药明康德(02359) - 2022 Q1 - 季度财报

Company Overview The company provides integrated new drug discovery, development, and manufacturing services globally through its unique CRDMO and CTDMO models Company Overview WuXi AppTec offers integrated, end-to-end new drug discovery, development, and manufacturing services globally via its unique CRDMO and CTDMO models, serving over 5,800 clients - The company provides integrated, end-to-end new drug R&D and manufacturing services to the global biopharmaceutical industry through its unique CRDMO (Contract Research, Development, and Manufacturing) and CTDMO (Contract Testing, Research, Development, and Manufacturing) business models[4] - As of the end of the reporting period, the company served over 5,800 active clients from more than 30 countries through 31 global operating bases and branches[4] Employee Composition as of Q1 2022 | Position | Asia | US | Europe | Total | | :--- | :--- | :--- | :--- | :--- | | R&D | 29,022 | 1,014 | 154 | 30,190 | | Production | 3,660 | 254 | 75 | 3,989 | | Sales | 39 | 89 | 31 | 159 | | Management & Admin | 2,181 | 410 | 68 | 2,659 | | Total | 34,902 | 1,767 | 328 | 36,997 | Financial and Operating Performance The company reported strong revenue and adjusted net profit growth in Q1 2022, driven by core business expansion, despite a decline in operating cash flow Key Financial Data for Q1 2022 In Q1 2022, the company achieved 8.47 billion CNY in revenue, a 71.18% YoY increase, with net profit attributable to shareholders growing 9.54% due to non-recurring items, while adjusted non-IFRS net profit saw strong growth Key Financial Indicators for Q1 2022 | Indicator | Amount for Reporting Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 8,474,419,333.59 | 71.18% | | Net Profit Attributable to Shareholders of Listed Company | 1,642,947,345.12 | 9.54% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 1,714,144,938.66 | 106.52% | | Adjusted Non-IFRS Net Profit Attributable to Shareholders of Listed Company | 2,052,645,414.94 | 85.82% | | Net Cash Flow from Operating Activities | 497,469,053.50 | -25.62% | | Basic Earnings Per Share (CNY/share) | 0.56 | 7.69% | Reasons for Key Financial Indicator Changes | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 106.52 | Continuous optimization of operational efficiency led to increased capacity utilization and enhanced economies of scale | | Adjusted Non-IFRS Net Profit Attributable to Shareholders of Listed Company | 85.82 | Continuous optimization of operational efficiency led to increased capacity utilization and enhanced economies of scale | | Net Cash Flow from Operating Activities | -25.62 | Growth in main business collections, coupled with increased customer orders and inventory stocking due to business expansion, led to a significant increase in current period procurement expenditures | - Total non-recurring gains and losses for the reporting period amounted to -71.2 million CNY, primarily due to fair value changes and disposal gains/losses from financial assets held for trading[7] Operating Analysis by Business Segment In Q1 2022, all business segments experienced growth, with total revenue up 71.2% YoY, primarily driven by WuXi Chemistry's 102.1% growth, while WuXi DDSU saw a 21.6% decline due to business upgrades Operating Revenue by Business Segment for Q1 2022 (Million CNY) | Business Segment | Q1 2022 | Q1 2021 | Change (%) | | :--- | :--- | :--- | :--- | | WuXi Chemistry | 6,118.0 | 3,027.0 | 102.1 | | WuXi Testing | 1,279.4 | 971.4 | 31.7 | | WuXi Biology | 532.6 | 422.1 | 26.2 | | Cell & Gene Therapy CTDMO (WuXi ATU) | 298.6 | 218.0 | 37.0 | | Domestic New Drug Discovery Services (WuXi DDSU) | 240.6 | 306.8 | -21.6 | | Total | 8,474.4 | 4,950.5 | 71.2 | WuXi Chemistry WuXi Chemistry revenue grew 102.1% to 6.118 billion CNY, driven by a 138.1% increase in Process R&D and Manufacturing (D&M) services, with 1,808 new drug molecules served - Small molecule drug discovery (R) services revenue reached 1.745 billion CNY, a 46.6% YoY increase; Process R&D and Manufacturing (D&M) services revenue was 4.373 billion CNY, up 138.1% YoY[13] - As of Q1 2022, WuXi Chemistry served a total of 1,808 new drug molecules, including 49 in Phase III, 271 in Phase II, 1,446 in Phase I/pre-clinical, and 42 approved for launch[13] WuXi Testing WuXi Testing revenue grew 31.7% to 1.279 billion CNY, with laboratory analysis and testing services up 39.9%, and drug safety assessment business showing strong 53% YoY growth - Laboratory analysis and testing services revenue was 909 million CNY, up 39.9% YoY; Clinical CRO and SMO services revenue was 370 million CNY, up 15.2% YoY[14] - Drug safety assessment business sales revenue increased by 53% YoY, maintaining its leading position in the Asia-Pacific region, with the WIND integrated service platform signing 47 projects this quarter[14] WuXi Biology WuXi Biology revenue increased 26.2% to 533 million CNY, driven by a 110% YoY growth in new modalities and biologics-related revenue, which now accounts for 17.6% of segment revenue - New modalities and biologics-related revenue grew 110% YoY, increasing its proportion of WuXi Biology revenue from 14.6% in 2021 to 17.6% in Q1 2022[15] Cell & Gene Therapy CTDMO (WuXi ATU) Cell & Gene Therapy CTDMO (WuXi ATU) revenue grew 37.0% to 299 million CNY, providing development and manufacturing services for 74 projects, including 8 in Phase III clinical trials - Provided development and manufacturing services for 74 projects, including 59 pre-clinical/Phase I, 7 Phase II, and 8 Phase III projects (with 4 preparing for NDA submission)[15] - In March 2022, the revolutionary TESSA™ technology was officially launched for large-scale production of transfection-free adeno-associated virus (AAV), reportedly achieving 10 times the yield of traditional plasmid methods[15] Domestic New Drug Discovery Services (WuXi DDSU) Domestic New Drug Discovery Services (WuXi DDSU) revenue decreased 21.6% to 241 million CNY, primarily due to proactive business upgrades to meet higher client demands - The revenue decline was primarily due to proactive business upgrades to meet higher client demands for new drug R&D services in China, which had some impact on current period performance[16] Performance Outlook Despite the Shanghai outbreak, the company projects 63-65% revenue growth for Q2 2022 and 65-70% for the full year, leveraging its global presence and business continuity plans, contingent on pandemic control - If the Shanghai pandemic is effectively controlled by the end of April 2022, the company anticipates 63-65% high-speed revenue growth in Q2 2022[16] - The company is confident in achieving 65-70% revenue growth for the full year 2022, though realization depends on internal and external environmental changes, posing uncertainties[16] Shareholder Information This section details the company's shareholder structure, including the total number of shareholders and the top ten holders as of March 31, 2022 Major Shareholder Holdings As of March 31, 2022, the company had 206,649 common shareholders, with HKSCC NOMINEES LIMITED being the largest holder at 13.27% among the top ten - The total number of common shareholders as of the end of the reporting period was 206,649[17] Top Ten Shareholder Holdings | Shareholder Name | Shareholder Nature | Number of Shares Held | Percentage (%) | | :--- | :--- | :--- | :--- | | HKSCC NOMINEES LIMITED | Overseas Legal Entity | 392,128,463 | 13.2663 | | G&C VI Limited | Overseas Legal Entity | 190,512,000 | 6.4453 | | HONG KONG SECURITIES CLEARING COMPANY NOMINEES LIMITED | Overseas Legal Entity | 175,555,519 | 5.9393 | | SUMMER BLOOM INVESTMENTS (I) PTE. LTD. | Overseas Legal Entity | 159,160,073 | 5.3846 | | G&C IV Hong Kong Limited | Overseas Legal Entity | 139,319,309 | 4.7134 | | G&C V Limited | Overseas Legal Entity | 97,349,515 | 3.2935 | | Jiaxing Yuxiang Investment Partnership (Limited Partnership) | Other | 87,074,568 | 2.9459 | | CICC Healthcare Mixed Securities Investment Fund | Other | 59,327,580 | 2.0071 | | G&C VII Limited | Overseas Legal Entity | 50,415,120 | 1.7056 | | Shanghai Houshen Investment Center (Limited Partnership) | Other | 45,735,228 | 1.5473 | Quarterly Financial Statements This section presents the company's unaudited quarterly financial statements, including consolidated balance sheets, income statements, and cash flow statements Consolidated Financial Statements (PRC GAAP) This section provides unaudited consolidated balance sheets, income statements, and cash flow statements prepared under PRC GAAP, showing total assets of 57.58 billion CNY and revenue of 8.47 billion CNY for Q1 2022 Key Consolidated Balance Sheet Items (March 31, 2022) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | 57,582,930,874.69 | | Total Liabilities | 16,935,154,066.16 | | Owners' Equity Attributable to Shareholders of Listed Company | 40,364,486,821.13 | Key Consolidated Income Statement Items (Q1 2022) | Item | Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 8,474,419,333.59 | | Operating Profit | 2,004,959,729.24 | | Net Profit | 1,655,950,521.89 | | Net Profit Attributable to Parent Company Shareholders | 1,642,947,345.12 | Key Consolidated Cash Flow Statement Items (Q1 2022) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | 497,469,053.50 | | Net Cash Flow from Investing Activities | -1,990,058,578.52 | | Net Cash Flow from Financing Activities | 387,302,550.67 | | Net Increase in Cash and Cash Equivalents | -1,148,811,394.45 | IFRS Financial Statements and Adjustments This section presents unaudited condensed quarterly consolidated financial statements prepared under IFRS, detailing the reconciliation from IFRS net profit to adjusted non-IFRS net profit, which was 2.053 billion CNY in Q1 2022 Reconciliation of Adjusted Non-IFRS Net Profit Attributable to Shareholders of Listed Company (Thousand CNY) | Item | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company | 1,642,947 | 1,499,806 | | Add: Share-based compensation expenses | 180,469 | 126,281 | | Add: Amortization of intangible assets acquired through business combinations | 14,463 | 11,245 | | Add: Fair value changes (gains)/losses on derivative financial instruments related to convertible bonds | (82,795) | 451,091 | | Add: Realized and unrealized losses/(gains) on equity investments | 293,660 | (1,024,326) | | Other adjustments | 3,901 | 36,518 | | Adjusted Non-IFRS Net Profit Attributable to Shareholders of Listed Company | 2,052,645 | 1,104,668 |