THDB(SH:600867)2023-04-20 16:00Financial Performance - The net profit attributable to the parent company for 2022 was CNY 1,581,891,736.52, with the parent company achieving a net profit of CNY 1,611,418,685.58 after a 10% statutory surplus reserve allocation of CNY 161,141,868.56[6]. - The total distributable profit at the end of 2022 was CNY 3,025,515,327.35, after accounting for the beginning retained earnings of CNY 2,700,547,905.49 and deducting the paid dividends of CNY 1,095,782,446.10[6]. - The proposed cash dividend distribution is CNY 2.50 per 10 shares (including tax), amounting to a total of CNY 495,919,668.50[6]. - The cash dividend for the year accounted for 74.36% of the net profit attributable to shareholders in the consolidated financial statements[7]. - The company's operating revenue for 2022 was CNY 2,778,453,059.19, a decrease of 14.98% compared to 2021[25]. - The net profit attributable to shareholders for 2022 was CNY 1,581,891,736.52, representing a 20.92% increase from the previous year[25]. - The net profit after deducting non-recurring gains and losses was CNY 840,685,707.65, down 23.90% from 2021[25]. - The cash flow from operating activities for 2022 was CNY 863,094,112.65, a decline of 26.88% year-on-year[25]. - The basic earnings per share for 2022 was CNY 0.79, an increase of 23.44% compared to 2021[26]. - The weighted average return on equity increased to 24.52% in 2022, up by 2.44 percentage points from 2021[27]. - The total assets at the end of 2022 were CNY 6,750,313,677.18, reflecting a 3.53% increase from the end of 2021[25]. - The total profit for 2022 was CNY 1,829.52 million, an increase of 19.23% year-on-year, while net profit attributable to the parent company was CNY 1,581.89 million, up 20.92% year-on-year[38]. Dividend Policy - The company plans to maintain its dividend distribution ratio even if there are changes in the total share capital before the dividend record date[9]. - The company has not proposed any stock bonus or capital reserve conversion into shares for this year[9]. - The company’s cash dividend policy is in compliance with the relevant laws and regulations, ensuring clarity in dividend standards and procedures[199]. - The company’s total share capital is 1,993,678,653 shares, with 9,999,979 shares repurchased, resulting in a base of 1,983,678,674 shares for dividend calculations[196]. - The company’s profit distribution plan for 2022 is pending approval from the annual general meeting[196]. - The company has maintained a positive profit for distribution to shareholders during the reporting period[200]. - The company has ensured that minority shareholders have ample opportunity to express their opinions and protect their rights[199]. Market Performance and Strategy - The company’s insulin product sales volume reached 73.76 million units in 2022, representing a year-on-year growth of 14.92%, with human insulin formulations experiencing nearly double-digit growth[41]. - The market share of human insulin increased to 40.50%, surpassing Novo Nordisk, while the market share of glargine insulin rose to approximately 5.90%[41]. - The company’s strategic response to the insulin procurement policy has allowed it to maintain strong sales growth despite price reductions, demonstrating effective market strategies[41]. - The company is focusing on expanding its treatment areas beyond diabetes to include gout and hyperuricemia, with ongoing research on multiple new drugs[42]. - The company is actively expanding into the GLP-1RA, DPP-4, and SGLT-2 classes of diabetes medications, with several products receiving regulatory approvals, including DPP-4 drug sitagliptin and SGLT-2 drug empagliflozin[71]. - The company has established a professional sales team and a self-operated model in the diabetes field, enhancing product coverage and market share[79]. - The company is enhancing its diabetes management platform and point-of-care testing projects to improve patient care and hospital collaboration[40]. Research and Development - The company is committed to increasing R&D investment to enhance innovation capabilities and maintain its leading position in the industry[71]. - The company’s R&D expenses for the year were CNY 146,708,531.50, a decrease of 12.07% compared to the previous year[87]. - The total R&D investment for the period was CNY 401,392,202.20, accounting for 14.45% of operating revenue[99]. - The company has established a new R&D center to enhance efficiency and integrate various departments[81]. - The company has a comprehensive product pipeline covering various insulin formulations and innovative drugs, catering to diverse patient needs in diabetes management[70]. - The company is actively developing new products, including GLP-1 receptor agonists and various insulin formulations[128]. - The company has received clinical approval for the injection of THDBH121 for type 2 diabetes in January 2023, marking a key milestone in its product pipeline[122]. Corporate Governance - The company has established a robust corporate governance structure, holding multiple shareholder and board meetings to ensure compliance and transparency[154]. - The company completed 4 periodic reports and 102 temporary announcements in the reporting period, ensuring timely and accurate information disclosure to investors[155]. - The company has maintained the independence of its operations without significant influence from controlling shareholders[156]. - The company’s management team includes individuals with extensive experience in pharmaceutical research and development, contributing to innovation[160]. - The company’s governance structure includes a compensation committee that oversees the remuneration policies for its executives[166]. - The company has been actively involved in the election of independent directors to maintain governance standards[167]. Employee Management - The total number of employees in the parent company is 3,021, with a combined total of 3,054 employees including major subsidiaries[189]. - The company has 1,258 sales personnel, representing approximately 41.2% of the total workforce[189]. - The company emphasizes a training program aimed at improving employee skills and overall efficiency, including various training methods such as internal and external training[191]. - The company has established a stock incentive plan, which includes stock options and restricted stock, to motivate employees[186]. - The company has a significant number of employees with higher education, with 1,305 individuals holding a university degree or above, accounting for approximately 42.7% of the workforce[189]. Risks and Challenges - The company faces risks from industry policy changes, particularly related to drug pricing and procurement, which could impact profitability[149]. - The company is addressing potential risks associated with environmental regulations and rising production costs due to its expanding operations[150].