Financial Performance - For the six months ended June 30, 2023, the total revenue was RMB 649,920,000, with external sales of finished drugs at RMB 540,313,000 and intermediates at RMB 109,607,000[17]. - The segment results showed a profit before tax of RMB 327,211,000, compared to RMB 225,591,000 for the same period in 2022, indicating a year-over-year increase of approximately 45%[17]. - The company reported unallocated gains of RMB 158,150,000, while corporate and other unallocated expenses were RMB 108,665,000, leading to a net profit before tax after adjustments[17]. - The company’s external sales to customers decreased from RMB 568,544,000 in the previous year to RMB 540,313,000, reflecting a decline of approximately 5%[17]. - The company’s segment results for finished drugs showed a profit of RMB 290,301,000, while intermediates reported a loss of RMB 12,269,000[17]. - The group reported a profit before tax of RMB 96,929,000 for the six months ended June 30, 2023, compared to RMB 75,350,000 in 2022, indicating a growth of approximately 28.7%[49]. - Revenue from contracts with customers for the six months ended June 30, 2023, was RMB 649,920,000, representing an increase from RMB 623,478,000 in the same period of 2022[29]. Revenue Breakdown - Revenue from Mainland China was RMB 537,134,000, accounting for the majority of total revenue from contracts with customers[29]. - The finished drugs segment generated revenue of RMB 540,307,000, while the intermediates and bulk medicines segment contributed RMB 109,607,000 for the six months ended June 30, 2023[29]. - The total segment revenue for the six months ended June 30, 2022, was RMB 623,478,000, indicating a decrease in overall sales compared to the current period[17]. - Total revenue from contracts with customers for the six months ended June 30, 2023, was RMB 623,478,000, a slight increase from RMB 623,302,000 in 2022[33]. - Revenue from pharmaceutical goods sales was RMB 623,302,000, contributing significantly to total revenue[33]. Costs and Expenses - Cost of sales increased to RMB 288,071,000 in 2023 from RMB 231,200,000 in 2022, reflecting a rise of about 24.6%[49]. - Research and development costs for the period amounted to RMB 30,761,000, slightly up from RMB 29,960,000 in 2022[49]. - Other income for the six months ended June 30, 2023, was RMB 16,452,000, down from RMB 21,305,000 in 2022[37]. - The depreciation of property, plant, and equipment was RMB 31,751,000 in 2023, compared to RMB 22,446,000 in 2022, representing a significant increase of about 41.5%[49]. - The company incurred finance costs of RMB 27,333,000 for lease liabilities, up from RMB 43,225,000 in 2022, indicating a decrease in financial burden[39]. Taxation - Current income tax charge increased to RMB 75,699, up 90.2% from RMB 39,801 in the previous year[60]. - Total tax charge for the period reached RMB 73,041, representing a 36.0% increase compared to RMB 53,765 in 2022[60]. Assets and Liabilities - As of June 30, 2023, the total assets of the Group amounted to RMB 3,557,356,000, a decrease from RMB 3,672,643,000 as of December 31, 2022[19][24]. - The Group's segment assets for finished drugs were RMB 908,319,000 and for intermediates and bulk medicines were RMB 1,192,678,000 as of June 30, 2023[19]. - The assets held for sale amounted to RMB 2,578,000 as of June 30, 2023[19]. - Trade and notes receivables decreased to RMB 193,431 from RMB 204,324, a decline of 5.0%[64]. - Cash and bank balances decreased to RMB 741,149 from RMB 811,682, a reduction of 8.7%[64]. Financial Instruments and Risks - The Group's financial instruments are exposed to foreign currency risk, credit risk, liquidity risk, and interest rate risk[79]. - The Group has no significant credit risk concentration from third-party debtors, with maximum exposure to credit risk represented by cash, bank balances, and trade receivables[79]. - The expected loss allowance provision for trade receivables was not material during the period ended June 30, 2023[83]. - The Group's management believes the risk of default by counterparties is low[83]. Share Capital and Dividends - For the six months ended June 30, 2023, profit attributable to ordinary equity holders of the parent was RMB 255,941,000, an increase of 49% compared to RMB 171,661,000 in 2022[99]. - Basic earnings per share for the period was RMB 0.1707, up from RMB 0.11456 in the same period last year, reflecting a growth of approximately 49%[99]. - The company declared an interim dividend of HK$0.015 per share, totaling approximately HK$22,497,000 (approximately RMB 20,986,000) for the year ending December 31, 2023[94]. - The issued and fully paid ordinary shares increased from 1,498,789,000 at the beginning of the period to 1,499,793,000 at the end of the period[178]. Share Option Scheme - The 2023 Share Option Scheme allows for a total of 149,970,500 shares to be issued, which is 10% of the total shares in issue on the adoption date[182]. - The Chief Executive Officer holds 6,000,000 share options, which are exercisable from 29 April 2023 to 28 April 2028[188]. - The total number of options available for grant under the 2023 Share Option Scheme remained at 149,970,500 at both the adoption date and the end of the period[182]. - The total number of options available for grant under the service provider sublimit was 7,498,525 at both the adoption date and the end of the period[182]. - For the six months ended June 30, 2023, no share options were cancelled[190].
东瑞制药(02348) - 2023 - 中期财报