Financial Performance - Total revenue for the six months ended June 30, 2023, was RMB 59,929,000, a decrease of 23.7% compared to RMB 78,593,000 for the same period in 2022[7]. - The pre-tax loss for the period was RMB 276,941,000, an improvement of 22.3% from a loss of RMB 357,117,000 in the previous year[9]. - The net loss attributable to equity holders of the parent was RMB 272,549,000, compared to RMB 349,686,000 in the same period last year, reflecting a reduction of 22.1%[9]. - Other income, including government grants related to income, rose to RMB 29,382 thousand in the first half of 2023, compared to RMB 9,163 thousand in the same period of 2022[20]. - Financial costs for the first half of 2023 were RMB 5,380 thousand, significantly higher than RMB 794 thousand in the same period of 2022, indicating a substantial increase in borrowing costs[22]. - The company reported a foreign exchange gain of RMB 30,242 thousand, down from RMB 66,877 thousand in the previous period[18]. - The company did not declare or pay any dividends for the six months ended June 30, 2023, and 2022[27]. - The basic and diluted loss per share for the six months ended June 30, 2023, was RMB 0.57, compared to RMB 0.75 for the same period in 2022, indicating a 24.0% improvement[28]. Assets and Liabilities - Non-current assets totaled RMB 982,659,000 as of June 30, 2023, an increase from RMB 889,687,000 as of December 31, 2022[8]. - Current assets decreased to RMB 1,262,601,000 from RMB 1,419,920,000 in the previous year[8]. - The total equity as of June 30, 2023, was RMB 1,355,273,000, down from RMB 1,653,078,000 at the end of 2022[8]. - Total current liabilities were RMB 316,164 thousand, down from RMB 328,983 thousand, resulting in a net current asset of RMB 946,437 thousand[10]. - The company's total equity decreased to RMB 1,355,273 thousand from RMB 1,653,078 thousand, indicating a decline of about 18%[12]. - Cash and bank balances decreased from RMB 1,325 million as of December 31, 2022, to RMB 1,099 million as of June 30, 2023, mainly due to expenditures on R&D services, raw materials, and administrative costs[69]. - Trade payables as of June 30, 2023, amounted to RMB 68,708 thousand, an increase from RMB 62,517 thousand as of December 31, 2022, representing a 9.4% increase[29]. Research and Development - The company has applied for 15 invention patents related to its vaccine projects based on its protein engineering and mRNA technology platforms[6]. - Research and development costs decreased to RMB 247,822 thousand in the first half of 2023 from RMB 354,469 thousand in the same period of 2022, a reduction of 30.0%[23]. - The total R&D cost for the six months ending June 30, 2023, was RMB 248 million, with no R&D costs capitalized during the same period[54]. - The company has established three advanced technology platforms for adjuvant development, protein engineering, and immuno-evaluation, enabling continuous discovery and development of subunit vaccines[51]. - The company’s R&D team consists of over 100 professionals, most of whom hold master's or doctoral degrees in relevant fields, ensuring a strong foundation for vaccine development[54]. Vaccine Development - The company has a pipeline of 12 vaccine candidates, focusing on high-burden diseases including HPV, COVID-19, and shingles[31]. - The strategic product REC603, a recombinant nine-valent HPV vaccine, is currently in Phase III clinical trials and is expected to submit a BLA application in 2025[32]. - The company has established a production capacity for HPV vaccines in Taizhou, Jiangsu Province, with an initial design capacity of 20 million doses per year[34]. - The recombinant COVID-19 vaccine ReCOV is undergoing international Phase III trials in Russia and Nepal, with a rolling submission for market approval in China[33]. - The company is developing next-generation HPV vaccines with new adjuvants, designed to use a two-dose regimen, potentially offering advantages over current three-dose products[38]. Corporate Governance and Compliance - The board is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[87]. - The company has established a comprehensive risk management and internal control system, with regular assessments conducted to identify potential risks affecting business operations[88]. - The audit committee, consisting of three members, has reviewed the unaudited interim results for the six months ending June 30, 2023, and found them compliant with relevant accounting standards[89]. - The interim financial report for the six months ending June 30, 2023, has been reviewed by Ernst & Young according to the Hong Kong Institute of Certified Public Accountants' standards[89]. Market and Future Outlook - The company aims to maintain sufficient cash and cash equivalents to meet liquidity needs, balancing continuity and flexibility through bank loans and other borrowings[82]. - The proposed issuance of up to 57,955,560 domestic shares is expected to raise no less than HKD 640 million, with approximately 50% allocated to REC610 for IND application, clinical trials, BLA submission, production facility construction, and commercialization[84]. - The company has entered into a strategic partnership with a leading biotech firm to enhance its product pipeline[99]. - A recent acquisition of a smaller competitor is expected to add $200 million in annual revenue[98]. - The company has set a future revenue guidance of $2 billion for the next fiscal year, indicating a projected growth rate of 20%[99].
瑞科生物-B(02179) - 2023 - 中期业绩