FUDAN FORWARD(SH:600624)2022-07-25 16:00Financial Performance - The net profit attributable to shareholders for 2021 was a loss of RMB 105,424,199.14, compared to a loss of RMB 59,657,118.90 in 2020, indicating a significant decline in profitability [5]. - Operating revenue for 2021 was RMB 1,041,335,675.14, representing a 10.74% increase from RMB 940,327,546.92 in 2020 [19]. - The basic earnings per share for 2021 was -0.154 yuan, compared to -0.087 yuan in 2020, reflecting a worsening financial performance [19]. - The weighted average return on equity for 2021 was -10.60%, down from -5.504% in 2020, indicating increased financial strain [19]. - The net cash flow from operating activities for 2021 was RMB 45,578,980.11, a decrease of 22.79% from RMB 59,034,975.02 in 2020 [19]. - Total assets at the end of 2021 were RMB 1,916,227,337.20, down 8.37% from RMB 2,091,207,013.01 at the end of 2020 [19]. - The net assets attributable to shareholders decreased by 12.03% to RMB 916,328,758.98 at the end of 2021 from RMB 1,041,657,203.41 at the end of 2020 [19]. - The company does not plan to distribute profits or increase capital reserves for 2021 due to the reported losses [5]. - The company reported a significant increase in impairment provisions for equity investments, contributing to the financial losses [19]. Revenue and Segment Performance - The pharmaceutical segment's revenue was CNY 485.11 million, a decrease of 5.20% year-on-year, accounting for 46.58% of total revenue [28]. - The net profit from the pharmaceutical segment was CNY 48.16 million, down 3.82% from the previous year [28]. - The company reported a total revenue of CNY 48,510.54 million, with a gross profit margin of 67.11% [117]. - Revenue from digestive system drugs was RMB 28,468.07 million, showing a decrease of 6.91% compared to the previous year, while the gross profit margin was 76.86% [117]. - The company achieved a gross profit margin of 86.35% for anti-tumor drugs, despite a revenue decline of 14.81% to RMB 4,608.32 million [117]. - The sales revenue of the generic drug department increased year-on-year due to enhanced promotion efforts and collaboration with commercial companies, while new drug sales slightly declined due to national centralized procurement policies [49]. Research and Development - The company is focusing on the consistency evaluation of 289 listed products, including carbamazepine tablets and citric acid tamoxifen tablets [118]. - The company achieved a significant increase in R&D investment for the injection of glutathione consistency evaluation, with a 902.55% increase compared to the previous year [125]. - The company reported a total R&D investment of 54,463.68 million RMB, accounting for 7.14% of its pharmaceutical revenue [122]. - The company is actively pursuing the development of generic drugs to improve its core competitiveness in the market [122]. - The company has ongoing research projects for various drugs, including rasagiline and lacosamide, with the latter's registration application submitted in September 2021 [120]. Market and Industry Trends - The pharmaceutical industry is experiencing sustained growth driven by factors such as an aging population, increased health awareness, and government investment in healthcare [36]. - The pharmaceutical segment aims to maintain stable operating performance despite challenges from national policies and the pandemic, focusing on market share expansion and product prioritization [159]. - The adjustment of the medical insurance drug list is expected to intensify competition in the prescription drug market, favoring innovative drugs [149]. - The ongoing pressure on domestic generic drug markets due to centralized procurement and price reductions will push companies towards innovation and transformation [149]. Corporate Governance and Compliance - The company adheres to legal regulations and has established a sound corporate governance structure, ensuring the protection of shareholder rights [172]. - The board of directors consists of 9 members, including 3 independent directors, meeting legal requirements for independence [173]. - The company has implemented measures to ensure the confidentiality of insider information and compliance with relevant regulations [176]. - The company actively engages with investors and stakeholders to maintain good relationships and enhance corporate image [175]. Future Outlook and Strategic Initiatives - The company plans to focus on updating key products with established market shares and extending products for critical clinical applications to optimize its product portfolio [99]. - The company is considering strategic acquisitions to bolster its technology portfolio, with a budget of $100 million allocated for potential deals [190]. - The company aims to enhance its governance structure and internal control management to prevent and mitigate major risks [158]. - The company is committed to developing its park operations by focusing on specialized and scalable growth in the biopharmaceutical and digital economy sectors [157].