2023-03-30 16:00Financial Performance - The company has not achieved profitability during the reporting period due to high R&D costs and other expenses, despite significant advancements in drug discovery and commercialization [3]. - The company reported a total revenue of RMB 1.5 billion for the fiscal year 2022, representing a year-over-year increase of 25% [13]. - The company's operating revenue for 2022 was CNY 145,349.27 million, a decrease of 63.89% compared to CNY 402,484.09 million in 2021 [22]. - The net profit attributable to shareholders for 2022 was a loss of CNY 238,804.99 million, compared to a loss of CNY 72,090.97 million in 2021 [22]. - The net cash flow from operating activities for 2022 was a negative CNY 177,620.09 million, worsening from a negative CNY 60,505.00 million in 2021 [22]. - The company achieved a revenue of RMB 1.453 billion in 2022, a decrease of 63.89% year-on-year, primarily due to a reduction in technology licensing and royalty income from collaborations with Eli Lilly and Company and Coherus [29]. - The company's total sales revenue for the year reached 123,000,000 RMB, with the top five customers contributing 89,622.79 million RMB, accounting for 72.91% of total sales [141]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in 2022, representing a year-over-year growth of 25% [200]. Research and Development - The company plans to maintain substantial R&D investments for clinical trials and drug development, which may lead to further losses in the short term [4]. - Research and development expenses accounted for 40% of total revenue, underscoring the focus on new product development and technological advancements [15]. - The total R&D investment for the year reached ¥2,384,373,404.10, an increase of 15.26% compared to the previous year [115]. - R&D investment accounted for 164.04% of operating revenue, an increase of 112.64 percentage points year-on-year [115]. - The number of R&D personnel increased to 995, representing 33.60% of the total workforce, up from 31.94% in the previous year [120]. - The company has developed over 50 research products since its establishment in December 2012, with 4 products in the commercialization stage and nearly 30 in clinical trials [123]. - The company is actively collaborating with domestic and international biotech firms to expand its product pipeline and enhance drug combination therapies [123]. Product Pipeline and Innovation - The company is actively expanding its product pipeline across multiple disease treatment areas, indicating a commitment to innovation [4]. - The company aims to launch two new innovative drugs in the next 18 months, with projected sales of RMB 500 million in the first year post-launch [14]. - The company has initiated three new clinical trials for its leading monoclonal antibody products, with expected completion dates in Q4 2023 [14]. - The company has a comprehensive drug pipeline, including core product Toripalimab, which has received approval for 6 indications in China, marking significant milestones in its product portfolio [42]. - The company has over 50 drug candidates in various stages of development, reflecting its strong innovation capabilities and potential for global first-in-class drugs [103]. - The company is focusing on expanding its product portfolio with innovative therapies targeting various diseases, including cancer and autoimmune disorders [161]. Market Expansion and Strategy - The company plans to expand its market presence in Europe and North America, targeting a 15% market share in these regions by 2025 [14]. - The company is exploring potential acquisitions to enhance its market position, with a budget of 250 million allocated for this purpose [200]. - The company is actively pursuing new drug development, with several projects in various clinical trial phases, including Phase I and II [160]. - The company plans to increase its marketing budget by 15%, aiming to boost brand awareness and customer engagement [194]. - The company is committed to sustainability, with plans to reduce operational carbon footprint by 25% by 2025 [196]. Financial Risks and Challenges - The company faces risks related to long profit cycles typical in the biopharmaceutical industry, with significant R&D investments impacting short-term profitability [126]. - The company is exposed to financial risks related to foreign exchange fluctuations, particularly with assets and liabilities denominated in currencies like USD and EUR [130]. - The company reported a significant increase in net losses across its subsidiaries, with Suzhou Junmeng showing a net loss of RMB 9,786.54 million and Junshi Engineering reporting a net loss of RMB 25,815.22 million [178]. Corporate Governance and Management - The board has approved a profit distribution plan for 2022, which includes no profit distribution or capital reserve transfer to increase share capital [5]. - The company has established a robust internal information disclosure management system to ensure transparency and protect investor interests [187]. - The company conducted 11 board meetings and 9 supervisory meetings during the reporting period, with all resolutions passed in accordance with legal procedures [187]. - The total pre-tax compensation for the CEO was 915.67 million yuan, with no shares held at the beginning of the year, but 20,000 shares at the end of the year [191]. Clinical Trials and Approvals - The company has initiated over 30 clinical studies covering more than 15 indications for Tretinoin in multiple countries, including the U.S. and China, focusing on early-stage applications of immunotherapy [33]. - The company plans to submit supplemental new drug applications (sNDA) for two new indications of Tretinoin to the NMPA in 2023, based on positive interim analysis results [34]. - The company has received breakthrough therapy designation and orphan drug status for several of its products, enhancing their market potential [47]. - The company has received IND approvals for multiple drug candidates, including JS010 and JS105, which are currently in clinical trial phases [113].