KEXING BIOPHARM CO.(SH:688136)2023-05-24 16:00Financial Performance - The company's operating revenue for 2022 was approximately ¥1.316 billion, representing a 2.39% increase compared to ¥1.285 billion in 2021[24]. - The net profit attributable to shareholders of the listed company for 2022 was a loss of approximately ¥90.295 million, a decrease of 193.61% from a profit of ¥96.464 million in 2021[24]. - The basic earnings per share for 2022 was -¥0.45, a decline of 191.84% compared to ¥0.49 in 2021[25]. - The net cash flow from operating activities for 2022 was -¥85.888 million, a decrease of 191.36% from ¥94.013 million in 2021[24]. - The total assets at the end of 2022 were approximately ¥3.159 billion, an increase of 11.65% from ¥2.829 billion at the end of 2021[24]. - The weighted average return on net assets for 2022 was -4.87%, down from 5.16% in 2021[25]. - The company reported a significant decrease in fair value gains, with a loss of -¥5,350,509.21 compared to a gain of ¥47,458,024.75 in the previous year, reflecting a 111.27% decline[122]. - The company achieved total operating revenue of CNY 1,315.88 million in 2022, a year-on-year increase of 2.39%[34]. - The net profit attributable to the parent company was CNY -90.30 million, a year-on-year decrease of 193.61%[34]. Research and Development - In 2022, the company's R&D expenses increased by 57.21% year-on-year, amounting to 70.35 million RMB[4]. - Research and development expenses increased by 57.21% year-on-year, accounting for 14.69% of operating revenue in 2022[25]. - The company is actively expanding its R&D team, with a notable increase in high-level R&D personnel compared to the previous year[4]. - The company has introduced several senior pharmaceutical PhDs with extensive experience from multinational pharmaceutical companies, enhancing the R&D team's capabilities[40]. - The company applied for 17 new invention patents and obtained 5 new invention patents in 2022, totaling 45 patents by the end of the year[38]. - The company has established a joint innovation laboratory with Shenzhen University to explore probiotic research and has submitted 4 invention patent applications[39]. - The company is focusing on expanding its product pipeline in the fields of antiviral, oncology, and immunology, optimizing R&D processes[36]. - The company has multiple R&D projects that have entered clinical stages, indicating a robust pipeline for future product development[75]. - The company has received 5 clinical trial approval notices, including projects for recombinant human interferon α2b spray and capsule, and Shen26 capsule project[79]. - The company achieved a research and development investment of 193.30 million RMB, representing a year-on-year increase of over 57.21%[141]. Market Expansion and Sales - The company has made significant progress in overseas commercialization and has seen rapid growth in export revenue[34]. - In 2022, the company achieved overseas sales revenue of $161 million, a 61% increase year-over-year, marking a historical high[41]. - The company has submitted product registration applications to over 30 countries, with expectations for some products to be launched in 2023[42]. - The company has established subsidiaries in Singapore, Mexico, Egypt, and Brazil to enhance its international market competitiveness[41]. - The market share of "Sairuo Jin®" in the domestic short-acting interferon market reached 35.65%, maintaining the top position for several years[46]. - The company has signed partnerships for five products, expanding its product pipeline in oncology and immunology[42]. - The company has a complete and controllable R&D, procurement, production, and marketing system, focusing on recombinant protein drugs and new technologies such as antibody drugs and gene engineering vaccines[60]. - The company has established a marketing distribution network covering nearly 20,000 various terminal points in the domestic market, primarily using a distribution-based sales model[61]. - The company is set to enter mass production of α-ketoglutarate and 5-aminolevulinic acid in 2023, enhancing its competitive edge in synthetic biology[52]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in sales in that region[174]. Financial Risks and Challenges - The company faces risks related to maintaining substantial R&D investments and high interest expenses, which could lead to continued losses if adverse changes occur in the macroeconomic environment or industry competition[4]. - The company has reported a significant increase in financial expenses, rising by 196.88% year-on-year, totaling 14.92 million RMB[4]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[9]. - The company has received a standard unqualified audit report from Da Hua Accounting Firm[6]. - The company faces risks related to supply chain disruptions from overseas suppliers, which could impact operations due to global economic uncertainties[95]. Corporate Governance and Management - The company has not disclosed any special arrangements for corporate governance or significant matters[10]. - The company has a stable management team with no significant changes in personnel during the reporting period[172]. - The company continues to focus on maintaining independence from its controlling shareholder in business operations[166]. - The company has established a performance evaluation system for directors and senior management based on industry standards and individual performance[184]. - The company has implemented a stock incentive plan for 2022, aimed at motivating key personnel[193]. Future Outlook - Future outlook indicates a projected revenue growth of 15% year-over-year, driven by new product launches and market expansion strategies[173]. - The company provided guidance for the next fiscal year, projecting revenue growth of 25% to $625 million[174]. - The company plans to enhance its digital marketing efforts, allocating 61.55 million for this initiative in the next fiscal year[173]. - The company is considering strategic acquisitions to enhance its product portfolio and market presence[173]. - A new product line is expected to launch in Q2 2023, anticipated to contribute an additional 10% to overall revenue[173].