2023-04-24 16:00Financial Performance - The company's revenue for Q1 2023 was approximately ¥8.96 billion, representing a year-on-year increase of 5.77%[7] - Net profit attributable to shareholders for Q1 2023 was approximately ¥2.17 billion, reflecting a significant increase of 31.97% compared to the same period last year[7] - The net cash flow from operating activities reached approximately ¥3.03 billion, showing a remarkable increase of 508.55% year-on-year[7] - Total revenue for Q1 2023 reached ¥8,963,741,607.53, an increase of 5.8% compared to ¥8,474,419,333.59 in Q1 2022[28] - Operating profit for Q1 2023 was ¥2,615,354,834.65, up from ¥2,004,959,729.24 in Q1 2022, reflecting a growth of 30.5%[28] - Net profit for Q1 2023 was ¥2,185,804,643.61, compared to ¥1,655,950,521.89 in Q1 2022, representing a year-over-year increase of 31.9%[28] - The gross profit for Q1 2023 was ¥3,525,642,000, up from ¥3,014,848,000 in Q1 2022, which is an increase of approximately 17.0%[35] Assets and Liabilities - The total assets as of March 31, 2023, amounted to approximately ¥68.19 billion, an increase of 5.41% from the end of the previous year[8] - Total assets as of March 31, 2023, amounted to CNY 68,188,089 thousand, up from CNY 64,690,327 thousand at the end of 2022, indicating a growth of approximately 7%[38] - Total liabilities reached ¥18,357,086,099.46 as of March 31, 2023, compared to ¥17,763,654,011.21 at the end of 2022, showing an increase of 3.3%[26] - The total liabilities increased to CNY 18,357,086 thousand in Q1 2023 from CNY 17,763,654 thousand in Q4 2022, marking an increase of about 3.34%[39] - The company's equity attributable to shareholders increased to ¥49.47 billion, up by 6.19% compared to the end of the previous year[8] - The company's equity attributable to shareholders increased to CNY 49,474,883 thousand in Q1 2023 from CNY 46,589,953 thousand in Q4 2022, representing a growth of about 6%[39] Client and Market Activity - The company served over 6,000 active clients from more than 30 countries through its 32 operational bases as of the end of the reporting period[5] - The company added over 310 new clients, bringing the total active client count to over 6,000, indicating a sustained demand for services globally[12] - Revenue from existing clients accounted for 99% of total revenue, amounting to RMB 88.8 billion, a 7% increase year-on-year[12] - The company’s revenue from global top 20 pharmaceutical companies was RMB 31.5 billion, a 17% decline year-on-year, primarily due to project fluctuations[12] Business Segments Performance - The chemical business (WuXi Chemistry) generated RMB 643,278.20 million in revenue, up 5.1% year-on-year, with a 21.8% growth rate when excluding specific commercial projects[15][16] - The testing business (WuXi Testing) reported revenue of RMB 145,287.67 million, a 13.6% increase year-on-year, with laboratory analysis and testing services growing by 15.9%[16] - The biological business (WuXi Biology) achieved revenue of RMB 57,699.75 million, reflecting an 8.3% year-on-year growth, with new molecular-related services growing by 40%[17][18] - The CTDMO business (WuXi ATU) generated RMB 32,448.54 million, a year-on-year increase of 8.7%, with the cell and gene therapy testing business growing by 8.6%[18] Future Outlook - The company anticipates a revenue growth of 5-7% for the entire year of 2023, based on current order status and stable global pharmaceutical industry conditions[19] - Future revenue growth is expected to come primarily from drug sales revenue sharing, with a projected compound annual growth rate of around 50% over the next decade as more DDSU client drugs reach the market[19] Research and Development - Research and development expenses increased to ¥357,301,004.44 in Q1 2023, up from ¥280,042,477.39 in Q1 2022, marking a rise of 27.6%[28] - The company completed 3 IND applications and received 6 clinical trial approvals (CTA) in Q1 2023, with a total of 175 IND applications and 150 CTAs completed to date[19] - The company is working on 15 new molecular projects, including peptide-drug conjugates and oligonucleotides, with several IND applications expected to be submitted this year[19]