2021-03-28 16:00Financial Performance - The company's operating revenue for 2020 was CNY 24,890,414.09, a significant increase from CNY 2,283,391.88 in 2019, representing a growth of 1,087.67%[16]. - The net profit attributable to shareholders for 2020 was a loss of CNY 396,638,192.10, compared to a loss of CNY 156,781,479.69 in 2019, marking an increase in losses of 152.99%[16]. - The net cash flow from operating activities for 2020 was a negative CNY 349,933,694.99, which is a 126.86% increase in cash outflow compared to the previous year[16]. - The total assets at the end of 2020 amounted to CNY 6,748,073,711.72, reflecting a 278.15% increase from CNY 1,784,498,716.49 at the end of 2019[16]. - The net assets attributable to shareholders at the end of 2020 were CNY 6,070,854,160.36, which is a 312.84% increase from CNY 1,470,516,717.61 at the end of 2019[16]. - The basic and diluted earnings per share for 2020 were both -RMB 1.72, representing a 126.32% increase in losses compared to RMB -0.76 in 2019[17]. - The weighted average return on equity was -13.49% for 2020, a decrease of 1.01 percentage points from the previous year[17]. - The company reported a cumulative unremitted loss of -764.69 million RMB as of the reporting period[67]. Research and Development - R&D expenses significantly increased as the company continued to advance its clinical trials and product development amid the pandemic[18]. - The company increased its R&D investment significantly, with a total of ¥428,485,740.26 in the current year, representing a 182.37% increase compared to ¥151,745,949.20 in the previous year[47]. - The company’s R&D pipeline includes vaccines for high-demand clinical needs such as COVID-19, meningitis, and tuberculosis, with several products in clinical trial stages[35]. - The company has established four leading core technology platforms, including polysaccharide-protein conjugate technology and adenovirus vector vaccine technology, enhancing its competitive advantage in the domestic market[36]. - The company has made significant progress in clinical trials for its pipeline products, leading to an increase in R&D investment[94]. - The company has completed the Phase I clinical trial for the Ad5-nCoV recombinant COVID-19 vaccine, with the first volunteer injected on March 2020 and the trial endpoints achieved[86]. - The company has completed the Phase I clinical trial for the DTcP vaccine for infants, which started in April 2020, focusing on safety in children aged 2 months to 6 years[86]. - The company has completed the Phase I clinical trial for the PCV13i vaccine, initiated in May 2020, aimed at assessing safety and immunogenicity in healthy individuals aged 2 months and older[87]. Market Strategy and Expansion - The company is actively pursuing market expansion strategies to increase its presence in both domestic and international markets[15]. - The company has established partnerships with several research institutions and companies to enhance its vaccine development capabilities[15]. - The company has established a core marketing team covering over ten major provincial markets in China, including Jiangsu and Guangdong, in preparation for product commercialization[29]. - The company plans to rapidly expand its commercialization team and enhance academic promotion efforts to increase public awareness of vaccines, which is expected to positively impact vaccine sales[109]. - The company aims to establish a marketing system primarily based on its own sales team, with plans to collaborate with professional promoters to penetrate county-level markets[109]. Corporate Governance - The company has received a standard unqualified audit report from PwC Zhongtian[5]. - The company has not engaged in any non-operational fund occupation by controlling shareholders or related parties[5]. - The company has not violated decision-making procedures for external guarantees[5]. - The company has not disclosed any special arrangements for corporate governance[5]. - The company’s board of directors was fully present at the board meeting[5]. - The company has not reported any instances where more than half of the directors could not guarantee the accuracy of the annual report[5]. - The company has confirmed that all commitments made by shareholders and actual controllers have been strictly adhered to during the reporting period[114]. Regulatory Environment - The introduction of the Vaccine Administration Law on December 1, 2019, has strengthened regulatory oversight across all aspects of the vaccine industry, including R&D, production, distribution, and sales[38]. - The regulatory environment is expected to further tighten, increasing survival pressure on smaller vaccine companies lacking core R&D capabilities[39]. - The company will comply with relevant laws and regulations regarding shareholding and changes in shareholding of controlling shareholders and actual controllers[118]. Shareholder Commitments - The company has committed to a 36-month lock-up period for major shareholders and actual controllers starting from the date of A-share listing[114]. - The company has outlined specific conditions under which the lock-up period for shares may be extended by 6 months[116]. - The company has established a policy that limits the annual transfer of shares by directors and senior management to no more than 25% of their total holdings after the lock-up period[117]. - The company guarantees that the IPO does not involve any fraudulent issuance and will initiate a buyback of shares if it fails to meet listing conditions[132]. - The controlling shareholder also guarantees the absence of fraudulent issuance in the IPO process and commits to a buyback if necessary[133]. Social Responsibility - The company donated over RMB 40,000 worth of epidemic prevention materials to support local pandemic control efforts[171]. - The company has implemented measures to manage and treat waste, including partnerships with qualified waste disposal companies[173]. Financial Management - The company has engaged in structured deposits with various banks, including a total of 800,000,000.00 RMB with Shanghai Pudong Development Bank, maturing on December 30, 2020[157]. - The annualized return rate for structured deposits ranges from 2.60% to 3.85%[156]. - The company has confirmed that all transactions with Tianjin TEDA Technology Development Group Co., Ltd. are not related party transactions[153].