Financial Performance - Revenue increased by RMB 781.5 million or 15.0% to RMB 5,981.7 million compared to the year ended December 31, 2021[12]. - EBITDA rose by RMB 905.9 million or 99.9% to RMB 1,812.8 million compared to the year ended December 31, 2021[12]. - Gross profit increased by RMB 743.8 million or 21.9% to RMB 4,140.5 million, with a gross margin of 69.2%[12]. - Net profit attributable to shareholders was RMB 604.8 million, an increase of RMB 739.2 million compared to the loss for the year ended December 31, 2021[12]. - Normalized EBITDA grew by 44.8% year-on-year to RMB 1.9626 billion, while normalized net profit attributable to shareholders surged by 101.8% to RMB 886 million[14]. - The company recorded a revenue growth of 15.0% in 2022, reaching RMB 5,981.7 million, despite challenges from government policies and the COVID-19 pandemic[68]. - The company expects significant revenue growth in 2023 due to the commercialization of new products and the introduction of several new therapies[68]. Research and Development - R&D expenses increased by RMB 174.2 million or 25.5% to RMB 857.3 million compared to the year ended December 31, 2021[12]. - The company holds 257 patents in China and 486 patents overseas as of December 31, 2022[4]. - The R&D team consists of 934 employees, including 81 PhDs and 459 master's degree holders[4]. - The company has 35 products in various stages of development in China, including 15 oncology products[4]. - The company continues to invest in four strategic therapeutic areas: oncology, central nervous system, cardiovascular, and digestive and metabolic products, with 35 research products at various development stages in China as of December 31, 2022[40]. - The company has eight products under NDA review in various markets, with five products undergoing NDA review in mainland China[79]. Product Development and Launches - The company successfully launched several new drugs, including Rykindo® and the first domestically developed antidepressant, Ruo Xin Lin®[15]. - The oncology segment saw a revenue increase of 63.1%, amounting to RMB 2.3058 billion, while the cardiovascular segment's revenue rose by 7.6% to RMB 1.5357 billion[24]. - The product Lurbinectedin for small cell lung cancer has shown a 45.5% overall response rate in a Phase I trial in China, with a median progression-free survival of 6.6 months[46]. - The new drug LY03005 for generalized anxiety disorder has been approved for Phase III clinical trials in China, marking a significant breakthrough in local drug development[48]. - The product Ruoxinlin, approved for depression treatment, is the first domestically developed Class 1 chemical new drug with independent intellectual property rights in China[76]. - The product Boyoubai, launched in November 2022, is the world's first approved biosimilar of Prolia for osteoporosis treatment in postmenopausal women[77]. Market Presence and Sales - The company has established a national sales and distribution network covering over 20,150 hospitals in China[3]. - The company operates in over 80 countries and regions globally, including the US, EU, and Japan[3]. - The company has established strong sales partnerships across over 80 countries, enhancing its global market presence[58]. - The product Xuezhikang generated over RMB 1 billion in sales in 2021 and is expected to maintain double-digit growth in the coming years[71]. - The product Oukai has been rapidly growing and is now a significant product in the cardiovascular treatment sector, with ongoing exploration of its market potential[71]. Financial Position and Capital Management - As of December 31, 2022, the group's net current assets were approximately RMB 1,298.6 million, down from RMB 3,066.5 million as of December 31, 2021[97]. - The current ratio decreased from approximately 1.42 on December 31, 2021, to approximately 1.14 on December 31, 2022, primarily due to an increase in loans and borrowings[97]. - Total borrowings amounted to approximately RMB 7,642.7 million as of December 31, 2022, compared to RMB 7,620.1 million as of December 31, 2021[98]. - The company issued convertible bonds totaling RMB 1,200 million and RMB 300 million in August and September 2022, respectively, with a conversion price of HKD 3.50 per share[104]. - The net proceeds from the August 2022 convertible bonds were approximately HKD 1,371.15 million, with planned uses including RMB 548.46 million for product development and RMB 411.35 million for debt repayment[110]. Corporate Governance and Management - The company has a strong board of directors, including Mr. Song Ruilin, who has extensive experience in healthcare law and policy, and has held various significant positions in the industry[128]. - The company is committed to enhancing its corporate governance through a diverse and experienced board of directors, ensuring effective oversight and strategic direction[135]. - The company has established a remuneration committee to review its remuneration policies and structures for all directors and senior management, considering the company's performance and market practices[192]. - The independent non-executive directors have confirmed their independence according to the listing rules, and the company considers all of them to be independent[185]. Risk Management and Compliance - The company has established risk management procedures to mitigate financial risks, including interest rate, foreign exchange, credit, and liquidity risks[165]. - The company has allocated resources to ensure compliance with regulatory requirements, maintaining good relationships with regulatory authorities[170]. - The company has a structured approach to managing operational risks through standard operating procedures and regular assessments[160]. Employee and Operational Insights - As of December 31, 2022, the company employed 5,005 staff, an increase from 4,845 staff as of December 31, 2021[117]. - Employee costs for the year ended December 31, 2022, were approximately RMB 778.3 million, down from RMB 830.0 million in the previous year[117]. - The company aims to attract and retain skilled personnel by offering competitive compensation packages[162].
绿叶制药(02186) - 2022 - 年度财报