS products as of December 31, 2021[7]. - The R&D team consisted of 824 employees, including 73 PhDs and 438 Master's degree holders as of December 31, 2021[7]. - Research and development investment totaled nearly RMB 1.5 billion in 2021, representing a significant increase compared to the previous year[20]. - The company successfully launched three new products: Ruixinte®, Boyounuo®, and Lisdexamfetamine transdermal patch, while seven projects are in the listing review stage[20]. - The company anticipates launching 10 new products over the next two years, marking the beginning of a harvest period for self-developed products[21]. - The company maintains a strong pipeline with 30 domestic and 12 international products under development as of December 31, 2021[27]. - The company has developed over 10 innovative antibody products and biosimilars with international intellectual property protection, supporting long-term growth[93]. Market and Sales Performance - The company achieved a revenue of RMB 5.2 billion for the year ended December 31, 2021, despite a 6.1% decrease compared to the previous year due to the pandemic and industry challenges[27]. - Sales revenue from cardiovascular products increased by 42.1% to RMB 1.4273 billion, while sales from digestive and metabolic products rose by 22.5% to RMB 898.5 million[29]. - The oncology product revenue decreased by 36.7% to RMB 1.4141 billion, while central nervous system product sales fell by 5.5% to RMB 1.3238 billion[29]. - The company has established a national sales and distribution network covering over 19,330 hospitals in China[6]. - The company operates in over 80 countries and regions globally, including the US, EU, and Japan, with more than 50 global partners[6]. - The company established a CNS sales team of over 110 representatives to enhance market coverage and drive growth for its CNS products, including the newly approved 瑞欣妥[93]. - The company plans to deepen market coverage in lower-tier hospitals following the inclusion of its product in the national medical insurance catalog[93]. Strategic Initiatives - The company plans to accelerate the clinical and market progress of key projects in 2022, focusing on innovation and internationalization strategies[24]. - The company aims to enhance its global commercialization capabilities to support sustainable growth and value realization from innovative products[21]. - The company is committed to creating value for patients, shareholders, and society through high-quality growth in both domestic and international markets[24]. - The company is considering strategic acquisitions to bolster its product portfolio, with a budget of 100 million allocated for potential deals[144]. - The management team emphasized a focus on sustainable practices, aiming to reduce operational costs by 8% through efficiency improvements[144]. Corporate Governance and Structure - The company has a strong management team with extensive experience in the biotechnology and pharmaceutical industries[159][160]. - The company has a diverse board with members holding significant positions in various listed companies, enhancing its governance and strategic direction[151][154][158]. - The board of directors includes executive directors Liu Dianbo and Yang Rongbing, among others, with terms subject to re-election at the upcoming annual general meeting[193]. - Independent non-executive directors have confirmed their independence according to Listing Rule 3.13, and the company considers all independent non-executive directors to be independent[198]. - Executive directors have signed contracts with a term of three years starting from July 9, 2020, while non-executive directors have contracts of two years starting from their respective appointment dates[199]. Risk Management and Compliance - The group faces various financial risks, including interest rate risk, foreign exchange risk, credit risk, and liquidity risk, with management procedures in place to mitigate these risks[178]. - The group has a risk management framework to identify and assess operational risks regularly[174]. - The group emphasizes compliance with regulatory requirements and has maintained compliance in all significant aspects as of December 31, 2021[183]. Future Outlook - The company provided guidance for the next fiscal year, projecting revenue growth of 10% to 12%[144]. - New product launches are expected to contribute an additional 200 million in revenue over the next year[144]. - Market expansion plans include entering two new international markets, projected to increase market share by 5%[144].
绿叶制药(02186) - 2021 - 年度财报