基蛋生物(603387) - 2021 Q2 - 季度财报

Important Notice Statement by the Board of Directors, Supervisory Board, and Senior Management The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility; this report is unaudited - The company's Board of Directors, Supervisory Board, and directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false statements, misleading representations, or major omissions, and assume individual and joint legal liabilities[7] - This semi-annual report has not been audited[7] Risk Statement and Disclaimer Forward-looking statements in this report do not constitute a substantive commitment; investors are advised to review Section III for detailed risks and countermeasures - Forward-looking descriptions in this report, such as future plans and development strategies, do not constitute a substantive commitment to investors; please be aware of investment risks[5] - The company has detailed the various risks and countermeasures it may face in its production and operations in this report; please refer to 'Risks We May Face' in Section III 'Management Discussion and Analysis'[6] Section I Definitions Definitions of Common Terms This section defines common terms, including company names, related parties, industry jargon (e.g., POCT, FDA, CE), and the reporting period, ensuring clear understanding of professional terminology - The Company, Company, Getian Bio refers to Getian Bio-Tech Co., Ltd[10] - Reporting Period, within the Reporting Period refers to January 1, 2021 - June 30, 2021[10] - POCT refers to the acronym for 'Point Of Care Testing', translated as 'Point-of-Care Testing'[10] - FDA is the English abbreviation for the U.S. Food and Drug Administration, an agency of the U.S. Department of Health and Human Services, responsible for regulating drugs, food, biological products, cosmetics, veterinary drugs, medical devices, and diagnostic products nationwide[10][11] Section II Company Profile and Key Financial Indicators Company Basic Information This section provides the company's Chinese and English names, legal representative, contact details, registered and office addresses, website, email, and information disclosure channels - The company's Chinese name is Getian Bio-Tech Co., Ltd., and its Chinese abbreviation is Getian Bio[14] - The company's legal representative is Su Enben, and the Board Secretary is Liu Cong[14][15] - The company's registered and office address is No. 9 Bofu Road, Yanjiang Industrial Development Zone, Luhe District, Nanjing City[16] - The company's designated information disclosure newspapers are 'Shanghai Securities News' and 'Securities Times', and the website for the semi-annual report is www.sse.com.cn[17](index=17&type=chunk) Company Stock Overview The company's A-shares are listed on the Shanghai Stock Exchange under the stock name Getian Bio and stock code 603387 - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation Getian Bio and stock code 603387[18] Company's Key Accounting Data and Financial Indicators In H1 2021, revenue grew 58.02% to CNY 600.29 million, net profit attributable to shareholders increased 78.08% to CNY 170.86 million, and net operating cash flow surged over 12 times, driven by post-pandemic sales recovery, product line expansion, and significant overseas growth Key Accounting Data for H1 2021 | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :------------------------------------------- | :----------------------- | :----------------------- | :------------- | | Operating Revenue | CNY 600.29 million | CNY 379.87 million | 58.02 | | Net Profit Attributable to Listed Company Shareholders | CNY 170.86 million | CNY 95.94 million | 78.08 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | CNY 156.37 million | CNY 85.77 million | 82.32 | | Net Cash Flow from Operating Activities | CNY 122.49 million | CNY 9.37 million | 1,207.62 | | Net Assets Attributable to Listed Company Shareholders (Period-End) | CNY 1.87 billion | CNY 1.84 billion | 1.98 | | Total Assets (Period-End) | CNY 2.75 billion | CNY 2.70 billion | 2.02 | Key Financial Indicators for H1 2021 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :------------------------------------------- | :----------------------- | :----------------------- | :----------------------- | | Basic Earnings Per Share (CNY/share) | 0.47 | 0.37 | 27.03 | | Diluted Earnings Per Share (CNY/share) | 0.47 | 0.37 | 27.03 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (CNY/share) | 0.43 | 0.33 | 30.30 | | Weighted Average Return on Net Assets (%) | 8.87 | 5.84 | Increased by 3.03 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 8.12 | 5.22 | Increased by 2.90 percentage points | - During the reporting period, the company's operating revenue increased by 58.02% year-on-year, primarily due to a lower base in the prior period affected by the COVID-19 pandemic; in the first half of this year, domestic COVID-19 control led to a gradual recovery in domestic sales, while the company's product lines expanded, market development efforts intensified, and various product lines progressed orderly, with significant growth in overseas business[22] - During the reporting period, the company's net cash flow from operating activities increased by over 12 times year-on-year, mainly due to active market expansion and orderly progress in product line promotion, leading to a 58.02% increase in sales, coupled with enhanced control over sales collections and a simultaneous increase in sales prepayments[23] Non-Recurring Gains and Losses Items and Amounts The company's non-recurring gains and losses totaled CNY 14.48 million in H1 2021, primarily from entrusted investment gains, government subsidies, and non-current asset disposal gains Non-Recurring Gains and Losses Items and Amounts for H1 2021 | Non-Recurring Gains and Losses Item | Amount (CNY) | | :------------------------------------------------ | :----------------------- | | Gains or losses from disposal of non-current assets | 171,504.76 | | Government subsidies recognized in current profit or loss | 5,748,565.88 | | Gains or losses from entrusted investment or asset management | 11,414,084.72 | | Other non-operating income and expenses apart from the above | 406,525.23 | | Impact on minority shareholders' equity | -690,451.71 | | Income tax impact | -2,565,433.76 | | Total | 14,484,795.12 | Section III Management Discussion and Analysis Industry and Main Business Overview During the Reporting Period The company operates in the in-vitro diagnostics (IVD) industry, focusing on POCT, biochemical, immunoassay, hematology, and coagulation testing, with a comprehensive product line and significant 120.11% overseas business growth - The company belongs to the 'C27 Pharmaceutical Manufacturing' sub-sector within 'C Manufacturing', specifically the in-vitro diagnostics industry[28] - The global in-vitro diagnostics market was approximately USD 52.6 billion in 2017, projected to reach USD 79.6 billion by 2024, with a CAGR of 6.1%[28] - In China, immunoassay has surpassed biochemical diagnostics as the largest segment in the in-vitro diagnostics market, holding a 38% share; molecular diagnostics and POCT are the fastest-growing, with increasing market shares of 15% and 11% respectively[30] - The company has established seven major technology platforms, including colloidal gold immunochromatography, fluorescence immunochromatography, biochemical detection, chemiluminescence immunoassay, molecular diagnostics, calibrator/control development, and diagnostic reagent raw material development, achieving preliminary full industry chain layout[31] - In H1 2021, the company's overseas business generated CNY 114 million in revenue, a year-on-year increase of 120.11%[32] - The company provides comprehensive solutions for standardized grassroots laboratories, having served 3 regional testing centers and over 30 medical institutions[36] Analysis of Core Competencies During the Reporting Period The company's core competencies include a full industry chain, high raw material self-sufficiency, robust quality system, academic empowerment, extensive domestic and international marketing networks, and a nationwide three-tier after-sales service network - The company's R&D investment in recent years has exceeded 10% of sales revenue, achieving preliminary full industry chain layout with systematic R&D and production capabilities for instruments, reagents, calibrators, quality controls, and biological raw materials[37] - The company possesses multiple core technologies, including genetic engineering, monoclonal/polyclonal antibody preparation, and small molecule total synthesis, resulting in a high self-sufficiency rate for raw materials and reduced reliance on imported materials[39] - The company has established a comprehensive product quality system, consistently passing the National Center for Clinical Laboratories' EQA for many years, and completed international MDSAP quality management system certification in 2020[40][41] - The company has built a comprehensive and multi-dimensional marketing system, offering integrated solutions for chest pain centers, stroke centers, and heart failure centers, while actively participating in various high-end conferences in the domestic and international in-vitro diagnostics field[42] - As of the end of the reporting period, the company had nearly 1,000 direct channel partners in China, established nearly ten subsidiaries in populous provinces like Sichuan, Henan, and Shandong; its overseas market business covers over 110 countries and regions, with 200 direct overseas distributors[42][43][44] - The company has established a comprehensive 'Nanjing Headquarters-Regional After-sales Team-Subsidiary After-sales' three-tier after-sales service network, with over 300 direct after-sales service personnel covering national market terminals, aiming for 24-hour equipment issue resolution[45] Discussion and Analysis of Operations In H1 2021, the company achieved CNY 600 million in revenue (58.02% YoY growth) and CNY 171 million in net profit attributable to shareholders (78.08% YoY growth), driven by successful new product launches, R&D progress, and significant increases in registered certificates and patents - In H1 2021, the company achieved operating revenue of CNY 600 million, a year-on-year increase of 58.02%; net profit attributable to listed company shareholders was CNY 171 million, a year-on-year increase of 78.08%[47] - New products such as the Metis600 emergency hematology assembly line, MAGICL6000 compact fully automatic chemiluminescence immunoassay analyzer, and Getein208 portable biochemical immunoassay analyzer were successively launched, completing the strategic layout of the company's POCT product line[48] - The MAGICL6000 compact fully automatic chemiluminescence immunoassay analyzer targets the mid-to-high-end market, with a maximum speed of 150 tests/hour, high automation, and support for whole blood sample loading[49] - During the reporting period, the company submitted 68 new domestic patent applications, held 194 valid authorized domestic patents, 5 international authorized patents, and 65 software copyrights[54] - In H1 2021, the company obtained a total of 35 product registration certificates (26 new domestic, 9 EU CE), accumulating 427 product registration certificates, and possessing 803 product entry permits in 41 overseas countries and regions[54] Key Operating Performance During the Reporting Period This section analyzes significant changes in revenue, costs, expenses, and cash flows, along with asset and liability shifts, including decreased trading financial assets, increased receivables and prepayments, and growth in construction in progress and equity investments, also disclosing overseas assets Analysis of Changes in Financial Statement Items | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :------------------------------------------- | :----------------------- | :----------------------- | :------------- | | Operating Revenue | 600,288,159.94 | 379,874,328.44 | 58.02 | | Operating Cost | 207,495,136.03 | 131,914,002.63 | 57.30 | | Selling Expenses | 97,269,945.44 | 63,186,294.26 | 53.94 | | Administrative Expenses | 38,818,814.14 | 30,178,791.20 | 28.63 | | Financial Expenses | -3,147,446.70 | -876,118.66 | 259.25 | | Research and Development Expenses | 77,676,327.71 | 52,464,978.60 | 48.05 | | Net Cash Flow from Operating Activities | 122,489,994.89 | 9,367,374.92 | 1,207.62 | | Net Cash Flow from Investing Activities | 109,010,969.85 | -253,122,009.52 | -143.07 | | Net Cash Flow from Financing Activities | -92,566,988.88 | 98,640,724.49 | -193.84 | - The change in operating revenue was primarily due to a lower base in the prior period affected by the COVID-19 pandemic; in H1 this year, domestic COVID-19 control led to a gradual recovery in domestic sales, while the company's product lines expanded, market development efforts intensified, and various product lines progressed orderly, with significant growth in overseas business[58] - The change in net cash flow from operating activities was mainly due to sales recovery and increased efforts in collecting sales payments during the current period[59] - The change in net cash flow from investing activities was mainly due to the company's more extensive investment of idle cash, with more redemptions of wealth management products and higher returns compared to the prior period[59] - The change in net cash flow from financing activities was mainly due to higher bank borrowings in the prior period and partial repayment of bank borrowings in the current period[59] - Trading financial assets decreased by 34.07%, primarily due to the redemption of wealth management products[60][61] - Construction in progress increased by 92.40%, mainly due to increased investment in projects such as the POCT industrial plant Phase II and the plant substation project during the current period[60][62] - Share capital increased by 39.76%, primarily due to the company's 2020 annual profit distribution, involving a capital reserve transfer to share capital during the current period[61][62] - Overseas assets totaled CNY 321,764.79, accounting for 0.012% of total assets, all belonging to the subsidiary Getian Bio-Tech (USA) Co., Ltd[64] Investment Status Analysis The company established Zhejiang Jizhongkang Biomedical Co., Ltd. to expand sales channels; as of the reporting period end, CNY 392.20 million in wealth management products remained outstanding, incurring a fair value change loss of CNY 5.83 million, with detailed financial data for major subsidiaries - The company established Zhejiang Jizhongkang Biomedical Co., Ltd., a controlled subsidiary in Hangzhou, primarily as a sales platform for Getian Bio and other medical device products[68] - As of the end of the reporting period, the company's outstanding wealth management products amounted to CNY 392.20 million, resulting in a fair value change loss of CNY 5.83 million for the current period[69] Financial Data of Major Controlled and Invested Companies (Unit: CNY 10,000) | Subsidiary Name | Registered Capital | Total Assets | Net Assets | Operating Revenue | Net Profit | Main Business | | :------------------------------------------- | :----------------- | :----------- | :----------- | :---------------- | :--------- | 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Key Accounting Data for H1 2021 The company's operating revenue for the current period was CNY 600.29 million, a 58.02% increase from the prior period. Net profit attributable to listed company shareholders was CNY 170.86 million, up 78.08%. Net cash flow from operating activities saw a significant increase of 1,207.62% to CNY 122.49 million. Total assets at period-end reached CNY 2.75 billion, a 2.02% increase. Key Accounting Data for H1 2021 | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :------------------------------------------- | :----------------------- | :----------------------- | :------------- | | Operating Revenue | 600,288,159.94 | 379,874,328.44 | 58.02 | | Net Profit Attributable to Listed Company Shareholders | 170,856,236.75 | 95,941,887.75 | 78.08 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | 156,371,441.63 | 85,767,654.80 | 82.32 | | Net Cash Flow from Operating Activities | 122,489,994.89 | 9,367,374.92 | 1,207.62 | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 1,874,431,297.90 | 1,837,985,536.40 | 1.98 | | Total Assets (Period-End) | 2,754,401,646.99 | 2,699,983,947.97 | 2.02 | Key Financial Indicators for H1 2021 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :------------------------------------------- | :----------------------- | :----------------------- | :----------------------- | | Basic Earnings Per Share (CNY/share) | 0.47 | 0.37 | 27.03 | | Diluted Earnings Per Share (CNY/share) | 0.47 | 0.37 | 27.03 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (CNY/share) | 0.43 | 0.33 | 30.30 | | Weighted Average Return on Net Assets (%) | 8.87 | 5.84 | Increased by 3.03 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 8.12 | 5.22 | Increased by 2.90 percentage points | - During the reporting period, the company's operating revenue increased by 58.02% year-on-year, primarily due to a lower base in the prior period affected by the COVID-19 pandemic; in the first half of this year, domestic COVID-19 control led to a gradual recovery in domestic sales, while the company's product lines expanded, market development efforts intensified, and various product lines progressed orderly, with significant growth in overseas business[22] - During the reporting period, the company's net cash flow from operating activities increased by over 12 times year-on-year, mainly due to active market expansion and orderly progress in product line promotion, leading to a 58.02% increase in sales, coupled with enhanced control over sales collections and a simultaneous increase in sales prepayments[23] Non-Recurring Gains and Losses Items and Amounts The company's non-recurring gains and losses totaled CNY 14.48 million in H1 2021, primarily from entrusted investment gains, government subsidies, and non-current asset disposal gains Non-Recurring Gains and Losses Items and Amounts for H1 2021 | Non-Recurring Gains and Losses Item | Amount (CNY) | | :------------------------------------------------ | :----------------------- | | Gains or losses from disposal of non-current assets | 171,504.76 | | Government subsidies recognized in current profit or loss | 5,748,565.88 | | Gains or losses from entrusted investment or asset management | 11,414,084.72 | | Other non-operating income and expenses apart from the above | 406,525.23 | | Impact on minority shareholders' equity | -690,451.71 | | Income tax impact | -2,565,433.76 | | Total | 14,484,795.12 | Section III Management Discussion and Analysis Industry and Main Business Overview During the Reporting Period The company operates in the in-vitro diagnostics (IVD) industry, focusing on POCT, biochemical, immunoassay, hematology, and coagulation testing, with a comprehensive product line and significant 120.11% overseas business growth - The company belongs to the 'C27 Pharmaceutical Manufacturing' sub-sector within 'C Manufacturing', specifically the in-vitro diagnostics industry[28] - The global in-vitro diagnostics market was approximately USD 52.6 billion in 2017, projected to reach USD 79.6 billion by 2024, with a CAGR of 6.1%[28] - In China, immunoassay has surpassed biochemical diagnostics as the largest segment in the in-vitro diagnostics market, holding a 38% share; molecular diagnostics and POCT are the fastest-growing, with increasing market shares of 15% and 11% respectively[30] - The company has established seven major technology platforms, including colloidal gold immunochromatography, fluorescence immunochromatography, biochemical detection, chemiluminescence immunoassay, molecular diagnostics, calibrator/control development, and diagnostic reagent raw material development, achieving preliminary full industry chain layout[31] - In H1 2021, the company's overseas business generated CNY 114 million in revenue, a year-on-year increase of 120.11%[32] - The company provides comprehensive solutions for standardized grassroots laboratories, having served 3 regional testing centers and over 30 medical institutions[36] Analysis of Core Competencies During the Reporting Period The company's core competencies include a full industry chain, high raw material self-sufficiency, robust quality system, academic empowerment, extensive domestic and international marketing networks, and a nationwide three-tier after-sales service network - The company's R&D investment in recent years has exceeded 10% of sales revenue, achieving preliminary full industry chain layout with systematic R&D and production capabilities for instruments, reagents, calibrators, quality controls, and biological raw materials[37] - The company possesses multiple core technologies, including genetic engineering, monoclonal/polyclonal antibody preparation, and small molecule total synthesis, resulting in a high self-sufficiency rate for raw materials and reduced reliance on imported materials[39] - The company has established a comprehensive product quality system, consistently passing the National Center for Clinical Laboratories' EQA for many years, and completed international MDSAP quality management system certification in 2020[40][41] - The company has built a comprehensive and multi-dimensional marketing system, offering integrated solutions for chest pain centers, stroke centers, and heart failure centers, while actively participating in various high-end conferences in the domestic and international in-vitro diagnostics field[42] - As of the end of the reporting period, the company had nearly 1,000 direct channel partners in China, established nearly ten subsidiaries in populous provinces like Sichuan, Henan, and Shandong; its overseas market business covers over 110 countries and regions, with 200 direct overseas distributors[42][43][44] - The company has established a comprehensive 'Nanjing Headquarters-Regional After-sales Team-Subsidiary After-sales' three-tier after-sales service network, with over 300 direct after-sales service personnel covering national market terminals, aiming for 24-hour equipment issue resolution[45] Discussion and Analysis of Operations In H1 2021, the company achieved CNY 600 million in revenue (58.02% YoY growth) and CNY 171 million in net profit attributable to shareholders (78.08% YoY growth), driven by successful new product launches, R&D progress, and significant increases in registered certificates and patents - In H1 2021, the company achieved operating revenue of CNY 600 million, a year-on-year increase of 58.02%; net profit attributable to listed company shareholders was CNY 171 million, a year-on-year increase of 78.08%[47] - New products such as the Metis600 emergency hematology assembly line, MAGICL6000 compact fully automatic chemiluminescence immunoassay analyzer, and Getein208 portable biochemical immunoassay analyzer were successively launched, completing the strategic layout of the company's POCT product line[48] - The MAGICL6000 compact fully automatic chemiluminescence immunoassay analyzer targets the mid-to-high-end market, with a maximum speed of 150 tests/hour, high automation, and support for whole blood sample loading[49] - During the reporting period, the company submitted 68 new domestic patent applications, held 194 valid authorized domestic patents, 5 international authorized patents, and 65 software copyrights[54] - In H1 2021, the company obtained a total of 35 product registration certificates (26 new domestic, 9 EU CE), accumulating 427 product registration certificates, and possessing 803 product entry permits in 41 overseas countries and regions[54] Key Operating Performance During the Reporting Period This section analyzes significant changes in revenue, costs, expenses, and cash flows, along with asset and liability shifts, including decreased trading financial assets, increased receivables and prepayments, and growth in construction in progress and equity investments, also disclosing overseas assets Analysis of Changes in Financial Statement Items | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :------------------------------------------- | :----------------------- | :----------------------- | :------------- | | Operating Revenue | 600,288,159.94 | 379,874,328.44 | 58.02 | | Operating Cost | 207,495,136.03 | 131,914,002.63 | 57.30 | | Selling Expenses | 97,269,945.44 | 63,186,294.26 | 53.94 | | Administrative Expenses | 38,818,814.14 | 30,178,791.20 | 28.63 | | Financial Expenses | -3,147,446.70 | -876,118.66 | 259.25 | | Research and Development Expenses | 77,676,327.71 | 52,464,978.60 | 48.05 | | Net Cash Flow from Operating Activities | 122,489,994.89 | 9,367,374.92 | 1,207.62 | | Net Cash Flow from Investing Activities | 109,010,969.85 | -253,122,009.52 | -143.07 | | Net Cash Flow from Financing Activities | -92,566,988.88 | 98,640,724.49 | -193.84 | - The change in operating revenue was primarily due to a lower base in the prior period affected by the COVID-19 pandemic; in H1 this year, domestic COVID-19 control led to a gradual recovery in domestic sales, while the company's product lines expanded, market development efforts intensified, and various product lines progressed orderly, with significant growth in overseas business[58] - The change in net cash flow from operating activities was mainly due to sales recovery and increased efforts in collecting sales payments during the current period[59] - The change in net cash flow from investing activities was mainly due to the company's more extensive investment of idle cash, with more redemptions of wealth management products and higher returns compared to the prior period[59] - The change in net cash flow from financing activities was mainly due to higher bank borrowings in the prior period and partial repayment of bank borrowings in the current period[59] - Trading financial assets decreased by 34.07%, primarily due to the redemption of wealth management products[60][61] - Construction in progress increased by 92.40%, mainly due to increased investment in projects such as the POCT industrial plant Phase II and the plant substation project during the current period[60][62] - Share capital increased by 39.76%, primarily due to the company's 2020 annual profit distribution, involving a capital reserve transfer to share capital during the current period[61][62] - Overseas assets totaled CNY 321,764.79, accounting for 0.012% of total assets, all belonging to the subsidiary Getian Bio-Tech (USA) Co., Ltd[64] Investment Status Analysis The company established Zhejiang Jizhongkang Biomedical Co., Ltd. to expand sales channels; as of the reporting period end, CNY 392.20 million in wealth management products remained outstanding, incurring a fair value change loss of CNY 5.83 million, with detailed financial data for major subsidiaries - The company established Zhejiang Jizhongkang Biomedical Co., Ltd., a controlled subsidiary in Hangzhou, primarily as a sales platform for Getian Bio and other medical device products[68] - As of the end of the reporting period, the company's outstanding wealth management products amounted to CNY 392.20 million, resulting in a fair value change loss of CNY 5.83 million for the current period[69] Financial Data of Major Controlled and Invested Companies (Unit: CNY 10,000) | Subsidiary Name | Registered Capital | Total Assets | Net Assets | Operating Revenue | Net Profit | Main Business | | :------------------------------------------- | :----------------- | :----------- | :----------- | :---------------- | :--------- | :------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------